Update 2/15/22: Many are seeing now a 30% discount to cover charges which gives a value of about .86 cents per point. (Others are seeing a 15% discount.) Hat tip to reader Joe
Update 10/12/21: Reader Dima reports seeing a 50% discount to cover charges which gives a value of 1.2 cents per point.
Update 10/11/21: This offer of 40% redemption discount (1 cent per point) is back again for some people. Hat tip to reader Joe
Original Post:
Some people are seeing an option to cover their American Express charges by redeeming Membership Rewards points to offset the charge and getting a 40% discount on the redemption. Whereas typically redemptions against charges offer a poor value of .6 cents-per-point, those who have this offer can offset these eligible charges at a full 1 cent-per-point value.
Lots of people get better value than 1-cent from their Membership Rewards points, but this could be useful for those who don’t. If you have a Schwab American Express Platinum card, you can get 1.25 1.1 cents per point always.
I got the 30 offer on blue preferred.
10% showing up here. PASS
I have 30%
I’m getting the 30% discount. Pass!
If you’re looking to cashout, why not just book a flight through amex travel with points, cancel it, then get a 1cent per point redemption?
Are you sure the refund comes in the form of cash and not credit for future flights booked through amex travel?
yes. cancel within 24 hours and it’s statement credit. cancel after 24 hours and i’m assuming it might be airline credit depending on the airline
Yeah, if you cancel within 24 hours it is statement credit.
Yes, if it’s within 24 hours it posts as statement credit
Thank you
Can you share some details on how to do this? Say you book a United flight via AMEX Travel, redeeming at 1 cent per point, then cancel directly with United within 24 hours? (And NOT with AMEX Travel?) And you get the cash price of the ticket refunded as a statement credit to your AMEX card, and not the points refunded? This would be a pretty helpful cashout method, especially if you have a Business Platinum- because then you can get 1.3 cpp in cash.
You need to cancel directly with amex within 24 hours not united. So I believe it’s only 1 cpp.
Great idea for anyone who doesn’t want to get Schwab, I had no idea it was possible. Thanks!
It’s interesting that AMEX refunds a statement credit when you paid them with points, really weird. They could just give you back the points… but given that, why would it be only 1 cpp with a Business Plat? If you redeem with the Business Plat you get the 1.3 cpp at time of redemption, at refund you’re getting the same statement credit back as with any other AMEX?
You don’t get 1.3 cpp at redemption time. You pay full price in $, then full amount is covered by Amex with points 1:1. A few weeks later you get 35% points credited back. So if you can cancel the ticket, you wont get the 35% credit.
Do we have to call them to cancel or can it be done online?
The price on amex travel are too expensive
This is a 200 IQ move.
Paging AMEX RAT team… AMEX RAT team… please pick up the nearest white courtesy telephone.
The telegram elite have been using a ≈1.5cpp method similar to this for a long time.
yeah and andy is about to rug pull those morons buying fake powder scams lol what a clownshow
Any idea if this would also work with Citi ThankYou points?
nothing!
I see a 25% discount
15% off for my wife, and I got a 10% discount on CB2 gift cards. Thinking about just cashing out for some home depot gift cards at 1:1 since I shop there enough and never travel anymore anyway.
That’s what I do!
i’m seeing 1cpp. this is my last month to use my Schwab, so hopefully this sticks around a while
Do you have to have enough points to cover the entire charge or can you do partial?
Must be the entire charge sadly