700k AmEx Points - How to Redeem in Next 5 Days?

cyrax83 on 23/12/2024 - 19:06

So I've got 700k amex points and realised I've been hit with another $395 card fee

I can cancel the card in next 7 days and be refunded the fee. I've got 700k amex points.

I believe I can get about 0.5 cents per point just paying off balance.
There is no Qantas transfer option
Velocity is 2000 amex points for 1000 velocity so points value becomes quite small, less than just paying off the amex bill.

I checked gift cards and it's the about the same at 0.5 cents per point.

I don't plan on doing any big international travel any time soon as have young family

Any tips?

Travel Reward Points

Comments

  • spackbace on 23/12/2024 - 19:18

    There is no Qantas transfer option

    Since when?

    https://www.americanexpress.com/en-gb/rewards/membership-rew…

    Failing that, people have mentioned before to apply for the bog standard Amex card, and they'll move your points over, thus getting more time

    • cyrax83 on 23/12/2024 - 19:25

      Qantas transfer only seems to be on the top tier cards

    • cyrax83 on 23/12/2024 - 19:30

      Applying for the standard card is my fallback. I believe its $9 per month fee

  • HamBoi69 on 23/12/2024 - 19:33

    I’ll take for free if you can’t find anything! It is Christmas after all xD

  • bbqwer on 23/12/2024 - 19:47
    +2

    transfer to velocity - then sell it ozb classified

    $395 card fee - amex explorer ? if yes, you still get $400 travel credit anyway

    • cyrax83 on 23/12/2024 - 20:18

      How much do velocity points sell for?

    • cyrax83 on 23/12/2024 - 21:12

      And yep its the 395 amex explorer. You do get 400 of credit but eh dont think i'll be doing much travelling next year

  • djkelly69 on 23/12/2024 - 19:52
    +2

    I would transfer to Velocity, they don't expire as long as you keep earning which is easy to do, and decent value redemptions and a range of partners.

    • cyrax83 on 23/12/2024 - 21:11
      -3

      Lose half the points though on tranferring and when i checked what equivalent flight redemption would get me on 3500 velocity, it's less than the 3.5k i'd get on amex credit

      • aragornelessar on 23/12/2024 - 23:08
        +1

        You lose half the amount of points, but each Velocity point is arguably worth more. If you're willing to go through the trouble, you can get 1.1c to 1.3c per Velocity point in the classifieds here. 350k Velocity would net you $3.8k to $4.5k of cash at that rate

      • thrillho on 24/12/2024 - 07:46

        You're not considering what each point is worth. 2:1 is pretty standard, you're not 'losing' half the value.

      • djkelly69 on 24/12/2024 - 08:02

        You are not losing half the points, that is just the exchange rate from Amex points to VFF points.

        ~300k points (plus taxes) is enough for a return flight from Aus to Europe in business class. If you don't value something like that at more than the $3.5k value you will apparently get from paying off your balance, then just do that.

      • penguinswillrise on 24/12/2024 - 09:30

        You're not 'losing' half the points like you don't 'lose' $40 when you convert 100 AUD to 60 USD

  • this is us on 23/12/2024 - 20:02

    Asia Miles used to be great to find award flights in multiple partner airlines, but that doesn't seem to be the case anymore. So, maybe Virgin is the most useful one, specially now that Virgin is resuming international presence with Qatar Airways.

  • brendanm on 23/12/2024 - 20:28

    Contact them and see if they will waive, for or at least part waive the fee.

    • cyrax83 on 23/12/2024 - 21:10

      Tried today. No go

  • TEER3X on 23/12/2024 - 23:16

    Watch Brewster's Millions for ideas

  • MrThing on 24/12/2024 - 09:10

    transfer to singapore airlines if you can use them within 3 years, otherwise transfer to virgin australia

  • cyrax83 on 24/12/2024 - 09:32

    Thanks guys for the feedback. I decided to transfer to Velocity then will figure out from there (most likely put it up on ozb)

    • djkelly69 on 24/12/2024 - 09:52

      Might be stating the obvious, but just be aware selling points is against the T&Cs of FF programs and you can get caught/banned/whatever.

      • aragornelessar on 24/12/2024 - 11:50

        Had always thought about this - it's more a risk for the buyer though right? ie. the points can be revoked by Velocity. The cash you get can't be claimed back (unless bikies) - of course, your account can be but that may or may not matter to you so much

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