It’s hard sorting through all the AMEX platinum cards sometimes. I mean, you have The Platinum Card, the AMEX Platinum Reserve Credit Card, and finally the AMEX Platinum Credit Card.
What’s the difference? And which one is best for you?
In this case, we’ll be reviewing the American Express Platinum Credit Card, which is basically the beginning of the “platinum” tier in terms of annual fees, benefits, and prestige – if that’s still a thing these days.
We’ll cover:
- Eligibility requirements
- Annual fees and charges
- Benefits and downsides
- How this card compares vs other Platinum cards in the market
- Whom this card is best for (and bad for)
Eligibility Requirements
| Age | 21 and above for principal cardholders; 18 and above for supplementary cardholders |
| Annual Income | Subject to AMEX’s minimum income requirement and internal assessment criteria |
It used to be that having a platinum credit card meant you were part of the upper echelon of society – you had to earn a minimum of $100,000 or be specially invited to apply for the card.
These days? Not so much. Platinum credit cards are now more accessible in general, though they still carry higher income requirements than entry-level cards. The exact requirements for the AMEX Platinum Credit Card are not publicly disclosed, but it’s considered to have a lower income requirement than the other platinum cards. (It was previously $50,000, then revised upward to $80,000, and then AMEX decided to unpublish the requirement entirely.)
If you have your heart set on this card, feel free to apply as long as you’re somewhere within the ballpark of those numbers. (No worries even if your application is rejected; the penalty for credit card rejections is inconsequential to your credit history over the long term)
Fees and Charges
| Annual Fees |
|
| Effective Interest Rate | 26.90% p.a. |
| Repayment Grace Period | 22 days from date of the Statement of Account |
| Late Payment Charges | S$100 |
| Minimum Monthly Payment | 3% or S$50, whichever is higher |
| Overlimit Fee | N.A (No credit limit for Platinum cards) |
| Cash Advance Transaction Fee | 5% of transaction amount |
| Cash Advance Interest Rate | 26.90% p.a. compounded daily from withdrawal date |
| Foreign Currency Transaction Fee | 2.95% |
Lowest Fees Amongst the AMEX Platinum Cards
We’ve already mentioned that this is like the “baby” of the platinum credit cards, made all the more evident when you compare its fees with those of the other platinum credit cards:
| Credit Card (American Express) | Annual Fees |
|---|---|
| The American Express® Platinum Credit Card | $324 |
| American Express® Platinum Reserve Credit Card | $540 |
| The Platinum Card® | $1,728 |
Apart from the difference in annual fees, all other fees are identical across all three Platinum cards.
The dining privileges of the AMEX Platinum Credit Card are undoubtedly noteworthy. But what other benefits does this premium card have to offer? And more importantly, do the benefits outweigh the fees? We’ll explore that next.
Points Earning Rate and Other Benefits
| Points Earning Rate |
|
| Other Benefits |
|
Points Don’t Expire
Besides the usual vouchers, you can use your points to get rewards such as a limited-edition Teeling Whiskey, offset the cost of a new iPhone 14, or waive the annual fee. And if you’re planning to convert your points into miles for your next trip, transfer fees are permanently waived with the AMEX Platinum Credit Card.
High Earn Rate, But Only at 10Xcelerator Partners
The rate varies depending on where you spend:
- Accelerated rate of 10 points for every full S$1.60 spent at Platinum 10Xcelerator Partners, capped at S$16,000 spending. Partners include brands such as Mont Blanc, Lee Hwa Jewellery, Leica, and Park Royal. This works out to be about 3.44 MPD.
- Base rate of 2 points for every full S$1.60 spent. Any transactions below S$1.60 will not earn any points. This works out to be about 0.69 MPD for non-10Xcelerator Partner spending – terrible!
- Certain spending will not earn you any points. As with other credit cards, payments made to financial institutions, SAM kiosks, etc. will not earn any points.
