11 January 2024
Under the Radar: HeyMax AI on maximising credit card rewards and helping users double dip on air miles
Do you record all the credit cards you own in an Excel sheet just to make sure that you maximise your rewards? Or do you have a friend that does that?
Well, our guest for today HeyMax AI hopes to save you from all that work by automatically picking the best card for you to maximise your rewards.
It also provides what it calls Max Miles on top of credit card rewards whenever users shop online using the platform.
The miles can then be transferred on a 1:1 ratio to over 20 airline and hotel points including Japan Airlines, Qatar Airways and Etihad.
HeyMax AI says it makes money through a B2B model, where merchants pay it a commission for directing customers to them. The commissions are then use to generate Max Miles and profits.
So far, the platform supports some 150 merchants such as Klook, iHerb, Expedia, Singapore Airlines and Booking.com. But how many merchants can we expect towards the end of the year given that the company is in its nascent stage?
Also – how far does the firm compete against other credit card reward apps such as Max Rewards, Award Wallet, and even cashback apps such as Shopback?
Looking ahead, the company intends to launch what it calls a “multi-linkage card” to consolidate all existing credit cards into one in the future. While it is still a work in progress, how long is the waitlist right now?
On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Joe Lu, Co-founder and CEO, HeyMax AI.

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