Oh Canada! While American Express has been adding statement credit enhancements to the Platinum card for US customers and businesses, Platinum cardholders north of the border are getting a different – but potentially equally excellent – enhancement.
Rather than adding statement credits to Canadian Platinum cards, American Express is enhancing the redemption side of things. That’s because they’re now allowing cardholders to redeem Membership Rewards for statement credits worth 2 cents per point.
You can find the full announcement here, but here’s the pertinent section:
Platinum Cardmembers can also earn double the Membership Rewards points on all purchases charged to their Card plus a double redemption value until July 20, 2020.
That means they can redeem 1,000 Membership Rewards points for $20 through the Use Points for Purchases program – a redemption option that allows Cardmembers to redeem points for a statement credit against eligible purchases charged to the card.
The ability to cash out Membership Rewards for 2cpp of value is a fantastic deal, especially seeing as the best option for US-based cardholders is 1.25cpp via Schwab.
Amex is offering enhancements for other holders of non-Platinum cards too:
Consumer Cardmembers with an American Express Cobalt Card, Gold Rewards Card, Choice Card or Platinum Card can now enjoy a redemption rate of 1,000 Membership Reward points for $10 value towards non-travel purchases through the Use Points for Purchases program, Amazon Shop with Points, and Amex Prepaid Gift Cards until September 30, 2020.
Their announcement advises that they’ll be enhancing other Canadian Amex cards in the coming weeks, so it remains to be seen which cards will be affected and what benefits will be added/enhanced.
The increased redemption opportunity is obviously a great option if you’re a Canadian Platinum Amex cardholder sitting on a ton of Membership Rewards. However, it’s not much use if you’ve redeemed most of your Membership Rewards seeing as 2cpp is worth 0cpp if you have no points, thereby doing nothing to help offset the card’s high annual fee. I therefore wouldn’t be surprised if some of the upcoming card enhancements do something to address that situation.
It would be amazing if Amex introduced this 2cpp redemption option in the US, but that’s highly unlikely – we can wish though!