A couple of days ago I posted 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 …..!