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Introduction

In 2018, I told my wife that I was planning to apply for a credit card with a S$1.7k annual fee. She looked at me in disbelief when I told her it was good value for money.

Three years on, given that my wife suggested that I write this article, it’s safe to say that she’s finally a convert…

The Entry Criteria for Amex Platinum Cards

Amex offers 3 different credit cards within its Platinum series. As one can imagine, the entry requirements and annual fees vary (see image below), but so do the benefits.

The elusive Amex Centurion Card is by invite only and we have also included it below for completeness. We do enjoy a full family portrait.

In this article, we will be focusing on the Amex Platinum Charge Card and discuss if it’s truly worth the $1,712 annual fee (spoiler: we think it is).

Article Summary

1) Amex Platinum Charge Card’s benefits

2) Valuation of the benefits

3) Ad hoc card promotions and events

4) Referral Link for 40K Bonus Amex Points

Appendix: 3 things to do once you receive the Amex Platinum Charge Card

The InvestQuest View:

• The Amex Platinum Charge Card is ideal as a lifestyle card, with its plethora of travel and dining benefits. Outside of the published benefits, we have also had a positive experience with ad hoc offers, member events and gifts, dished out by the Amex team.

• We believe that it's easy to extract S$4.6k of value in the first membership year and S$2.8k in value for subsequent years, which justifies the S$1,712 annual fee.

• Bonus Tip: Another perk of the Amex Platinum Charge Card is the preferential conversion rate for Amex reward points (into airmiles/hotel points), compared to the Amex Platinum Reserve Card or Amex Platinum Card. Hence, individuals who are currently hoarding Amex reward points in these two other cards may find it worthwhile to upgrade to the Platinum Charge Card, as Amex reward points may be pooled and redeemed at the preferential rate.

1) Amex Platinum Charge Card’s benefits

Amex practices a one annual fee policy. This means if you hold two Amex Platinum cards (i.e. Amex Platinum Charge Card + Amex Platinum Reserve Card), you would only need to pay the annual fee of the more expensive card, while receiving the benefits of both cards! See the benefits of both cards below.

Above was a summary. Below, we’ve given a little more elaboration of the key benefits of the Amex Platinum Charge Card & the Amex Platinum Reserve Card. Remember: If you have the Platinum Charge card, annual fee for Platinum Reserve is waived under Amex’s “one annual fee” policy.

Travel Benefits

• S$400 flight credit

• S$400 lodging credit

• Complimentary one night stay at participating hotels (see full list here, local options include St Regis and Mandarin Oriental)

• Unlimited airport lounge access with guesting privileges (for principal/supplementary cardholders). Participating lounges include The Centurion Lounge, International American Express Lounges, Priority Pass, Delta SkyClub and Plaza Premium.

• Complimentary hotel loyalty program upgrades (for principal/supplementary card holders) to Marriott Bonvoy Gold Elite Status, Hilton Honors Gold Status, Radisson Rewards Gold Status and Global Hotel Alliance (GHA) Discovery Platinum Status.

• Complimentary car rental loyalty program upgrades (Hertz Gold Plus Rewards Five Star status and Avis Preferred status)

• Fine Hotel and Resorts (FHR) booking privileges: Early check-ins, late check-outs, daily breakfast for two people, US$100 amenities credit (varies by property) and room upgrade where available.

• The Hotel Collection booking privileges (for bookings of two or more consecutive nights): Up to USD$100 hotel credit to spend on qualifying dining, spa and resort activities, and room upgrade where available.

• Access to International Airlines Program (IAP): Discounted airfares for premium classes on participating airlines (see details here)

Dining Benefits

• S$100 Tower Club Dining Voucher (1 x S$100 voucher)

• S$100 Jaan Dining Voucher (2 x S$50 vouchers)

• S$100 Violet Oon Dining Voucher (2 x S$50 vouchers)

• Access to Amex Love Dining program. Up to 50% off at participating restaurants (see full list here)

• Access to Amex Chillax program. Complimentary welcome drink at participating bars (see full list here)

Lifestyle Benefits

• Complimentary access into Tower Club, and the use of its facilities (club website)

• Complimentary parking at Great World City (Fri – Sun only)

• Complimentary Access To 67 Pall Mall In London

• Golfing privileges. Amex regional golf program privileges (see full list here) and Membership to Preferred Golf program (details here).

