American Express Platinum Card – MoneySmart Review 2022

Some cards are meant to be used on unsexy but necessary things like grocery shopping and MRT rides, while others are for the finer things in life. The American Express Platinum Credit Card falls firmly into the latter category.

It is first and foremost a great dining credit card that gives you up to 50% savings at 50+ chic restaurants in Singapore, so you can wine and dine in style without going broke.

That’s not all though – the Amex Platinum Credit Card also has lifestyle benefits like fee-free golf, spa discounts and free drinks at stylish bars.

Are the benefits enough to justify the hefty $321 annual fee? Let’s have a look at the details of the card.

American Express Platinum Credit Card

Get an ErgoTune Classic Ergonomic Chair (worth S$399) OR eCapitaVoucher (worth S$300) OR $250 Cash via Paynow when you apply and spend on your card! T&Cs apply.

Enjoy Love Dining @ Restaurants privileges which offers up to 50% savings on food orders at a handpicked selection of popular restaurants.

Love Dining @ Hotels offers you exceptional year-round privileges and savings of up to 50% on food bills at selected restaurants in some of the best luxury hotels around Singapore.

Eligible for use with Apple Pay, Google Pay, Samsung Pay

Contents

1. Amex Platinum Credit Card: Summary

If you thought this card would help a person with an entry-level income to live the high life, we’re sorry to break it to you that the minimum income for the Amex Platinum card is $80,000. Clearly, the card is only for the affluent amongst us. It also has a high annual fee of $321.

That aside, the Amex Platinum Card awards you membership rewards points (2 points for every $1.60 spent locally or overseas). You then have the option of converting these points for miles at a conversion rate of 450 points = 250 miles, gift vouchers, or offset your credit card bill. The card does not have a spend cap nor does it charge you for converting the membership rewards points into miles.

On top of that, if you enjoy the high life, you get plenty of membership perks with the Amex Platinum Card like up to 50% off at swanky restaurants, 1-for-1 drinks at posh bars, and discounted spa treatments.

2. Amex Platinum Credit Card Charge, Minimum Income

As mentioned, the Amex Platinum Credit Card is not your beginner-friendly credit card. One, the annual income requirement for the Amex Platinum Credit Card is $80,000 which is higher than the usual $30,000 for entry-level credit cards. On top of that, the card also has a high annual fee of $321.

Unfortunately, with American Express, you can’t call in and request for a fee waiver like you might be able to with other banks. Let’s have a look at the full breakdown of the card’s charges:

American Express Platinum Credit Card

Annual fee & waiver

Supplementary annual fee

First 2 supp cards free, subsequently $160.50

Interest free period

Annual interest rate

Late payment fee

$90 ($100 from 17 October onwards)

Minimum monthly repayment

3% or $50, whichever is higher

Foreign currency transaction fee

Cash advance transaction fee

Apple Pay, Samsung Pay, Google Pay

3. Amex Platinum Credit Card Dining Benefits

The American Express Platinum card is famous among foodies because of its extensive dining privileges.

Card members get up to 50% off at top rated restaurants in Singapore under the Amex Love Dining programme. Most of these restaurants are of the atas variety and a few are located in 5 star hotels like Fairmount Singapore, Regent Singapore, Swissotel The Stamford Singapore to name a few. Just remember to call the concierge’s number at the back of your card to make a booking.

Here’s how the discounts work:

Number of diners

Discount off food bill

Up to 15% (Regent Singapore, Singapore Marriott Tang Plaza Hotel, The St. Regis Singapore, W Singapore at Sentosa Cove)

Up to 10% (Fairmount Singapore, Swissotel The Stamford and Paradox Singapore – Merchant Court at Clarke Quay)

Up to 35% (Regent Singapore, Singapore Marriott Tang Plaza Hotel, The St. Regis Singapore, W Singapore at Sentosa Cove)

The card is great for date nights since groups of two diners are entitled to the highest discount tier of a cool 50%. Even when you’re dining with more people, the card still will help to shave off a significant amount off your bill.

You also get to enjoy discounts at restaurants worldwide under American Express Selects and American Express Global Dining Programme, which is worth checking out now that travel is back in full swing.

4. Amex Platinum Credit Card Lifestyle Benefits

You can easily cover the cost of the Amex Platinum Card’s annual fee by pigging out at the swanky restaurants covered above, but guess what? That’s not all that’s on offer. The card also delivers a selection of golf and wellness benefits.

