American Express Platinum Charge Card Review (2023): The Epitome of Luxury Living & Travel

Ready, jet set, go! Get a taste of what Platinum Travel, Platinum Lifestyle, Platinum Access, and more are all about with the American Express Platinum Charge Card.

Always dreamed of a life of luxury and travel? Well, the American Express (AMEX) Platinum Charge Card has combined the best of both worlds together to deliver the truly Platinum experience all around.

With its slew of exclusive travel, lifestyle and access privileges, we'd like to think owning the AMEX Platinum Charge Card is definitely a "Look mum, I made it!" moment. With a twinkle in your eyes, you're almost like a magpie drawn to shiny, lustrous things based on how dazzling these perks are! 💎

Fantasizing about all the benefits of being an AMEX cardholder already? But not sure if they're truly worth it? Keep on reading.

Table of contents

• Overview: AMEX Platinum Charge Card
• Pros of the AMEX Platinum Charge Card
• Cons of the AMEX Platinum Charge Card
• Eligibility, fees & charges
• How to apply?
• Should you get the AMEX Platinum Charge Card?

What the AMEX Platinum Charge Card can do for you

AMEX Platinum Charge Card product summary:

• 2 Membership Rewards points per S$1.60 spend
• 5 Membership Rewards points per S$1.60 spend (1.95 mpd) on Singapore Airlines and Scoot transactions
• Up to 20 Membership Rewards points per S$1.60 spend (7.81 mpd) on Platinum 10Xcelerator Partner transactions
• No cap imposed on Membership Rewards points earned
• No expiry on Membership Rewards points
• Exclusive benefits across travel, dining, lifestyle, exclusive lounge and event access, and more
• Receive S$1,354 statement credits across dining, lifestyle, entertainment, and airline services per calendar year
• Annual income requirement: S$120,000 to S$200,000 Subject to AMEX's approval
• Minimum age: 21 years old
• Annual fee: S$1,728

Note: "MR points" refers to Membership Rewards points.

*Only applies to AMEX Platinum Charge cardholders with a Platinum Reserve Card prior to 1 Nov 2022

So far, the AMEX Platinum Charge Card is looking promising, with its pros outweighing its cons considerably. But are all the glitz and glamour worth the hefty annual fee of this flashy card?

Should you choose the AMEX Platinum Charge Card?

Pros ✅

Jump to:

• Up to 10.4 mpd on 10Xcelerator Partners
• S$1,354 yearly statement credits
• Other travel, lifestyle, and access privileges
• AMEX welcome offers
• Preferred conversion rates with travel partners

#1: Up to 10.4 mpd on Platinum 10Xcelerator Partners

As its catchy name suggests, the AMEX Platinum Charge Card entitled cardholders to earn an accelerated 20 MR points per S$1.60 spend (7.81 mpd) on 50 participating luxury, dining, and retail partners. This rate is valid for up to a maximum of S$16,000 spend. 

But that's not all; you'll also receive an additional 25 MR points per S$4 eligible spend. So at the most basic level, you can receive up to 65 MR points on a single transaction block.

Meanwhile, once the S$16,000 limit is reached, you'll still earn a decent 10 MR points per S$1.60 spend (3.47 mpd) instead.

*Based on conversion rate of 450 MR points = 250 miles
^Based on Pay with Points redemption rate of S$4.80 per 1,000 points redeemed

Regardless, you'll be spoilt for choice across the six categories available: Beauty and Cosmetics, Fashion and Accessories, Dine and Wine, 1-Group, Home and Lifestyle, and Watches and Jewellery. So spend away! 🤑

#2: Up to S$1,354 worth of yearly statement credits to spend

Before November 2022, AMEX issued S$800 travel credits to its cardholders every membership year. These travel credits consisted of both airlines and hotels. But now, this figure has since increased to S$1,354 statement credits that cover more categories like lifestyle, entertainment, dining, and travel.

Within this S$1,354 worth of credits, you'll receive:

Ostensibly, AMEX Platinum Charge cardholders can now spend more credits over a broader range of categories. However, this corresponds to a reduction in available airline credits – excluding hotel credits from the picture completely.

Do note that these credits and benefits are counted by "per calendar year". A one-time enrolment is required to claim these AMEX credits too. T&Cs apply. To enrol, you can refer to the steps below. 