Amex Reward Points

• Earn up to 190,000 Bonus Amex points (equates to 118,750 miles), for the 1st membership year. More details in Section 2.

• Enhanced Amex points of up to 7.81 miles per S$1 at Platinum 10Xcelerator Partners

• Earn 5 Amex Points for every S$1.60 spent with Singapore Airlines, SilkAir and Scoot (equates to 1.9 miles per S$1).

• Earn 2 Amex points for every S$1.60 spent (equates to 0.78 miles per S$1), for other spend.

• Preferential Amex points conversion rate of 400 points to 250 miles (Amex Platinum Credit Card / Amex Platinum Reserve Card conversion rate: 450 points to 250 miles)

Amex Platinum Reserve Card Benefits

Reminder: Amex practices a one annual fee policy. This means if you hold two Amex Platinum cards (i.e. Amex Platinum Charge Card + Amex Platinum Reserve Card), you would only need to pay the annual fee of the more expensive card, while receiving the benefits of both cards!

There are some overlapping benefits with the Amex Platinum Charge Card, such as access to Tower Club, participation in the Amex Love Dining and Chillax programmes.

But there are also benefits with tangible value, such as:

• S$100 Tower Club Dining Voucher

• Complimentary two nights stay at participating Frasers Hospitality hotels (see full list here)

• Complimentary Cat & the Fiddle Cake during birthday month (with free delivery)

• Complimentary bottle of wine at Napoleon Food & Wine Bar (no spend required)

• 2 x Complimentary bottles of wine at Grand Cru (no spend required)

Remember, the above is not an exhaustive list! In the next section, we will try to ascribe a value for the most important benefits of having an Amex Platinum Charge Card.

2) Valuation of benefits

In our opinion, it’s easy to extract S$4,585 of value from the Amex Platinum Charge Card in the first membership year, and S$2,810 of value for subsequent years. The breakdown of how we reached these figures is shown in the below table.

First Year vs. Subsequent Years

The difference in value extraction between the first vs subsequent membership years is due to the “Bonus Amex Points” that’s only offered to new cardholders (this will be covered later).

Cardholder tip: When the card’s annual fee is due in subsequent membership years, cardholders can call up the Amex hotline to request for a “card retention bonus”, which is typically 20k or 40k Amex Rewards points.

In fact, we think our valuation is conservative

Overall, our valuation of the card benefits errs on the conservative side because:

• We have only included the card’s official benefits. In Section 3, we cover some of the ad hoc benefits that could potentially add further value to the cardholder.

• We only included the benefits that we found most useful. Some individuals may find good use in the other benefits. I can think of 3 examples.

1) You decide to cancel your monthly gym membership, and use Tower Club’s gym instead.

2) You are a patron of some of the Platinum 10Xcelerator Partners (such as IWC, Hourglass, Piaget etc), and are able to benefit from the enhanced points accrual rate of 7.81 miles per S$1 spent.

3) You travel frequently on premium cabin classes (premium economy or higher), and can utilize the International Airlines Program (IAP) for discounted fares.

Okay, let’s start! Below, we cover the valuation for some of the key benefits in greater detail!

S$400 Flight Credit

Every year, cardholders are given S$400 of air travel credits, which can be used to offset flight expenses. Bookings have to be made via the Amex Travel Portal for the credit to be utilized.

For 2020, given the low likelihood of air travel, Amex allowed cardholders to offset this credit against wine bundle purchases at Grand Cru, or against spending at Harvey Norman.

