Amex Platinum Showdown: Credit vs. Charge card – Which Reigns Supreme?

Recent changes to the American Express Platinum Charge card, including tighter restrictions on Platinum Statement Credits, less notable renewal vouchers, and reduced lounge access for supplementary cardholders, have prompted many cardholders to reconsider its S$1,744 annual fee. With these significant nerfs, the question on many minds is: what are the alternatives?

One compelling option is downgrading to the AMEX Platinum Credit Card. This article explores why this might be a financially savvy decision,especially for those who have held the AMEX Platinum Charge for a year or more. It’s crucial to note that new applicants for the AMEX Platinum charge currently receive a welcome bonus of 93,750 miles + S$100 cashback, substantially boosting the value of the first year. However, for subsequent years, a careful evaluation is warranted.

Why Switch to the AMEX Platinum Credit Card?

The primary drivers for switching are significant cost savings and enhanced usability of statement credits. Let’s examine these key advantages.

Significant Annual Fee Savings

The most immediate benefit is the drastically reduced annual fee. The AMEX Platinum Credit Card boasts an annual fee of S$327, a mere 20% of the AMEX Platinum Charge’s S$1,744. This represents a substantial saving of S$1,417 annually. Furthermore, while the AMEX Platinum Charge’s annual fee is non-waivable, the AMEX Platinum Credit Card offers the possibility of a fee waiver or reduction, further enhancing its appeal.

Improved Statement Credit Usability

The AMEX Platinum Credit Card offers S$200 in statement credits, considerably easier to utilize than its Charge counterpart. While the specific details of the Platinum Charge’s statement credit programme aren’t explicitly detailed here, the implication is that the Platinum Credit Card’s program is more straightforward and accessible.This increased ease of use adds considerable value.

For existing AMEX Platinum Charge cardholders facing recent benefit reductions, downgrading to the AMEX Platinum Credit Card presents a compelling alternative. The significant annual fee savings and improved usability of statement credits make it a strong contender for those seeking a more cost-effective and practical rewards program.

Amex Platinum Showdown: Credit Card vs. Charge Card – Which Reigns Supreme?

The American Express Platinum card comes in two versions: a credit card and a charge card. Both offer attractive benefits, but the value proposition differs significantly, especially regarding their annual credits. While the Amex Platinum Charge boasts a higher percentage of annual fee rebate at 78%, compared to 62% for the amex Platinum Credit Card (S$1,354 annual fee for both), the usability of these credits is a crucial factor.

The Amex Platinum Credit Card offers a S$200 annual Lifestyle Credit,divided into two S$100 installments. At first glance, the Charge card appears superior. However, the ease of using the Lifestyle Credit on the credit card significantly impacts its overall value. But numbers don’t tell the whole story. There’s no point having more credits if you can’t spend them,and the Lifestyle Credit is a lot easier to use, highlighting a key difference.

The Lifestyle Credit’s versatility is a major advantage. It’s accepted at over 75 merchants across Singapore, encompassing diverse sectors like restaurants and fashion boutiques. For dining enthusiasts, the integration with Love Dining is a game-changer. If you choose to spend your Lifestyle Credit on dining,almost all the participating restaurants are part of Love Dining,so you could stack the credit with up to 50% off the bill. This means a S$166.80 meal for two, after a 50% love Dining discount, 10% service charge, and 9% GST, could be fully covered by the S$100 credit.

In stark contrast, the Amex Platinum Charge’s Local Dining credit is far more restrictive. It’s limited to 13 fine-dining establishments, none of which participate in the love Dining program. These restaurants include:

• Fairmont Singapore (Anti:dote, Asian Market Cafe, Prego, The Eight)
• Paradox Merchant Court
• Pullman Singapore Hill Street
• Resorts World Sentosa

This limited selection significantly reduces the practical value of the Charge card’s higher annual credit.

American Express Platinum Card: New Look, 65,000 Points Bonus, and Extensive Dining & Hotel Perks

American Express has launched a redesigned Platinum Credit Card, boasting a significant 65,000-point sign-up bonus. This launch also unveils an remarkable roster of participating restaurants and hotels offering exclusive benefits to cardholders.

While specifics on the visual changes to the card itself remain undisclosed, the emphasis is clearly on the enhanced rewards program and its extensive network of partners. The 65,000-point bonus provides a substantial incentive for new applicants, offering considerable value in travel and other rewards programs.

