Get a 30% bonus using Amex Membership Rewards to pay off your statement (targeted)

If you have an American Express card which earns Membership Rewards points, you may be able to get a 30% bonus when you redeem your points to pay off some or all of the balance of your statement.

The offer runs to 10th August. It is a targetted offer which I received on my Business Platinum card. A reader got it on their Centurion card so it isn’t exclusively for Business cards.

Suffice it to say this is not a great deal, although it is less worse than it was!

The standard redemption value when you redeem Membership Rewards points for statement credit is 0.45p per point.  This is rubbish, when you assume that you can get 1 airline mile per point instead.

If you were not emailed because you have turned off marketing communications from Amex, you can – once you have a qualifying charge – check you are targeted before you commit to a redemption.

How does a 30% bonus change things?

With a 30% bonus, you will receive 0.585p per point when you redeem your Membership Rewards points against your statement balance.

0.585p per point is marginally better than turning your Amex points into retailer gift cards (0.5p per point) but that’s about the best we can say about it.

You can beat this 0.585p per point redemption rate ….

Here is our list of the most valuable Membership Rewards redemptions based on our proprietary numbers.

The Amex Membership Rewards website is here if you want to look for yourself at what is available.

The following redemptions beat the 0.585p per point you would get by using them for statement credit under this offer, assuming that you trust our valuations:

• Avios or frequent flyer miles (0.75p to 1.5p per Amex point on a conservative basis based on 1:1 transfers)
• Marriott Bonvoy points (0.75p per Amex point based on 2:3 and a conservative 0.5p Marriott Bonvoy point valuation)
• Hilton Honors points (0.66p per Amex point based on 1:2 and a conservative 0.33p Hilton Honors point valuation)

How does ‘cover it with points’ work?

You may never have used ‘cover it with points’, so I should explain how it works.

Assuming that you have an unpaid balance, go to your American Express account and select ‘Use your points’, which shows under your Membership Rewards total. This will redirect you to the Membership Rewards site. On the Membership Rewards home page, select ‘Use points towards purchases’ from the ‘Use Points’ menu.

You will see a list of recent transactions and, next to them, the number of points you need to redeem to wipe out the charge:

As you can see I am offered the improved rate of 0.585p per point.

Conclusion

It is never a bad thing when a partner improves the value you can get by redeeming your points.

In this case, however, the offer of 0.585p per Membership Rewards point doesn’t move the needle for me. That said, if you’re redeeming Membership Rewards points for gift cards or statement credit at the standard rate (why?!), you will be better off by doing this.

The offer ends on 10th August.

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Want to earn more points from credit cards? – April 2025 update

If you are looking to apply for a new credit card, here are our top recommendations based on the current sign-up bonuses.

In 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.

You qualify for the bonus on these cards even if you have a British Airways American Express card:

Barclaycard Avios Plus Mastercard

Get 25,000 Avios for signing up and an upgrade voucher at £10,000 Read our full review

Barclaycard Avios Mastercard

Get 5,000 Avios for signing up and an upgrade voucher at £20,000 Read our full review

You can see our full directory of all UK cards which earn airline or hotel points here. Here are the best of the other deals currently available.

SPECIAL OFFER: Until 27th May 2025, the sign-up bonus on the ‘free for a year’ American Express Preferred Rewards Gold card is increased from 20,000 Membership Rewards points to 30,000 points. Points convert 1:1 into Avios (30,000 Avios!) and many other programmes. Some people may see even higher personalised offers. Click here to apply.

SPECIAL OFFER: Until 27th May 2025, the sign-up bonus on American Express Platinum is increased from 50,000 Membership Rewards points to a huge 80,000 points. Points convert 1:1 into Avios (80,000 Avios!) and many other programmes. Some people may see even higher personalised offers. Click here to apply.

American Express Preferred Rewards Gold

Your best beginner’s card – 30,000 points, FREE for a year & four airport lounge passes Read our full review

British Airways American Express Premium Plus

30,000 Avios and the famous annual 2-4-1 voucher Read our full review

The Platinum Card from American Express

80,000 bonus points and great travel benefits – for a large fee Read our full review

Virgin Atlantic Reward+ Mastercard

18,000 bonus points and 1.5 points for every £1 you spend Read our full review

Earning miles and points from small business cards

If you are a sole trader or run a small company, you may also want to check out these offers:

American Express Business Platinum

50,000 points when you sign-up and an annual £200 Amex Travel credit Read our full review

American Express Business Gold

20,000 points sign-up bonus and FREE for a year Read our full review

Capital on Tap Pro Visa

10,500 points (=10,500 Avios) plus good benefits Read our full review

Capital on Tap Visa

NO annual fee, NO FX fees and points worth 1 Avios per £1 Read our full review

British Airways American Express Accelerating Business

30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review