facebookWould you spend $1.7k annual membership fee on the Amex Platinum Charge Card? - Seedly

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Huang Yixuan

Person at Seedly Community

01 Apr 2021

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Credit Cards

Would you spend $1.7k annual membership fee on the Amex Platinum Charge Card?

Invest Quest recently wrote an opinion about why the $1.7k annual membership fee is worth it. Would you get it after reading this? https://seedly.sg/opinions/amex-platinum-charge...

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You will need to have an income of $200k annually for you to be eligible for the card. According to salary.sg, this will put you in the top 7.6% based on this income.

Whether if this card is worth it or not, it totally depends on your lifestyle. I’ve copy and pasted the main benefits here for your reference,

For first year:

  • Up to 118k miles (for reference, SQ biz class return to Japan is 94k miles)
  • S$1.2k of vouchers
  • 1 night at St Regis or Mandarin Oriental (or 5* overseas hotels if you can)
  • 2 nights at Fraser Hospitality hotels
  • 3 free bottles of wine
  • unlimited airport lounge access
  • hotel loyalty programs
  • tower club access
  • free parking at Great World”
  • golfing privileges
  • and etc

Well, you will need to be spending $3,333.34 per month & consecutively for the first 6 months to be eligible for all the miles stated above. If not, no it is not worth it for you to pay $1.7k for the card annually.

Even if you are able to hit all the requirements, how are you going to travel in 2021? I know there’s no expiry on the points but that not the point. I personally think that if I were to have all the benefits stated above, I most likely will utilise less than 50% of the vouchers because you can only use it at specific restaurants and places. Unlike receiving general vouchers like CapitaLand vouchers, you can choose to shop at any store you like. Just for that purpose I would say that it is not worth it to pay such high fees for a card that simply shows you are rich.

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