Issue #11: What’s Happening This Week?—Singapore’s First Miles-Earning Visa Debit Card, $1.9m in Prepayment Losses, and More

Falling COE prices, rising Pokémon card scams, Singapore’s first miles-earning Visa debit card, and surging prepayment losses. These are some of the financial updates we’ve been hit with in the first week of Feb 2025. 

Whether you’re planning your next big purchase or just trying to avoid financial pitfalls, we’ve got you covered. Here’s everything you need to know broken down simply in this edition of What’s Happening This Week?, our weekly series rounding up the latest finance news and updates that matter to you.

TLDR: Chocolate Finance and HeyMax have launched Singapore’s first Visa debit card that earns miles, offering 2 Max Miles per S$1 spent on everyday purchases and a limited-time special bonus for SMRT travel. Consumers lost $1.9 million in prepayments in 2024, with renovation contractors, bridal services, and moving companies being the biggest culprits. Pokémon card scams cost collectors over $163,000 in 2025, with scammers on Carousell and Facebook tricking at least 50 buyers into paying for rare Pokémon cards they never received. COE prices fell for all vehicle categories except motorcycles, with Category A COEs dropping 9.2% to $85,000, the lowest since March 2024, thanks to an increase in quota and lower demand. According to an AIA study, 4 in 5 Singaporeans are focusing on financial security in 2025 by saving, investing, and buying insurance, with younger adults more optimistic and older individuals cutting back on spending.

Want more details? Let’s dive in.

 

Psst, missed last week’s issue? View all past editions of What’s Happening This Week? to catch up.

 

Chocolate Finance and HeyMax launch Singapore’s first Visa debit card that earns miles

Chocolate Finance has partnered with HeyMax to introduce Singapore’s first Visa debit card that earns miles. Here’s the lowdown.

How you’ll earn miles with the Chocolate Finance Visa debit card:

• Earn 2 Max Miles per S$1 spent on eligible purchases (up to $1,000/month)
• This includes dining, groceries, insurance, school fees, charity donations, and utility bills—categories rarely rewarded by debit cards!
• After hitting the S$1,000 cap, cardholders still earn 0.4 Max Miles per $1 spent.

Max Miles never expire and can be used for flights, hotels, and more with 27 airline and hotel partners.

Additionally, the Chocolate Finance Visa debit card will offer up to 5 Max Miles per S$1 spent on SMRT travel (capped at 1 million Max Miles) from 11 to 28 Feb 2025. If you’re thinking of giving it a go, you’ll also be pleased to know that the card also doesn’t have annual fees.

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 ALSO READ: 9 Best Air Miles Cards in Singapore (Feb 2025)

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Prepayment losses in Singapore quadruple to $1.9 million—renovation industry tops the list

Losing a deposit is frustrating, but in 2024, Singaporeans lost a staggering $1.9 million in prepayments—over 4 times the amount in 2023. The biggest culprit? Renovation contractors, with the industry accounting for $728,000 in losses, according to CASE (Consumers Association of Singapore).

Many renovation contractors closed suddenly or became uncontactable, leaving homeowners stranded with unfinished homes. Additionally, 97% of complaints involved non-CaseTrust accredited contractors, reinforcing the importance of choosing accredited businesses. Other industries with major prepayment losses included bridal services ($284,000) and moving services ($134,000).

Top industries with complaints in 2024

1. Motorcars – 1,306 cases, with car-sharing issues rising.
2. Electronics & Beauty – Recurring concerns about faulty products and misleading sales tactics.
3. Entertainment – A 281% spike in complaints, largely due to ticketing issues and the Singapore Sky Lantern Festival fiasco.
4. F&B – Complaints surged after Sakura Buffet lost its food licence, leaving customers without refunds.

How to protect yourself

• Engage CaseTrust-accredited businesses to ensure deposit protection.
• Be cautious with large prepayments—especially in renovation and bridal services.
• Read contracts carefully before making financial commitments.

 

Pokémon card scams cost collectors over $163,000 in 2025

Looks like some Pokémon collectors have been catching scams instead of rare cards. Since Jan 2025, at least 50 people have lost a total of $163,000 to fraudulent Pokémon trading card sales on platforms like Carousell and Facebook, according to the police.

How the scam works

• Scammers list rare Pokémon cards (like the VMAX Climax set and Surging Sparks) at attractive prices.
• Once buyers show interest, scammers move the conversation to Telegram or WhatsApp to avoid platform monitoring.
• Victims pay via PayNow or bank transfer—only to receive nothing, as the seller disappears.

It’s easy for us as outsiders to read this and say, who would fall for that? But at least 53 cases have already been reported in 2025 so far.

How to avoid getting scammed

• Stick to official marketplace chat platforms—avoid switching to external apps.
• Meet sellers in person to inspect the cards before handing over money.
• Be wary of deals that seem too good to be true.

Suspect a scam? Visit www.scamshield.gov.sg for more information. 

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ALSO READ: How to Help Someone Who Repeatedly Falls for Scams: It’s Not Just a Money Issue, It’s a Psychological One

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Singaporeans are prioritising savings and investments despite economic uncertainty: AIA study

Despite concerns over a sluggish economy in 2025, 4 in 5 Singaporeans are taking a proactive approach to their finances, according to the latest AIA Live Better Study. Instead of cutting back drastically, many are focusing on savings, investments, and insurance to build long-term financial security. Here’s a summary of the key financial trends among Singaporeans.

Concerns about the economy

• Only 47% of Singaporeans are optimistic about the economy.
• Top financial worries include inflation and cost of living (50%), job security (35%), and income levels (34%).

How people are preparing

• 59% are cutting back on daily expenses and big-ticket purchases.
• 29% are building emergency funds, while 28% are planning for retirement.
• 48% view insurance as a key tool for long-term financial stability.

Generational divide: Optimism versus financial stress

• 18-29 year olds are more optimistic (56%) and less concerned about inflation.
• 40-49 year olds, dealing with family responsibilities, are cutting spending (47%) and focusing on savings (55%).
• While younger adults prioritise upskilling (40%), older individuals seek job placement and career transition services (52%).

As financial priorities shift with age, Singaporeans across all demographics remain focused on strengthening their financial resilience in uncertain times.

 

COE prices drop across most categories, except motorcycles

Good news for car buyers: COE prices fell across all categories except motorcycles in the 5 Feb 2025 bidding exercise, with Category A COEs (for smaller cars and EVs) seeing the sharpest drop of 9.2% to $85,000—the lowest since Mar 2024.

Breakdown of COE price changes:

• Category A (smaller cars & EVs): $85,000 (-9.2%)
• Category B (larger cars & EVs): $111,104 (-4.7%)
• Category C (commercial vehicles): $62,506 (-4.5%)
• Category E (Open category, mostly larger cars): $110,000 (-4.4%)
• Category D (motorcycles): $8,289 (+7.4%)

What’s behind the price drop?

• More COEs available: The quota for February to April increased by 8.2%, easing demand pressure.
• Fewer bids placed: Showroom closures during the Chinese New Year break meant fewer sales, leading to lower demand.

Meanwhile, motorcycle COEs rose 7.4% to $8,289, reversing last round’s sharp decline.

 

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