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Don’t redeem American Express Membership Rewards points for cash credit, even with a bonus

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American Express has been emailing Gold and Platinum cardholders this week with a ‘special’ offer.

If you redeem your Membership Rewards points for statement credit by 31st March, you can get a 20% bonus.

To be fair to Amex, they are very upfront about what you get.  The email makes it very clear, in an example, that you’ll now get £27, rather than £22.50, if you redeem 5,000 Membership Rewards points for statement credit.

To save you getting your calculator out, you are getting 0.54p per point.  This is terrible.  At least, it is terrible for anyone who reads HFP and knows how much value you can get out of them with travel partners.

If you read my article on the best uses of Membership Rewards points, you’ll see that 1p per point is achievable via travel rewards.

The only possible upside from this offer is that a lot of non-HFP readers might take advantage, pushing down Amex’s average cost per Membership Rewards redemption.  This would make it less likely that they will need to cut the more expensive travel rewards ….

(Want to earn more miles and points from credit cards?  Click here to visit our dedicated airline and hotel travel credit cards page or use the ‘Credit Cards Update’ link in the menu bar at the top of the page.)