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

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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? – November 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:

Barclaycard Avios Plus card

Barclaycard Avios Plus Mastercard

25,000 Avios for signing up and an upgrade voucher for spending £10,000 Read our full review

Barclaycard Avios card

Barclaycard Avios Mastercard

5,000 Avios for signing up and an upgrade voucher for spending £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.

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 & four airport lounge passes Read our full review

The Platinum Card from American Express

30,000 points and unbeatable travel 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 £200 Amex Travel credit every year 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.

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.

  • JAMES says:

    I saw this £9 per 1,000 redemption on the app last night and wondered what it was about. As I’ve made quite a few Amazon purchases over the past 2 weeks I have to admit I presumed it was just an Amazon spend offer as I didn’t look closer.

    • JAMES says:

      Annoyingly my horrendous £575 fee hit me on the 13th and as such has just been paid otherwise I would be wondering whether I could pay the annual fee with MR points !!!

      Anyone able to tell, out of curiosity.

      • Jamesay says:

        Technically you don’t pay the annual fee with MR. Last month I asked. What they do is give you a credit on your card for what the points are worth.

  • JAMES says:

    Can I use 64k MR points to pay my obscene £575 card fee ?!

    In addition to that, can I get the same retention offer from AMEX that many German holders seem to be getting of over 41k MR points when they call to drop to the free card because most of the Plat benefits are currently unusable ?
    If not, why not ?! Surely if Amex offer that to German holders they must offer it to British holders as we’re in the EU and citizens are meant to be treated the same !!!!!

    Cheers.

    • JohnG says:

      Alas it wasn’t a bad dream, we haven’t been in the EU since the 31st January. Though I’m sure if you got the German card then you’d be treated the same.

    • jamesj says:

      I pay my Amex monthly, £48 which is a bargain as I frequently use the travel benefits. If you thought it was obscene why do you have it? Okay there’s a month or two with no travel, but hey, bigger things to worry about.

      • Genghis says:

        Out of interest, have you priced up what it would cost to replace the ongoing Amex Plat benefits (e.g. travel insurance, car insurance, PP) in the open market? I have and it’s not worth it, for me.

    • Lady London says:

      Why pay th fee at all. Even if you’ve paid it or comes back to you or rata if you cancel or downgrade.

      Take the MR cashin as well if you want to bet on being given better rates soon for spending since cash is a ‘bird in the hand’.

  • Jamesay says:

    Unlikely Amex Platinum will offer triple or double points in U.K. we are always last to get such offers or more often than not ignored. #ripoffbritain

    • Freddy says:

      I don’t even double/tripe points would make the plat card good value at the moment

  • Jonathan says:

    @Rob, an offer is also available on the Plat ICC – I just checked my account and it is showing 9Euro per 1,000 points, not as good as 9GBP but still better than normal.

  • Cheshire Pete says:

    I’m sure like a lot of people, my Credit card spend is way down, due to lockdown. Just a few transactions online for Amazon. I’ve mostly had credits this month on my BAPP card from like likes of BA, Avanti West coast, and Manchester airport. Funnily enough I had a fully flexible HEX return with an unused return portion which ran out in early April, but on trying to get a refund they said I had to call. But I couldn’t be bothered waiting in a queue. I digress! My point is the transaction fees must be way way down for Amex and the others too. Must be hitting them in some way. I also cancelled my Platinum when the ridiculous new charge kicked in for me in January. I wonder if they’ll change their policy of this, as the cancellations of this card must be really high now……

  • Daniel says:

    On my German Amex Plat Private (not business) I’m seeing this: “ Zahlen mit Punkten Promo125 MR Points = 1 Euro” so 8 EUR for 1000 MR points – apparently that is the promo. The UK one seems to be 35% above that at 9 GBP (11 EUR) for 1000 MR

    • Rob says:

      France is €10. However there may be differences in earn rates.

      • Lady London says:

        so 10 EUR is close enough to 9 GBP right now. But think you’re right Rob I believe France MR accrual rates are quite bad from when I had a quick squizz at the Air France Amex

        40,000+ bonus MR points for spending tiny amounts, as DE and US have been offered, is much more worthwhile and satisfactory to our gaming instinct.

  • Iain says:

    As regards the Nationwide insurance, the big advantage for me was that the company providing the insurance covered pre-existing medical conditions for a reasonable price and lower than specialist insurers who qouted approx 3-4 times as much. I had tried with Amex Plat, Axa and Tesco who I had cover with and they would not extend the cover so Nationwide for me

  • luckyjim says:

    So, it’s now easier than ever to cancel your platinum card. You don’t even need to faff about applying for a free Amex card to hold the outstaying MR balance.

    Strange business decision imho.

    • Neil Spellings says:

      I’m going to do exactly this..cash out my MR balance against my remaining balance and close my Platinum card as I doubt I’ll be travelling again for 6-12 months and get a pro-rata refund of the fee

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

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