Maximise your Avios, air miles and hotel points

EXTENDED: American Express will pay you 0.675p 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 extended its 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.

50% Amex Gold bonus when you pay with points

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.

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.  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 or Green cards.

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 was originally due to run until 1st October.  It will now end on 21st 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.

Comments (3)

  • Andrew says:

    And right on cue, as we head on into more uncertain times, another £100 from Amex for Platinum members to spend on shopping at selected retailers. This time they haven’t messed it up and seems to be just on the primary card. And also no need to exploit the Waitrose gift card for John Lewis loophole as John Lewis is included. It would have been nice to have a higher MR burn rate like Gold are getting too though.

    • Allan says:

      Good timing Just after I called them yesterday and tried to cancel. 35,000 for that and then this makes it palatable to keep the card.

  • james ware says:

    no flights to Dublin till the 1/10/2020 on British Airways from any London Airport

Leave a comment

Your email address will not be published. Required fields are marked *

Please click here to read our data protection policy before submitting your comment