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 points. It 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.
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):
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? – September 2023 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 Mastercard
Get 25,000 Avios for signing up and an upgrade voucher at £10,000 Read our full review

Barclaycard Avios Mastercard
5,000 Avios for signing up and an upgrade voucher at £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.
SPECIAL OFFER: The sign-up bonus on the Virgin Atlantic Reward+ Mastercard is doubled to 30,000 Virgin Points if you apply by 2nd October. You receive 15,000 Virgin Points with your first purchase and a further 15,000 points if you spend £3,000 within 90 days. Apply here.

British Airways American Express Premium Plus
25,000 Avios and the famous annual 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 a huge range of valuable benefits – for a fee Read our full review

Virgin Atlantic Reward+ Mastercard
30,000 bonus points (SPECIAL OFFER TO 2ND OCTOBER) 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 bonus and an annual £200 Amex Travel credit Read our full review

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

Capital On Tap Business Rewards Visa
Get a 10,000 points bonus plus an extra 500 points for our readers 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
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