Singapore GST increase: 7% to 8% impact on credit cards’ annual fee

Above Image: American Express Platinum Charge Card. (Source: Amex Singapore website)

Singapore GST Increase

During the unveiling of Budget 2022, Singapore’s Minister for Finance announced that the Government Service Tax (GST) rate will be hiked from:

(i) 7% to 8% with effect from 1 Jan 2023; and
(ii) 8% to 9% with effect from 1 Jan 2024.

Revenues generated from the Singapore GST increase will go towards healthcare and eldercare support.

Impact of Singapore GST increase on American Express cards

 In the short term, due to the Singapore GST increase from 7% to 8%, the annual fee for credit cards will also reflect this increment.

Here are the list of American Express credit cards’ updated annual fees, with effect from 1st January 2023.

(Note: rates for 2024 are still unknown – after all, credit cards’ annual fees are always subjected to change)

• The Platinum Charge Card (from S$1712 to S$1728)
• The American Express Platinum Reserve Credit Card (from S$535 to S$540)
• The American Express Platinum Credit Card (from S$321 to S$324)
• The American Express Rewards Card (from S$53.50 to S$54)
• The American Express Gold Card (from S$180 to S$181.68)
• The American Express Personal Card (from S$120 to S$121.12)

American Express Platinum Card. (Source: Amex Singapore website)

• The American Express Singapore Airlines Krisflyer Credit Card (from S$176.55 to S$178.20)
• The American Express Singapore Airlines Krisflyer Ascend Credit Card (from S$337.05 to S$340.20)
• The American Express Singapore Airlines PPS Club Credit Card (from S$551.05 to S$556.20)
• The American Express Singapore Airlines Solitaire PPS Credit Card (From S$551.05 to S$556.20)
• The American Express Singapore Airlines Business Credit Card (from S$299 to S$301.79)

American Express Krisflyer Ascend Card. (Source: Amex Singapore website)

• The American Express True Cashback Card (from S$171.20 to S$172.80)
• The American Express Capitacard (from S$171.20 to S$172.80)

American Express Platinum Charge Card (Image source: American Express)

Previously, this space was dedicated to referral links for American Express credit cards. As mentioned in my blog update, I will no longer be providing referral links going forward. For readers seeking information on Singapore-issued American Express credit cards and their benefits, please refer to the website below: https://www.americanexpress.com/en-sg/ 

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