Got An Amex Gold Card? Get 0.675p Cash for your Membership Rewards points

American Express has launched an interesting offer for Amex Gold cardholders. If you choose to use your Membership Rewards® points to pay for almost any item on your card statement, you’ll receive a 50% boost to their value!

What’s the value of membership reward points on my Amex Gold Card?

If you use membership reward points for statement credit normally you would receive £4.50 per 1,000 membership reward points. This is typically very poor value! With American Express’ 50% boost you will now receive £6.75 per 1,000 membership reward points until Thursday 1 October 2020.

Is the 50% boost for Amex Gold cardholders any good?

It’s not as good as the 0.9p offered to Platinum cardholders recently BUT you may find value in it depending on your situation.

Compare the 0.675p value you’d get redeeming for cash to my valuation of transferring your membership reward points into the following…

British Airways – Avios – 1p

Marriott Bonvoy – 0.66p

Hilton Honors – 0.5p

Retailer gift card – 0.5p

Amazon pay with points – 0.45p

As you can see redeeming for cash (statement credit) isn’t too bad, it’s not great but depending on your situation it may be worth considering.

Do bear in mind it is possible to get outsized value on hotel/airline redemptions depending on cash prices. The above rates, however, are my ‘standard’ valuation of what I believe the points to be worth.

Don’t forget cash also has the benefit of being a lot more flexible allowing you to redeem for almost anything you can pay for with your Amex Gold card!

How do I redeem my points?

Login to your Amex Gold account – https://www.americanexpress.com/uk/ – and select the ‘Use Points for Purchases’ button. Here you will be able to select a transaction you want to use your points against. Remember you can only redeem your points against actual purchases made on your card. You can’t redeem for cash in your bank account.

Conclusion

Whilst certainly not a bad offer I would hold fire on it IF your end goal is making an Avios redemption where you are getting 1p+ worth of value per point. Otherwise this may be a great chance as ever to redeem your membership reward points!

Will you be using your membership reward points for statement credit with the increased 50% bonus?