Update 3/20/19: Reader Bernard reports getting this offer now via snailmail.
The Offer
No direct link to offer, sent out via e-mail
- American Express is offering up to 30,000 Membership Rewards points for foreign wire payments. Bonus is broken down as follows:
- 15,000 points after you make your first foreign currency wire payment of at least $500 within 30 days of enrollment
- An additional 15,000 points after you make three more foreign currency wire payments of at least $500 each within 90 days of enrollment
- Fees are waived for the first six months. After that a $10 per wire fee is charged
The Fine Print
- 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
Our Verdict
They have offered more or less the same bonus previously. This new offer is slightly better as you can get 15,000 points after your first payment rather than needing to make four payments to get the full 30,000 in one hit. Some things to keep in mind:
- 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
Most readers won’t be approved for an account even if they received the targeted e-mail. If you are targeted and get approved it’s almost certainly worth doing for the bonus, but long term you’ll want to compare the currency rates being offered to ensure you’re getting a good deal. $10 fee seems excessive as well.
Hat tip to reader @SoundFunnel &
