American Express to Increase FX Fees to 2.95% and GrabPay Wallet Top-ups Will No Longer Earn Miles from 01 March 2020

in

American Express will soon join the other banks in Singapore in raising the foreign currency transaction fee from 2.5% to 2.95% - this is the fee that is incurred when foreign currency transactions are charged to the card for both overseas as well as online transactions. This is the first fee increase for American Express since 2013 and it is scheduled to be implemented on 01 March 2020. In addition to that, American Express has also updated the list of non-eligible transactions - KrisFlyer Miles and Membership Rewards (MR) Points will no longer be awarded for payments for the purpose of GrabPay top-ups with effect from 1 March 2020 on personal cards.

Photo Credit: American Express

If you hold the American Express Singapore Airlines KrisFlyer Ascend Credit Card and have been putting S$200 to your GrabPay Wallet each month to enjoy the accelerated earn rate of 3.2 KrisFlyer Miles per dollar, this will end on 01 March 2020. While the terms and conditions have not changed to my knowledge, it appears that only legitimate transactions made on Grab will earn bonus miles. If you hold any other cards (including The Platinum Card), Grab top-ups will also not earn you any MR points - these following transactions will also be excluded from earning KrisFlyer Miles and MR Points from 01 March 2020: 

  • Bill payments and all transactions via SingPost SAM kiosks and mobile app

  • Payments to insurance companies (except payments made for insurance products purchased through American Express authorized channels)

  • Payments to Singapore Petroleum Company Limited (SPC) service stations

In spite of the upcoming fee change from 01 March 2020, American Express still offers one of the lowest FX fees in the market (all of the local banks in Singapore have higher fees which ranges from 3.0% to 3.25%). Planning to get an American Express card? Using any of the following MGM referral links will earn you either bonus MR Points of KrisFlyer miles depending on the card that you will be applying for:

Featured
Get S$10 eCapitaVoucher with S$200 Mobile Contactless Spend on American Express Cards - Limited Redemptions
Get S$10 eCapitaVoucher with S$200 Mobile Contactless Spend on American Express Cards - Limited Redemptions

Get a S$5 eCapitaVoucher with S$200 mobile contactless spend on your American Express cards - limited to 1,000 redemptions only.

Fast Track to KrisFlyer Elite Gold with S$12,500 Spend on AmEx Singapore Airlines KrisFlyer Ascend Credit Card (by 31 May 2024)
Fast Track to KrisFlyer Elite Gold with S$12,500 Spend on AmEx Singapore Airlines KrisFlyer Ascend Credit Card (by 31 May 2024)

From now until 31 May 2024, fast track to Singapore Airlines KrisFlyer Elite Gold (Star Alliance Gold) with a minimum spend of S$12,500 on the American Express Singapore Airlines KrisFlyer Ascend Credit Card.

Get S$80 Cash with American Express True Cashback Card - by 31 January 2024 (New Customers Only)
Get S$80 Cash with American Express True Cashback Card - by 31 January 2024 (New Customers Only)

Get S$80 cash reward and enjoy an upsized 3% cashback on the first S$5,000 spent each month on the American Express True Cashback Card for six months as a new customer - apply by 31 January 2024.

The American Express Platinum Reserve Credit Card to Reduce Vouchers for Renewals from 2024
The American Express Platinum Reserve Credit Card to Reduce Vouchers for Renewals from 2024

Card Members of The American Express Platinum Reserve Credit Card will not be receiving the S$100 Tower Club Singapore Dining Voucher from January 2024. The complimentary two-night stay at any participating Frasers Hospitality property will also be reduced to one-night.

American Express to Increase Foreign Currency Transaction Fee from 2.95% to 3.25% from 01 October 2023
American Express to Increase Foreign Currency Transaction Fee from 2.95% to 3.25% from 01 October 2023

Starting from 01 October 2023, American Express will be increasing the fees for Foreign Currency Transactions from 2.95% to 3.25%. Transactions relating to education and other non-profit purposes (including charitable donations) will also be added to the list of non-eligible purchases.

Get S$3 Back with S$10 Spend (up to 5X per American Express Card) across Participating Businesses in Singapore - 1 to 31 August 2023
Get S$3 Back with S$10 Spend (up to 5X per American Express Card) across Participating Businesses in Singapore - 1 to 31 August 2023

American Express is bringing Shop Small back for the fourth year, offering card members to receive a S$3 statement credit with a minimum spend of S$10 (in a single transaction), up to five times per registered card, across over 3,500 participating businesses in Singapore from 1-31 August 2023.

Get 40,000 Bonus HighFlyer Points with The American Express Singapore Airlines Business Credit Card - by 3 April 2023
Get 40,000 Bonus HighFlyer Points with The American Express Singapore Airlines Business Credit Card - by 3 April 2023

Get 40,000 HighFlyer Points (which can be converted into 40,000 KrisFlyer Miles) with a minimum spend of S$5,000 within 3 months.

The American Express Platinum Card Now Comes with up to S$1,204 of Statement Credits Each Year - Everything You Need to Know!
The American Express Platinum Card Now Comes with up to S$1,204 of Statement Credits Each Year - Everything You Need to Know!

American Express has finally revealed information on The Platinum Card’s new statement credit offers which replaced the previous S$800 travel credits.

American Express introduces Platinum Avenue (Private Pop-up Space in Raffles City Shopping Centre) for Platinum Members - until 14 February 2023
American Express introduces Platinum Avenue (Private Pop-up Space in Raffles City Shopping Centre) for Platinum Members - until 14 February 2023

A brand new Members-only lounge for American Express Platinum members in Raffles City Shopping Centre - bookings required.

American Express to replace S$800 Travel Credits with S$1,200 Statement Credits for Platinum Members in 2023
American Express to replace S$800 Travel Credits with S$1,200 Statement Credits for Platinum Members in 2023

American Express will replace the S$800 annual travel credit with up to S$1,200 worth of statement credits for Platinum Members in 2023 - existing Platinum Members with renewal before January 2023 will benefit from both.