Many of you have asked me how to buy cryptocurrencies with your credit cards in Singapore.
I used to NOT recommend that route (unless absolutely urgent) due to high fees charged for credit card payments. Instead, bank transfers were the cheaper way to go.
But that has now changed because since last month, Singapore-based Tokenize Xchange has been offering zero fees for buying crypto with your credit card, and is allowing users to use the amaze card which will give you an additional 1% cashback on top of that.
Zero fees
Given the volatility of crypto prices, the fastest way to buy a crypto during a crash is still through your debit or credit cards. But the problem with using debit or credit cards to pay for your crypto is that most exchanges charge up to ~4% in processing fees, including Coinbase, Coinhako and even Gemini.
While you can’t escape credit card charges, some exchanges have been able to help bring this down to effectively zero when they refund you the fees. And in this case, for deposits on 10th October 2021, you’ll be getting back 2.9% worth of TKX tokens (for what you would have had to otherwise pay in credit card processing fees).
But that’s not just it – because you get even more benefits during this promo as well.
How to maximise your rewards
Come 10 October, use your amaze card to buy crypto on Tokenize Xchange and you’ll receive the following:
- 2.9% in TKX tokens (refunded to your account for the normal credit card processing fees that you would otherwise have to pay)
- 1% promotional cashback to your amaze wallet (capped at $250 for the first 1,000 users)
- 1% cashback that comes with the amaze card (on every transaction of SGD 5 and above, with a min. spend of S$500 per quarter and your cashback capped at $100 per quarter)
So for example, if you were already planning to deposit S$10,000 to buy Bitcoin and Ethereum, you can now get:
- $290 worth of TKX
- $100 promo cashback
- $100 amaze cashback
In total, you’ll be getting $290 of TKX and $200 of cashback! That’s like the equivalent of an immediate 4.9% gains, with your cashback from amaze coming in at the end of the calendar quarter.
TKX is an alt coin, specifically an exchange-based token, which you can use to offset your trading fees, get access to token sales, and more. In other words, TKX to Tokenize Xchange is just like what BNB does on Binance. And with Binance.com no longer allowing users in Singapore to buy and trade cryptocurrencies, even advising us to withdraw our fiat assets and redeem our tokens before the end of this month, I won’t be surprised if more people start to flock to Tokenize Xchange instead.
1+1% cashback
By using your amaze card on Tokenize, you can get 2% cashback from amaze.\
Yes, you can use the amaze 1% default cashback offer on top of this Tokenize Xchange & amaze joint promotion.
Not being able to earn cashback or miles when you purchase cryptocurrencies with your credit card can be frustrating. After all, the transaction is specifically excluded by most card issuers in their rewards programmes, including Citibank, CIMB, DBS and even Mastercard itself, which classifies the purchase of any cryptocurrency under MCC 6051 (existing debt payment).
But using your amaze card can get you the default 1% that comes with the card, while you can now earn an additional 1% during this 10.10 Tokenize Amazing 10.10 deal promotional campaign.
What if I don’t have an amaze card?
If you use any other credit card, you won’t be getting any cashback or miles on your purchase, but you’ll still get to enjoy the zero processing fees offer from Tokenize. So if you want to get cashback on your crypto with Tokenize, you’ll need to pair it with your amaze card. Signing up is almost instant when you use your SingPass to apply for the card on the Instarem app.
Not sure whether you should sign up for an amaze card? You might want to do so, because aside from being able to use it for this promo, this multi-currency card is the first of its kind in Singapore and many of us have been using it to achieve the following:
- Double-dip rewards! 1% amaze cashback on top of your credit card rewards
- Link up to 5 Mastercard credit or debit cards (use 1 card to replace 5 in your wallet!)
- Convert offline transactions to online ones (to get max. cashback or 4 mpd for our online transactions)
- Spend globally (whether on overseas trips or online overseas websites) but pay locally in SGD, with no foreign currency charges or DCC fees
- and at a competitive FX rate (with no or little mark-ups
Note that the 1% cashback requires a minimum spend of S$500 per calendar quarter, which is super easy to hit since you can use your amaze card to pay for anything and everything! Including your Netflix subscription, online shopping at iHerb or Taobao, groceries, dining, food delivery…as there are no restrictions on categories except for topping up prepaid wallets like GrabPay.
And if you’re travelling overseas anytime soon, this card is a no-brainer since you’ll be able to enjoy the 1% cashback on top of 4 miles per dollar (on Citi Rewards / DBS Woman World) or 5% cashback (on DBS cards) to 10% cashback (on CIMB Visa Signature).
What is Tokenize Xchange?
With over 40 coins available, Tokenize Xchange is a decent exchange for folks based in Singapore who want a local exchange that offers access to a larger variety of alt coins. Founded in 2017, they have since gone on to serve more than 200,000 customers.
Their promise is that with Tokenize, you’ll be able to buy and sell digital currency at the most competitive rate given their fees are the lowest in Singapore. What’s more, you’ll be getting access to a local support team, which can be especially valuable for those new to crypto. Binance didn’t have this, which is why I can understand why it was confusing for many of you who had to ask me for help on how to navigate the trading platform.
Also, if you’re worried about the security of your crypto assets, Tokenize uses a multi-signature cold wallet with 2 keys – one controlled by Tokenize, and another by Bitgo – which is backed by Bitgo’s digital asset insurance coverage as well.
I don’t often do shout-outs for promotions, but this is a really good one, and I do think that if you’ve been planning to buy crypto, this is a great offer to take advantage of.
Only on 10 October 2021.
P.S. If for any reason you’re not able to make your deposits in time, here’s another piece of good news: the transaction fees via Xfers (for you to convert your fiat-to-crypto) will be lowered from 0.55% to 0.3% from October onwards to provide even more savings (it’s 0.55% on Coinhako and 0.6% on Binance.sg).
Disclaimer: This article is sponsored by Tokenize Xchange. It is not meant to serve as investment advice or a recommendation to buy anything that you aren’t already planning to get. Investing in cryptocurrencies is not principal-guaranteed and prices can be extremely volatile with wild swings in between, so as per my usual advice, please do not invest money that you need in the short term and only allocate funds that you are willing to lose.
