Are you considering applying for this prestigious American Express card but not sure it’s the right fit for you?
In the world of credit cards, the term “platinum” has long been associated with luxury and exclusivity. However, in recent years, the proliferation of platinum debit cards and lower-tier credit cards with the “platinum” label has led some to question the actual value of a platinum card.
But a true platinum credit card can still be a worthwhile investment for those willing to pay for premium benefits and a high-end experience. One such credit card is the American Express Platinum Credit Card.
With a range of exclusive perks and benefits, including generous rewards points, travel insurance, and concierge services, the American Express Platinum Credit Card caters to the needs of discerning consumers.
In this review, we’ll take a closer look at the features and benefits of the American Express Platinum Credit Card to help you make an informed decision.
We’ll also weigh the pros and cons to help you determine if this credit card is the right fit for your financial needs and lifestyle.
|● Uncapped earn rate on big-ticket purchases
● Wide range of transfer partners for its Membership Rewards points
● Range of travel and lifestyle benefits, including travel credits, airport lounge access, and dining discounts
|● Relatively low earn rate on most types of spend
● High annual fee
● Restrictions and exclusions may apply to certain benefits and features of the card
AMEX Platinum Credit Card Fees and Charges
|Credit Card||Min. Income||Annual Fee||Earn Rate|
|AMEX Platinum Credit Card||S$80K||S$324||0.69 mpd|
The annual fee is often a major consideration when deciding on a credit card.
The AMEX Platinum Credit Card carries an annual fee of S$324, which is charged per-card.
If I have multiple cards linked to my account, I will be charged the annual fee for each.
However, it’s worth noting that the annual fee is waived for the first year, giving you the opportunity to try out the card and see if it’s worth the investment before committing to the full fee.
First 2 supplementary cards are permanently free, and subsequent ones are chargeable at $162 each.
Eligibility for American Express Platinum Credit Card
- Above 21 years old
- Singaporeans and foreigners must earn a minimum of $80,000
In addition to the annual fee, the American Express Platinum Credit Card has a minimum income requirement of S$80,000 per year or $6,667 monthly.
This means you must have a personal or household income of at least this amount to be eligible for the credit card.
It’s worth noting that this is the lowest minimum income requirement among the 3 Platinum cards offered by American Express in Singapore.
The Platinum Reserve, a tier higher, has a minimum income requirement of S$150,000 per year, while the AMEX Platinum Charge, 2 tiers above, has a minimum income requirement of S$200,000 per year.
While the charge and minimum income requirements for the American Express Platinum Credit Card may seem steep, it’s important for me to consider the benefits and perks that come with the card.
If the generous rewards points, travel insurance, and concierge services are valuable to me, the annual fee and minimum income requirements may be worth it.
On the other hand, if you don’t think you will take advantage of these benefits or if you don’t meet the minimum income requirement, you may want to consider other credit card options that better fit your financial needs and lifestyle.
Dining benefits of the American Express Platinum Credit Card
As a cardholder of the American Express Platinum Credit Card, one of the benefits I can take advantage of is the Love Dining and Chillax programme.
This programme offers discounts on dining and drinks at participating restaurants and bars around Singapore.
With the Love Dining benefit, I can get up to 50% off my food bill when I dine at participating restaurants. And with the Chillax benefit, I can enjoy 1-for-1 drinks at participating bars.
You need to pay and present your AMEX Platinum Credit Card to take advantage of these benefits.
It’s worth noting that the Love Dining and Chillax partner lists have been steadily pared down in recent years, so it’s a good idea to check the current list of participating restaurants and bars before making a reservation.
In addition to the Love Dining and Chillax benefits, the AMEX Platinum Credit Card also offers other dining perks, such as the opportunity to earn uncapped rewards points on your dining purchases.
However, it’s essential to remember that these benefits may come with exclusions or restrictions.
For example, the Love Dining and Chillax benefits may not be available on certain holidays or during special events, and certain restaurants or bars may not participate in the program.
Make sure to check the terms and conditions of the benefits before using them to ensure you’re getting the most value out of your credit card.
Lifestyle benefits of the American Express Platinum Credit Card
In addition to the rewards points and dining benefits, the American Express Platinum Credit Card also offers a range of lifestyle perks and benefits that can enhance my overall credit card experience.
Some of the standout features of the card include the following:
As a cardholder of the American Express Platinum Credit Card, you are automatically covered by various travel insurance benefits, including trip cancellation, lost luggage, and emergency medical assistance.
These benefits can provide peace of mind when I’m travelling, knowing that I have protection in case of unexpected events.
Not just that, I save the money used for travel insurance to pay for things during my trip!
It also comes with a dedicated concierge service that can help with various tasks, from making travel arrangements to finding the perfect gift.
Whether you’re looking for restaurant recommendations or need help with a last-minute gift, the concierge service is there to assist.
Exclusive access to events
You’ll have access to various exclusive events and experiences, such as concerts, sporting events, and culinary experiences.
These events can provide unique and memorable experiences that you may not be able to access otherwise.
Overall, the lifestyle benefits of the AMEX Platinum Credit Card can add value and convenience to your credit card experience, making it a more attractive option for those who value these types of perks.
