American Express unveiled a major devaluation to its Membership Rewards programme today, with the cost of airline miles transfers set to increase by 22-25% in one month’s time.
In what I can only assume is meant to be the carrot to the stick, it’s also launching a year-long foreign currency (FCY) spending promotion for the AMEX Platinum Charge, which boosts the earn rate to 2.2 mpd for up to S$15,000 of spending.
Unfortunately, it’s far from exciting when there are (much cheaper!) cards out there which reward cardholders with up to 3.2 mpd on FCY spend— uncapped. Aside from two interesting use cases for charitable donations and education, most people would be better off spending with other cards.
AMEX Platinum Charge FCY spending promotion
 AMEX Platinum Charge |
||
| First S$15,000 | Beyond S$15,000 | |
| FCY Earn Rate* | 2.19 mpd 7 MR points per S$1.60 |
0.63 mpd 2 MR points per S$1.60 |
| *Based on the new conversion rates between MR points and airline miles, effective 23 February 2026. Lower rates apply to Emirates Skywards | ||
AMEX Platinum Charge cardholders will earn 7 MR points per S$1.60 for FCY transactions (both online and offline) made between 23 February 2026 and 22 February 2027. Based on the revised conversion rates that come into effect the day the promotion period begins, this is just shy of 2.2 mpd.
A spending cap of S$15,000 applies for the entire promotion period, and any spending beyond this threshold will earn the usual 2 MR points per S$1.60 (0.63 mpd). The usual FCY transaction fee of 3.25% applies, which works out to a cost of 1.48 cents per mile.
Enrolment will be required, and an email with instructions will be sent to cardholders on 23 February 2026. We don’t have any details beyond this at the moment, so we’ll need to wait for the full terms and conditions to be released.
What counts as qualifying spending?
Both online and offline FCY spending will qualify for this offer. However, American Express’ usual reward exclusions will still apply.
| ❌ Qualifying Spend Exclusions |
|
a) Charges processed and billed prior to the Enrolment Date or charges prepaid on any Card Account prior to the first billing statement for that Card Account following the Enrolment Date; |
It’s worth noting that private hospitals, charitable donations and education are still eligible to earn points with the AMEX Platinum Charge, so that is one potential use case for this promotion.
Charitable donations in particular are now a universal exclusion among banks in Singapore, so if you’re giving to an overseas charity, then the AMEX Platinum Charge at 2.2 mpd would be the best option by far.
It’s also a good option for paying overseas tuition fees, though it’s worth noting that Maybank still rewards this category, and you can earn up to an uncapped 3.2 mpd with the Maybank World Mastercard or Maybank Visa Infinite.
What can you do with Membership Rewards points?
As a reminder, from 23 February 2026, American Express will adjust its redemption rates for Membership Rewards points to airline miles as follows.
| Frequent Flyer Programme | Conversion Ratio (AMEX: Partner) |
|
| Plat Charge Centurion |
Others | |
 |
500 : 250 |
550 : 250 |
 |
500 : 250 |
550 : 250 |
 |
500 : 250 |
550 : 250 |
 |
600 : 250 |
650 : 250 |
 |
500 : 250 |
550 : 250 |
 |
500 : 250 |
550 : 250 |
 |
500 : 250 |
550 : 250 |
 |
500 : 250 |
550 : 250 |
 |
1,000 : 1,000 | 1,000 : 1,000 |
 |
1,000 : 1,250 | 1,000 : 1,250 |
What other cards can you use for FCY spend?
An earn rate of 2.2 mpd is impressive by the AMEX Platinum Charge’s standards— it’s 3.5X the usual, after all.
But by the standards of the market, it’s actually very poor. There are many, many other cards which outperform this comfortably, as the table below shows. Just look how far down the AMEX Platinum Charge is in the pecking order!
