Update on my ‘5,000 Membership Rewards points for £100 FX transfer’ experiment

A couple of days ago I wrote about American Express’s new promotion of 5,000 Membership Reward points for making a £100 foreign exchange transfer.

At the time, I posted:

I am trying a little experiment which, if it works, you can try later.

MBNA credit cards (bmi, American Airlines, United etc) accept payment by IBAN – ie, by a payment to their International Bank Account Number.  If you search the FAQ on the MBNA credit card site it will give you the account details.

I have done a £105 payment in Euro to my bmi credit card account, which MBNA will automatically convert into Sterling.

Now, does this count as a foreign payment?  It is, after all, going to a UK bank account.  However, the payment is in Euro and went to an IBAN, not a standard account number.

We will see.  Hopefully the 5,000 MR points will post before 31st December, which would give you the chance to try it as well before the offer closes.

Well, the first part of the experiment has worked.

I sent £105 (in Euros) via the American Express foreign exchange website to my MBNA bmi credit card account.  I used the IBAN number on their website.

A few days later, a credit of £102.15 has appeared on my MBNA online credit card statement.

My total cost has therefore been £12.85 – ie the £2.85 FX loss taken by MBNA plus the £10 Amex fee.

So, if the transfer does work for the purposes of this promotion, I will have earned 5,000 Membership Rewards points for £12.85.  Given that those are worth 5,000 Avios or plenty of other things, it will be a good deal.  However, I need to wait some weeks to see if the points post …..

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Want to earn more points from credit cards? – April 2025 update

If you are looking to apply for a new credit card, here are our top recommendations based on the current sign-up bonuses.

In 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.

You qualify for the bonus on these cards even if you have a British Airways American Express card:

Barclaycard Avios Plus Mastercard

Get 25,000 Avios for signing up and an upgrade voucher at £10,000 Read our full review

Barclaycard Avios Mastercard

Get 5,000 Avios for signing up and an upgrade voucher at £20,000 Read our full review

You can see our full directory of all UK cards which earn airline or hotel points here. Here are the best of the other deals currently available.

SPECIAL OFFER: Until 27th May 2025, the sign-up bonus on the ‘free for a year’ American Express Preferred Rewards Gold card is increased from 20,000 Membership Rewards points to 30,000 points. Points convert 1:1 into Avios (30,000 Avios!) and many other programmes. Some people may see even higher personalised offers. Click here to apply.

SPECIAL OFFER: Until 27th May 2025, the sign-up bonus on American Express Platinum is increased from 50,000 Membership Rewards points to a huge 80,000 points. Points convert 1:1 into Avios (80,000 Avios!) and many other programmes. Some people may see even higher personalised offers. Click here to apply.

American Express Preferred Rewards Gold

Your best beginner’s card – 30,000 points, FREE for a year & four airport lounge passes Read our full review

British Airways American Express Premium Plus

30,000 Avios and the famous annual 2-4-1 voucher Read our full review

The Platinum Card from American Express

80,000 bonus points and great travel benefits – for a large fee Read our full review

Virgin Atlantic Reward+ Mastercard

18,000 bonus points and 1.5 points for every £1 you spend Read our full review

Earning miles and points from small business cards

If you are a sole trader or run a small company, you may also want to check out these offers:

American Express Business Platinum

50,000 points when you sign-up and an annual £200 Amex Travel credit Read our full review

American Express Business Gold

20,000 points sign-up bonus and FREE for a year Read our full review

Capital on Tap Pro Visa

10,500 points (=10,500 Avios) plus good benefits Read our full review

Capital on Tap Visa

NO annual fee, NO FX fees and points worth 1 Avios per £1 Read our full review

British Airways American Express Accelerating Business

30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review