The American Express Rewards credit card as the name suggests is a rewards card that allows cardholders to earn more reward points at up to 5 select outlets of their choice. The card also earns 1 reward point for every S$1 charged to it and comes with attractive joining bonuses that allow the cardholders to reap reward points. These reward points can be redeemed for exciting deals and discounts on everything ranging from dining to shopping to travel and can be even redeemed for cashback.
Cardholders can shop in peace with the protection plans offered by the American Express Rewards card. The card comes with a 90 day purchase protection plan as well as a 90 days return guarantee. Online shopping is also made safer secure with the online fraud protection service along with added security measures such as instant SMS alerts on every transaction made using the card.
|Type of fee||Amount payable|
|Annual fee||The fee for the principal card is S$53.50 per annum.|
|Supplementary card fee||Cardholders can avail the first two supplementary cards with a lifetime waiver on annual fees. Any subsequent supplementary cards availed by cardholder charges an annual fee of S$16.05.|
|Interest rate||The interest rate charged on the card is 24.9% per annum and is calculated on a daily basis if full payment of outstanding balances is not made within specified due date. An increased rate of 29.99% is charged for defaulters.|
|Late payment charges||A fee of S$60 is charged for late payment.|
|Cash advance fee||The fee of 5% of the withdrawn amount is charged for cash advances.|
Any transaction made in foreign currencies are first converted into US Dollars and then into Singaporean Dollars. The rate of exchange applied will be the prevailing rate at the time of posting and not at the time of transaction. The commission charged for such conversions amounts to 2.5% of the converted Singaporean Dollar amount. If any third party is converting the charges before handing it over to American Express, then an additional conversion fee is charged with a rate selected by the third party in charge of the initial conversion.
Candidates can visit their nearest American Express branch with the supporting income documents and apply for the card. They can also apply for the card online. The application process would not take more than 10 to 15 minutes and cardholders will need to submit their income documents online.
Applicants need to submit the following documents during time of application.
The interest rate charged on the American Express Rewards card amounts to 24.99% per annum which is subject to compounding if the cardholder does not make full payment of the dues by the specified due date. Defaulters are charged an increased rate of 29.99% per annum if they have defaulted three or more times or if they have failed to pay off a single default for over two months. Interest rates are subject to change as per discretion of the bank and cardholders must check with American Express for the prevailing rates of interest.
Cardholders need to make minimum monthly payments on their credit card which amounts to either 3% of the outstanding balance of the credit card plus any previous outstanding minimum payment dues or S$50, whichever is higher. Failure to do so will result in a late payment fee and repeated defaults or missed minimum monthly payments will result in an increase of the interest charged on the card.
Cardholders should notify American Express immediately upon discovering that their card has either been lost or stolen. Cardholders can notify American Express by calling on their 24 hour helpline. Provided American Express is satisfied with speed of notification and that it was not sheer negligence on the part of the cardholder that caused the loss or theft of the card, the liability of the cardholder against any unauthorized transaction made using the card will be limited to S$100.