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? – January 2021 update
If you are looking to apply for a new credit or charge card, here are our January 2021 recommendations based on the current sign-up bonus.
British Airways American Express
5,000 Avios for signing up, no annual fee and a companion voucher for spending £20,000 Read our full review
British Airways American Express Premium Plus
25,000 Avios and the UK’s most valuable credit card perk – the 2-4-1 companion 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
30,000 points and an unbeatable set of travel benefits – for a fee Read our full review
Virgin Atlantic Reward+ Mastercard
15,000 points bonus and the most generous non-Amex for day to day spending 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:
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
American Express Business Platinum
40,000 points sign-up bonus and a long list of travel benefits Read our full review
British Airways Accelerating Business American Express
Earn both Avios and BA On Business points with your business spending Read our full review
Capital On Tap Business Rewards Visa
The most generous Avios Visa or Mastercard for a limited company Read our full review
Disclaimer: Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points and do not consider interest rates, service levels or any impact on your credit history. By recommending credit cards on this site, I am – technically – acting as a credit broker. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority to act as a credit broker.