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Don’t Fall for Amex’s Games With Their Latest Offer

Mark Ostermann
Mark Ostermann

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Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Links in this post may provide us with a commission.

Don’t Fall for Amex’s Games With Their Latest Offer

Slickdeals posted a deal that American Express is offering 20% fewer points when applying them to AMEX charges.  The offer lasts until 4/30 and may be targeted.  Even with a 20% bump this is still a terrible use of points that many will probably get sucked into.

Details

American Express has always allowed you to redeem your points towards charges at $0.006 a piece.  With this deal you now can cash them out at $0.0075 a piece.  Even with the increase this is still a terrible deal.

This is an offer aimed at the misinformed.  If you were in a pinch and needed money you would be better off redeeming them at 1 cent a piece towards gift cards.  You could even sell some of those gift cards at 85 cents on the dollar which would be better than the rate they are offering.

If you have the Charles Schwab Platinum card you get 1.25 cents per point when cashing them out.

Conclusion

This is a pretty sad offer that is below pretty much everyone else besides Barclays.  There is no reason American Express shouldn’t offer 1 cent per point cash value like Chase does.  Although most of us here only use our points for travel to get max value there are still better options for Membership Rewards points if you did need to cash out for whatever reason.

 

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Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Mark Ostermann
Mark Ostermann
Mark Ostermann is a father, husband and miles/points fanatic. He left the corporate world after starting a family in order to be a stay at home dad. Mark is constantly looking at ways to save money and stay within budget while also taking awesome vacations with his family. When he isn't caring for his family or taking a weekend trip, Mark is working towards his goal of visiting every Major League Baseball ballpark.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

4 COMMENTS

  1. $0.60——-is 60 cents
    You also wrote one can “cash them out at $0.75 (75 cents) a piece or a point. Really, where can I do that ?
    $1.60——-is One dollar and 60 cents—-not in your article but used as an example where you are explaining.
    Can you clarify the article?
    Thank you.

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