The following are 3 lifestyle perks that you can enjoy as an Amex Platinum Credit Card member:

40% off ala carte services at The Ultimate Spa (promo code AM2022-TU)

20% off ala carte services at Spa Rael (promo code AM2022-SR)

As a cardmember, you’ll receive enjoy up to 40% off à la carte spa services at the above-mentioned spas.

Golfers can also rejoice, as you can now enjoy complimentary green fees when you play with a paying companion on weekdays or two paying companions on weekends at certain golf clubs. Just make sure your golfing kakis aren’t all secretly using the Amex Platinum Card as well.

5. Amex Platinum Credit Card Membership Rewards Points

The Amex Platinum Credit Card also allows you to accumulate membership rewards points when you swipe the card. The following are the points you can earn in the respective spend categories:

While the Amex Platinum Credit Card’s base miles earn rate of 0.694 miles per $1 is far from the best, don’t be too quick to dismiss it especially if you have a big expense coming up.

The Amex Platinum Credit Card does not have a cap on the membership rewards points you can earn. Plus, these points do not expire AND the conversion from membership points to miles is free. If you’re holding onto hopes of travel when Japan finally opens up its borders, you can save your Amex membership points for when that day comes!

6. Amex Platinum Credit Card Membership Rewards Redemption

It’s great that you can chalk membership rewards points every time you swipe your card but the big question is: What can you can use these points for?

There are 3 ways in which you can use your membership rewards points:

• Convert to miles with any of its airline partners (Cathay Pacific, British Airways, China Airlines, Emirates, Eva Air, Malaysia Airlines, Qantas, Singapore Airlines, Thai Airways)
• Offset purchases made on your Amex card
• Redeem gifts from the membership rewards catalogue

The Amex Membership Rewards Catalogue has an array of gifts in its lineup. This includes vouchers from Cold Storage, CapitaLand, Best Denki, Mustafa Centre, OSIM, and Harvey Norman amongst others. The list might not be the most extensive but it offers options that are very practical.

7. Amex Platinum Credit Card Exclusions

The Amex Platinum Credit Card does not have a minimum spend requirement. However, the following list of key exclusions still warrant your attention if you want to earn membership reward points on your transactions:

• Medical bills from public hospitals and polyclinics (from 1 Oct 2022 onwards)
• Utilities bills
• Transactions at SPC service stations (petrol)
• Insurance premiums

It’s a relatively short list but do note that American Express cards are generally not as widely accepted as your Visa or Mastercards.

8. Amex Platinum Credit Card Sign-up Promotion

When you sign up for the Amex Platinum Credit Card, you can earn up to $200 worth of CapitaVoucher in $100 denominations. Here’s what you have to do to earn the first $100 CapitaVoucher:

• You must be new to American Express credit cards (or cancelled your last one at least a year ago)
• Pay the full annual fee of $321 in the first statement
• Spend at least $1 in eligible transactions within 30 days from card approval
• Promotion ends 30 September 2022

To qualify for the additional $100 CapitaVoucher and 2,500 membership rewards points, you have to spend $2,000 in eligible transactions within 3 months of card approval. If you have a big expenditure coming up, the Amex Platinum Credit Card sign-up promo could be an added incentive for you to get the card.

9. Should I get the Amex Platinum Credit Card?

For jaded souls who want more than just the usual rebates from your credit card, the Amex Platinum Credit Card certainly brings something new to the table. It’s more like a lifestyle club than a credit card, really.

And unlike other credit cards which impose annoying spending requirements and T&Cs, the American Express Platinum Credit Card is very uncomplicated to use.

Just use it whenever you’re dining at a restaurant or wherever else you can get a big discount or freebie, and the rest of the time you’re free to use your other dining cards as you see fit. There’s no need to worry about meeting minimum spending requirements, converting rewards points into miles or whatever.

10. Alternatives to the Amex Platinum Credit Card

If you’re not rolling in the dough, the UOB Preferred Platinum Card is a comparable alternative to the Amex Platinum Card. Like the Amex Platinum Card, the UOB Preferred Platinum Card also offers you dining and lifestyle perks. However, it’s more accessible with a lower annual income requirement of $30,000.

The bonus spending category (mobile contactless payments, online shopping and entertainment) of the UOB Preferred Platinum is not only less limiting that UOB Preferred Platinum Card 10xcelerator programme but it also awards a higher miles earn rate of 4 miles per $1.

Also, not forgetting, the UOB Preferred Platinum card is a Visa card which is more widely accepted than Amex cards.