Earlier this month, American Express Canada launched a targeted limited-time offer to redeem Membership Rewards (MR) points for a statement credit and get a 30% bonus.
While it might not be the best offer we’ve seen for redemptions, it’s worth taking a look at it if you tend to redeem points through the “Use Points for Purchases” option instead of transferring them to airline or hotel partners.
Redeem Amex Membership Rewards for a Statement Credit with a 30% Bonus
Until July 31, 2024, American Express cardholders can take advantage of a limited time offer to redeem Membership Rewards (MR) with a 30% bonus when used for a statement credit.
Typically, you get 1 cent per point (all figures in CAD) when you redeem MR points for a statement credit through the “Use Points for Purchases” function, but with this 30% bonus, you’ll get 1.3 cents per point.
In other words, for every 10,000 points you redeem, you’ll get a $130 statement credit, which equals an extra $30 in your pocket.
While the offer appears to be targeted, the Prince of Travel team has seen it on a range of personal cards in the Membership Rewards family, including the following:
To check if you’ve been targeted for the promotion, head to the “Use Points for Purchases” section of your Amex dashboard. You may also see the offer pop up on the “Amex Offers” section of your dashboard.
If you have been selected, simply click through to redeem on the “Use Points for Purchases” portal on your account dashboard.
For those of you who have checked the portal and don’t see the offer, not all cardholders are targeted for every promo. And there’s no real rhyme or reason as to why, you either get it or you don’t!
Should You Redeem Amex MR Points for a Statement Credit?
One of the best features of Membership Rewards points is that they’re so flexible, allowing you to transfer them to airline or hotel loyalty programs. You can also book flights through the Amex Fixed Points Travel Program, or redeem them for a statement credit via “Use Points for Purchases”.
By and large, you’ll get the best value by transferring them to loyalty programs and redeeming them for travel. Depending on how you redeem them, you can get value ranging from 1–8 cents per point, and in some cases even more.
Keep in mind not everyone redeems points this way, and some people prefer to treat their MR points as a type of cash back currency with the Use Points for Purchases function.
If you’re one of these people, then it’s certainly worth considering this offer during the 30% bonus promotion.
In fact, redeeming points this way makes MR points temporarily the most valuable amongst Canadian points currencies that can be redeemed at a fixed value, at 1.3 cents per point versus 1.25 cents per point (CIBC Aventura Points) or 1 cent per point (Scene+).
Conclusion
Amex is running a targeted limited-time offer to redeem Membership Rewards (MR) for a statement credit with a 30% bonus.
It’s not the most lucrative deal we’ve seen, but if you were to redeem 10,000 points, you’ll get a $130 statement credit, which equals an extra $30 compared to usual.
If you’re interested, be sure to make a redemption before July 31, 2024, which is when the promotion is set to expire.