S$400 Lodging Credit

Every year, cardholders are given S$400 of lodging credits, which can be used to offset hotel bookings (or cruise bookings). Hotel bookings have to be made via the Amex Travel Portal in order for the credit to be utilized. For cruise bookings, you should call the Amex Customer Service for guidance.

Officially, this lodging credit is only meant for overseas hotel bookings. However, the Amex Travel Portal currently doesn’t stop you from using the lodging credits for local hotel bookings, as long as the total cost exceeds S$400.

How I “optimized” my lodging credit for 2021: The Amex Travel Portal is considered an Online Travel Agency (OTA), and hotel loyalty programs typically do not offer elite status benefits for OTA bookings. However, I managed to get lucky with a booking at Parkroyal Collection Pickering, where they recognized my GHA Black status (note: GHA Platinum status is offered to Amex Platinum Charge Cardholders), so I managed to get lounge access, 6pm check-out and even accrued a GHA Black Local Experience.

1 Night Stay at 5-Star Hotel (S$350 valuation)

Every year, cardholders are entitled to 1 Night’s stay at participating hotels (see full list here). At the minimum, you would be able to do a local staycation at either St Regis (Executive Deluxe Room) or Mandarin Oriental (Deluxe Room Ocean View).

The room rates aren’t too different between St Regis and Mandarin Oriental, and a $350 valuation would be relatively fair in my view (see images below).

Cardholder tip: Pick St Regis for the following two reasons.

1. There’s a good chance of getting a room upgrade (which we got), as you would at least have a Marriott Bonvoy Gold Elite Status (more on this card benefit later), and St Regis is a participating brand under Marriott Bonvoy.

2. You would be able to earn Marriott Bonvoy points on your stay. We earned 3,846 points, which included 500 extra points from an ongoing promotion. For context, you can redeem a night at St Regis for 45,000 points. There’s also good usage flexibility for Marriott Bonvoy points, since its portfolio includes Ritz-Carlton, St Regis, JW Marriott, W Hotels, Marriott Hotels, Sheraton, Le Meridian, Westin, Renaissance Hotels, Four Points, Aloft just to name a “few”.

On the other hand, Amex Platinum Charge Card holders don’t get special status at Mandarin Oriental. Mandarin Oriental runs its own “Fans of M.O.” program that anyone can sign up for free, where members get to choose some amenities / benefits (such as breakfast, early check-in or late check-out, pressing service, room upgrade etc). If you do opt to use the complimentary night at Mandarin Oriental, it makes sense to sign up for their free membership.

Hotel Loyalty Program Upgrades (S$300 valuation)

Cardholders get complimentary status upgrades to their hotel loyalty programmes, and this benefit applies to supplementary card holders as well. The below lists the participating loyalty programs and which major hotel chains belong to each.

• Marriott Bonvoy Gold Elite Status: Ritz-Carlton, St Regis, JW Marriott, W Hotels, Marriott Hotels, Sheraton, Le Meridian, Westin, Renaissance Hotels, Four Points, Aloft

• Hilton Honors Gold Status: Waldorf Astoria, Conrad, Hilton, Doubletree, Hampton, Canopy

• Radisson Rewards Gold Status: Radisson, Park Plaza, Park Inn

• Global Hotel Alliance (GHA) Discovery Platinum Status: Pan Pacific, Parkroyal, Capella, Anantara, Kempinski

This benefit is really tricky to value, as it depends on how frequently you travel, the probability of you getting a room upgrade and the various benefits you might be entitled to with an elite loyalty status, which could include perks such as free breakfast, early check-in and late check-out.

The most rewarding upgrade I have had, which I imagine to be once-in-a-lifetime, was an upgrade to Hilton Singapore’s Presidential Suite that retails for S$2k+ per night. This happened in 2019, and I was surprised that it was offered to someone with just a Hilton Gold status (Diamond status is above Gold). And of course we had to take a video of the room.

How much did that staycation cost? A mere S$300 nett. I had originally booked a King Hilton Executive Suite at ~S$500 nett (when Hilton was having a 20% discount), and stacked on an ad-hoc Amex Platinum Charge Card promotion (S$200 off for S$500 spend at Hilton).

