Maximise your Avios, air miles and hotel points

Got Amex Gold? American Express will pay you 0.675p CASH for your Membership Rewards points.

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American Express has launched an interesting offer for holders of the Preferred Rewards Gold credit 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 £6.75 per 1,000 Membership Rewards pointsIt isn’t amazing but it certainly isn’t dreadful.

In effect, Amex will buy your points off you for 0.675p each.

It isn’t as good as the recent 0.9p per point offer that was offered to holders of The Platinum Card.  However, at 0.675p, you might want to think about it.

50% Amex Gold bonus when you pay with points

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.

As you can see, taking 0.675p in cash via this new offer sits in the middle of this range.  You could do better but, of course, your current financial position might mean that 0.675p in cash is more welcome.

Amex Gold pay with points bonus

Is Amex really offering 0.675p 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 Preferred Rewards Gold home page.

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

Amex Gold 50% bonus on pay with points

As you can see, I am able to wipe out a £10.50 Gett taxi ride charge for 1,553 points.  This is 0.675p per point, so 50% higher than the standard rate.

This deal is NOT available on Platinum cards.  I don’t have access to a Green account to test it.

Should I redeem my Membership Rewards points for 0.675p each?

That’s not for me to say, of course.

Based on my valuations above, I would definitely take 0.675p in cash instead of turning my American Express points into Club Eurostar, Nectar or Hilton Honors points.  It is marginal for Marriott Bonvoy.

This is NOT because these schemes are bad, but because the transfer rate is not generous enough.  I also need to reduce my Club Eurostar rate to reflect the devaluation which was announced yesterday.

The decision is a lot less clear for Avios and other airline miles.  Here are the American Express airline transfer partners, all of which are 1:1.  If used sensibly, you should get A LOT more than 0.675p per airline mile – hopefully 1p+ if you spend them wisely.

If your end goal was to use your Membership Rewards points for Avios, I would stick with that plan.  Don’t bail out for 0.675p of cash, unless your current financial situation means that it makes sense.

When does this offer end?

The offer runs until 1st October.

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.

Comments (39)

  • Sundar says:

    Wow, clear differentiation for Plat versus Gold value-wise. Amex seem to have a good thought process going !

  • Peter K says:

    Not on the Gold Business card sadly. Still 0.45p per point.

  • LewisB says:

    Has anyone had any offers off Amex to not cancel their Gold due to covid? My free year is up on the 27th August.

    • BS says:

      Nope, and tried Brighton. They were very nice, but said there was nothing, but it was worth checking back in a few weeks as everything constantly changing

    • TGLoyalty says:

      Yes was given 10k but I’d clearly spent next to nothing on that card since lockdown

  • Baji Nahid says:

    I also wonder if anyone has managed to get any retention bonus for the amex gold card as I am considering to cancel my card.

  • Dave Barron says:

    Yes showing on my PRGC (Charge card). I’m sitting on around 100k points and with no plans to travel for a while it is tempting – don’t think I’d hesitate if the valuation was 0.9p per point as it recently was for platinum. Out of curiosity is the 0.9p rate still offered for platinum holders? If I upgraded back to platinum would I be likely to get the higher rate?

    • Rob says:

      No, it ended a couple of weeks ago.

      • Dave Barron says:

        Thanks for reply Rob.

        • Dave Barron says:

          Hoping I don’t live to regret it but just cashed out around 30k of my 100k MR points on this. With no imminent travel plans and no need to convert to Avios or Virgin anytime soon I thought why not – the majority of my points came from Amex Referrals anyway so I’m seeing this as free money! Ultimately I take the view there’s no right or wrong to this and currently I can afford to lose some points.

  • Dominic says:

    Didn’t they recently buy Avios at a price less than this? If so, would it not make more financial sense to encourage redemptions for Avios (OK, I’m just wishful!).

  • Bob says:

    Have an introductory 0% interest free period which ends at the end of Aug on my ARCC, likelihood of Amex extending it on request due to covid? did call but they advised to call back in a week or two nearer to the time.

  • Nath says:

    I’ve just received an email from Amex about this and says it runs 6th August to 1st October.