American Express is offering Platinum cardholders in Canada and U.K. increased value when redeeming membership rewards points for cash.
- U.K. is offering 0.9p per point (~1.23¢ USD)
- Canada is offering $20 per 1,000 points (~$14.12 USD or 1.412¢ per point)
U.S. cardholders can already cash out points for 1.25¢ per point if they hold the American Express Charles Schwab Platinum. I think a lot of cardholders would jump on an increased cash out rate, but I’m not sure that we will see one.
India has an increase as well. Doubled there: https://livefromalounge.com/amex-membership-rewards-double-points/
Btw, there is a major Amex Shutdown of ‘churners’ currently in Canada
I recently called to get a retention offer and they offered to let me use 55000 MR to pay for my annual fee.
Good for you, without the retention 55000 points can only cover $330
Can we change the title to “Math arguments”
How many Canadian dollars can two African swallows carry in one coconut?
Very cool. If the Schwab-Amex relationship ever falls apart (like it did w/ Mercedes & Ameriprise), I’ve wondered if Amex would increase the redemption rate for cash to *at least* 1¢ per point (currently it’s 0.6¢ per point…quite awful). Chase already allows for the 1¢ per point cash out on the Reserve / Preferred and others … Citi allows for it if you have the Prestige Card … US Bank offers it on the Altitude Reserve and others … etc. Amex is one of the few remaining to offer a very poor points-for-cash redemption. Would be great to see an improvement in the US that remains longterm.
So a few questions…
What did the UK and Canada have an option to cash out previously versus this promo rate–meaning what was the old rate versus this new rate? I’m wondering if there is any chance of that happening in the US for non-schwab Plat cardholders. I’m not saying I’d jump on it, but it’d be cool to know there are easy and decent-value cash-out options available in this unpredictable economic environment.
Can anyone explain why other countries have a cash-out options but not the US (Schwab excluded)?
See above comment for old rates: https://www.doctorofcredit.com/american-express-canada-u-k-offering-increased-cash-redemptions-for-platinum-cardholders/#comment-961671
“Can anyone explain why other countries have a cash-out options but not the US (Schwab excluded)?”
What are you talking about? Non-Schwab US cardholders do have the option of cashing out at 0.6 cpp. So if Amex US were to double that, I can see 1.2 cpp being quite attractive to many non-Schwab cardholders (as evidenced by several comments here already).
I would be perfectly happy to get 1 cpp USD/MR. Can’t get a platinum right now and don’t want to go thru the hassle of gift card reselling. I don’t travel either.
To be fair, they should do 1.5¢ per point in the US
LOL maybe they should set the rate to the exchange rates published by ‘THE POINTS GUY’ every month to be fair;)
say 1.412 cpp is a bit weird, because you earn points base on spending in CAD not USD.