This is the same offer which was made available to holders of the personal Platinum card earlier in the year. A similar, poorer, version is now running for Preferred Rewards Gold cardholders who are offered a 50% bonus, or 0.675p per point – our article is here.
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 points. This is surprisingly good.
The offer runs until 18th November so you have plenty of time to take part.
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. Go to your American Express account and select ‘Use Points for Purchases’ on your Business Gold or Business Platium card home page.
You are taken to a page like this, from my Business Platinum card. Select an individual transaction (click to enlarge):
As you can see, I am offered a rate of £9 per 1,000 points.
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.
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.
When does this offer end?
The offer runs until 18th November.
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.
If you want to find out more about Amex Business Gold and Amex Business Platinum, links to our reviews are below. You qualify for a sign-up bonus if you haven’t had a Membership Rewards points card in the past SIX MONTHS. (Yes, the rule is six months and not 24 months for the Business cards.)