Unlimited Airport Lounge Access (S$360 valuation)

Cardholders are entitled to unlimited airport lounge access (for principal/supplementary card holders, and 1-2 guests per card depending on lounge rules). Participating lounges include:

• The Centurion Lounge

• International American Express Lounges

• Priority Pass (Enrolment required, for one supplementary card holder only)

• Delta SkyClub

• Plaza Premium

While it is not uncommon to be offered airport lounge access (even for entry level credit cards), three features make the Amex Platinum Charge stand out:

1. Unlimited lounge access

2. Guesting privileges for both principal and supplementary cardholders (less common feature even among premier-tier credit cards)

3. Access to The Centurion Lounge (most consider it several notches above the typical priority pass lounge, so you can expect above average food + alcoholic drinks including cocktails and champagne. Some locations may even offer complimentary massages, manicures, shower facilities and gaming consoles)

To estimate the value of this lounge access benefit, we could look at what a Priority Pass membership costs (see image below). The “Prestige” tier, which allows for unlimited lounge access, currently retails for US$429 per year and it doesn’t even come with guesting privileges.

Personally, I would value the airport lounge benefit at S$360. Assuming I used the lounge four times a year with no guests, and valued each visit at S$30, this would mean the annual value to me is S$120. As two supplementary cardholders would also be entitled to this benefit, I would value this benefit at S$360.

Bonus Amex Points (S$2,000 for 1st Year, S$225 subsequently)

For new cardholders, in order to receive the full 190,000 bonus Amex points in the first year, you need to get a referral from an existing card member (and spend S$5k within the first 3 months of card membership), and spend another S$15k (within the first 6 months of card membership). The breakdown is as follows:

1. Welcome Bonus: 75,000 Amex points (equates to 46,875 airmiles)

2. Member Get Member Bonus: 40,000 Amex points, upon $5k spending within first 3 months of card membership (equates to 25,000 airmiles).

3. Spend Bonus: 75,000 Amex points, upon $20k spending within first 6 months of card membership (equates to 46,875 airmiles). $5k spend for the "Member Get Member Bonus" counts toward the $20k "Spend Bonus".

Do note that you will also be receiving the base points (0.78 miles per S$1 spent) for the above spending.

Amex points have very flexible uses, including a conversion into frequent flyer miles, hotel loyalty points, gift vouchers or to offset credit card expenses.

Many would suggest that conversion to miles would be desirable and 190k Amex points would translate to 118,750 miles. Alternatively, 190k Amex points may also be used to offset S$912 of credit card expenses, which is less desirable.

We value 190k Amex points at S$2,000. Assuming a valuation of 1.8 cents per mile, the 190k bonus rewards points (equates to 118,750 miles) would be worth S$2,137.50. However, there is opportunity cost in using the Amex Platinum Charge Card (as opposed to a higher yielding miles card) to meet the S$20k spend. So, it’s prudent to round down our valuation slightly.

2 Nights Stay at Frasers Hotels (S$250 valuation)

While this is not an explicit benefit of the Amex Platinum Charge Card, cardholders may rely on Amex’s “one annual fee policy” and apply for a “free” Amex Platinum Reserve Credit Card with its entitled benefits.

One such benefit would be a complimentary two nights stay at participating Frasers Hospitality hotels (see full list here). While there are higher value options such as Frasers Suites Akasaka in Tokyo, we will probably have to settle for local staycations for the time being, leaving us with the sole option of Capri by Fraser Changi City which retails for about S$250 for two nights currently.

3) Ad hoc card promotions and events

Outside of the official benefits mentioned earlier, we have enjoyed ad hoc offers, member events and gifts, dished out by the Amex team. These ad hoc benefits have not been factored into the valuation of the card’s benefits, covered earlier in Section 1.

