I've got over 120k points and am thinking of not renewing my card come October. Is there any good value that I can use the points for currently?
Bonus question, is there any chance that Amex will waive the annual fee if I call up to cancel?
Best Use of AmEx Points?
RubenM on 09/07/2020 - 13:39
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All the best value redemption options are for travel, which unfortunately isn't going to be possible for a while.
Failing that, if you took part in the Shop Small promo, AMEX usually runs another promo shortly afterwards which lets you redeem points for eligible "Shop Small" charges at a slightly higher rate than usual. Last time it was a 30% bonus - not earth shattering (1,000 pts = $6.50, up from $5) but better than nothing.
Is 20,000 points for $100 Coles Gift card a decent deal? Seems like the best thing out there for your general user
Spending incentive programs change the behavior of the participants causing them to lose more money than they would if they didn't participate in the program. The behavior change occurs unconsciously and automatically.
You are not getting "a decent deal", you are losing money by participating.
I save my points for luxury items or items of great value. I redeem shop vouchers and buy items when on sale if possible. So far my points have gotten me a: Dyson DC54 Animal, 2 pairs of designer sunglasses, a 32" TV, Cole & Mason salt and pepper grinders, Atlas 150 pasta machine and the list goes on. I originally set out to convert them to plane tickets but I found vouchers a better bang for buck or is that bang for point.
Is 20,000 points for $100 Coles Gift card a decent deal? Seems like the best thing out there for your general user
Is this Amex points or another rewards program?
If it's Amex points, they convert at a ratio of 1000 points to $5 spending offset charges.
I.e. that would be $100 in statement offset, which is cash.Coles gift cards can be obtained around 4% off these days (..you need to find a work program that still supplies them), which would mean the true cash value of a Coles gift card is $96~$97 (Coles eGift cards are much harder to buy than Woolies eGift cards)
Bonus question, is there any chance that Amex will waive the annual fee if I call up to cancel?
IIRC I don't think credit card providers are allowed to offer any incentive to stay anymore.
HI All
With the current covid situation, and the highly unlikely circumstances that i will be doing any flying over the next 2 years, does anyone have any tips on what to use Amex gateway points on? Ive got 200k+ and haven't used any before. I even have a $400 travel credit (from my explorer card) that im not sure what to do with! FYI im in Melbourne.
Cheers
Agh, I'm in the same boat. Have $800 Amex travel credit to use and nothing to use it on.
Same :|
If only we can do Amex travel gift cards haha
Try the annual fee waiver - didn't work for me last time.