American Express has launched a new promotion that offers targeted cardholders 50% more value when redeeming Membership Rewards (MR) points for statement credit by 7 November 2023.
This works out to a rate of 1,000 MR points = S$7.20, instead of the usual S$4.80.
You might remember American Express ran a similar promotion back in April 2020, only that time the offer was 1,000 MR points = S$9.60. While I regret not redeeming more at that rate, I canโt say Iโm a taker for this current promotion.
Redeem AMEX MR points with 50% more value
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MR Points | Statement Credit |
1,000 | S$7.20 |
From 25 October to 7 November 2023, American Express cardholders can redeem Membership Rewards points for statement credit at an upsized rate of 1,000 MR points = S$7.20, instead of the usual S$4.80.
โ Pay with Points+ |
AMEX has a Pay with Points+ programme that offers a rate of 1,000 MR points = S$6 for selected merchants, such as InterContinental Singapore and Huggs coffee. The rate for these merchants will also be 1,000 MR points = S$7.20 during the promotion period. |
While cardholders must redeem a minimum of 1,000 MR points, there is no cap on the maximum number of MR points that can be converted under this campaign.
To convert MR points, login to the AMEX app or desktop portal and go to your card statement. Click on any transaction you wish to offset with points. A slider bar will appear, and if youโve been targeted for this offer, it will reflect a rate of 1,000 MR points = S$7.20.
If you donโt have any transactions in your account to offset, you can call up AMEX customer service and theyโll manually process statement credit for you at the upsized rate.
Do note that you wonโt be able to cash this credit balance out via cheque or bank transfer; youโll only be able to spend it with your AMEX card.
Is it worth it?
As a reminder, MR points can be transferred to 12 different airline and hotel partners at the following ratios.
If you choose to convert MR points to statement credits instead, itโs as if youโre implicitly accepting a value of:
- AMEX Platinum & Centurion: 1.15 cents per mile
- All other AMEX cards: 1.30 cents per mile
Thatโs probably not compelling enough for most people to bite, given how valuable MR points are.
Put it another way: you normally earn 2 MR points per S$1.60 spent on the AMEX Platinum Charge. If you cash out at the promotional rate, thatโs an effective rebate of 0.9%. You might as well have used a 1.5-1.7% cashback card to spend in the first place!
Conclusion
From now till 7 November 2023, American Express cardholders can redeem Membership Rewards points for statement credit at a rate of 1,000 MR points = S$7.20, 50% more than the usual value.
If you have more MR points than you know how to spend, then I suppose you might not mind taking a value of 1.15 cents per mile. However, itโs certainly not the best use of them, and if youโre redeeming MR points for statement credit, you probably should have been using a cashback card in the first place.
Thanks! I almost bite on it until I read this. But if even $7.2 is not worth it, what is a better value use for the MR?
Sadly donโt have this offer to utilize. Though miles still gives much greater value I donโt have a need for more miles at this point.