Why everyone’s chasing miles: The rise of card rewards in 2025

Credit & debit cards: Singapore’s preferred payment method

The verdict is in. Card payments have overtaken cash as the preferred way to pay in Singapore. This was revealed in VISA’s Consumer Payment Attitude Study 2023, which found that credit and debit cards were used 97% of the time when paying, compared to 82% for cash. This trend transcends generational bounds: from Baby Boomers to Gen Z, Singaporeans are most likely to tap or wave their way through at checkout rather than handing over cash.

Convenience, speed, security. The benefits of using cards over cash are obvious. But given the wide range of credit and debit cards available, how do consumers choose which one to use? 

Why rewards & perks drive card choice in 2025

A 2025 survey by DCS Card Centre found that 55% of respondents picked rewards and perks as the most important features of a credit card. The report also found that younger users (aged 21 to 35) wanted more customisation in card rewards, and would consider taking up a card that lets them choose between air miles, cashback, reward points and more. 

Why are card rewards becoming more popular? 

Card rewards have long been a welcomed feature among Singaporeans, as seen by the high rate of credit card penetration (91%) here on our tiny island. The emergence of personal finance comparison platforms like SingSaver and Moneysmart also point to a desire among consumers to get the most out of their card rewards. 

Recent trends have further sponsored a rise in the popularity of card rewards, specifically air miles and rewards points. 

A resurgence in travel & air miles

One notable trend is the post-Covid resurgence in leisure travel, which has sparked renewed interest in air miles. 

In case you’re unfamiliar, air miles can be exchanged for Frequent Flyer Points, which are used to redeem flights or purchase upgrades and in-flight perks. With enough air miles banked up, you can essentially fly for free – shaving a chunk off your travel budget in the process. 

But free flights are just the beginning. Air miles can actually help you elevate your air travel, giving you experiences usually reserved for those with deeper pockets. 

As Aaron Wong, founder of air travel blog, The MileLion, puts it, “Miles and points have enabled me to experience some of the finest travel experiences for a minimal financial outlay.

“You don’t need to be rich to enjoy such things. You just need to take the time to learn how the game works,” he adds. 

Aaron paints the tantalising picture of the potential of air miles. According to him, through various tactics such as leveraging credit card sign-up offers, optimising spends to earn the maximum miles possible, and making use of little-known loopholes, air miles chasers can get “maximum bang for your buck – spending the absolute minimum and getting the grandest travel experience possible.” 

Growing Desire for flexibility in loyalty programmes

Singapore’s loyalty market is projected to reach US$501.5 million in 2025 on an annual growth rate of 14.4% – this was according to ResearchAndMarkets.com’s Q1 2025 update. 

Driving the expansion is a desire for flexibility among consumers, leading to greater demand for rewards cards and loyalty programmes featuring no-expiring points, and cashback that improve value on card spends. Such rewards allow consumers to accumulate rewards without expiry, fostering long-term engagement.

Best of both worlds with Chocolate Finance – enjoy HeyMax miles + earn returns on your balances

With Chocolate Finance, you’ll get the best of both worlds – enjoying air miles as you spend, while earning returns on your balances. Here’s how. 

Earn Max miles when you spend with the Chocolate VISA debit card 

Pay with the Chocolate VISA debit card to earn Max Miles on every transaction. Here’s how many miles you can earn:

• 1 Max Mile per S$1 spent, up to S$1,000
• 0.4 Max Miles per S$1 spent thereafter
• Bill payments are capped at 100 miles per month
• No maximum cap, Max Miles never expire

That’s neat, but what can you do with all those Max Miles? 

Well, Max Miles can be redeemed for any number of rewards on HeyMax’s platform, including gift cards at popular merchants for food delivery, transportation and supermarkets.

You can also exchange Max Miles for hotel loyalty programmes such as Hilton Honors, Marriott Bonvoy and World of Hyatt, as well as frequent flyer points for programmes including Emirates Skywards, British Airways Executive Club, and Qantas Frequent Flyer and Qatar Airways Privilege Club. All loyalty programmes can be exchanged at a 1:1 ratio, except Shangri-La Circle, which requires a 5:1 exchange rate.

“At HeyMax, we’re powering the growth of the Traveller Economy – helping more people travel, more often, by turning everyday spending into extraordinary experiences. In places like Singapore, travel has shifted from a luxury to a lifestyle necessity. Families travel to reconnect, professionals to recharge, and Gen Z to explore. As people increasingly value experiences over possessions, the demand for smarter, simpler ways to earn travel rewards has surged. Miles from everyday spend –like those earned on Chocolate Finance cards – are no longer just perks. They’re the key to meaningful journeys, better upgrades, and flights that bring the world closer together,” Joe Lu, Founder and CEO of HeyMax.

Miles Multiplier – Earn more miles as your SGD balance grows

We’re always looking for new ways to reward you for investing smart with us, so here’s our latest exclusive perk. We call it Miles Multiplier, and you can use it to earn more Max Miles. Here’s how.

Starting from 1 July 2025, you will earn additional Max Miles based on your SGD balance at the end of the month. For example, if you spend S$1,000, that’s 1,000 Max Miles earned. Then, Miles Multiplier does its magic at the end of the month. 

Now, if your SGD balance is more than S$5,000 but less than S$10,000, you will get an extra 5% in Max Miles, or 50 miles, giving you a total of 1,050 miles.

But that’s not all! Miles Multiplier goes up in 5% increments at stipulated SGD balances. And you can earn up to 100% more Max Miles every month! 

Enjoy returns on your Chocolate Finance balances

Your Chocolate Finance SGD balance can be spent via your Chocolate VISA debit card. But don’t worry, amounts that remain in your balance carry on earning returns as usual. 

Don’t forget you can also convert your SGD balance to USD to earn higher returns! Here’s how much your balances will earn (rates accurate at time of publication):

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Chocolate Finance, one of the sweetest miles game in town 

If you’ve been looking for a fresh new way to get into the air miles game, look no further than Chocolate Finance. You’ll earn miles as you spend, then get rewarded with bonus miles as you grow your SGD and USD balance. 

And let’s not forget that your SGD balance will be earning up to 3% p.a. – in daily returns that you can view anytime in the Chocolate Finance Mobile app. 

Managing your Chocolate VISA debit card is equally effortless. Simply navigate to your debit card in your mobile app to view your transactions, set spending limits, freeze the card and more. 

Most importantly, you need to link your HeyMax account with your Chocolate VISA debit card ,to start earning miles as you spend. 

Yes, it’s really that simple.

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Disclaimer:

Chocolate Finance is a brand of Chocfin Pte Ltd and is regulated by the Monetary Authority of Singapore. The views and opinions expressed on this post are solely those of the original authors and contributors as of the date of this post and are subject to change based on market and other conditions. This is for information only and does not constitute an offer or solicitation to buy or sell any of the investments mentioned. Neither Chocfin Pte. Ltd. (“Chocfin”) nor any officer or employee of Chocfin accepts any liability whatsoever for any loss arising from any use of this blog or its contents.

Please note that Chocfin does not guarantee the accuracy, relevance, timeliness, or completeness of the information provided on this post. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them. 

Chocolate’s returns are currently supported by a promotional 'Top-Up Programme', valid during the Qualifying Period and subject to terms and conditions. Past performance is not indicative of future results. All investments involve risk, including the risk of losing all of the invested amount and may not be suitable for everyone. This advertisement has not been reviewed by the Monetary Authority of Singapore.