Amex are redeeming cards points at a 30% higher rate than usual when credited against a shop small purchase. Value of the points is increased to 0.963% for my Essentials card. Looks like it works on other cards with a varying points values. Could be a good opportunity to cash in points if you've got a lot accrued.
Referrer: 40,000 Reward Points
Referee gets 200,000 MR points. Referrer gets 150,000 MR points.
Which card type is that? Looks like it might vary depending on the base redemption value of your card.
Oh yeah, I am not sure what type of card I got…
How long does it usually take for the credit to come into your account after redemption? -> 24-72 hours
Usually overnight, it is like a payment to your account. And you account balance decrease by the value of the redemption.
Showing on my platinum edge too (primary only)
on my exlorer too
Note that if you redeem your points for travel through the AMEX travel portal you get 1% back. So if you're planning any travel, that is a better redemption option.
Of course, an even better option is to transfer them to an airline/hotel rewards program, but then you have to deal with the hassle of finding available reward flights/hotels.
you can legitimately transfer amex points, up to 50,000 per year, to other amex holders…
people like myself will buy for 1cent point
Where do you find people that are willing to buy points?
Are there a marketplace for this?
How do you do this? I've only ever found a form that allows you to transfer but pay $5 for every 1000 points you transfer which effectively makes it useless.
The form you are referring to is this
https://www.americanexpress.com/australia/pdfs/customerservi…
If you are transferring from ascent-ascent or gateway-gateway etc there is only one flat fee of $10 for the whole transaction
I have bought amex points from ozbargainers this way
Yep, i used that form recently (a friend was transferring to me). Took almost the whole of November for them to transfer - had to fax it twice it (receiving confirms each time), then snail mail it, then a number of phone calls, all becuase I wanted it in before 30 November to make use of Velocity's 15% bonus transfer.
Amex is very good and online with most things, dont know why this one form is still fax or post only :(
i did it recently and it only took a day or so for the Membership rewards points to appear in my account
it is quite odd that amex are so primitive in this regard
Would you loose 10 credit if you do so ?
I am referring to small shop offer
No, you will not lose any cashbacks. This is simply redemption of points to offset your card balance. Nothing to do with the cashback offer itself.
Thanks
That's a great little bonus! I don't have enough points though.
Great deal, redeemed $142.61 with 14747 pts just now. Thx.
Good deal - better value than redeeming for Gift Cards!
This is close to a 2% cashback….
It depends on the card. On the Essential, it is just 0.963%. Because I only get 1 point for $1 spend. And 1000 points can be redeemed for $9.63. Good on you, if you get 2% for your card! :-)
just saw this in my Amex App and wondered what it was.. thanks OP for the post clarifying!
How did you find 31 December as the cut-off date? Was it written in the terms and conditions?
I've still got 3 Shop Small transactions that I can use the points against, so I thought it might go by billing cycles. Unfortunately, I have less than 1,000 points right now, so I might not be able to redeem them at the higher rate. Hopefully I'll hit 1,000 and can redeem them this time rather than have to wait for the next Shop Small season.
Thanks. With my card it's showing as 1000 points equals $9.10 off Shop Small credit