Should You Upgrade or Downgrade Your Credit Card? A Critical Look at the New American Express KrisFlyer Cards

If you’re evaluating whether to upgrade or downgrade your credit card, or maybe make a switch altogether, the recent offerings from American Express (Amex) in Singapore tied to the KrisFlyer programme of Singapore Airlines deserve your attention. They stake a claim to simplifying mile-earning, affording travel perks, and hooking you into the airline’s loyalty ecosystem. But is the cost, effort and commitment really worth it? From a user-POV we’ll walk you through: why choose Amex & specifically the new Amex-KrisFlyer cards, how they differ from other cards, what people are saying, what extra benefits you get, how the cost makes sense (or not), hidden charges to watch out for, and whether the insurance/medical cover is meaningful.

Why choose Amex — and especially the new Amex KrisFlyer cards?

If I were in your shoes (looking to upgrade or downgrade), here are the main reasons I’d consider these cards:

Seamless integration with KrisFlyer

One of the big draws: the miles you earn via the card go straight into your KrisFlyer account without you having to convert points manually. For someone loyal to Singapore Airlines (or intending to be), this removes a layer of friction.

Attractive welcome offer for new-to-Amex

For example, the standard Amex KrisFlyer Credit Card currently offers up to 11,000 KrisFlyer miles for new customers who meet certain spend criteria. That’s compelling if you can hit the required spend early.
In short: if you’re upgrading from a lower-tier card (or switching from a different issuer), you might capture that bonus.

Targeted for frequent flyers / SIA ecosystem

Since these cards are co-branded with Singapore Airlines, the value proposition is greatest for people who:

• Fly SIA (or its partner carriers) or use KrisShop, etc.

• Want to accumulate KrisFlyer miles rather than generic reward points.

• Value or intend to derive benefits from the SIA ecosystem (air travel, lounges, upgrades, etc.).
  So if your spend and travel behaviour align, the card fits.

Prestige, perks and partner network

Amex historically offers premium service, access to offers, travel/lifestyle benefits. The fact you are in the SIA-KrisFlyer world gives extra cachet. As one review put it: “The Amex KrisFlyer Credit Card is the only entry-level Amex card I can think of with an easily-waivable annual fee… so if enjoying Amex Offers is your goal, then this would be the right card to do it.”
Thus, if you value brand/premium service, Amex delivers more than a run-of-the-mill card.

How the new Amex KrisFlyer cards differ from other cards

From a comparison standpoint, here are the relevant differentiators:

• Co-branding with KrisFlyer/SIA: Unlike many generic miles or cashback cards, this one ties directly to SIA/KrisFlyer. That means your miles are “on-brand” if you travel with SIA.

• Miles accrual structure: For the base Amex KrisFlyer Card the earn rate is 1.1 miles per S$1 on general spend, and 2 miles per S$1 for Singapore Airlines, Scoot or KrisShop purchases. Other cards in the market might give higher rates on general spend or foreign spend (or easier tier upgrades). Indeed, one review pointed out that “the earn rates… are just painfully bad compared to the competition.”

• Fee structure & first-year waiver: For instance, the base card has an annual fee of S$179.85 (incl. GST) but the first year is waived for new-to-Amex customers.Many other cards offer no annual fee or very low fee, so you’re comparing value differently.

• Travel / upgrade privileges tied to SIA tiers: Some higher-tier variants (KrisFlyer Ascend, PPS variants) offer accelerated upgrades to KrisFlyer Elite Gold, complimentary night stays, foreign spend vouchers etc.

• Direct miles credit vs points conversion: With this card, miles are credited directly to your KrisFlyer account — you avoid having to convert from generic points or pay transfer fees.

• Hidden/tricky parts: As mentioned, though the earn rate on SIA spend is decent, the general spend earn rate is mediocre compared with best-in-class non-SIA cards. So if your spend is mostly everyday and not SIA specific, you may find better value elsewhere.

• User sentiment is mixed: On one hand people love the integration with KrisFlyer; on the other hand some reviews are blunt: “Take it or leave it” for the base card.

In short: this card is great if your spend pattern matches what it rewards (SIA, KrisShop, travel), less great if your spend is generic and you simply want “miles everywhere”.

User Sentiments: What people are really saying

From the reviews and commentary:

Positive feedback

• Users appreciate the hassle-free miles crediting into KrisFlyer (no conversion) which is a time saver and reduces friction.

• The welcome bonus (if you hit it) gives immediate value.

• The first year waived fee makes the “entry cost” low.

• For those loyal to SIA and travel often, the co-brand card makes sense.

Critical feedback / caveats

• Many reviewers point out that the earn rate on general spending (1.1 mpd) is weak compared to other competitive cards. For instance:

  “the AMEX KrisFlyer Credit Card’s earn rates are just painfully bad compared to the competition.”

• Some mention the foreign currency (FCY) fees and lower benefit on FCY spending make it less attractive for frequent overseas spenders. (Example: the FCY fee is 3.25%. )

• The travel-insurance coverage, while present, lacks in certain areas (notably medical expense cover). For example:

  “There is no coverage for medical expenses, nor medical evacuation.”

