Best Credit Cards for Instarem amaze 2024 | amaze card Review

Summary

The video discusses Instarem Amaze's integration with Apple Pay, allowing users to add their Instarem Amaze card for contactless payments and switch between five Mastercards digitally. It highlights the security benefits of hiding the card number from merchants and the convenience of not needing the physical card. The script also covers Instarem Amaze's functions, such as converting retail spend to online transactions for rewards and reducing foreign currency fees. It recommends specific credit cards to pair with Amaze for optimal rewards, like the Citi Rewards Mastercard for 10X points on online spending, and warns against pairing with cards that offer less than 2 miles per dollar or 3% cashback.

Takeaways

• 📲 Apple Pay is now available for Instarem Amaze, allowing users to add their Instarem Amaze card to Apple Pay and switch between five Mastercards without the physical card.
• 🔒 Enhanced security with Instarem Amaze as it hides the 16-digit card number from merchants, protecting against potential misuse.
• 🌐 The convenience of not needing to carry the physical Amaze card, especially useful for travel, as it can be accessed through Apple Pay.
• 🛒 Online transactions can be made directly with Instarem Amaze for merchants that accept Apple Pay, broadening its usability.
• 📱 Apple users, particularly heavy Amaze users, can now purchase iPhones and use Apple Pay, expanding the accessibility of Instarem Amaze beyond Android devices.
• 💳 The Citi Rewards Mastercard is highlighted as an optimal pairing with Instarem Amaze for earning 10X points on online spend, which can be converted to miles or cashback.
• 🚫 A 1% fee is imposed on local Singapore dollar transactions above $1,000 per calendar month when using Instarem Amaze, setting a limit on local currency benefits.
• 🏪 The Maybank Family and Friends Mastercard is recommended for its high cashback rates on selected categories, especially beneficial when paired with Instarem Amaze for overseas spending.
• ❌ UOB cards are no longer compatible with Instarem Amaze from October 1st, rendering previous strategies using UOB cards with Amaze ineffective.
• 🛍️ The OCBC Rewards card is noted for its high cashback or miles on department stores and certain retail categories, but its benefits are capped at the first $1,000 spend per month.

Q & A

What is the main benefit of adding Instarem Amaze card to Apple Pay?

The main benefit is the ability to switch between five Mastercards without carrying the physical Amaze card, enhancing convenience and security.

How does Instarem Amaze improve security for users?

Instarem Amaze improves security by hiding the 16-digit card number from merchants, as they will not see the original card number.

What is the advantage of using Instarem Amaze for foreign currency transactions?

Instarem Amaze reduces foreign currency fees, although not eliminating them completely, by offering an estimated markup between its rate and the spot exchange rate of around 2% to 2.5%.

What is the local Singapore dollar spend limitation when using Instarem Amaze?

For local Singapore dollar spend, a 1% fee is imposed on transactions above $1,000 per calendar month, limiting the user to $1,000 to avoid the additional fee.

How does the Instarem Amaze card work in conjunction with the Citi Rewards Mastercard?

When paired with the Citi Rewards Mastercard, Instarem Amaze allows users to earn 10X points on online spend, which can be converted to miles or cashback, bypassing the limitation of Citi Rewards not earning points on mobile wallet transactions.

What is the earning rate for cashback or miles with the Citi Cashback Mastercard when paired with Instarem Amaze?

The Citi Cashback Mastercard offers 8% cashback on private commute and petrol, and 6% on groceries and dining when paired with Instarem Amaze, with a combined cashback cap of $80 per month.

What is the significance of the Maybank Family and Friends Mastercard in relation to Instarem Amaze?

The Maybank Family and Friends Mastercard can earn 8% cashback globally on five preferred cashback categories when paired with Instarem Amaze, which is beneficial for overseas spending to reduce foreign currency fees.

Why is the UOB Lady’s Card a good match for Instarem Amaze according to the script?

The UOB Lady’s Card is a good match because it earns 4 miles per dollar on selected categories, and Instarem Amaze can help maximize these rewards by converting transactions to online spend, thus bypassing foreign currency fees.

What is the earning rate for miles with the KrisFlyer UOB Mastercard when spending on Singapore Airlines Group?

The KrisFlyer UOB Mastercard offers 3 miles per dollar on Singapore Airlines Group spend, and pairing it with Instarem Amaze can help convert physical retail shopping to online spend, thus earning miles on what would typically be considered offline transactions.

Why should users avoid pairing certain credit cards with Instarem Amaze as per the script?

Users should avoid pairing credit cards that offer less than 2 miles per dollar or 3% cashback with Instarem Amaze because the foreign currency markup fee of Amaze would outweigh the rewards earned from such cards.

What is the recommended strategy for using the OCBC Rewards card in conjunction with Instarem Amaze?

The OCBC Rewards card should be used for shopping at merchants with the MCC 5311 code to earn 6 miles per dollar, and pairing it with Instarem Amaze can help verify the MCC and ensure the transaction is categorized correctly for maximum rewards.