Instarem Amaze Card Review—After UOB's Nerf, Which are the Best Credit Cards to Link With it?

Any miles chaser worth their salt has heard of the Instarem Amaze Card—if not already has it in their wallet.

Among the flood of multi-currency card options we're bombarded with today, the Amaze Card stands out for one unique feature: you can earn Instarem rewards on top of your own credit card rewards. Couple that with its $0 foreign currency conversion fees, and we've got a winner—the Amaze Card is the perfect companion to your miles card on your travels.

But the Amaze Card is not without its flaws. For one thing, its rewards don't stack with just any credit card. DBS/POSB stopped awarding rewards for Amaze transactions in 2022, and from 1 Oct 2024, UOB will follow suit.

So does the Amaze Card still hold its weight? Let’s find out.

What is the Instarem Amaze Card?

The Amaze Card is kind of like a VPN (virtual private network) for your credit cards.

If you know, you know—a VPN allows you to get around region restrictions to watch certain shows or stream Euro matches in Singapore without paying exorbitant prices.

What if you apply that concept to your credit cards? 

In the same way you’d get around paying exorbitant prices for a show, you’d use the Instarem Amaze card to get away from paying unnecessary foreign transaction fees for your overseas online purchases.

Of course, VPNs are somewhat in grey legal territory. But the Instarem Amaze card is a fully legit method, regulated by the Monetary Authority of Singapore (MAS).

How does the Instarem Amaze Card work?

It’s quite simple—just link up to 5 Mastercard-issued credit or debit cards to your Instarem Amaze card. When you charge something in foreign currency to your Amaze card, it'll convert the foreign currency to SGD, then charge this SGD amount to your linked card. In your credit card statement at the end of the month, you'll see your purchase with "AMAZE" in the transaction description.

You also have the option to top up your Amaze Wallet via PayNow. While this also lets you bypass foreign currency fees, you don't earn any Amaze rewards with this method.

Once you apply for the Amaze card, you'll receive a virtual card ready for use. You don’t have to wait for the physical card to arrive in your mailbox.

Here's a summary of the Instarem Amaze card benefits:

Core Mechanics:

• Link up to 5 Mastercard-issued credit or debit cards (note: you can't link it to a Visa card).
• No-top ups required (unlike YouTrip, Wise, Revolut, BigPay or GrabPay) but top-ups to your Amaze Wallet are an option via PayNow.
• Use virtual or physical card.

Benefits:

• Earn 0.5 InstaPoints per S$1, on top of your linked credit or debit card rewards. You can redeem 2,000 InstaPoints for S$20 cashback.
• Transact in unlimited currencies
• Real-time transaction tracking
• SimplyGo enabled; use as public transport card in Singapore

Cons:

• Cap of 500 InstaPoints you can earn per month.
• Minimum spend of S$10 (the equivalent in foreign currency) per transaction for you to earn InstaPoints on it.
• 1% domestic fee (min. 0.50 SGD) on SGD transactions when you link a card to your Amaze card and spend more than S$1,000 in a month.

Illustration: Instarem Amaze Card vs credit card vs other multi-currency cards

I wrote in my guide to affordable curly hair products in Singapore about my love for the famed Denman brush and desire to try the Bounce Curl Define EdgeLift Brush. The only problem is that I can't find a trustworthy listing on Shopee or Amazon Singapore to buy the original product. Dupes abound!

So let's go straight to the source. On Bounce Curl's official website, the Define EdgeLift Brush is going for US$26.99.

Image: Bounce Curl

If you change the currency to SGD, the price is S$36.

Image: Bounce Curl

Is it cheaper to pay in USD, if I use the right card? Let's be *MoneySmart* and compare the USD price of the brush with different cards:

*Assuming you're using a no-rewards debit card

Note on the Citi Cashback+ credit card exchange rates: I wasn’t sure if Citibank had their own rates, so I just followed the standard Mastercard-issued rate.

Based on just the currency conversion rate, the Instarem Amaze Card already wins. The cashback you get from the 15 InstaPoints you'll earn isn't a lot, but it's an extra bonus in the Amaze Card's favour.

While the Citi Cashback+ Card comes with a higher cashback rate of 1.6%, it also comes with a killer 3.25% foreign transaction fee. Overall, you end up paying more.

One thing I want to point out is that paying in USD with any card option is still cheaper than paying in SGD on their site. Yup, compared to the SGD price the retailer gave me, even the 3.25% foreign transaction fee is worth it.

What you need to know about Instarem’s Amaze Card cashback mechanics

The InstaPoints (and resulting cashback you earn) is the main difference and advantage that the Amaze card has over its competitors like BigPay, Revolut, Wise (formerly TransferWise) and YouTrip. However, it’s not without strings.

• You earn 0.5 InstaPoints for every S$1-equivalent in foreign currency. Considering 2,000 InstaPoints can be redeemed for S$20 cashback, that's a low 0.5% cashback.
• Cap of 500 InstaPoints you can earn per month
• Minimum spend of S$10 (the equivalent in foreign currency) per transaction for you to earn InstaPoints on it.
• 1% domestic fee (min. S$0.50) on SGD transactions when you link a card to your Amaze card if your monthly domestic spending exceeds S$1,000.
• InstaPoints expire after a year.

0.5% cashback is low, but still beats nothing, though. The Amaze Card's competitors—BigPay, Revolut, Wise, and YouTrip—offer no cashback or rewards on their similar card offerings. 

That being said, you might still want to compare all the remittance providers if you’re interested in sending money across borders, like remitting money from Singapore to Malaysia.

How to sign up for Instarem’s Amaze Card

The good thing about having such a fintech product is that you don’t have to wait for the physical card to start shopping online. You can just sign up online and start shopping with the virtual card once your card application is approved. You’ll have to wait for the card itself to arrive in your mailbox if you want to use it for public transport commutes, though.

Best credit cards to pair with the Instarem Amaze Card

The best way to take advantage of the Instarem Amaze card cashback is to pair it with another cashback credit card. Don't forget that you can only pair it with a Mastercard, and that you don't earn credit card rewards for Amaze transactions on DBS or UOB credit cards (as of 1 Oct 2024). Bearing that in mind, here are some suggestions.

Citi Rewards Card

If you’re into points and rewards, your best bet is to get the Citi Rewards Card. This card earns you 10x rewards points for online spending, or the equivalent of 4 miles for every S$1 spent. Most cards’ conversions are about 1.2 to 2.4 miles for every dollar of general spending. That's why a specialised spend card like the Citi Rewards Card is the better choice.

The downside? There's a cap of 10,000 points you can earn in a month. If you want a card with no limits, check out these next 3.

Citi Cash Back+ Card

Citibank’s Citi Cash Back+ Card is currently one of the highest unlimited cashback credit card that’s issued by Mastercard. It’s only beaten by the Amex-only UOB Absolute Cashback, which offers 1.7% cashback.

OCBC INFINITY Cashback Card

The OCBC INFINITY Cashback Card is the Citi Cash Back+ Card's sister from another mister. It also offers 1.6% unlimited cashback and is also a Mastercard. I'd go with the Citi Cash Back+ Card because it has juicier sign-up gifts.

Standard Chartered Simply Cash Credit Card

This is the runner-up to the Mastercard cashback race, offering 1.5% cashback on all spending. For a limited time, MoneySmart applicants get an upsized unlimited 2% cashback rate instead when you spend above $500. Run, don't walk!