Extra free stuff we’ve gotten:

1. One night’s stay at the Outpost Hotel in Sentosa in 2019.

2. S$500 and S$300 of credits for grocery shopping in 2020 and 2021 respectively, given the understanding that much of the card’s benefits would be underutilized during this period.

3. S$200 rebate for every S$500 spending at Hilton’s portfolio of hotels in 2019.

4. Rebates for spending at certain hotels, stackable with in-house hotel promotions and the Amex Love Dining program in 2020.

Extra stuff we’ve won:

1. We won 3 bottles of Krug Champagne during the virtual Platinum af’FAIR 2020, worth about S$250 each. There was effort involved. I’m decent at reflex games and came out top for 3 out of 5 virtual games during the fair.

2. We won more than 10k Amex Reward points and TWG teas at the Christmas Claw Machine in 2019. Higher level prizes won by others included Mont Blanc pens! See below video to see one of our many failed tries.

4) Referral Link for 40K Bonus Amex Points

Just so you know, this isn’t a sponsored post. And if you have read till here, you would have already sensed our genuine enthusiasm for this card.

If you feel that this card might be useful to you and wish to apply, do consider using our referral code. This would entitle both the referrer and referee to 40,000 Amex Reward points each (equates to 25k miles or ~S$450 in value). The referee will have to spend S$5k within the first 3 months of card membership to be eligible for this bonus, and the S$5k counts towards the S$20k Spend Bonus.

While the official annual income requirement for the Amex Platinum Charge Card is S$200k, Amex has been known to accommodate applications with incomes <S$200k so you never know if you don’t try.

Again, the image below summarizes our valuation of the published benefits offered by the Amex Platinum Charge Card. Do feel free to tweak it to see if this makes sense for you!

The InvestQuest View:

• The Amex Platinum Charge Card is ideal as a lifestyle card, with its plethora of travel and dining benefits. Outside of the published benefits, we have also had a positive experience with ad hoc offers, member events and gifts, dished out by the Amex team.

• We believe that it's easy to extract S$4.6k of value in the first membership year and S$2.8k in value for subsequent years, which justifies the S$1,712 annual fee.

• If you’ve decided to get the card, use this referral link to get 40K bonus Amex points (25k miles or S$450 value).

• Bonus Tip: Another perk of the Amex Platinum Charge Card is the preferential conversion rate for Amex reward points (into airmiles/hotel points), compared to the Amex Platinum Reserve Card or Amex Platinum Card. Hence, individuals who are currently hoarding Amex reward points in these two other cards may find it worthwhile to upgrade to the Platinum Charge Card, as Amex reward points may be pooled and redeemed at the preferential rate.

Appendix: 3 things to do once you receive the Amex Platinum Charge Card

1) Apply for the “free” Amex Platinum Reserve Credit Card

What I did was to call the customer service number at the back of my Amex card, and indicated interest for the Amex Platinum Reserve Credit Card. The team liaised with me via email for the application after that.

2) Enroll for Loyalty Program Upgrades

Recall that principal and supplementary cardholders are entitled to the following status upgrades:

• Marriott Bonvoy™ Gold Elite Status

• Hilton Honors Gold Status

• Radisson Rewards Gold Status

• Global Hotel Alliance (GHA) Discovery Platinum Status

• Hertz Gold Plus Rewards Five Star status

• Avis Preferred status

For that to happen, you have to make the enrollment request via this webpage.

Note: Shangri-La Golden Circle Jade Membership will no longer be a card benefit after 31 March 2021. In its place, cardholders will get Global Hotel Alliance (GHA) Discovery Platinum Status instead.

3) Priority Pass Application

While you can use your Amex Platinum Charge Card to access most lounges (shown within the Amex app), some lounges might still require a Priority Pass Card for entry.

The Priority Pass application form would be included in your Welcome Pack and you can apply for up to two Priority Passes (meaning that 1 of your supplementary cardholders would NOT get it). Supplementary cardholders can still use their Amex Platinum Charge Card to access a number of lounges, so the lack of a Priority Pass isn’t too big of an inconvenience.