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 points from credit cards? – October 2022 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 February 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:
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.
EDIT: Until 25th October 2022, there is an exceptionally generous sign-up bonus on The Platinum Card. You will receive 60,000 Membership Rewards points – double the usual amount – and £200 to spend at Amex Travel. You need to spend £6,000 within six months to earn the bonus.
British Airways American Express Premium Plus
25,000 Avios and the UK’s most valuable card perk – the 2-4-1 voucher Read our full review
American Express Preferred Rewards Gold
Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review
The Platinum Card from American Express
60,000 points (SPECIAL OFFER), £200 travel credit and unbeatable benefits – for a fee Read our full review
Virgin Atlantic Reward+ Mastercard
15,000 points bonus 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
40,000 points sign-up bonus and a long list of travel benefits Read our full review
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
British Airways Accelerating Business American Express
30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review
Capital On Tap Business Rewards Visa
10,500 points bonus – the most generous Avios Visa for a limited company Read our full review
For a non-American Express option, we also recommend the Barclaycard Select Cashback card for sole traders and small businesses. It is FREE and you receive 1% cashback on your spending.