AMEX Platinum Charge adds S$1,200 dining, lifestyle and travel credits

American Express has announced some major changes to the AMEX Platinum Charge, which will have a big impact on how you view its value proposition. 

From 31 January 2023, the S$400 airline and S$400 hotel credit will be discontinued and replaced by S$1,200 of statement credits broken into:

• S$200 in dining credits at participating local restaurants
• S$200 in dining credits at participating overseas restaurants
• S$400 in lifestyle credits at participating retail partners (min. spend applies)
• S$204 (not a typo) in entertainment credits for news or music streaming services
• S$200 in airline credits for spend at Singapore Airlines (min. spend applies)

The annual fee (S$1,712 this year, S$1,728 in 2023 thanks to the GST hike) will remain the same.

What’s particularly intriguing is that the new credit will follow the calendar year, which means existing cardholders will enjoy the S$1,200 on top of their S$800 travel credits, and new cardholders in 2023 would be able to enjoy two sets of credits in their first membership year while paying a single annual fee! I’ll explore the possibilities for double dipping in a bit, but first, let’s go through the changes. 

S$800 travel credits to end 31 January 2023

From 31 January 2023, American Express will be discontinuing the AMEX Platinum Charge’s S$400 airline and S$400 hotel credit. 

All outstanding airline and hotel credits must be spent by 31 January 2023, regardless of their original expiry date (your travel or stay dates can be beyond 31 January 2023).

Put a reminder in your calendar now, or better yet, start browsing the AMEX Travel Portal. 

S$1,200 statement credits from “early 2023”

From “early 2023” (the exact date is TBC), all AMEX Platinum Charge cardholders will be able to register for S$1,200 of statement credits via the AMEX Offers section of the AMEX mobile app or website.

This S$1,200 will be renewed each calendar year, but here’s the thing: we don’t know any of the T&Cs yet. American Express tells me that the T&Cs will only be made available in early 2023 when the credits are released. 

All we know for now is the split: 

S$400 dining credit

The S$400 dining credit is further split into S$200 for local dining and S$200 for overseas dining.

It’s just speculation on my part, but the last time American Express offered a dining credit for the AMEX Platinum Charge, it was valid at the following restaurants in Singapore. It’d stand to reason we’ll see a similar list this time round.

The list of overseas restaurants can be viewed at this Wayback link. 

S$400 lifestyle credit

The S$400 lifestyle credit can be spent at selected lifestyle retail partners, with a yet-to-be-revealed minimum spend. 

Again, speculation from me, but given similar promotions that American Express has run in the past, I’d expect to see at least the following:

• Adeva Spa
• Challenger
• Grand Cru
• Harvey Norman
• Mandarin Oriental
• Spa Rael

S$204 entertainment credit

The S$204 entertainment credit (S$204 is not a typo, I’ve checked with AMEX and that’s the actual amount) can be spent on news or music streaming services. 

A similar credit offered to AMEX Platinum Charge cardholders in the USA covers the following:

• Audible
• Disney+
• The Disney Bundle
• ESPN+
• Hulu
• Peacock 
• SiriusXM
• The New York Times

Obviously there needs to be some localisation, since some of these services aren’t available here. I’d hope to see platforms like Apple TV, Netflix, Spotify and YouTube Premium, though my gut says we’ll probably end up with Straits Times 😛.

I suppose the other question is whether you’ll realistically be able to max out this credit over a year. If you subscribe more than one streaming service, or the higher-tier plans, it should be possible. 

S$200 Singapore Airlines credit

The S$200 airline credit is valid for Singapore Airlines ticket purchases with a minimum spend.

How much that is, or whether it can be used for incidentals like taxes and surcharges on award tickets, no one knows for now. 

My thoughts on the changes

On paper, the new changes are a net positive since the annual fee is staying the same while cardholders are getting S$400 of additional statement credits.

However, there are a few caveats to highlight. 

The new credits will obviously see more breakage, because we’re going from two categories to four (five, really, when you consider that dining is further split into local and overseas). While the mere fact you’re reading this website suggests you’re probably on top of these things, the average cardholder is a lot less meticulous, and may have difficulty keeping track of things. 

Moreover, it was relatively straightforward to spend the airline and hotel credits, since they were valid for any airline or any hotel available through the AMEX Travel Portal. In contrast, the new credits are notably more restrictive– dining, lifestyle and entertainment credits are only valid at specific merchants, and if those aren’t part of your regular repertoire, the credit may go to waste.

