Amazing Promotion for Amex Platinum Cardholders in Canada
American Express currently has a very generous promotion for Platinum cardholders in the UK and Canada. Cardholders can redeem their Membership Rewards points for cash at double the value. Again, this is not offered in the United States. For us, the best you can do for cash redemptions is 1.25 cents per point with the Charles Schwab Platinum card.
These are the cash redemption rates currently in those two countries:
Earn 4x the Regular Rate in Canada
The promotion gets even wilder for Canadians. Besides being able to redeem points for cash for double the value, Amex is also awarding double points for purchases.
The Platinum Card in Canada normally earns 3x on dining, 2x on travel and 1x on everything else. With double rewards, it now means 6x on dining, 4x on travel and 2x for everything else. Here is the email that was sent out (ht: reddit):
So this effectively quadruples the rewards the Platinum card earns in each category. The promotion will run for three months, from April 21 to July 20, 2020. However, at the same time, looks like Canada is having its first wave of Amex shutdowns, something we have experienced a few times already.
Conclusion
Doubling the value of Membership Rewards for cash redemptions is already a great proposition during these difficult times. But in Canada it goes even further with double earning on all categories.
Do you think we will see anything like this in the United States?
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I do not think they will do this in the USA because they would get absolutely slammed with redemptions and people playing monkeyshines to get more points, etc.