Maximise your Avios, air miles and hotel points

American Express will pay you 0.9p CASH for your Membership Rewards points

Links on Head for Points may pay us an affiliate commission. A list of partners is here.

American Express has launched a very interesting offer for holders of The Platinum Card.

If you use your points for statement credit (ie reducing what you owe next month by redeeming points) you would usually receive a pitiful £4.50 per 1,000 points.

This new offer is worth £9 per 1,000 Membership Rewards pointsThis is surprisingly good.

What are Membership Rewards points worth?

Here is my core article on the best uses of American Express Membership Rewards points.

Here is a summary of my valuations:

0.75p – 1.5p per point (estimate, 1:1 ratio) – airline miles

1p per point (estimate, 1:3 ratio) – Radisson Rewards hotel transfers

0.75p per point (estimate, 2:3 ratio) – Marriott Bonvoy hotel transfers

0.66p per point (estimate, 1:2 ratio) – Hilton Honors hotel transfers

0.66p per point (estimate, 15:1 ratio) – Club Eurostar points transfers

0.5p per point (guaranteed, pseudo-cash) – retailer gift cards

0.5p per point (guaranteed, pseudo-cash with potential for upside) – Nectar points

0.45p per point (guaranteed, pseudo-cash) – taking Amazon credit

Read my article on the best Membership Rewards transfers to see how I justify these numbers.

Is Amex really offering 0.9p per point for statement credit?

Yes it is.  It is NOT advertised yet.  However, go to your American Express account and select ‘Use Points for Purchases’ on your Platinum Card home page.

You are taken to a page like this.  Select an individual transaction (click to enlarge):

As you can see, I am offered a rate of £9 per 1,000 points.

This deal is NOT available on Business Platinum and Preferred Reward Gold cards unfortunately, or at least not the ones in my house.  It only shows on my Platinum card.

Should I redeem my Membership Rewards points for 0.9p each?

That’s not for me to say, of course.

However, as you can see from my numbers above, the bulk of transfers are worth LESS than 0.9p per point.

I would definitely take 0.9p in cash instead of turning my American Express points into Eurostar, Marriott Bonvoy, Radisson Rewards or Hilton Honors points.

This is NOT because these schemes are bad, but because the transfer rate is not generous enough.

(Hilton is currently selling Hilton Honors points with a 100% bonus, which works out at 0.4p each.  The link is here, the offer runs to 27th May.  Instead of converting Amex points to Hilton Honors at 1:2, it is cheaper to buy Hilton points on your Platinum card and use your Amex points to settle the bill via a statement credit!)

The decision is more marginal for airline miles.  Here are the American Express airline transfer partners, all of which are 1:1.  If used sensibly, you should get more than 0.9p per airline mile.  However, you won’t get SUBSTANTIALLY more than 0.9p per mile and cash in the bank may be more useful to you at the moment.

You should also remember that there are many opportunities throughout the year to buy Avios at around 1p to 1.1p per point.  Transferring from Amex at 1:1 into Avios is still a better deal than cashing out for 0.9p, but it is clearly more marginal at this level and the benefit of getting cash in your hand may be high.

My only thought is that, if this offer leads to a reduction in the flow of points to miles, and so a reduction in the money that the airlines are getting from American Express, some airlines may be tempted to offer a generous Membership Rewards transfer bonus to turn the tap back on.

When does this offer end?

It isn’t clear.  There are similar offers in France and Canada which are running until 20th July so it MIGHT match that.  I imagine that American Express will email everyone in the next day or so.

You can only redeem credit against actual purchases, so your maximum redemption is limited to the value of purchases you make before the closing date.

Amex France and Amex Canada are also offering Platinum cardholders double points on all of their spending for three months.  Let’s see if that part of the offer turns up in the UK.  If it does, the Platinum card will become the most rewarding card on the market!

Want to earn more points from credit cards? – December 2023 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:

Barclaycard Avios Plus 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 card

Barclaycard Avios Mastercard

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 9th January 2024, you will receive 30,000 Membership Rewards points (convertible to 30,000 Avios) with American Express Preferred Rewards Gold. You receive 25,000 points if you spend £3,000 in three months and a further 5,000 points if you hold the card for 15 months. You can apply here.

