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Update 10/14/20: churnandburn58 reports seeing 100% bonus, i.e. 25,000 points will get $300 which is 1.2 cents per point (almost as good as Schwab). This is YMMV.
The Offer
- American Express is offering a 50% bonus when you use the cover your charges feature. Normally points are worth 0.6¢ when redeeming against charges, under this promotion they are worth 0.9¢.
The Fine Print
- Valid until 12/31/20
Our Verdict
I’m guessing this is to compete with Chase’s Pay Yourself Back feature. The problem is Chase’s base rate is 1¢ and with the bonus it becomes 1.5¢. If you have the American Express Charles Schwab Platinum card then you can cash out points for 1.25¢ (this 50% bonus doesn’t apply to this obviously) other cardholders can get 1¢ per point by using the travel portal. The best value for most people is still transferring to American Express transfer partners.
Hat tip to becauseimnew
6-cents for me on Plat Biz, Plat, Gold, & Everyday 🙁
Garbage is expert at their “targeted” benefits. Such a garbage company valuing cardholders paying the same annual fee over others. They should take note from other credit card companies offering it to all cardholders not just select cardholders.
It’s because of all the ex-military and their spouses abusing the Platinum line-up. Someone has to subsidize them.
What’s odd is that when I called Amex support to make sure I had received the offer before putting charges on that card, he said, several times, that all customers were getting the same offer. I mentioned to him that some reported getting a lesser offer and he confirmed the same offer was available to everyone. I don’t know why I got the double point value offer and others haven’t. But I am glad to have it!
I didn’t get the offer on any of my MR cards but I have a Schwab. Spouse didn’t get the offer and doesn’t have a Schwab.
Don’t see it myself. Wish AmEx offered a discounted MR for AF redemption like USB Altitude. 😤
I see the double value for points offer (25,000 pts = $300) offer when I looked at my Business Gold card. Unfortunately, I didn’t have any charges on the card, so couldn’t take advantage of it. Says offer is good through 12/31/2020
You can redeem this for future charges until Dec-31, though don’t go crazy (it’s Amex after all)..
Yes, I can confirm this. I made some charges and have covered them with points at 1.2 per point. Looking forward to burning some points on this since I have 145,000 of them that I haven’t done anything with in several years. Since we are doing less travelling due to Covid, this seems to be my best option to use some points.
Does your offer appear on this page? “We’re sorry, you do not have eligible charges at this time. Please try again later.” https://global.americanexpress.com/rewards/points-for-charges
yes, I get that same message on the same page
Got the offer, but I already have the Schwab Platinum. 🤦♂️
Still just 0.6 cents for me too (on Platinum, Gold, Green, and Everyday Preferred)
Asked Amex via chat if I could get this promo, they said no, it’s sent out to a targeted group of users.
I’ll check. I have so many AMEX points.
Still 0.6cpp here.