Amaze by Instarem is a multi-currency card that links to your existing credit cards. It was popular for letting users earn extra cashback or miles on top of their card rewards, and avoid foreign transaction fees.
If you’re an Instarem Amaze card user in Singapore, you’ve likely heard the news: starting 10 March 2025, all local (SGD) purchases made with Amaze will incur a 1% fee.
This surcharge on domestic transactions marks a major change for the once-beloved card that allowed Singaporeans to link multiple credit cards and earn 1% cashback on top of their regular card rewards. Unsurprisingly, the announcement has stirred up strong reactions from consumers and financial bloggers alike.
In this article, we’ll break down the key points of Amaze’s 1% fee announcement, the reasons behind this move, how the public and experts are reacting, and what the changes mean for users. We’ll also explore alternative ways to maximize credit card rewards without paying extra fees, including some great credit card options to consider.
What Is the New 1% Surcharge on Amaze’s Local Purchases?
Amaze (by Instarem) revealed that from 10 March 2025, a 1% fee will be applied to all Singapore dollar transactions made via the Amaze card when it’s linked to a credit/debit card.
In other words, every time you use Amaze for a local purchase, you’ll pay 1% extra as a fee. Key details of this announcement include:
- 1% fee from the first dollar: Previously, Amaze charged 1% only on monthly domestic spending above S$1,000. Now, the 1% fee kicks in on the very first S$1 spent locally—no more $1,000 fee-free buffer.
- Minimum $0.50 per transaction: Amaze is enforcing a minimum fee of S$0.50 on each transaction. This means small purchases incur a disproportionately high fee. Any transaction under $50 will see more than 1% fee due to this $0.50 minimum.
- Removal of cashback rewards (InstaPoints) on card-linked spend: Instarem announced that Amaze will no longer award InstaPoints for transactions made via a linked card. Additionally, the option to redeem InstaPoints for cashback is being removed. Going forward, InstaPoints can only be redeemed for KrisFlyer miles at a lower rate than before.
- Other changes: Amaze is increasing wallet spending limits and will allow transferring Amaze wallet balances back to a bank account. They are also removing the separate 1% fee that previously applied to certain MCC categories like e-wallet top-ups and transit—but practically, this offers little relief since now all SGD spend via Amaze will incur the 1% fee anyway.
These changes mark a major downgrade to the Amaze card’s benefits. When it launched, Amaze was attractive for its 0% foreign transaction fees and 1% cashback on virtually any spend (stacked on your credit card’s own rewards). Over time, those perks have been reduced—first replacing cashback with InstaPoints, adding fees for certain categories, and now this blanket surcharge on local spend. The latest 1% fee fundamentally alters the value proposition of Amaze for Singapore users.
Impact on Amaze Users: What Should You Do Now?
For everyday consumers who have been using Amaze, these changes have a few clear implications:
- Using Amaze for local spending will rarely make sense now. Every local transaction will cost you 1% extra, which likely wipes out any additional rewards you were gaining.
- The Amaze + Citi Rewards (4 mpd) trick is less attractive but might still be used selectively. If you were a miles chaser using Amaze to convert all in-person spending into “online” spending for 4 miles per dollar, you need to recalculate. On a large purchase (say $500 or $1000), paying a 1% fee to earn 4 mpd can still be worth it, but for smaller transactions, it’s a losing proposition.
- Amaze remains useful for foreign currency transactions. These changes do not affect overseas spending in foreign currencies. When you travel or shop on an overseas website in USD/EUR etc., Amaze still lets you pay 0% forex fee.
- Time to consider other credit cards or strategies. If Amaze was a core part of your spending strategy, now is the moment to adjust. There are plenty of alternatives which you can check out with dtenAI—whether you’re after cashback or miles—that can help you maximize rewards without incurring extra fees.
Why Did Amaze Implement a 1% Fee on Local Spending?
Instarem hasn’t explicitly stated a detailed justification in public, but clues from their communication and expert analyses suggest a few reasons:
- Encouraging Overseas Use (and Curbing Costly Local Hacks): Instarem indicated they want Amaze to be used primarily for overseas spending, where users can enjoy better exchange rates and savings. The previous $1k cap on free local spending was meant to nudge customers toward using Amaze for overseas purchases rather than local transactions. Many users were leveraging Amaze to convert offline local spend into online transactions to earn higher miles/cashback on certain credit cards—a practice that likely generated little profit for Instarem and its partners. By imposing a fee on all local transactions, Instarem discourages this behavior and steers the card back to its original purpose: a travel and multi-currency card.
- Rising Costs and Sustainability: Observers speculate that Instarem’s margins on the Amaze card have been shrinking, making the product unsustainable without new fees. When Amaze gives users 1% rewards and waives forex fees, someone has to foot the bill. It’s possible that the company and its investors needed to boost revenue to justify the generous perks.
- Banks Clamping Down on Amaze Rewards: Over the past year, several banks in Singapore have started excluding Amaze-linked transactions from earning their credit card rewards. For example, UOB cards and DBS cards no longer award points or miles if the spend goes through Amaze. These moves eroded one of Amaze’s key selling points (earning credit card rewards on transactions that normally wouldn’t earn any). Instarem likely saw that the days of freely piggybacking on credit card rewards were numbered. The pivot to a fee-based model could be a response to this new reality.
Alternatives to Amaze: Maximize Rewards & Minimize Fees
- Use a High-Reward Card Directly for Local Spend: Instead of routing through Amaze, consider using cards that inherently give great rewards for the type of spending you do. Many cards now reward digital payments and online spend generously, so you might not need that extra Amaze layer.
- Opt for Fuss-Free Cashback Cards: A flat-rate cashback credit card might be your best friend. These cards give a flat cashback on all spend, with no category restrictions or minimum spend—and crucially, no extra fees.
- Consider Multi-Currency Wallets for Overseas Spending: If one of your primary uses of Amaze was to save on foreign currency fees during travel, you have alternatives in the form of multi-currency e-wallet cards like YouTrip, Revolut, and Wise.
Conclusion: The End of an Era for Amaze, But Not for Your Rewards
The introduction of a 1% surcharge on all local Amaze transactions is a major shift. While Amaze still holds some value for foreign currency transactions, its appeal for local spending is greatly diminished. Savvy consumers should now explore alternative credit card strategies to maximize rewards without paying unnecessary fees. By staying informed and adapting to these changes, you can continue optimizing your credit card rewards in a post-Amaze world.