American Express Canada & U.K. Offering Increased Cash Redemptions For Platinum Cardholders

American Express is offering Platinum cardholders in Canada and U.K. increased value when redeeming membership rewards points for cash.

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.

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  • @will I have the Canadian platinum card, there are two promotions. First its 2 MR per dollar, and 6 MR for dining, second each point is worth 2 cents. Effectively its 4% back on all regular spend and 12% on dining.

  • I recently called to get a retention offer and they offered to let me use 55000 MR to pay for my annual fee.

  • 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)?

  • 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.

    • LOL maybe they should set the rate to the exchange rates published by 'THE POINTS GUY' every month to be fair;)