Chocolate Finance has announced a major upgrade to its debit card, launching on 11 February 2025! This is made possible with a new partnership with HeyMax, a platform known for its versatile rewards program. Here’s a breakdown of what you can expect.
To take advantage of this, you’ll need to sign up for both a HeyMax and Chocolate Finance account. After which, you can apply for a debit card through the Chocolate Finance app. Upon approval, you’ll immediately receive a virtual card that can be added to your mobile wallet, like Apple Pay.
Remember to link the card to your HeyMax account, and you’re all set to start earning miles. If you prefer a physical card, you can request one as well. The best part? There are no annual fees.
Sign up for Chocolate Finance here.
Earn 2 mpd on Almost All Transactions
The most exciting aspect of this upgrade is the ability to earn 2 Max Miles (HeyMax’s reward currency) per dollar spent on almost all transactions. This includes those that are commonly excluded by other cards, such as payments to hospitals, utilities, insurance, and even AXS payments.
The list of exclusions is minimal, primarily focusing on financial institution transactions and card top-ups. There is a limit of S$1,000 per calendar month for the 2mpd bonus, after which you’ll earn 0.4mpd.
No Foreign Transaction Fees
For those of us who frequently travel or make online purchases in foreign currencies, this card offers another significant advantage: no foreign transaction fees.
The card uses an exchange rate that’s very close to the Google rate without any additional fees. Even better, you’ll still earn 2 mpd on these transactions, making it an excellent choice for overseas or foreign currency spending.
We have not yet used the card for our own personal transaction, and therefore are unable to verify the competitiveness of Chocolate Finance’s forex rates with other multi-currency cards.
Earns Interest on Money Within the Account
As a debit card, you’ll need to maintain a balance in your Chocolate Finance account to make purchases. Fortunately, the money in your account earns a competitive interest rate of 3.3% per annum for up to S$20,000. This is a great way to grow your funds while having them readily available for spending.
Uses of Max Miles
HeyMax’s Max Miles are known for their flexibility. You can transfer them to 27 airline and hotel partners with no transfer fees. Max Miles do not expire as long as the account is open.
These partners include valuable loyalty programs such as Hyatt, Air Canada Aeroplan, Alaska Mileage Plan, and American Airlines AAdvantage, providing a wide range of redemption options for flights and accommodations. These are programs that are difficult to earn points or miles on with traditional Singapore credit cards.
Sign up for HeyMax here (Referral code: B0192969)
What is Chocolate Finance?
Chocolate Finance is a fintech company that has been operating for a few years. It allows users to earn a high interest rate on idle cash, which is invested in money market funds.
You can withdraw your funds whenever you need them. Currently, Chocolate Finance offers a 3.3% interest rate on up to S$20,000 of cash, and 3% on any amount above that.
Sign up for Chocolate Finance here
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Final Thoughts
This upgrade to the Chocolate Finance debit card is poised to shake up the card scene in Singapore. With its broad 2mpd earning rate, no foreign transaction fees, and the flexibility of Max Miles, this card will be a strong contender for both local and overseas spending.
I will be performing more tests on the exchange rates now that the promotion is live, so stay tuned for more updates on our Telegram Channel.