If you’re wondering how much your points are worth, here’s a sample of what you can redeem from the AMEX rewards catalogue (accurate :
| Exchangeable Rewards | Points Required | Spending Required (assuming spending is at 10x Partners) | Actual Rebate Percentage/Rates |
|---|---|---|---|
| $100 IKEA voucher | 22,200 | $3,552 | 2.8% |
| $50 iTunes voucher | 11,100 | $1,776 | 2.8% |
| $10 Isetan voucher | 2,200 | $352 | 2.8% |
| 250 Krisflyer miles or Highflyer points | 450 | $72 | S$0.28 per Krisflyer mile/ Highflyer point |
Maximising Dining Benefits
Under AMEX’s Love Dining programme, users get access to a suite of deals at the luxury hotels and restaurant partners listed. Some examples of partners include:
Hotel partners:
- Fairmont Singapore
- St. Regis Singapore
- Swissotel The Stamford Singapore
Restaurant partners:
- Wooloomooloo Steakhouse
- Escape Restaurant
- Xin Cuisine Chinese Restaurant
Cardholders get savings of up to 50% on their total bill depending on the number of diners:
| Number of Diners | Dining Privileges |
|---|---|
| Dining alone | Up to 15% savings |
| Two to Dine | 50% savings |
| Three to Dine | Up to 35% savings |
| Four to Dine | 25% savings |
| Five to Ten Diners | 20% savings |
(Clearly, the program is pushing you to dine in as a pair to maximise your benefits.)
Downsides Of The AMEX Platinum Card
Low Earn Rates for Non-10Xcelerator Spending
Although the points never expire, it’s unfortunate that the earn rate on this card is one of the lowest in the market.
Base rates for both local and overseas spending is 0.69 miles, whereas most other miles cards in the market would offer at least 1.2 miles per S$1 spent locally and 2 miles per S$1 spent overseas.
Even with the boosted earn rates at Platinum Partners, the 3.44 MPD earn rate still doesn’t compare to the 4 MPD that other rewards cards offer. (Granted, those usually have a much lower spending cap.)
Limited Selection Of Luxury Perks
Considering it’s a platinum card, it doesn’t offer much in the way of luxury benefits. The 10Xcelerator programme only has 57 partners islandwide, of which 4 are for insurance.
Although AMEX’s Platinum Lifestyle programme offers free drinks at prestigious venues like Fairmont Singapore’s Anti:Dote along with spa vouchers from high-end wellness centers such as Adeva Spa, some may feel that the luxury perks could be more comprehensive. For instance, the programme doesn’t include categories such as exclusive experiences.
Here are some of the participating partners you can expect from each category:
| Category | Participating Partners |
|---|---|
| Beauty & Cosmetics (1 partner) |
|
| Fashion & Accessories (6 partners) |
|
| Dine & Wine (6 partners) |
|
| 1-Group (13 partners) |
|
| Home & Lifestyle (14 partners) |
|
| Watches & Jewellery (13 partners) |
|
Unfortunately, overseas spending at Platinum partners do not entitle cardholders to the boosted point earning rates.
How Does The AMEX Platinum Credit Card Compare?
| Annual Fees | Points Earning Rates | Points Expiry | |
|---|---|---|---|
| AMEX Platinum Credit Card | S$324, no waiver |
| None |
| Standard Chartered Visa Infinite X Card | S$702, waived for 1st year |
| None |
| UOB Visa Infinite Metal Card | $648, no waiver |
| UNI$ expire 2 years from the quarter the UNI$ was earned |
| Citi Prestige Card | S$540, no waiver |
| No expiry |
Best Dining Benefits
The AMEX Platinum Credit Card offers the best dining benefits with up to 50% off bills at selected restaurants. The annual fee is also relatively low at S$324, although the earn rate is also lower compared to other premium cards.
Best Luxury Privileges
The UOB Visa Infinite Metal Card tops the list for those in search of luxury experiences and lifestyle perks such as golf privileges, fine dining, and hotel upgrades. While the annual fees are on the higher end, cardholders benefit from perks like co
mplimentary drinks at fine dining restaurants, boosted local mile earn rates, and travel concierges.
Best Hassle-free Card
The Citi Prestige card is designed for affluent travellers seeking to accumulate miles without the hassle of monitoring spending categories. With Citi PayAll, cardholders can earn points on various expenses like taxes, rent, condo management fees, and utility bills (at the cost of a small service fee).
Whom This Card is Best For
This card is an option to consider if:
- You are an affluent spender who shops mostly with AMEX’s 10Xcelerator Partners
- You frequent high-end spas to enjoy the card exclusive discounts
- Most of your golfing activities are within the APAC region (to enjoy waived green fees)
- You dine out often at upscale Singaporean bars, Michelin-starred restaurants, and restaurants at luxury hotels
This card is NOT a good option to consider if:
- You are looking for a high miles earning card
- You’re a frequent traveller looking for luxury travel benefits such as free lounge access and travel upgrades
- You look for annual fee waivers above a certain spend