Source: americanexpress.com

Head over to the respective statement credit pages to enrol. All credits enrolled in 2023 will remain in effect until 31 December 2024, unless stated otherwise. 

#3: Other exclusive travel, lifestyle, and access privileges

If you thought the credits were great, wait till you hear about the other exclusive Platinum privileges.

#4: Generous AMEX welcome points offers

AMEX is no stranger when it comes to spoiling its members. Besides the aforementioned perks, they reward cardholders (both old and new) with welcome bonus offers for every new AMEX Platinum Charge Card sign-up.

Below is a table breakdown of how welcome bonus MR points are awarded:

Disclaimer: All figures are updated as of 15 June 2023. AMEX Welcome Bonus is not stackable with SingSaver's exclusive offer.

Evidently, new-to-AMEX cardholders applying for the AMEX Platinum Charge Card have the most to benefit from the welcome bonus. The 93,750 MR points gained upon membership are enough to redeem a return Business Class trip to Thailand via a Singapore Airlines Business Saver Award Ticket (worth 48,000 miles).

However, do remember that these welcome MR bonus points are only yours, assuming that you satisfy the minimum S$15,000 spend within the first three months of card approval and pay the annual fee.

But even if you're an existing AMEX cardmember signing up for the Platinum Charge Card, the 62,500 MR points you stand to receive aren't too shabby either. That's equivalent to roughly 39,000 miles.

These promotions run until 26 July 2023, so time is ticking! 🕘

You can check out other attractive credit card welcome offers here.

Read more:
Singapore Airlines First Class Guide: Cards & Tips to Maximise Your Vacation
Credit Card Annual Fee Waiver Guide For Every Bank

#5: Preferential conversion rate with over 18 travel transfer partners

Think of your current miles credit card: How many working travel partner relationships does it have? Well, if you own the HSBC TravelOne Card, you'd know they currently have 12 travel partners (and are en route to having more than 20 partners by the end of 2023)!

Meanwhile, the AMEX Platinum Charge Card already grants cardholders access to over 18 travel transfer partners at the time of writing. 

• Airline partners ✈️
• Hotel partners 🏨

Airline partners	Conversion rate	Estimated transfer time
Asia Miles	450 MR points = 250 Asia Miles	Up to 4 weeks
British Airways Executive Club	450 MR points = 250 Avios	Up to 8 weeks
Dynasty Flyer	450 MR points = 250 Dynasty Miles	Up to 4 weeks
Emirates Skywards	450 MR points = 250 Skywards Miles	Up to 4 weeks
EVA Air	450 MR points = 250 Miles	Up to 10 working days
Malaysia Enrich	450 MR points = 250 Enrich Miles	Up to 4 weeks
Qantas Frequent Flyer	450 MR points = 250 Qantas Points	Up to 1 business day
Singapore HighFlyer	450 MR points = 250 HighFlyer Points	Up to 15 working days
Singapore KrisFlyer	450 MR points = 250 KrisFlyer Miles	Up to 1 business day
Thai Royal Orchid Plus	450 MR points = 250 Royal Orchid Plus Miles	Up to 4 weeks

Hotel partners	Conversion rate	Estimated transfer time
Hilton Honors	1,000 MR points = 1,250 Hilton Honors points	Up to 8 weeks
Marriott Bonvoy	1,000 MR points = 1,000 points	Up to 3 weeks

 

#6: No expiry or cap on MR points earned

Similar to DBS Points, Citi Miles, and 90°N Miles, the AMEX's MR points earned by the Platinum Charge Card never expire. And as the cherry on top, there's no cap on MR points earned either. 

Basically, what this means is, you can spend spam-swipe your card to earn MR points to your heart's content.

See also: DBS Altitude vs Citi PremierMiles vs OCBC 90°N: Credit Card Comparison

Cons ❌

Jump to:

• High net worth or annual income requirement
• Minimum spend on selected credits
• Low base earn rate
• Must pay monthly bill in full

#1: High annual income or net worth *technically* required

Although the annual income requirement has 'officially' been removed for the AMEX Platinum Charge Card, there's still technically an 'unofficial' income range.

As we all know, this charge card constitutes a metal credit card; in other words, it's a premium credit card. Hence, the expected minimum annual income requirement would fall between S$120,000 to S$200,000.

