I will END the Debate on Instarem Amaze vs YouTrip
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- Опубликовано: 7 сен 2024
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Instarem Amaze
- Allows you to link your mastercard to Amaze, then use Amaze card to pay
- E.g. Citi Rewards MC, UOB Lady’s Card, Citi Cashback MC, Maybank F&F
- Continue to earn 4 mpd or 8% Cashback on eligible spend, while avoiding foreign currency fee
- No top-up to wallet required, but amaze wallet is available
FX spread 1.5%-2%
Earn back 1% as Instapoints for non-excluded spend, which can be cashed out
YouTrip
- Similar to Revolut, TRUST, BigPay, Wise
- Prepaid Wallet, requires top-up
- Allows you to exchange and store selected currency
- Allows you to withdraw cash with $5 fee overseas
Much lower FX spread at 0.3%-0.5%
No rewards for topping now after Grabpay nerf
Comparing the cost & benefits
- Instarem Amaze: Earn 4 mpd or 8% Cashback + 1% instapoints, spend 1.5%-2% FX spread.
- Value miles at 1.25 cents per mile, 4 mpd = 5% Cashback
- Net Cashback = 5+1-2 = 4%
- YouTrip: No rewards for topping up, spend 0.3%-0.5% FX Spread. Net -0.5% Cashback
- My personal preference is to use Amaze because no need to top-up, part of Single card strategy
- Pick your own poison
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So basically... if you have a very rigid spending or kinda do your homework, then it is obvious Instarem or other cashless payment options that you have mentioned (since its just stacking what is linked as well). Youtrip is more like for withdrawing cash overseas or having a better money exchanger... abit more flexible (to a certain extent).
Yes
recently there is double charges for same transactions made in Japan on Instarem. contacted instarem if said merchants settled using different code so charges appeared twice, will take 8 to 14 days for first charge to be reversed out. this will take up credit limit and may have to pay credit card bill and wait for refund in next cycle. very troublesome.
Anyone else facing this issue ? if it's common i will reconsider not applying for instarem.
@@jackfooyijun9956 I have. I had duplicated charges for my hotel when I was in the UK. I spoke to the hotel's front desk and the amount was refunded back to me in about 2 weeks (processing time Citi and amaze). Though note that the refunded amount is based on the exchange rate, so you may not get back the same amount in SGD. The customer service team at amaze is also not the best at resolving issue, they'll just give you a templated answer and the replies are very slow.
Other than that, I would say it's good at earning miles/cashback since you can link it to your Mastercard.
My advice? Get Revolut/Wise/Youtrip as a secondary card cause they allow you to hedge foreign currency and you can make overseas ATM withdrawals.
Have been noticing recently that Amaze FX rate is horrible, with a spread of > 1% with prevailing exchange rate. At least for MYR and THB. Not sure if anyone else experiencing the same.
Yes, just like I mentioned in the video. Have to look at net benefit
Isn't Revolut clearly better than youtrip or am I missing something?
Definitely
Sure
Sure, I was more of a Revolut user than Youtrip user previously.
How do you derive the value per mile Of 1.25?
Yes. This is interesting. I want to know too.
This deserves a video by itself
Yes i value at 0.667 only
is there a min overseas spend per transaction for instarem to clock miles for citibank? i recalled reading a long time ago that its $5 sgd per transaction?
When i spend with Instarem Amaze tagging to CITI Rewards, does it considered as a online spend at guaranteed a 4 miles on the CITI Rewards card regardless of the categories of spend?
Watch my instarem video.
Just tried both youtrip and amaze in korea. youtrip was 978 won per sgd. amaze was 948 won sgd. Am i doing it right on amaze card?
if i use citi rewards to link with Amaze to do paypal transactions to people overseas > any cash back from citi rewards? normally i use YouTrip for low FX spread
do amaze have any issue for overseas purchase TAX rebate to the same card?
how about linking to Citi Premier miles? 1mile per $? how do you calculate the % cash back in this case?
Not recommended
Hihi, Can we use Amaze to pay bills, hospital and insurance?
What savings account do you use if you are using Citirewards as your single CC strategy?
Hi Chris, where did you find the amaze FX spread of 1.5-2.0% documented?
Personally tested
Hi Chris, if you use your credit card to top up Youtrip, does it not give any cashback? If so, Youtrip cashback should not be -ve?
No cashback, negative is for the FX spread charges
Hi what does FX spread means in your video?
the extra charge that the card provider charges you for transactions in foreign currencies, on top of the very poor exchange rate they use.
While you state youtrip has a better FX spread than amaze, I've actually tested and there are times when the FX is better on amaze. Might be due to how often they refresh, but it makes the comparison very hard.
Can you share for which country currency is that?
@@HoneyMoneySG I tried THB, MYR and JPY in the past month
Revolut is way better
Do you know if I can use Instarem Amaze card in Taiwan?
Yes. Used amaze card last week in Taiwan
Saw that UOB lady has excluded Amaze transit transactions since June 2022
@@HoneyMoneySG the exclusion is for Amaze Transit, any idea what those are?
Top up at General Ticketing Machine as answered by Trazora in the group
I think not every spend on Citibank Rewards earns you 4 MPD right?
Yes, like Travel category spend is excluded
yes, only online spend but the awesome part is that all (or almost all) amaze transactions will be classified as online spend at least for Citi.
Would like to point out it is not an apple to apple comparison. You are including your Citi bank cc earned CB as part of the overall calculation to offset the Amaze FX spread. The video did not consider the same credit card CB earned for Youtrip? Cos you would still earn that CB with the same amount spent in the Youtrip example (maybe minus the 1% instapoints). Am I missing something here?
You're missing a huge chunk of nerf, which I specifically shared in the video
Hi Chris, can i check if use 'Citibank Cash Back' credit card to top up Youtrip, the top up is similar to retail transaction's cashback for Citibank Cash Back Card which is 0.25%? Although Youtrip not provide cashback but do Citibank Cash Back itself provide cashback?
I do not know about this. You may ask it in my telegram group t.me/honeymoneysg