From 1st June 2024, Instarem is making significant changes to Amaze that makes it a less attractive option for rewards enthusiasts. The main change is that the total InstaPoints you can earn per month is now 500.
Also, the earn rate of wallet-linked payments is reduced from 1 to 0.5 InstaPoint per S$1 (in foreign currency). On top of that, the fee to top up your wallet has increased from 1.5% to 2.1% for Visa cards, and from no charge to a 1% charge for Mastercard.
Lastly, they also introduced a new exchange rate of 1,000 InstaPoints for S$5 cashback. You can still exchange 2,000 InstaPoints for S$20, but they are giving the option of taking a 50% haircut off the value if you can’t reach 2,000 InstaPoints.
Summary of Changes
| Change |
Current |
New |
| New IP redemption Option |
2000 IP = S$20 cashback |
2000 IP = S$20 cashback
1000 IP = S$5 cashback |
| IP Earning Rate per SGD 1 (foreign currency) |
0.5 IP on linked card
1 IP on wallet |
0.5 IP on linked card and wallet |
...
