Credit Cards

American Express Platinum Card – MoneySmart Review 2018

American Express Platinum Credit Card

Joanne Poh

0 Comments

0
Shares

The American Express Platinum Card is a great dining credit card that gives you up to 50% savings at more than 60 restaurants in Singapore, so you can wine and dine in style without going broke.

That’s not all though – the Amex Platinum Credit Card also has lifestyle benefits like free entry to Zouk, 1-for-1 drinks at nice bars, plus golf and spa privileges.

Are the benefits enough to justify the Amex Platinum Card’s $321 annual fee? Here’s a look at some of the key highlights of the card:

 

Amex Platinum Card terms & conditions

American Express Platinum Credit Card
Annual fee & waiver $321
Supplementary annual fee First 2 supp cards free, subsequently $160.50
Interest free period 22 days
Annual interest rate 25.90%
Late payment fee $60
Minimum monthly repayment 3% or $50, whichever is higher
Foreign currency transaction fee 2.5%
Cash advance transaction fee 5%
Overlimit fee
Minimum income $50,000 (Singaporean) / $60,000 (non-Singaporean)
Card association American Express
Wireless payment Apple Pay, Samsung Pay, Google Pay

 

Overview of Amex Platinum dining benefits

The American Express Platinum card is famous among foodies because of its extensive dining privileges. These fall under several different schemes but we’ll do our best to summarise:

When you sign up for the American Express Platinum Credit Card, Amex gives you a free Far Card Classic Membership (usually $425). This lets you save up to 50% at the restaurants in Swissotel and the Fairmont.

Card members also get up to 50% off at top rated restaurants in Singapore under the Amex Love Dining programme. Most of these restaurants are of the atas variety and a few are located in 5 star hotels.

Here’s how the discounts work:

Number of diners Discount off food bill
1 15%
2 50%
3 35%
4 to 19 20%

So to get the most out of the discount, dine in a party of two for the the maximum discount of 50%.

You also get to enjoy discounts at restaurants worldwide under American Express Selects and American Express Global Dining Programme. These restaurant deals are variable, but often it’s 20% off your bill or a free appetiser or glass of wine.

 

Other benefits of the Amex Platinum Card

You can easily cover the cost of the Amex Platinum Card’s annual fee by pigging out at the swanky restaurants covered above, but guess what? It’s not over yet. This card also delivers a slew of nightlife, golf and wellness benefits.

For a start, Amex has tie-ups with bars like The Mad Men and 1-Altitude, where you can get either free or 1-for-1 drinks under the Chillax! programme.

The Amex Platinum Card also gives you free entry to Zouk, including access to the Member’s Lounge. Complete list of Zouk benefits for Amex Platinum Card holders:

  • Free entry to Capital, Zouk and Phuture + 1 guest
  • Access to Zouk Members Lounge + 3 guests (only +1 guest there’s a special guest DJ that night)
  • 10% off selected drinks
  • $100 off minimum spend for table booking

Other benefits are complimentary green fees at 40 golf clubs around the region and discounted spa treatments.

 

Is the Amex Platinum annual fee worth it?

The Amex Platinum Card sure sounds amazing, but you may be put off by the $321 annual fee, which higher than that of most credit cards and is notoriously difficult to waive unless you’re a super big spender.

But if you pay the annual fee and start using the credit card, you do get “reimbursed” with the following welcome perks:

Action Welcome bonus
First spend (any amount) $150 Cold Storage vouchers (promotion expires 30 Sep 2018)
Spend $5,000 within 6 months 1 night’s stay at Swissotel The Stamford
Spend next $2,500 within 6 months Samsonite Sigma 76cm Expandable Spinner

It makes sense to sign up for this credit card to use on a big purchase of $5,000 or $7,500 to get the best welcome freebies.

That said, even if you don’t spend that much, you can easily recoup your annual fee with your 50% savings off dining, if you’re the type who lives to eat.

By the way, you can also earn rewards points on this card, even though it’s hardly the main selling point. You get accelerated points when you make purchases on Singapore Airlines, Scoot and SilkAir, plus a bonus of 6,000 points for each friend you refer. Amex’s rewards catalogue is one of the best in Singapore, so these points are nothing to be sniffed at.

 

Who should use the Amex Platinum credit card?

We’ve all got our favourite credit cards for cashback, air miles and rewards points. But sometimes, you catch yourself gazing wistfully in the distance and wondering whether there’s more to life.

For jaded souls who want more than just the usual rebates from your credit card, the Amex Platinum Credit Card certainly brings something new to the table. It’s more like a lifestyle club than a credit card, really.

And unlike other credit cards which impose annoying spending requirements and T&Cs, the American Express Platinum Credit Card is very uncomplicated to use.

Just use it whenever you’re dining at a restaurant or wherever else you can get a big discount or freebie, and the rest of the time you’re free to use your other dining cards as you see fit. There’s no need to worry about meeting minimum spending requirements, converting rewards points into miles or whatever.

In terms of direct dining, nightlife and travel discounts, there is really no card on the market that comes close – not just in terms of the discount, but the calibre of the merchants on this list.

American Express Platinum Credit Card

American Express Platinum Credit Card


Card Benefits

    • Love Dining @ Restaurants: 50%, 35%, 15% savings when dining with 1 friend, 2 friends, and alone respectively
    • Enjoy savings at artfully curated restaurants and Singapore's finest hotels with Love Dining
    • Love Dining @ Hotels: Discounts applicable for groups up to 19 pax at Raffles Hotel Singapore, Shangri-La Hotel Singapore, The St. Regis and more
    • With Love Dining @ Hotels, receive a complimentary The Far Card Classic Membership
    • Eligible for use with Apple Pay

    What are your favourite dining credit cards? Tell us in the comments!

     

    Related articles

    Best American Express Credit Cards in Singapore – Credit Card Reviews 2018

    The Best Credit Cards for Dining in Singapore 2018

    The Best 1-for-1 Buffet Dining Promotions in Singapore 2018

    Keep updated with all the news!

    Tags:

    Joanne Poh

    In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.