Membership Rewards points for the AMEX Platinum Credit Card
|Base points||2 points per $1.60 (0.694 miles per $1)|
|Bonus points||10 points per $1.60 (3.47 miles per $1)|
|Bonus category spend cap||No cap|
|Minimum spend required to earn miles||$1.60|
|10Xcelerator Merchants||Mason 21G, American Tourister, IWC, Lee Hwa Jewellery, Leica, Mazda, Miele, PARKROYAL COLLECTION Pickering and Marina Bay, Samsonite, The Hour Glass|
One of the key benefits of the AMEX Platinum Credit Card is the opportunity to earn Membership Rewards points on purchases.
These points can be redeemed for various rewards, including travel, merchandise, and statement credits.
One of the standout features of the Membership Rewards points program is the opportunity to earn uncapped rewards points on big-ticket purchases.
This means you can earn an unlimited number of points on eligible purchases over S$5,000, making it easy to rack up points quickly on large purchases such as a new home appliance or a family vacation.
In addition to earning points on your purchases, you can also earn points by transferring them from other loyalty programs or participating in special promotions.
The points I earn with the AMEX Platinum Credit Card never expire, allowing me to save up my points for a big redemption or use them as soon as I earn them.
There is also a wide range of transfer partners for the Membership Rewards points program, including airlines, hotel chains, and other loyalty programs.
This makes it easy for me to transfer my points to the program that works best for my needs and preferences.
However, some transfer partners may have fees or restrictions, so it’s a good idea to check the terms and conditions before transferring your points.
The Membership Rewards points program is a flexible and rewarding way to get value out of your credit card purchases.
Membership Rewards Redemption
Platinum Credit Card has various options for redeeming Membership Rewards points. Some of the ways you can use your points include:
Transfer your points to a wide range of partners, including airlines, hotel chains, and other loyalty programs.
Use points to book travel or purchase merchandise through the Membership Rewards website. This can be a simple and straightforward way to use your points as long as you have enough to cover your redemption cost.
Use points to offset purchases made with a credit card, either partially or fully.
It’s worth noting that there may be exclusions or restrictions that apply to point redemption, such as blackout dates for travel or specific exclusions for merchandise.
|Programme||Conversion Ratio (MR Points)|
|Thai Royal Orchid Plus||450:250|
Exclusions and limitations of the AMEX Platinum Credit Card
Like any credit card, the AMEX Platinum Credit Card comes with exclusions and limitations that apply to its benefits and features.
Some of the exclusions and limitations to be aware of include the following:
Restrictions on Love Dining and Chillax partners:
The Love Dining and Chillax benefits may not be available at all participating restaurants and bars, and the list of participating partners has been steadily pared down in recent years.
It’s a good idea to check the current list of participating partners before making a reservation to ensure you’re eligible for the discounts.
In addition, the Love Dining and Chillax benefits may not be available on certain holidays or during special events, and certain exclusions or restrictions may apply.
It’s important to carefully read the terms and conditions of the benefits to understand any exclusions or restrictions that may apply.
Fees for certain types of transactions:
There may be fees associated with certain transactions, such as balance transfers or cash advances.
Awareness of these fees and how they may impact the overall cost of using the credit card is essential.
Other exclusions and limitations:
Other exclusions and limitations may apply to the benefits and features of the credit card, such as restrictions on lounge access or certain exclusions for travel insurance.
Should you get the AMEX Platinum Credit Card?
As with any financial decision, it’s important to carefully consider the pros and cons of the credit card and how it aligns with your financial needs and lifestyle.
One of the key benefits of the American Express Platinum Credit Card is the opportunity to earn Membership Rewards points on your purchases.
The card offers an uncapped earn rate on big-ticket purchases, making it easy to rack up points quickly on large purchases.
In addition, the points you earn with the credit card never expire, giving you the flexibility to save up your points for a big redemption or use them as soon as you earn them.
The wide range of transfer partners available for the Membership Rewards points program is also a major plus, as it allows you to transfer your points to the best program for your needs and preferences.
The AMEX Platinum Credit Card may not be the best choice for those looking to maximise their earn rate on everyday purchases.
The card has a relatively low earning rate on most types of spend, making it less lucrative than some other credit cards on the market. In addition, the annual fee for credit cards is relatively high, which may not be a good fit for those looking to minimize their credit card costs.
Overall, it is a good choice for those looking to earn rewards on big-ticket purchases and willing to pay a higher annual fee in exchange for a range of perks and benefits.
If you’re a frequent traveller or a foodie who dines out frequently, the card’s travel insurance and dining discounts may also make it a good fit for your needs.
However, if you’re looking to maximise your earn rate on everyday purchases or are looking for a low-cost credit card option, this American Express Card isn’t for you as there may be better choices on the market.
Sign-up Promotion for the AMEX Platinum Credit Card
Dollar Bureau Exclusive:
- Receive a Marshall Major IV Headphones (worth S$269) or S$200 Cash via PayNow
- Promotion valid only for new card members
- Payment of Annual Fee within the first month of Card approval.
- A min. spend of S$500 and annual fees payment ($324) within 30 days of card approval
- Valid until 31 January 2023
- Terms and Conditions apply
How to Apply for the American Express Platinum Credit Card
Click on this link and proceed to enter your email address to get started.
You might need to supply documentation such as:
- Front and back images of your passport or employment pass.
- Salaried employees must provide the past 12 months’ salary statements.
- Self-employed individuals will need to submit their latest income tax assessment notice.
After successful submission, you will be notified via email of your application status