Covid-19 has made the premium card value proposition more and more marginal. Why spend hundreds (or thousands even) on annual fees when you can’t use any of the benefits? Fact of the matter is, most banks haven’t done much for their premium cardholders beyond the token “we’re here for you in some abstract way” eDM.
American Express is a notable exception- in April, they announced a double points and double statement credit promotion for Platinum Charge and Centurion members. Now they’ve followed that up with another fantastic offer: S$500-750 of statement credit, with no strings attached.
AMEX “Everyday Essentials & More” promotion
From 28 May to 27 August 2020, American Express Platinum Charge and Centurion cardholders will receive S$500 and S$750 worth of statement credit respectively. This can be spent at the following merchants:
- Cold Storage
- Market Place
- Jasons Deli
Do note the following:
- Payment can be made in-person at Club21, Kids21, Dairy Farm Group Singapore (Cold Storage, Market Place, Jasons, Jasons Deli, Giant, Guardian), FairPrice and Unity at participating locations.
- Payment can be made online at fairprice.com.sg, coldstorage.com.sg, giant.sg, guardian.com.sg, deliveroo.com.sg, lazada.sg, sg.club21global.com
- Payment can be made in-app at FairPrice, Cold Storage, Giant, Deliveroo and Lazada.
There is no minimum spending required (although you’ll obviously want to max it out by spending at least S$500/750), so for all intents and purposes it’s free money for cardholders.
What’s nice is this statement credit isn’t limited to a small group of niche merchants, but covers essentials like groceries, food delivery and online shopping- things we’re all doing in abundance right now.
Registration is required
Registration is required for this offer, and can be done via the AMEX Offers section of your app or on the online banking portal. There is no cap on the maximum number of cardholders who can register, but the earlier you do so the better.
|❓ What are AMEX Offers?|
AMEX Offers are opportunities to earn bonus miles or Membership Rewards points, or discounts in the form of statement credits. These are available to Platinum, True Cashback, and KrisFlyer co-brand cardholders, and can be found in the “Offers” section of the AMEX app or web portal. Registration is required, and some offers may be targeted. These are not applicable to DBS/Citi/UOB AMEX cardholders.
This offer is limited to one per card account. Even if you have multiple supplementary cards, you’ll only receive one S$500 or S$750 credit. This offer also won’t be available to anyone who was approved for a Platinum Charge or Centurion card after 15 May 2020.
There’s not much to analyse here- if you hold a Platinum Charge or Centurion card, register for this right away. For Platinum Charge cardholders, it’s basically a 30% subsidy on the annual fee, which goes some way to soothing the pain during this period.
Let’s hope other banks follow suit.