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One of the weak points of Amex Membership Rewards is that you cannot redeem your points for a statement credit at a respectable level.
Currently, if you were to redeem your points for a statement credit you would only get .6 cents in value. Compare that to Chase Ultimate Rewards which provide you with at least one cent in value (with Pay Yourself Back you can currently get 1.25 cents or 1.5 cents on select categories).
This has always made utilizing your Amex points as a statement credit an absolute last resort because you can easily get way more value by utilizing travel partners or even gift cards for that matter.
But right now American Express is allowing some card members to redeem their points for a statement credit with a 40% bonus allowing them to capture one cent per point in value.
I would like to point out that getting one cent per point in value is at best average. So if you are targeted for this I would generally recommend only using this redemption method as a secondary redemption method.
I could see it making sense for some people who have no plans to travel anytime soon or simply don’t want to bother with transferring their points to travel partners.
(If you are interested in cashing out your Membership Rewards then you might want to look into the Schwab American Express Platinum Card, which allows you to receive 1.25 cents per point.)
If you would like to check to see if you are targeted for this redemption method, log into your account and then click on the rewards tab. Then click on “Cover Your Card Charges.” If you see the redemption amount coming out to one cent per point then you know you have been targeted.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.