Amex Points Now Worth 1c Per Point in CASH BACK (Targeted) – The Credit Shifu

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Hey credit warriors, now yesterday Mrs Credit Shifu showed me an interesting thing on her American Express account, where Amex was allowing her to redeem Amex Membership rewards points as a statement credit, not for the usual 0.6c per point, but for 1 cent per point. I was too busy losing money on the Coinbase IPO to pay much attention but this morning I took another look at my own Amex accounts and sure enough American Express is allowing me to redeem for 1 cent per point on my Gold card. And people have been reporting this across multiple Membership Rewards earning cards, but apparently it is a targeted offer.

So first of all let me show you how to see if you have been targeted for this offer. Log into your Amex account, make sure you have selected the card you want to check, it must be a membership rewards earning card, in this case i am looking at the Rose Gold, then click explore rewards and you can see a thing saying it right here actually, but click explore rewards and choose the first option cover charges on your card, this should load up automatically, then you can already see reduced rates here but click view all eligible charges and it says here: for a limited time use fewer membership rewards points to cover eligible charges, terms apply.

Not sure what these terms are, since when you open the terms it just gives you general terms and doesn’t say how long this offer is going on for. Also I should point out that some people commenting about this on Doctor of Credit, said they got different rates, 1 cent per point is 40% less points to redeem, but other people reported 10% less and 25% less which are worse deals.

But if you have an eligible card and get the 40% it is a great deal, I mean you can now earn 4% cash back on dining and at US supermarkets with the Amex Gold, 5% on airfare with the platinum. So if you are after cash back this is now inline with Chase and Citi at 1c per point. Obviously not as good value as if you redeemed for a business class air ticket, but at this time since airline services is kind of cut, they are giving our food in a box even in business class, you have to wear a mask etc… they are not charging so much for flights and you are actually not getting much more than 1 cent per point, maybe 1.5 cents even for business class bookings. And there are some countries we can travel to right now because we are not allowed in, or would have to quarantine for 14 days, no thanks.

So I guess Amex is looking for alternative ways to give people value and this offer is one of them. Now in a second I’ll tell you whether I think this is a good deal and if there are any better options, but speaking of Amex offers, I use MaxRewards gold, to get all my amex offers activated for me, look there is my account, 147 offers added to card. That is the paid version, but the app also has a load of free features like organizing all your credit card balances, utilization etc in one place and remaining you of upcoming bills. You can get one month free of MaxRewards Gold with my link below, or just download it and check out the free features.

Alright so the kind of elephant in the room here is the Charles Schwab Amex Platinum which already let’s you redeem points for 1.25 cents per point as cash back into your charles schwab brokerage account. Now I have that card, so personally I will not be using this method, because I have the Schwab Platinum and I need that extra .25 cents to make up for all the money I lost yesterday on Coinbase stock. Just kidding, its not a loss until you sell.
But not everyone has that card, because the sign up bonus on the regular platinum has been a lot better than the Schwab platinum, so you have to really be looking ahead to go for the schwab version over the vanilla version. Right now the regular version offers 75k bonus points and 10x on gas and supermarkets on $15,000 in spend for 6 months.

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NOTE: The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

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