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.
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.
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.