Danny the Deal Guru at Miles to Memories reports that some American Express cardholders have been targeted with the ability to refer friends and earn 40,000 Amex Membership Rewards points when the person you refer gets approved for an American Express card. That’s an incredible bonus that would make for a nice haul of points if you can refer a family member, friend, or acquaintance. Keep in mind that Amex multi referrals make it possible to refer a friend to almost any American Express card and get this bonus if you’re targeted for it.
Targeted offer for 40,000 points per referral
While I do not see this offer in our accounts, Danny at Miles to Memories reports that some cardholders have been targeted with the ability to refer others and earn 40,000 membership rewards points per successful referral. Keep in mind that you can only earn up to 100,000 points from referrals per year on each of your American Express cards. However, those targeted for this offer will max out referrals on the targeted card with just three referrals.
Since American Express makes it possible to refer a cardholder to almost any American Express card and earn a bonus (see this post about how to maximize Amex multi-referrals for details), this could be a great opportunity for a couple playing in two player mode. For instance, if player one is targeted with this referral bonus, he or she could refer Player 2 to open almost any new Amex card, including perhaps a Blue Business Plus card that has a $0 annual fee. When Player 2 is approved, Player 1 would receive 40,000 membership rewards points (on top of whatever new card member offer player 2 will receive).
Bottom line
This is a great deal. It is worth mentioning that Amex does send 1099-MISC forms for referrals and has in the past valued points at $0.01 per point, so you should expect to pay tax on $400 per referral if you are targeted for this offer (up to the limit of 100,000 / $1,000 per Amex card). That’s still a great deal even at top tax brackets. It is well worth checking for this and taking advantage if you can.
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I never get targeted for these kinda offers 🙁