• Because other cards have improved earn rates and benefits, the “premium” of paying an annual fee for this card needs justification. Many users say: Unless you are optimizing the SIA spend and perks, you might be better elsewhere.

My summary impression

If I were the user: If I fly SIA often, use KrisShop, value the SIA ecosystem and am willing to commit to the spend patterns, I’d consider this card strongly. If instead I spend broadly across categories (groceries, everyday, overseas general), I might downgrade or switch to a card offering higher general earn rates and lower/no fee.

How the cost actually makes sense (or doesn’t)

When evaluating the cost vs benefit, from the perspective of “should I pay for this card vs a free-membership card”, here’s how I’d think:

Entry cost

• The base Amex KrisFlyer Credit Card has an annual fee of S$179.85 (including 9% GST) after the first year.

• First year is waived for new-to-Amex customers. So your real “cost” comes from year two onward, unless you cancel.

• If you pay the fee, you need to extract enough value (miles + benefits) to justify that.

Value you can reasonably extract

• The welcome bonus: Getting 11,000 miles may equivalently be worth say S$200-plus depending on how you redeem. That alone covers the first year effectively.

• The S$150 cashback trigger (S$12,000 spend) may add incremental value.

• If you mostly spend on SIA, KrisShop, etc, you get 2 mpd on those categories; that helps accelerate return.

• If you use Amex Offers (which could be substantial discounts / bonus miles) you may get even more marginal value.

• So if you spend enough and exploit the travel benefits, you might get return > annual fee.

Where it doesn’t make sense

• If your spend is mostly everyday groceries, petrol, offline domestic general spend (i.e., no elevated multiplier) you may earn only 1.1 mpd. If you compare to alternative cards offering say 1.3-1.4 mpd or better, you’re losing relative value.

• If you don’t make the S$12,000 spend to unlock the S$150 cashback, then you’re losing part of the value.

• If you don’t fly SIA / use the KrisFlyer ecosystem, the co-brand benefits might not translate to real value.

• If you pay interest (i.e., carry a balance) the high interest rate (see later) kills any miles value quickly.

My rule-of-thumb as a user

As someone choosing to upgrade: I’d model: “Annual fee – expected redemption value + other benefits (cashback, lounge access, upgrades) – alternative card benefits.” If that net is positive by a comfortable margin, I upgrade; otherwise I downgrade or switch to no-fee card.

In plain terms: If I can realistically earn say 2 mpd on SIA spend + 1.1 mpd on general + use S$150 cashback + use other travel benefits, then paying ~S$180 may make sense. If instead I’m earning only 1.1 mpd and not using SIA benefits then it's likely a downgrade candidate.

Hidden charges and things to watch

From a user POV these are the caveats I’d watch carefully:

• Foreign Currency Transaction (FCY) Fee: For Amex cards in Singapore, this is 3.25% for foreign-currency transactions. If you travel/ spend overseas frequently, the FCY fee eats into your value.

• Interest Rate: If you carry a balance, interest rate is high (27.8% p.a. for purchases) for this card. singsaver.com.sg So the “value” of miles is destroyed if you don’t pay in full.

• Annual Fee in Year Two Onwards: The first‐year waiver is tempting, but you need to be ready for fee renewal (and possibly increased rates). If you don’t cancel, you pay. Some users suggest cancelling if you cannot justify the second-year fee.

• Spend thresholds to unlock certain benefits: For example, the S$150 cashback requires S$12,000 spend in a defined period. If you don’t meet that, you lose that benefit.

• Miles earn rate limitations: The general spend earn rate is relatively low (1.1 mpd) compared to specialty/high-earner cards. So if your spend is not focused on SIA/KrisShop/Grab etc you might not get high return.

• Insurance coverage gaps: Although travel inconvenience is covered, some important items like medical expenses or evacuation might not be included in the base card’s insurance. E.g., a review mentions: “There is no coverage for medical expenses, nor medical evacuation.”

• Cancellation / retention rules: If you cancel the card soon after the bonus period, check whether any reversal of bonus miles or fee waivers apply (terms may vary).

• Redemption value variance: The miles you earn are only as good as how you redeem them. If award seats are restricted or you end up using miles for sub-optimal fares, the “value” drops.

• Supplementary card fees: While the first few supplementary cards may be waived, after that there may be costs. For example, base card supplementary fee is S$54.50 (first year waived) for first two supplementary cards.

• Opportunity cost: By committing to this card, you may miss out on other cards which give better general spend value (especially if your travel behaviour changes).

Why should you pay for a card when most cards offer free membership?

This is a very honest question and from a user POV: paying an annual fee only makes sense if the net benefits outweigh what you’d get on a free (no annual fee) card. Here’s why you might pay, and why you might not:

Why you might pay

• Because the card offers premium benefits that you would not get from zero-fee cards (e.g., elevated miles, travel perks, tier upgrades).