While the upper tier-end represents the (clearly) income-rich individuals, the lower tier-end represents the asset-rich individuals. This provides leeway for bargaining trying your luck to sign up for the card, even if your annual income is way lower than the presumed range.

#2: Relatively low base earn rate

In contrast to other rewards cards and miles cards, the base earn rate for the AMEX Platinum Charge Card isn't the most impressive.

Cardholders are only awarded 2 MR points per every S$1.60 spend. That's equivalent to roughly 0.69 mpd. FYI, the typical miles card ranges between 1.2 mpd to 6 mpd, depending on the type of spend; even the lowest 1.2 mpd is almost double the rate!

Thus, it makes more sense to liken the AMEX Platinum Charge Card to an "unlimited rewards/miles card" instead since there's neither a spend limit nor a cap on points imposed. By this logic, the card would function better as a "fuss-free everyday spend" rewards card.

The card would also only be worthwhile if you're someone who values exclusive privileges and dedicated spending credits a lot.

#3: Minimum S$600 spend required for selected statement credit categories

Previously, the S$800 travel credits did not have any minimum spend requirement.

Understandably, these S$1,354 general credits can be seen as a downgrade to some cardholders; however, in contrast to specific airline and hotel credits, not everyone would be interested or have any use for the dining, lifestyle, and entertainment credits.

But hold that thought, some optimists might defend these new statement credits saying: "At least the new S$1,354 credits still comprise S$200 worth of airline credits."

While that might be true, there are still three pain points:

1. The S$200 airline credits only apply to Singapore Airlines and/or Scoot, not other airline carriers.
2. The remaining S$1,004 credits would get "wasted" on lifestyle, entertainment, and dining transactions if you weren't interested in them.
3. Compared to the S$800 hotel and airline credits, the S$200 airline credits are just a major downgrade. That's a S$600 reduction in travel credits overall. You can easily afford a return-trip ticket to Seoul with S$600 flight credits. 

#4: No minimum payment on credit card bill allowed

As a charge card, the AMEX Platinum Charge Card does exactly what it promises: it doesn't set a preset spending limit, allowing you to spend to your heart's content. 

However, as the word "Charge" implies, you must be able to afford and pay the monthly statement bill in full once it arrives. There is no minimum monthly payment permitted.

This also explains why the interest on cash advances and purchases respectively are non-applicable since all due charges must be paid in full upon monthly statement. 

What charges or fees should you look out for?

• Annual fee: S$1,728
• Late payment charge: 2.5% per month or S$100, whichever is higher
• Cash advance fee: 5% of withdrawal amount
• Interest on purchases: N/A
• Interest on cash advance: N/A 
• Minimum monthly payment: N/A
• Foreign currency transaction fee: 2.95% (3.25% w.e.f. 1 Oct 2023)
• Dynamic currency conversion fee: N/A
  
  

Eligibility criteria

• At least 21 years of age
• Annual income requirement: S$120,000 – S$200,000 unofficially, subject to AMEX's approval  

How to apply?

Click on the ‘Apply Now’ button on this page and complete the application form on SingSaver site using your Singpass MyInfo. Otherwise, you might need to prepare the following documents for the application process:

• Singaporeans: Front and back of NRIC/Passport/Employment Pass
• Expatriates: 
  • Photocopy of Passport AND Employment Pass for Basic Card Applicant
  • Photocopy of Passport for Supplementary Card Applicants
  • Proof of Residence (e.g. Utility Bill, Phone Bill, etc.)
• Salaried employees / Expatriates: Latest Income Tax Notice of Assessment AND latest computerised payslip or Latest 3 months' computerised payslip
• Self-employed: Last 2 years' Income Tax Notice of Assessment

Should you get the American Express Platinum Charge Card?

First, let's get the obvious out of the way: you should ideally be a high-income earner or high net-worth individual. However, that's not to say someone with a S$30,000 annual income shouldn't try shooting their shot; in fact, there have been some success stories.

Next, you should enjoy all things lavish and luxurious since the AMEX Platinum Charge Card treats its cardholders to a catalogue of decadent rewards. In particular, someone who loves dining out often, drinking at bars, shopping, and travelling via Singapore Airlines or Scoot would benefit greatly.

Disclaimer: Please note that while we strive to keep our information as accurate and up to date as possible, it occasionally may be different from what you see when you visit our Partner’s pages.