SPECIAL OFFER: Until 9th January 2024, you will receive a huge 100,000 Membership Rewards points (convertible to 100,000 Avios) with The Platinum Card. You receive 75,000 points if you spend £10,000 in six months and a further 25,000 points if you hold the card for 15 months. You can apply here.

British Airways American Express Premium Plus

25,000 Avios and the famous annual 2-4-1 voucher Read our full review

American Express Preferred Rewards Gold

Your best beginner’s card – 30,000 points (TO 9th JANUARY), FREE for a year & four airport ….. Read our full review

The Platinum Card from American Express

Crazy 100,000 points (TO 9th JANUARY) and a huge range of valuable benefits – for a fee Read our full review

Virgin Atlantic Reward+ Mastercard

15,000 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:

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

American Express Business Platinum

40,000 points bonus 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 Business Rewards Visa

Get a 10,000 points bonus plus an extra 500 points for our readers 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.

Barclaycard Select Cashback credit card

1% cashback and no annual fee Read our full review

Comments (126)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Allan says:

    If I cancel my platinum card, what happens the travel insurance for future trips (already booked but at risk of cancellation / disruption)?
    That’s the only thing making me stick with it for now.

  • John says:

    Just checked, there’s the same offer on Centurion: 1000 Points = £9

  • Jonathan says:

    I think Amex France have a substantially smaller number of cards on offer, I think about 3 at my last look

  • Harry T says:

    Like most people on HFP though, I’d never spend on the actual Platinum card due to the poor return.

    • Polly says:

      Actually, it’s been quite good recently with the 10% off at Morrison’s. Handy for petrol later on, and Waitrose, Amazon gift cards. So it’s a few £100 worth. But may still do a Bonvoy transfer yet.

      • Harry T says:

        Good point, Polly. I used the 10% at Morrison’s before, so my Plat didn’t get the same offer – appeared on my other cards instead.

      • Alan says:

        Not had 10% off at Morrisons for a while. Mind you I did push through a few k with it before Christmas 😉

        • Polly says:

          We did about 1k on that, still using those cards even now….

        • Polly says:

          And Morrisons reported one of their best ever Q4 profit runs. I did smile at that one, thinking how many Amex shoppers were in there with their 10% off cards the month of December….

  • No lockdown for moi says:

    I imagine that in the absence of so many cardholders redeeming MR points for Airline miles @0.8+p/ point, Amex are not so disagreeable to trialling giving them 0.9p/ point instead, as part of the reward program. & see how it goes.

    Not so different to the early iterations of Amex cashoback cards @1% (& indeed that’s what you can still get in the sign-up periods).

  • yorkieflyer says:

    But you need to have been spending on your Plat? Mine just sits in the draw.

    • Rob says:

      You’ve got 3 months. And if they offer double points on spend, as they are in Canada and France, then you’ll be desperate to spend on it.

      • marcw says:

        In Spain they are offering x3 MR Points as well.

      • Harry T says:

        I downgraded my Plat because I wasn’t using the travel benefits and they didn’t offer incentives to keep it.

        Even double points wouldn’t excite me, as there’s nothing to spend on but groceries during lockdown!

      • yorkieflyer says:

        Still better to spend on Mrs Yorkieflyers BAPP earning 1.5 avios per £1 and a 241 and keep the Plat in the draw for the Insurance benefits which i had been discounting but are becoming more valuable in Covid 19 times. For example Nationwide today confirmed that no cover whatsoever applies to new bookings after 18 March for Covid 19, One has to assume Medical besides the more obvious cancelation exclusion.

        • Lady London says:

          Sounds like taking insurance with a bank account is a waste of time paying for then. The only way I can imagine Nationwide and their insurer getting away with that change to ts and C’s when you signed up for bank account and insurance some time ago….would be if they can get away with saying the policy renews monthly.

          In which case it’s not even worth toilet paper. As anytime anything comes along they might have to pay out claims on existing policies for, they will just say it’s not covered. Oh, wait….