• Because you anticipate a high spend in relevant categories (SIA flights, KrisShop, travel abroad) that maximise the card’s advantages.

• Because you value the brand service, the prestige, the ecosystem of SIA/KrisFlyer and you want deeper integration.

• Because you’ll actively use the benefits (welcome bonus, cashback, partner offers, travel privileges) and thus extract value > fee.

• Because you see the card as an investment in your travel lifestyle rather than just everyday spend.

Why you might not

• If your spend pattern is mostly everyday (groceries, petrol, commuting) and you could get similar or better value with a free annual fee card with better general earn rate.

• If you don’t fly SIA often or don’t use the KrisFlyer redemption possibilities. Then the co-brand perks become irrelevant.

• If you can’t meet the spend thresholds for unlocking the bonus/benefits, then you’re paying for “potential” not “realised” value.

• If you tend to carry a balance, the high interest kills the benefit.

• If you prefer flexibility in redemption rather than being tied to one airline loyalty programme.

In short: Paid cards make sense only when you actively use and exploit the extra benefits; otherwise, free cards may provide better “bang per buck”.

Insurance / Medical Benefits — What you get, and what you don’t

From what I found examining user reviews and the product documents:

What you do get

• On the base Amex KrisFlyer Credit Card, you get travel inconvenience cover such as missed connection, baggage delay, extended baggage delay, flight delay. Example: “Missed connection: S$400; Baggage Delay: S$400; Extended Baggage Delay: S$1,000; Flight Delay: S$400.”

• There is accidental death or permanent disability cover of up to S$350,000 while travelling on public conveyance.

• For the higher-tier cards there may be richer travel insurance packages and lounge access etc (you’d need to check each variant). See the Ascend card benefits.

What you don’t get (or at least not well)

• Medical expense cover (for illness/injury abroad) or medical evacuation is not included for the base card. The review noted: “There is no coverage for medical expenses, nor medical evacuation.”

• Cover is contingent on booking your flight or travel with the card (or at least paying the ticket with the card) — the terms may restrict what qualifies. A

• Some of the “nice to haves” like lounge access, comprehensive travel insurance, premium upgrade vouchers etc — may only be in higher-priced variants of the card (Ascend, PPS) rather than the entry one.

My take

If your key interest is travel insurance / medical cover, the base card is only “adequate” in the sense of mishap/flight delay coverage. But if you’re going abroad often and want robust medical/evacuation cover, you’ll likely need a supplementary standalone travel insurance policy, or opt for the higher-tier card. From my user-POV: don’t buy the card just for insurance unless the variant you pick explicitly includes strong medical cover.

Verdict: Should you upgrade/downgrade? My user POV conclusion

Putting all the above together, here’s how I would decide whether to upgrade (or choose this card) or downgrade (or switch away) — from my vantage:

I would upgrade or keep this card if:

• I fly on Singapore Airlines (or Scoot / KrisShop) frequently, or intend to in the near future.

• I have enough spend (particularly on SIA/KrisShop/Grab) to earn accelerated miles and unlock the bonus/benefits.

• I intend to use the welcome bonus and first year fee waiver, and realise value of benefits (cashback, offers).

• I am confident I will pay the balance in full each month (no interest) and avoid FCY fees badly eroding value.

• I value the prestige / airline loyalty ecosystem and want to deepen membership in KrisFlyer.

I would downgrade (or not choose) if:

• My travel is occasional, and I don’t derive meaningful benefit from SIA/KrisFlyer miles.

• My spending is mostly general everyday (groceries, petrol) and overseas/FCY, where other cards offer better rates or lower fees.

• I can’t or won’t meet the spend thresholds to unlock full value (bonus miles, cashback).

• I’m sensitive to costs and want no annual fee; or I prefer flexibility in redemption (not tied to one airline).

• I often carry a balance or have strong FCY exposure (because of the high FCY fee + lower general earn rate).

My decision for a “downgrade” scenario:

If I’m paying ~S$180 annual fee (after first year) and I realise only 1.1 mpd on most of my spend (which might give maybe 1,100 miles per S$1,000), then I’d calculate how much “miles value” that gives me, versus a free card giving say 1.3-1.5 mpd. If the differential is small, the extra fee isn’t justified. Over time, if I changed spending pattern (less SIA) I’d move out.

My decision for an “upgrade” scenario:

If I foresee my spend increasing, flights booked with SIA go up, and I can extract serious value from the miles + perks + offers, then paying the fee is an investment into the travel lifestyle.

Final thoughts

In essence, the new Amex KrisFlyer cards are very good for a targeted audience — SIA loyal flyers with spend patterns aligned to the card’s strengths. For that user segment, the integration, welcome bonus and ecosystem benefits make it compelling.

For everyone else (general spender, occasional traveller, low SIA usage) the card is less well-suited. The annual fee, mediocre general spend earn rate and hidden costs (FCY fee, interest if balance carried) weigh against it. For such users, downgrading to a no-fee or lower‐fee card and using a separate travel-oriented card or miles card might make better sense.

Written by Tommy Thounaojam ( key editor for Micromunch)