DISCLAIMER: This is not a financial advice, and this article has not been reviewed by the Monetary Authority of Singapore (MAS). This is not a sponsored article.
UPDATE: The Chocolate Card has launched the new features on 11 Feb 2025. Check out the full details here.
Remember how the Trust Cashback card (our card of the year for 2024) disrupted the Singapore credit card market last year?
I’ve received word from a (very) reliable source that we will soon have a miles disrupter (of sorts) via a Chocolate Finance x HeyMax collaboration. Here’s a little sneak peek.
What is Chocolate Finance?
Unlike traditional e-wallets (e.g. YouTrip, Grab), Chocolate Finance Account holders enjoy 3.3% returns per annum on the first S$20k, and 3% per annum on the next S$30k in the account. Chocfin promises these returns on your first S$50k through its top-up program. Amounts above S$50k have a target return of 3% per annum.
Here’s why it’s awesome:
- No account fee
- No minimum holding amount
- No minimum holding period (withdraw any time)
- Withdraw up to S$20k per day instantly, 3-10 business days if more than S$20k per day
- No withdrawal fee
- Returns are credited daily (just after midnight)
I’ve been a Chocolate Finance customer since launch, and absolutely love the beautifully-designed mobile app. But more importantly, I truly appreciate the high level of transparency and honesty presented by Chocfin on its products, headlines, advertisements and risk disclosures. This is a refreshing change from the misleading headlines/ads by other financial institutions in Singapore that you may be familiar with.
Chocfin Pte Ltd is licensed and regulated by the Monetary Authority of Singapore (CMS101452) to perform fund management activities and it is important to note that the Chocolate Account is not a bank account, hence not SDIC-insured.
Read more about Chocolate Finance here, apply for a Chocolate Account here.
What is HeyMax?
HeyMax is a shopping portal that rewards users with miles, when they click through the website (like how ShopBack gives you cashback).
I’ve not been an active user of HeyMax, and have not written about it since its launch in 2023. But there will soon be a very good reason to be one, so here’s a quick rundown:
- Max miles don’t expire
- Max miles can be transferred to FFPs for free
- Max miles can be transferred to 27 FFPs
- Max miles can be transferred in multiples of 1,000
As you can probably tell, Max miles are far more flexible than those that can be earned via Singapore credit cards, but it has 1 flaw for Singapore-based travellers: KrisFlyer is not a transfer partner.
However, I trust that Suitesmile readers are aware that KrisFlyer is not the only useful Frequent Flyer Program (FFP) out there. In fact, when it comes to value, other FFPs are better for flights to/from popular regions (e.g. Japan, S. Korea, Europe).
Sign-up bonus: Sign up for a free HeyMax account using my link to receive 200 Max miles instantly. Plus, get 500 Max miles after verifying your phone number and performing 1 transaction. Plus, get 88 to 888 Max miles “Ang Bao” if you sign up, verify your phone number and perform 1 transaction by 12 Feb 2025. That’s a total of 788 to 1,588 miles up for grabs.
What are the benefits of the Chocolate Card?
UPDATE: The Chocolate Card has launched the new features on 11 Feb 2025. Check out the full details here.
Unfortunately, aside from the fact that you can earn miles while enjoying zero FX fees as an ongoing card benefit, I am not able to share more details at this time.
However, I can tell you that, based on what I was told, I fully expect to include the card in Suitesmile’s list of must-have miles/travel cards in Singapore. 🙌
Here are a couple of key benefits of the Chocolate Card, vs other credit cards:
| Chocolate Card | Other Credit Cards | |
|---|---|---|
| Annual fee | Free | Typically over S$196/yr |
| Income requirement | None | Typically S$30k/yr |
What are the limitations of the Chocolate Card?
The Chocolate Card is a debit card, which of course, has some limitations as compared to credit cards.
Here’s a quick summary:
| Chocolate Card | Other Credit Cards | |
|---|---|---|
| Spending limit | Depends on Chocolate Account balance | Depends on credit limit |
| Transaction limit | S$5,000 per transaction S$20,000 per day | None |
| Overseas ATM withdrawals | Not possible (possibly forever 🥲) | Typically comes with fees |
The Chocolate Card is protected by Visa’s Zero Liability Policy, which guarantees that you won’t be held responsible for unauthorized charges made with your card or card details.
I’ve been told that Chocolate Finance is working on a feature for cardholders to manually set spending/transaction limits in future.
If you wanna be extra-extra safe, you may freeze the Chocolate Card in the app, and only unfreeze when transacting with the card. For peace of mind, I do the same to my Amaze card (also a debit card).
When will this partnership launch?
Barring any unforeseen delays, the HeyMax x Chocolate Card collaboration is planned for a launch next week (10-16 Feb 2025).
Stay subscribed to Suitesmile on Telegram to receive an alert when it goes live.
Can you apply for the Chocolate Card right now?
The Chocolate Card is not new. In fact, Suitesmile was probably the first to share about its launch in October 2024.
So, yes, you can apply for the Chocolate Card right now, after applying for a Chocolate Account of course.
Both of which do not come with any annual or membership fees, nor spending requirements.
Should you apply for the Chocolate Card now?
Applying for a Chocolate Card is usually instant, if you already have a Chocolate Account. In most cases, cardholders will receive a digital card instantly, which can be added to Google Pay, Apple Pay or be used to make purchases online.
I foresee ultra-high application volume in the coming weeks. So, if you’re keen to use a physical Chocolate Card for an upcoming overseas trip, it’s probably a good idea to apply for it now (it’s free anyway).
🥰 Applying for a Chocolate Account using my personal referral link would contribute $5 to this independent travel hacking website.
Here’s a little unboxing video I did a few months ago:
Who can apply for a Chocolate Account/Card?
Singapore residents above the age of 18 years can apply for a Chocolate Finance Account (and Card).
As mentioned above, there is no income requirement to hold this card. Students and retirees can soon earn miles, to save on flights or fly in Business/First Class. Wish I had this opportunity when I was 18. 🥲
How will the Chocolate Card compare to other miles cards?
Just to manage expectations, while I expect it to be among the top miles/travel cards in Singapore, this card will/should not replace all your existing miles/points credit cards.
However, it will make a lot of miles cards look, well, rather stupid for foreign currency spending; like how the Trust Cashback card did. This is mainly due to the exorbitant foreign currency fees (3% and above) that traditional banks are charging.
Remember how much your mobile phone bills used to cost before MVNOs came along? Having this card around may just nudge traditional banks to lower those crazy fees, to stay relevant.
Related: Best Mobile Plans in Singapore for Travellers (Free Data Roaming)
Bottom line
It’s sweet like chocolate to (hopefully soon) see a second card in Singapore that offers miles/cashback on top of having zero foreign currency fees.
If you’re a student (over 18 years old), this is a great time to start your miles journey, for better travel experiences in the future. Remember, Max miles don’t expire.
Apply for a HeyMax and Chocolate Account, and get a head start by requesting for a physical Chocolate Card today.
Kinda buay “sui” to leak this info that you obviously got from ChocFin themselves and framing it as if you “received word” from someone else…
Because I was given the permission to share, on that condition (frame it as a rumour).
I can’t wait!