Up to Double Value (1.2¢) When You Cover Amex Charges with Points
Update (Apr. 12, 2021) – This offer is back again. Check your American Express Membership Rewards accounts and hopefully you see the option to redeem your points at a greater value than the usual 0.6 cents a piece. (HT: Odie_Arbuckle)
American Express has one of the best rewards programs out there. They have tons of cards that earn American Express Membership Rewards points and they are all pooled together into one account. You can redeem points in the following ways:
- Transfer to Travel Partners such as Hotels and Airlines
- Book Travel Directly
- Statement Credit
- Cash out with Schwab brokerage account for 1.25¢ (need Amex Platinum Card for Schwab)
- Gift Cards
- Pay with Points at Checkout
- Learn more about the Membership Rewards program
The best value for your points is to transfer them to travel partners. Statement credits and Pay with Points is the worst value possible with just 0.6¢ per Membership Rewards point. But now some cardholders are seeing a big added bonus that makes your points twice as valuable when you cover your charges with points. That means that if you are targeted, you can redeem points for a value of 1.2¢. So 10,000 points for example, will cover a $120 charge, instead of just $60.
With this bonus it can make sense for some to redeem Membership Rewards points for purchases. Unlike Chase Pay Yourself Back, the option is available for all purchases, and even on cards that have an affordable or no annual fee. Take a look at your Membership Rewards accounts and see if you see this improved redemption option.