The Offer
- American Express is offering 30,000 Membership Rewards points when you send 4 eligible foreign wire payments of at least $500 each within 90 days of enrollment.
- You’ll also earn 1 Membership Rewards point for every $30 of eligible foreign currency transaction (up to 4,000 points per transaction)
The Fine Print
- 30K Membership Rewards® offer: To earn 30,000 Membership Rewards points for activation of your FXIP account, you must satisfy the following conditions:
- (i) you must complete an FXIP application form and a Membership Rewards registration form and submit them to us
- (ii) your FXIP application and Membership Rewards registration must be processed and approved by us; and
- (iii) you must complete at least four foreign currency payments each equivalent to at least $500 through your FXIP account no later than 90 days after you have received your welcome email and account login information from FXIP.
- Same currency transactions (such as USD to USD) are not eligible for this offer.
- If all eligibility criteria have been met, points will be credited to your Membership Rewards account within 12-15 business days after the 90 day period ends. The value of the points received may be taxable income to you.
- Please consult your tax advisor if there are any questions about the tax treatment of points. Bonus ID B2YY
Our Verdict
Some things to note:
- All American Express business cardholders receive a waiver on the Amex transaction fees charged for the first six months. American Express Business Platinum cardholders always receive this fee waiver.
- They require a lot of information regarding your business to be eligible. If you don’t have a legitimate business that regularly sends foreign payments it’s unlikely you will be approved
- Despite no fees being charged, make sure you compare the exchange rate being offered with other exchanges
I suspect most readers won’t be eligible for this bonus as they won’t be approved for an account. Despite the spread likely being quite large, if you send four payments of $500 you should still come out well ahead with the fees being waived.
Hat tip to Frequent Miler
