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)

Inspired by this post and want to apply for an American Express credit card? Apply through one of my referral links and receive either bonus Membership Rewards points or statement credit:

• The Platinum Charge Card: Use this referral link and receive up to 140,000 bonus Membership Rewards points when you apply and minimum spend criteria is met.
• The American Express Platinum Card: Use this referral link and receive up to 62,500 Membership Rewards points when you apply and minimum spend criteria is met.
• American Express Singapore Airlines KrisFlyer Ascend Credit Card: Use this referral link and receive up to 35, 000 Krisflyer miles when you apply and minimum spend criteria is met. 

Disclaimer: the views and opinions expressed on this page are that of Happy High Life and may not necessarily reflect the position of American Express. Happy High Life is not responsible for any decisions made by readers. The terms and conditions for each credit card's application and usage may be subject to change by American Express. Therefore, readers are recommended to check any matters with American Express or its partners; the list of all benefits of the Platinum Charge Card can be found here.

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