Simply put: with different credits at different merchants with different T&Cs, the cognitive load on the cardholder increases exponentially. There’s more legwork to be done, more things to remember, and it won’t surprise me if some cardholders end up getting less value than before due to forgetfulness or laziness.

American Express is basically saying: we’re going to increase the potential upside, but you’re going to have to work for it. I suppose this mirrors the trend we’ve seen in the USA, where the AMEX Platinum Charge offers nine different statement credits (some of which need to be spent every month!)

• US$100 Saks Fifth Avenue credit
• US$100 Global Entry credit
• US$155 Walmart+ credit
• US$189 CLEAR credit
• US$200 Uber cash
• US$200 airline fee credit
• US$200 hotel credit
• US$240 digital entertainment credit
• US$300 Equinox credit

Some say this makes the AMEX Platinum Charge a glorified coupon book, and I can understand that sentiment. However, there will certainly be cardholders who can get their money back and then some- it boils down to your personal spending patterns. 

Regardless of how you feel about the new system, one thing’s for clear: the transition period will be good. That’s because the new credits are awarded based on calendar year, not membership year. 

Existing AMEX Platinum Charge cardholder

If you already hold an AMEX Platinum Charge, you’ll be able to finish your S$800 travel credits, and enjoy the S$1,200 statement credits from early 2023. 

Assuming your renewal doesn’t take place before the statement credits are released (hard luck for those with January membership years!), then you can’t really lose.

• If you think the new credits are worth it, go ahead and renew your AMEX Platinum Charge for another year
• If you don’t think the new credits are worth it, you can still spend them before cancelling your AMEX Platinum Charge (without paying anything extra)

New AMEX Platinum Charge cardholder (sign up by 31 January 2023)

If you’re considering signing up for an AMEX Platinum Charge, I strongly urge you to do so before 31 January 2023 (and don’t leave it till the last minute- you’ll need some buffer for processing, and to spend the S$800 travel credits)

That’s because you’ll be able to double dip on both the S$800 travel credits and the S$1,200 statement credits, just like an existing cardholder. 

This isn’t some oversight; American Express is well aware of it, and even mentioned it in their press release:

In addition, Card Members who sign up and receive their Card during the period mentioned above will receive the existing S$800 in travel credits before it is discontinued on 31 January 2023 and will be able to enroll for the new credits from early 2023.

That’s probably why they’ve lowered the new sign-up offer. I’ll cover this in a separate article, but here’s the revised offer that’s valid for sign-ups up till 31 January 2023. 

Apply Here
	MR Points
Pay S$1,712 Annual Fee	N/A
Spend S$5,000 (Months 1-3)	35K (25K public + 10K MileLion)
Spend S$20,000 (Months 1-3)	75K
Base Points from S$20,000 (@ 2 pts/S$1.60)	25K
Total Spend	S$20K
Total Points	135K

Do note that the window for spending S$20,000 has been shortened from the first 6 months to the first 3 months.

For comparison, the previous AMEX Platinum Charge sign-up offer (which lapsed on 31 October 2022) offered up to 200,000 MR points with S$20,000 spend. 

New AMEX Platinum Charge cardholder (sign after 31 January 2023)

Here’s an interesting thought experiment. Even if you miss the boat on the S$800 travel credits, you’d still be able to enjoy two sets of S$1,200 credits as a new cardholder.

Suppose you sign up in May 2023. You’ll immediately be able to register for the S$1,200 statement credits, which need to be spent by 31 December 2023. On 1 January 2024, a new set of credits will become available. but your annual fee will only be due in May 2024, so you can actually enjoy S$2,400 of credits before deciding whether or not you want to renew!

Conclusion

The AMEX Platinum Charge is replacing its S$800 airline and hotel credit with a S$1,200 statement credit that can be spent on dining, lifestyle, entertainment and travel. 

There’s bound to be mixed feelings about this change, with some welcoming the additional flexibility, and others lamenting the shift to a “coupon book” model. But regardless of how you feel, I’m sure we can all agree on one thing- the transition period will be sweet. All existing cardholders will basically get S$1,200 of extra credits before they’ve made the decision to renew their card (unless, like I said, you’re unlucky enough to have to pay your annual fee in January). 

All new cardholders will get to double dip on S$800 travel credits plus the S$1,200 statement credits, and even if they join later, they’ll get S$2,400 statement credits to enjoy in their first membership year, thanks to the membership/calendar year distinction.

What do you make of the new AMEX Platinum Charge statement credits?