(Update: Some readers are seeing a 1 cent-per-point redemption option. Others are seeing the .86% rate, like me. Both are better than the standard .60% rate.)
I noticed today in my login that American Express is offering the option of redeeming Membership Rewards points to offset charges on the card at a better-than-usual rate. It works out for me to .86 cents per point. That’s instead of the usual .60 cents per point.
Not sure if this is available for everyone, more likely that it’s targeted. We’ve seen them offer some people as high as 1.20 cents-per-point redemption against charges in the past. Some get much more value from these point, and those who have the Schwab Amex Platinum can even get 1.25 cents easily. For others, this 1 cent or .86 cents per point might be useful.
Shame on Amex, They sent tax form for 1cpp every year……why don’t they count it as 0.6cpp?
I had 1 cpp showing earlier today and now it’s back to the regular .6 cpp. Thanks Amex for removing the temptation to devalue my own MR
for those who have the 1pt 1cent redemption and would like to give amex a big FU, redeem the pts as cc credit and dont use the card for 90 days. after 90 days, federal regulation z requires amex to cut you a reimbursement check for the full amount.
Damn. Does this consistently guarantee a refund check for the credit balance?
Amex will send a check if you have a negative balance and ask via chat. No 90 day wait necessary
It is a standard process for most card issuers to issue a check for a credit balance refund whenever you’d like. Chase even allows you to direct deposit it into a bank account. Here is how you request a check for a credit balance with Amex, no need to wait 90 days: https://www.americanexpress.com/us/customer-service/faq.credit-balance-refund.html
But where to find “redeem the pts as cc credit”? Mine shows: Cover your eligible charges .60, Shop with points .70, Redeem for gift cards .80, Transfer points, Redeem for travel, etc. “We’re sorry, you do not have eligible charges at this time.”
Sometimes chatting with them also works and they deposit it to the bank linked to your card when there’s negative credit available.
I only see .60 but let’s hope this becomes all users and is a permanent change (in 1,000 years when the annual fee is 1,000,000 Galactic coins).
Seeing the normal redemption value here
Not seeing anything close to that on any of my accounts. Verdict: FUCK YOU AMEX!!!!!
This guy is hilarious.
lol should change your username to include the word ‘fuck you’ hahahahahah
I think including (Professional MFer) in his name might be even more accurate.
🤡
I am seeing a measly 0.67 cents/points on my end lol
The bottom line is that anyone who redeems membership rewards points at that price should be flogged in the town square for their idiocy.
Recommendations?
Schwab or use them for travel, via transfer partners.
I agree with you, but some people don’t travel internationally and a lot of US routes can be had at great cash rates. Or some people may have just had lifestyle changes period where travel isn’t in their near future.
Possibly worth linking the site’s previous post about the rumored removal of the 1.25 cashout option for those on the fence or haven’t seen the post?
#Membership Week “deals” by Amex?