InstaReM's AMAZE MasterCard

[Targaryen]

Ok la, cashback is the least attractive part of the card to me at least. What matters is the conversion from offline to online and no fx fees as I use my cards overseas still remain

 

[AlvinDj]

Noticed further changes for qualifying transaction are stated in the T&Cs:

That's quite some nerf over there..

 

[zoneguard]

https://www.instarem.com/policy/Amaze-MC-Consumer-Cardholders-TCs.pdfhttps://www.instarem.com/blog/terms-and-conditions/mcc-exclusions/
The T&C from 1st April.

 

[silverbomb]

Let's be honest the FX and online is the main draw. The 1% has been a bonus of sorts, get don't get won't be a deal breaker.

Ever since 2021 TNC update with MCC exclusion, the 1% took a backstage role

 

[Ideas!!]

The fx is done at the Mastercard rate with no bank mark up and no foreign transacrion fee. It is not the interbank rate and has i think a 0.48% mastercard markup and the rate stays the same for 24 hours. You can verify it on mastercards website. The 1% was a good compensation for this hidden charge and then adding the card bonuses made it great. I guess i will just use mine for travelling now and locally use my credit cards directly. &16.67 a month to void the cc banks of liability seems a bit too silly. For online purchases i will use revoluts virtual card at their near interbank fx rate and so no risk of details stolen which from the stories seems to be quite painful and uncertain with amaze.

 

[oceanicmanta]

Noticed further changes for qualifying transaction are stated in the T&Cs:

someone pls remind me, those transactions not earning rebate counted as eligible spend ? thanks !

 

[nyanism]

I was using Amaze + StanChart Unlimited cause I try to spend less than 500SGD a month...these new changes are gonna hurt anyone has any other recommendations for someone like me? Maybe GrabPay Card + UOB Absolute?

 

[revhappy]

Let's be honest the FX and online is the main draw. The 1% has been a bonus of sorts, get don't get won't be a deal breaker.

Ever since 2021 TNC update with MCC exclusion, the 1% took a backstage role

I wish they enabled Visa cards too. Its been quite a while. I just applied and received HSBC Revolution visa card. Would have been great if I could add it to amaze.

 

[hwmook]

The fx is done at the Mastercard rate with no bank mark up and no foreign transacrion fee. It is not the interbank rate and has i think a 0.48% mastercard markup and the rate stays the same for 24 hours. You can verify it on mastercards website. The 1% was a good compensation for this hidden charge and then adding the card bonuses made it great. I guess i will just use mine for travelling now and locally use my credit cards directly. &16.67 a month to void the cc banks of liability seems a bit too silly. For online purchases i will use revoluts virtual card at their near interbank fx rate and so no risk of details stolen which from the stories seems to be quite painful and uncertain with amaze.

Mastercard USD to SGD and then back to USD is just 0.24%, markup is just 0.12%. How did you get 0.48%? Compare to the 2.5-3.5% banks typically charge, its good enough for me.

 

[Ideas!!]

Mastercard USD to SGD and then back to USD is just 0.24%, markup is just 0.12%. How did you get 0.48%? Compare to the 2.5-3.5% banks typically charge, its good enough for me.

That is the amount that mastercard say they standardly add to the reference rate they use to fix their rate for a day or over the weekend. You don’t see this amount in any real sense. The 2.5-3.5% is then whatever the bank clips over that rate.

 

[princessreiko]

As of April 1, 2022, amaze cashback on SGD currency purchases will be updated to 0.5% while the cashback on non-SGD currency purchases will remain 1%.


Just saw this in my email.

 

[hwmook]

Nobody talk about the other features coming soon? Can top up the wallet soon....I think all banks will start blocking Amaze..

Is UOB the only bank which block Amaze now?

 

[Trazora]

As of April 1, 2022, amaze cashback on SGD currency purchases will be updated to 0.5% while the cashback on non-SGD currency purchases will remain 1%.


Just saw this in my email.

yea, already discussed yesterday

 

[Trazora]

Nobody talk about the other features coming soon? Can top up the wallet soon....I think all banks will start blocking Amaze..

Is UOB the only bank which block Amaze now?

uob block Amaze transit only. Actually I dun like the idea of Amaze wallet topup, only just risk everything Amaze all excluded

 

[silverbomb]

uob block Amaze transit only. Actually I dun like the idea of Amaze wallet topup, only just risk everything Amaze all excluded

I don't either. Then those that don't really know how Amaze works at the bank (those scholars or high rollers) will just approved TNC to outright ban all Amaze description stuffs. This is unless Instarem has some arrangement with the banks that we don't see, just like how Amaze manages to survive the hay for so long since July 2021 is beyond me

 

[AlvinDj]

If *AMAZE gets excluded, into the bin it goes..

 

[princessreiko]

sianz. just signed up, haven't get any cashback then kena this sh!t

I signed up 2 weeks ago, till now, haven't received the card.

 

[silverbomb]

If *AMAZE gets excluded, into the bin it goes..

But then again, if it's the typical quasi cash/prepaid MCC code when they launched wallet top up then most banks have already excluded the MCCs. So that's safer that way and banks won't really be bothered yet. So hopefully they exercise some senses and thought process into launching this

The worst to happen to Instarem is It does not makes business sense to launch wallet top up with some random MCC, gets the banks shaken and frantic decisions made, and ends up excluding all Amaze. That means nobody really would be using Amaze by then and revenue dropped tremendously for them when they have no USP anymore

 

[Trazora]

I signed up 2 weeks ago, till now, haven't received the card.

can use virtual card for online, add to googlepay for offline contactless

 

[someusername]

That means nobody really would be using Amaze by then and revenue dropped tremendously for them when they have no USP anymore

Maybe they have a business model like Grab - each customer costs money, so the more customers they have the more money they lose. See how the wallet goes - it will most probably end up like their ill considered AXS support. Hopefully there'll be a window of opportunity before it all gets nerfed.