A Diverse Selection of Participating Establishments

The program features a wide array of dining options, totaling 24 restaurants catering to diverse palates. These range from high-end steakhouses like Barossa steak & Grill and Lawry’s The Prime Rib to more casual choices such as Spizza. Asian cuisine is well-represented, with options including Jia He Chinese Restaurant, Peach Garden, and xin Cuisine Chinese Restaurant. Other notable participants include Alegria, cali, Escape, Harry’s, L’Angelus, la Nonna, les Bouchons, Napoleon, Quenino by Victor Liong, Sen of Japan, Si Chuan Dou hua @ UOB Plaza, Tablescape Restaurant & Bar, Tapas 24, Verandah @ Rael’s, Vineyard at hortpark, Wooloomooloo Steakhouse, and YAN. The luxury hotel partnerships are equally impressive,encompassing a total of 50 hotels across various brands.

The hotel partnerships include several new additions, such as Connections, Princess Terrace Cafe, and Tien Court at the Copthorne King’s Hotel; food Capital, Riverside Terrace, SanSara, and The Lobby Lounge at the Grand Copthorne Waterfront Hotel; Akira Back and Beach Road kitchen at the JW Marriott South Beach; Cafe 2000, The Buffet Restaurant, and J Bar at the M Hotel Singapore; Bar Intermezzo, Hua Ting Restaurant, and The Orchard Cafe at the Orchard Hotel singapore; florette and Mosella at pan Pacific Orchard; and many more.Established luxury hotels like the Fairmont Singapore, Paradox Singapore Merchant Court, Singapore Marriott Tang Plaza, St. Regis Singapore (Astor Bar, Drawing room, The Astor Grill, Yan Ting), Swissotel The Stamford (Clove, SKAI Bar, SKAI Restaurant, Stamford Brasserie), The fullerton Hotel, The Capitol Kempinski (15 Stamford Restaurant, The Bar at 15 Stamford, Lobby Lounge), The Robertson House, and W Sentosa Cove (WOO BAR, SKIRT, Kitchen Table) are also included.

Terms and conditions apply to both the restaurant and hotel programs. These can be found at [Restaurant T&Cs Link] and [Hotel T&Cs Link].

Restaurant T&Cs

Hotel T&Cs

While specific Love Dining program benefits weren’t detailed, the sheer number of participating establishments suggests significant value for cardholders. The inclusion of both established luxury brands and newer dining options ensures broad appeal.

It’s crucial to note that switching from the AMEX Platinum Charge card to the AMEX Platinum Credit Card results in the loss of perks such as airport lounge access and hotel elite status. additionally,the Platinum Statement Credits are forfeited.A further consideration is the potential for an inferior conversion ratio for Membership Rewards points, although points are not forfeited in the downgrade.

AMEX Platinum Card Downgrade: A Cost-Benefit Analysis

The American Express Platinum Charge card is often considered a top-tier premium credit card. However, a recent analysis suggests that downgrading to the American Express Platinum Credit card could be financially advantageous for some cardholders. This decision requires careful consideration of several key differences,including Membership Rewards (MR) points transfer ratios,10Xcelerator spending rates,and travel insurance coverage.

Points Transfer and Value

A significant difference lies in the Membership Rewards (MR) points transfer ratio to airline programs. The AMEX Platinum Charge boasts a superior ratio of 400 MR points to 250 miles,while the AMEX Platinum Credit Card offers a less favorable 450 MR points to 250 miles. This translates to an 11% loss in value for those transferring points to airline miles. An 11% loss of value will certainly sting, one analysis notes, suggesting that cardholders considering a downgrade should first cash out their points. Though, the analysis clarifies that there’s no value loss when converting points to Marriott Bonvoy or Hilton Honors, as the ratio remains consistent across both cards.

A potential strategy involves waiting two years before reapplying for the AMEX Platinum Charge. This allows cardholders to qualify for a welcome bonus again, effectively “upgrading” their MR points to the better transfer ratio.

10Xcelerator Program Differences

The 10Xcelerator program, offering bonus rewards on select merchants, also shows a disparity between the two cards. the AMEX Platinum Credit Card earns 3.47 miles per dollar (mpd) at participating merchants, significantly lower than the AMEX Platinum charge’s 7.8 mpd. Though, this advantage is capped at S$16,000 per calendar year for the AMEX Platinum Charge, after which the rate drops to 3.9 mpd. That’s a much lower rate obviously, though it’ll only be an issue if you shop at 10Xcelerator merchants in the first place, the analysis points out.

