Earning Rewards
The Platinum Card® from American Express (Terms apply, see rates & fees) earns rewards at the following rates: Earn 5 Membership Rewards Points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases.
There’s also a welcome bonus: Earn 80,000 Membership Rewards Points after spending $8,000 on eligible purchases on the card in the first 6 months of card membership.
American Express Membership Rewards® points don’t expire as long as your account is open, and points earned from multiple Amex Membership Rewards cards may be automatically pooled into one Membership Rewards account.
Redeeming Rewards
Amex travel. You can redeem Membership Rewards in multiple ways. For example, you can use your points for flights and other travel through American Express Travel. Points are worth 1 cent each when used this way for flights but only 0.7 cents each when you redeem for prepaid hotels, rental cars and cruises.
Transfer partners. Membership Rewards points can also be transferred to over a dozen airline and hotel partners, many at a 1:1 transfer ratio. Among the most popular are Delta SkyMiles, British Airways Avios (which can be used to fly American Airlines) and Air Canada Aeroplan (which can be used to fly United Airlines).
Hotel partners include Hilton Honors, Marriott Bonvoy and Choice Privileges Rewards. Transferring points and using them for premium cabin travel can be a way to maximize their value.
Gift card redemptions are generally worth 0.7 to 1 cent per point, and using your rewards as a statement credit against a purchase is worth 0.6 cents per point. Another option is to pay with points at checkout with select retailers like Amazon, Best Buy and Saks Fifth Avenue. This option is typically worth 0.7 cents per point, although some options can be worth more or less.
Give yourself permission to use your points in a way that serves you best. If you don’t fly international business class, using points for domestic economy flights and even gift cards can be a fine way to use them. If you don’t see much travel in your future, you may be better off with a lower annual fee card like the American Express® Gold Card (terms apply, see rates & fees).
– Jerod Morales, Credit Cards Editor