It seems when they you get $200 travel credit, it's not actually $200 worth in savings. All the hotels seems overpriced not by a little but a lot.
Case in point, the Sanya Marriott Yalong Bay Resort & Spa is $478 on booking.com while on the American Travel website it's $538.78 for identical rooms. You can see it here:
https://www.hotelscombined.com.au/Hotel/Search?checkin=2018-…
https://travel.americanexpress.com.au/apps/shopping/?search=…
So $200 is not actually $200 in savings rather $55.33.
I had found their price for Venice very competitive