The AMEX Platinum Credit Card’s first year sweet spot

The AMEX Platinum Credit Card recently received some new features and an upsized welcome offer, which makes it an appealing alternative for those who find the AMEX Platinum Charge’s S$1,744 annual fee too expensive. 

The value is especially good in the first year of membership, where new cardholders can look forward to S$890-1,090 of value, in return for the S$327 annual fee.

Here’s how it works.

AMEX Platinum Credit Card welcome offer: S$200-S$400

AMEX Platinum Credit Card
Apply Here
	New Customers	Existing Customers
Spend S$1,000	S$400 eCV or 61,250 MR points	S$200 eCV
Base Points from S$1,000 spend	1,250 MR points	1,250 MR points
S$327 annual fee must be paid

New-to-AMEX customers

From now till 31 March 2024, new-to-AMEX customers who apply for an AMEX Platinum Credit Card, pay the S$327 annual fee and spend at least S$1,000 in the first month of approval (defined as the first 30 calendar days) will receive:

• S$400 eCapitaVouchers or 61,250 bonus MR points
• 1,250 base MR points (S$1,000 at a rate of 2 MR points per S$1.60)

61,250 bonus MR points are worth ~34,000 airline miles with any of American Express’ airline transfer partners, and assuming you choose KrisFlyer, I’d value it at around S$510 (based on 1.5 cents per mile). 

💳 Membership Rewards Transfer Partners
Frequent Flyer Programme	Conversion Ratio (AMEX: Partner)
	450:250
	450:250
	450:250
	450:250
	450:250
	450:250
	450:250
	450:250
	450:250
	450:250
	1,000:1,000
	1,000:1,250

So if you’re more inclined towards airline miles, then I’d recommend taking the MR points instead of the eCapitaVouchers. 

Existing AMEX customers

From now till 31 March 2024, existing AMEX customers who apply for an AMEX Platinum Credit Card, pay the S$327 annual fee and spend at least S$1,000 in the first month of approval (defined as the first 30 calendar days) will receive:

• S$200 eCapitaVouchers
• 1,250 base MR points (S$1,000 at a rate of 2 MR points per S$1.60)

Lifestyle Credit: S$300

Principal AMEX Platinum Credit Cardholders enjoy an annual S$200 Lifestyle Credit, which is disbursed as a twice-annual S$100 credit:

• 1 January to 30 June: S$100
• 1 July to 31 December: S$100

Annual registration and enrolment is required, and can be done here or on the AMEX Experiences app. 

The credit can be used with a minimum spend of S$100 in a single transaction at any participating merchant. For example, a single transaction of S$120 would trigger the credit, but two separate transactions of S$60 would not.

Lifestyle Credits can be spent at any of the following dining and retail outlets.

Since it’s a S$200 annual credit, why am I using S$300 in my valuation? 

You need to remember that credits are refreshed based on calendar date, which won’t be a perfect overlap with your membership year. So, for example, if your AMEX Platinum Credit Card is approved in February 2024, you’ll get:

• S$100 Lifestyle Credit to spend by 30 June 2024 (issued immediately)
• S$100 Lifestyle Credit to spend by 31 December 2024 (issued on 1 July 2024)
• S$100 Lifestyle Credit to spend by 31 January 2025 (issued on 1 January 2025)

Comoclub birthday vouchers: S$390

Comoclub C4 membership

AMEX Platinum Credit Cardholders, both principal and supplementary, are eligible for a complimentary 12-month Comoclub C4 membership. 

This includes year-round discounts at Como’s shopping and dining outlets, but the real perk are the birthday treats. In your birthday month, you will receive S$130 of vouchers (all of which have no minimum spend):

• S$100 shopping spree at Club21, Kids21 or DSM Singapore
• S$20 dining voucher for Como restaurants
• S$10 voucher for SuperNature and glow café

Since the AMEX Platinum Credit Card comes with two complimentary supplementary cards, you basically get up to S$390 of value in the first membership year (S$130 x 3).

Overview: AMEX Platinum Credit Card

AMEX Platinum Credit Card
Apply Here
Income Req.	Not stated*	Points Validity	No expiry
Annual Fee	S$327	Min. Transfer	450 MR points (250 miles)
FCY Fee	3.25%	Transfer Fee	None
Local Earn	0.69 mpd	Points Pool?	Yes
FCY Earn	0.69 mpd	Lounge Access?	No
Special Earn	3.47 mpd on 10Xcelerator merchants	Airport Limo?	No
Cardholder Terms and Conditions *AMEX no longer publishes income requirements for any of its cards. All applications are subject to internal review

The AMEX Platinum Credit Card has a S$327 annual fee, which must be paid in the first year. Fee waivers in subsequent years are possible, but will come at the expense of the annual Lifestyle Credit.

Cardholders earn 2 MR points per S$1.60 spent (0.69 mpd) in Singapore or overseas, with an upsized 10 MR points per S$1.60 spent (3.47 mpd) at 10Xcelerator merchants.

Guide: American Express Platinum 10Xcelerator programme

Other benefits include:

• Up to 50% off dining at selected hotels and restaurants with the Love Dining programme
• 1-for-1 drinks with Chillax
• Complimentary green fees at more than 40 golf clubs in Singapore, Cambodia, Philippines, Malaysia, Indonesia, Thailand and Vietnam
• 12-month Comoclub C4 membership

Frankly speaking, this isn’t a card you get for earning miles. Like the AMEX Platinum Charge, this is all about the benefits that come with the annual fee, so be sure you can fully utilise the perks before pulling the trigger. 

Conclusion

AMEX Platinum Credit Card

Apply Here

Thanks to the ongoing welcome offers, new Lifestyle Credit and Comoclub C4 membership, a newly-minted AMEX Platinum Credit Card customer could enjoy anywhere from S$890 to S$1,090 of value in their first membership year, depending on whether they’re new-to-AMEX or existing. 

This card doesn’t pack as many benefits as the AMEX Platinum Charge, and you probably won’t be using it for general spending. But if a good deal’s what you’re after, all that for S$327 certainly qualifies.