Maximise your Avios, air miles and hotel points

EXTENDED: American Express will pay you 0.675p CASH for your Membership Rewards points

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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.

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.

Want to earn more points from credit cards? – October 2021 update

If you are looking to apply for a new credit or charge card, here are our October 2021 recommendations based on the current sign-up bonus

You can see our full directory of all UK cards which earn airline or hotel points here.

The following offers will end soon:

  • 10,000 Avios on British Airways American Express (ends 2nd November)
  • 40,000 Avios on British Airways American Express Premium Plus (ends 2nd November)
  • 60,000 points on The Platinum Card from American Express (ends 2nd November)
  • 30,000 points on American Express Preferred Rewards Gold (ends 9th November)

Here are the top current deals:

British Airways BA Amex American Express card

British Airways American Express

10,000 Avios for signing up, no annual fee and an Economy 241 voucher for spending ….. Read our full review

British Airways BA Premium Plus American Express Amex credit card

British Airways American Express Premium Plus

40,000 Avios and the UK’s most valuable credit card perk – the 2-4-1 companion voucher Read our full review

Nectar American Express

American Express Preferred Rewards Gold

Your best beginner’s card – 30,000 points, FREE for a year & two airport lounge passes Read our full review

American Express Platinum card Amex

The Platinum Card from American Express

60,000 points and an unbeatable set of travel benefits – for a fee 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 Gold

20,000 points sign-up bonus and free for a year Read our full review

Amex Platinum Business American Express

American Express Business Platinum

40,000 points sign-up bonus and a long list of travel benefits Read our full review

British Airways Accelerating Business American Express card

British Airways Accelerating Business American Express

60,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review

Capital On Tap Business Rewards Visa

The most generous Avios Visa or Mastercard 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 (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

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