Yesterday American Express announced their Double Rewards and Points promotion for American Express Platinum cardholders. Many people were very excited about this limited time offer as it almost tripled the value of your points. The only downside was that the promotion was limited to Platinum cardholders.
Well, American Express Gold Rewards and Cobalt cardholders now have something to get excited about as the value of their points is also going up. From now until September 30, 2020, you’ll be able to claim 1,000 Membership Rewards points for a $10 statement credit. The old rate was 1,000 points for a $7 statement credit. That means your points are now worth 43% more when redeeming for a statement credit. It’s not as generous as the Platinum cardholder offer, but it’s still really good.
In addition, the offer also applies to American Express Prepaid cards. That means you can get gift cards for the following number of points.
- $25 = 2,500 Membership Rewards points
- $50 = 5,000 Membership Rewards points
- $100 = 10,000 Membership Rewards points
Using the promo for prepaid gift cards is a great idea for people who currently don’t have a balance on their credit cards.
Although the annual fee isn’t being rebated, you need to give American Express credit when it’s due. This promotion along with the Double Rewards and Points promotion are unique and quite beneficial to cardholders. Credit card companies can talk about lower interest rates on cards or deferring minimum payments, but Amex is the first credit card provider that is making your points more valuable during the crisis.
Yes, you could argue that using your points for travel redemptions are still more valuable, but who’s booking travel at this time? If you’ve been laid off or you’re worried about your future income, using your points for a statement credit or gift card is a good strategy.