          Seriously if I had signed up for Nationwide account package including insurance I would expect cover to be continuous since the date I signed up. I would now be taking a very hard look at my account contract and the insurance contract to point out that the change was not structurally covered, not enough notice was given, to demand to be able to cancel that part of the account cost and have it refunded and my ongoing fee reduced etc.

          • JAMES says:

            They will have a clause which allows them to change the cover at any time. Or at least most do. Would be worth checking to see if Nationwide have made a mistake and not included that clause.

          • Adam says:

            Insurance is about covering unknown risk (or known risk if declared prior). Covid is now a very known risk and if someone decides to book travel given What we know then it makes sense (to me at least) that you couldn’t then claim against it.

            What I am interested in seeing is whether – when we come out of all this with vaccine or otherwise – that particular clause is removed again as hopefully we will be in a place where it is viewed in the same category as flu for which you may need treatment or be advised by dr against travel.

          • Will says:

            With respect to nationwide, I’ve now had 2 claims paid by them on that travel insurance that amex plat refused as out of policy. Both related to missed connections, one of which was due to the typhoon in Japan.

            Having said that I’ve also made 2 claims on amex car hire excess insurance which were paid with very little hassle.

            My plat is cancelled for now, see if I can persuade them to convert the outstanding 120k MR’s to cash on a Marriott amex balance.

      • JAMES says:

        Rob, is there any more news on Platinum retention offers in place ?

        I have read that in Germany quite a lot of Play holders calling up to drop to a free card were offered over 41,000 MR points.
        I’ve also read some others say they have been offered 20K and others say they were offered nothing.

        Is there a policy in place (to determine who gets what retention offer) ?
        Does it change per country ?
        If there is a policy for the UK, what is it ?!

        Or does it all just depend upon who is on the end of the phone when you call ?

        • John M says:

          I cancelled my UK Platinum Card last week, and wasn’t offered any incentive to stay. Up to that point I’d been putting a reasonable amount of spend through the card monthly and had over 130k MR points in the account (now linked to a Rewards Credit Card as a holding card until all this blows over), and I’ve been an Amex customer continuously for 15 years.

          The lady on the phone said that many other people had been doing the same thing, unsurprisingly.

        • Rhys says:

          Nope, still nothing official

        • Rum says:

          I downgraded my Plat In March just before the lockdown and around a month after the renewal fee hit. They offered me a Gold charge card which i accepted. In the time since the downgrade, my offers have been disappearing at an alarming rate. Literally had 30 offers saved and another 24 or so available to me. Now 6 saved and Only 3 available.

          I’ve also got the HSBC card now so using it a lot more as it’s a MC, but disappointed at HSBC for the downgrading of the level of insurance.

          Not sure it was the right thing to do downgrading. I only want it to retain my 100K plus MR points and any other benefits and/or offers that may come up, but otherwise agree the earning rate is rubbish. I also have BAPP which is my main card.

          • Bentoni says:

            Downgrade in insurance? What’s changed for the Premier Insurance?

            I didn’t get any emails about it.

          • Rum says:

            There was something on their website saying they’re excluding all Covid-related claims. I suppose Amex Plat is more comprehensive insurance in this sense…

        • Andrew M says:

          I believe the 41000 MR points is official Amex policy in Germany now for anyone who call and asks. That’s what an agent told my German friend yesterday.

        • Symon says:

          Doesn’t look like it. I cancelled on Monday and wasn’t offered anything, other than the option to pay to fee monthly.

      • Dezbez says:

        I was offered (& accepted) double points for 3 months on my vanilla BA card when I rang to cancel it a couple of weeks ago.

      • Chrisasaurus says:

        Spooky. ..

  • Alan says:

    Tricky. I agree not a bad deal at all, but I tend to mainly redeem by transferring to SQ KrisFlyer via my ICC Dollar card, which gets me an uplift (albeit not a much due to the weak GBP). SQ availability to Oz usually very good too.

  • UK_Ship says:

    They are doing the double points on spend here in Singapore as well until 20th July, as well as the double statement credit.

This article is closed to new comments. Feel free to ask your question in the HfP forums.

The UK's biggest frequent flyer website uses cookies, which you can block via your browser settings. Continuing implies your consent to this policy. Our privacy policy is here.