Fashion credit disparity

The fashion credit disparity is equally significant. The Amex Platinum Credit Card’s Lifestyle Credit extends to over two dozen brands with physical Singapore locations, many offering enhanced rewards through the 10Xcelerator program (3.47 mpd rather of 0.69 mpd). These include: Ba&sh*, Brunello Cucinelli*, benjamin Barker, Calvin Klein, Charles & Keith, Chloe, Decathlon (online purchases also valid), emporio Armani*, giorgio Armani*, Gucci, Hugo Boss, Love,Bonito (online purchases also valid), Lululemon, Marks and Spencer, Manolo Blahnik*, Massimo Dutti, Michael Kors, Montblanc*, Moschino*, Muji, Pedro, Polo Ralph Lauren, Sabon*, Saint Laurent (online purchases also valid), Stone Island*, Swatch, and Uniqlo (online and mobile app purchases also valid). *Also 10Xcelerator partner. In contrast, the Amex Platinum Charge’s Fashion credit is restricted to mr porter and NET-A-PORTER.

While the Amex Platinum Charge offers a higher percentage of annual fee rebate, the Amex Platinum Credit Card’s Lifestyle Credit provides superior versatility and usability. Its broader merchant acceptance, Love Dining integration, and straightforward redemption process make it a more practical choice for many cardholders.Both cards share identical Love Dining and Chillax benefits, offering up to 50% off food bills and 1-for-1 drinks at participating venues for both primary and supplementary cardholders.

AMEX Platinum Charge vs. Credit Card: Is Downgrading Worth it?

American Express Platinum cardholders in Singapore are facing a crucial decision: Should they downgrade from the premium Platinum Charge card to the more affordable Platinum Credit Card? Recent changes to the Platinum Charge, including tighter restrictions on statement credits and reduced lounge access for supplementary cardholders, have prompted many to re-evaluate the card’s S$1,744 annual fee. This comparison analyzes the key differences, helping cardholders make an informed choice.

Reward Rates and Spending Caps

A significant difference lies in the reward rates and spending caps. The AMEX Platinum Charge card offers a 10Xcelerator rate of 7.8 miles per dollar (mpd), capped at S$16,000, then dropping to 3.9 mpd. Conversely, the AMEX Platinum Credit Card boasts a consistent 3.47 mpd with no spending cap.The Charge card’s higher initial rate might appeal to high spenders, but the cap limits its overall earning potential. The Credit Card’s consistent rate offers predictability for those with varied spending habits.

Travel Insurance: A Key Differentiator

The travel insurance coverage is a stark contrast between the two cards. The AMEX Platinum Charge provides complete travel insurance, including S$1 million for death or total permanent disability, and additional coverage for overseas medical expenses, trip cancellation/curtailment, loss of personal belongings, flight delays, and hospital cash allowance. In contrast, the AMEX Platinum credit Card offers only limited “travel accident” insurance, which is significantly less comprehensive.

The analysis clearly shows the AMEX Platinum Charge’s superior travel insurance as a significant benefit, a factor many travelers will weigh heavily.

A Cardholder’s Perspective

One cardholder summarized their decision-making process: “Barring some miraculous reversal of fortunes for the AMEX platinum Charge over the next few months, I’ll likely be cancelling my card and replacing it with the AMEX Platinum Credit Card.” This individual plans to utilize the S$200 Lifestyle Credit offered by the Credit Card, acknowledging the loss of benefits like airport lounge access. They intend to use alternative cards for such perks, emphasizing that the AMEX Platinum Credit Card is not for everyday spending.

The cardholder also noted the two-year waiting period before reapplying for the AMEX Platinum Charge to regain eligibility for a welcome bonus. They stated,”meanwhile,I’ll continue enjoying Love Dining and Chillax privileges,an easy-to-spend S$200 Lifestyle credit,while taking that 80% and spending it on things that I actually like,and not what American Express tells me I should be liking.” This highlights the appeal of the Credit Card’s more flexible spending options.

Conclusion: Weighing the Pros and Cons

The decision to downgrade from the AMEX Platinum Charge to the AMEX Platinum Credit Card is highly personal, depending on individual spending habits and priorities. The Credit Card offers significant annual fee savings (S$1,417 less than the Charge card, with a S$327 annual fee and potential fee waivers) and retains some key benefits like Love Dining and Chillax privileges. Though, it lacks the comprehensive travel insurance and higher 10Xcelerator earning potential of its more expensive counterpart.New applicants to the Platinum Charge receive a welcome bonus of 93,750 miles and S$100 cashback, a significant advantage in the first year.Careful consideration of these factors is crucial before making a decision.