| Card FCY Fee |
FCY Earn Rate | Cost Per Mile |
 DCS Imperium Card3.25% Apply |
4 mpd1 No cap |
0.81 |
 Maybank XL Rewards Card3.25% Apply |
4 mpd2 | 0.81¢ |
 UOB Preferred Platinum Visa3.25% Apply |
4 mpd3 | 0.81¢ |
 Citi Rewards3.25% Apply |
4 mpd4 Online Spend |
0.81¢ |
 DBS Woman’s World Card3.25% Apply |
4 mpd5 Online Spend |
0.81¢ |
 UOB Visa Signature3.25% Apply |
4 mpd6 | 0.81¢ |
 StanChart Beyond Card3.5% Apply |
PP: 4 mpd PB: 3.5 mpd Regular: 3 mpd No cap |
PP: 0.88¢ PB: 1¢ Regular: 1.17¢ |
 Maybank World Mastercard3.25% Apply |
3.2 mpd7 No cap |
1.02¢ |
 Maybank Visa Infinite3.25% Apply |
3.2 mpd8 No cap |
1.02¢ |
 BOC Elite Miles Card3% Apply |
2.8 mpd No cap |
1.07¢ |
 Maybank Horizon Visa Signature3.25% Apply |
2.8 mpd9 No cap |
1.16¢ |
 StanChart Visa Infinite3.5% Apply |
3 mpd10 No cap |
1.17¢ |
 HSBC Premier Mastercard3.25% Apply |
2.76 mpd No cap |
1.18¢ |
 StanChart Rewards+3.5% Apply |
2.9 mpd11 |
1.21¢ |
 DBS Treasures Black Elite3% |
2.4 mpd No cap |
1.25¢ |
 HSBC TravelOne Card3.25% Apply |
2.4 mpd No cap |
1.35¢ |
 UOB PRVI Miles Card3.25% Apply |
3 mpd (IDR, MYR, THB, VND) 2.4 mpd No cap |
1.08¢ (IDR, MYR, THB, VND) 1.35¢ |
 UOB Visa Infinite Metal Card3.25% Apply |
2.4 mpd No cap |
1.35¢ |
 DBS Altitude AMEX3% Apply |
2.2 mpd No cap |
1.36¢ |
 OCBC VOYAGE (Premier, PPC, BOS)3.25% |
2.3 mpd No cap |
1.41¢ |
 OCBC Premier Visa Infinite3.25% |
2.24 mpd No cap |
1.45¢ |
| AMEX Platinum Charge 3.25% Apply |
2.2 mpd |
1.48¢ |
 DBS Vantage Card3.25% Apply |
2.2 mpd No cap |
1.48¢ |
 DBS Altitude Visa3.25% Apply |
2.2 mpd No cap |
1.48¢ |
 OCBC VOYAGE3.25% Apply |
2.2 mpd No cap |
1.48¢ |
 Citi PremierMiles Card3.25% Apply |
2.2 mpd No cap |
1.48¢ |
| 1. Min. S$4K FCY spend per c. month, otherwise 2.4 mpd 2. Min. spend S$500 per c. month, capped at S$1,000 per c. month 3. Must use mobile contactless, capped at S$600 per c. month 4. For online spend, capped at S$1,000 per s. month 5. For online spend, capped at S$1,000 per c. month 6. Min. spend S$1,000 in FCY per statement month, capped at S$1,200 per s. month 7. Min. spend S$4,000 per c. month. 2.8 mpd with min. spend S$800 per c. month. 0.4 mpd otherwise 8. Min. spend S$4,000 per c. month. 2 mpd otherwise 9. Min. spend S$800 per c. month. 1.2 mpd otherwise 10. Min. spend S$2,000 per s. month. 1 mpd otherwise 11. Capped at S$2,222 per membership year |
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Granted, Membership Rewards points are inherently more valuable thanks to their numerous transfer partners, smaller conversion blocks and free conversions (which are instant for KrisFlyer and Qantas Frequent Flyer), so if we’re comparing 2.2 mpd on the AMEX Platinum Charge to 2.2 mpd on the DBS Altitude Visa or Citi PremierMiles Card, the AMEX is the clear winner.
But how much of haircut are you willing to take for that? Compared to a 3.2 mpd card, you’re giving up 30% in quantity for the added “quality”. I guess it’s up to the individual, though if you primarily stick to KrisFlyer, you should definitely go with the higher-earning alternatives.
Refer to the article below for more on the best cards for overseas spend.
Conclusion
The AMEX Platinum Charge will launch a year-long FCY spending promotion next month, which offers cardholders 3.5X the usual earn rate.
Sadly, this amounts to just 2.2 mpd, and with a S$15,000 spending cap, it falls well short of what other cards have to offer. So unless you’re making charitable donations or paying overseas school fees/hospital bills, you should probably be using another card.
It’s not much consolation for the Membership Rewards devaluation, but you have to take whatever you get…
