The Platinum Card from American Express is a rewards card originally rolled out as a charge card. The Platinum Card comes packed with major benefits to the cardholder, including statement credits, exclusive perks, and complimentary benefits. The Amex Platinum Card also allows cardholders to earn Membership Rewards points as they continue using their card.
Since the Platinum Card is a travel rewards card, cardholders will earn more American Express Membership Rewards points on travel. Cardholders can choose to redeem their points through various redemption options offered by American Express or use the Pay with Points option.
The Amex Membership Rewards points are the most highly valued rewards points amongst its competitors. Cardholders can receive up to 2.2 cents per point when they redeem their points by transferring to airline and hotel partners. American Express has various partners, including major airlines, hotels, and retailers. Thus, cardholders have more options to redeem their points, making it an advantage over other competing cards.
The article below will offer the necessary information on how to earn and redeem American Express Membership Rewards points.
Key Takeaways
· The Platinum Card from American Express is a rewards card allowing cardholders to earn Membership Rewards points
· The American Express Membership Rewards points have the highest value as compared to other competing cards in the market
· American Express offers various redemption options due to its vast list of partner airlines, hotels, and retailers
How to Earn Amex Membership Rewards Points
The American Express Platinum Card offers cardholders various categories to earn Membership Rewards while using their card. Rewards points usually encourage the cardholder to spend more using their card with the option of redeeming them in the future. Some cards, like the Amex Platinum Card, offer cardholders bonus categories to earn more rewards points. In this case, cardholders will earn more when making travel purchases than everyday spending.
Thus, the Platinum Card is the best option for those who frequently travel since they will likely earn more from the card.
American Express allows cardholders to pool all their Membership Rewards points from different cards into one card. As long as the card has a Membership Rewards account, cardholders can transfer their points from other Membership Rewards cards to one card. Also, the Membership Rewards points earned through your Platinum Card will not expire as long as the account remains open.
Thus, opt to open another American Express card that earns Membership Rewards points and transfer Amex points before closing your Platinum Card account. However, you can contact American Express support for further assistance to help navigate transferring your points to another card.
Some annual fee cards to transfer Amex points include the American Express Gold Card and Amex Green Card. The Amex EveryDay Credit Card carries no annual fee but will earn cardholders Membership Rewards points. American Express business cards will also earn American Express points if the cardholder makes eligible purchases, including everyday business purchases. However, the redemption value of the Amex points will depend on the type of Amex cards you use while redeeming points.
The higher the card’s value, the better its redemption value since cardholders can earn more valuable points with a premium card like the Platinum Card.
You can earn American Express Membership Rewards points through the following options:
Welcome Bonus
The Platinum Card from American Express offers a one-time welcome offer of 80,000 Membership Rewards points. New cardholders can earn the welcome bonus after meeting the minimum spending requirement of $6,000 in the first six months of card membership. Some cardholders may receive up to 150,000 points through targeted mailings, elevated welcome offers, or offers from the CardMatch tool. However, there are policies around earning the welcome bonus, which American Express sets up to avoid misuse and mismanagement of the welcome offer.
You must cancel your Amex Platinum Card account or apply for another American Express card to receive a welcome bonus.
Downgrading the Platinum Card will not earn the cardholder another welcome bonus of their new card. The downgrade options include the American Express Gold Card and Amex Green Card, which also carry an annual fee. The cardholder will not close their Amex account, but they will earn Amex points according to their new card.
For example, the American Express Gold Card is the best option for everyday spending, unlike the Platinum Card, which is best for travel purchases.
Earning American Express Membership Rewards Points while Using the Platinum Card for Eligible Purchases
Cardholders can earn Amex points when they book flights and prepaid hotels through the American Express Travel program. Cardholders will receive 5X Membership Rewards points for flights or prepaid hotels booked directly or through Amex Travel. If a cardholder books prepaid hotels through a third-party platform, they will only earn one point per dollar spent.
However, there is a $500,000 cap every calendar year for the 5X Membership Rewards points, which earns cardholders one point after hitting the cap. Thus, cardholders are encouraged to book prepaid hotels and flights through Amex Travel or directly to earn 5X Membership Rewards points.
Other eligible purchases, including spending at restaurants worldwide, will earn the cardholder only one point per dollar. Minimal categories to earn Membership Rewards is a disadvantage of the Platinum Card from American Express compared to other cards. Therefore, the Platinum Card is always considered a travel card since more benefits are based towards travel than everyday spending.
Other purchases earn cardholders lesser Membership Rewards points than flights and prepaid hotels booked through the Amex Travel program. Ultimately, you will still earn Amex points after you spend on other purchases using your Platinum Card from American Express.
There are numerous ways to redeem Membership Rewards points, which may save you some money when traveling, as seen below:
When Booking Travel Through the Portal
One of the most common redemption options is booking flights, rental cars, cruises, and prepaid hotels through American Express Travel. You will redeem points equally when using the Amex Platinum Card or Amex Business Platinum Card. However, booking different forms of travel earns the cardholder a different amount, ranging between 0.7 cents per point and one cent per point.
The Amex Business Platinum Card can offer up to 1.5 cents per point when booking eligible flights using the Amex points. Thus, the value of your points will greatly depend on your Platinum Card and the type of travel you will book through the Amex Travel portal.
The Membership Rewards points are easiest to redeem when cardholders book cheaper flights or upgrade their flight. Cardholders can book flights at 1 cent per point, which you will see from the American Express Travel portal. For bookings or upgrades, go to the Amex Travel portal, and log in to your account to pay for your flight with points.
Only the Amex Business Platinum Card is entitled to up to 35% rebates on eligible purchases made up to $500,000 per calendar year. Thus, cardholders of the Amex Business Platinum Card can receive up to 1.54 cents per point due to the rebate.
Some cardholders may choose to upgrade their flights with points through the 20 partnering airlines, which American Express can accept or deny. Thus, cardholders do not require to pay extra as they upgrade to business class flights using their Membership Rewards points. However, cardholders may apply for the upgrade five days before their flight to check whether they are eligible for an upgrade.
Only select qualifying airlines will qualify when cardholders apply for an upgrade using their Amex points before their flight. The number of points required for booking or upgrading eligible flights will always appear on your Amex Travel portal.
Booking Other Forms of Travel and Hotels through the Amex Travel Portal
Prepaid hotels, cruises, and rental cars can be booked using points through the Amex Travel portal. Cardholders will also receive more welcome benefits for The Hotel Collection bookings or Fine Hotels & Resorts programs through Amex Travel. Booking through these properties earns cardholders 1 cent per point aside from the $100 credit, complimentary breakfast, and room upgrades.
Thus, booking, upgrading, or paying with points will earn the cardholder between 0.7 cents per point and 1 cent per point. That means you will pay 10,000 Membership Rewards points which covers $70 or $100 towards your travel options.
When Transferring to Partners
As shown by American Express, cardholders who transfer points to airline or hotel partners have the highest value of Membership Rewards points. American Express has the largest number of transfer partners, giving cardholders more redemption options. Some airline and hotel transfer partners include Delta Airlines, British Airways, Hilton Hotels, and Marriott Bonvoy Hotels.
Once cardholders transfer Membership Rewards points to airline and hotel transfer partners, they can book flights or prepaid hotels. Usually, cardholders will use the airline and hotel loyalty programs that offer their customers the best rewards, extending to Platinum cardholders.
However, it is important to understand that not all Amex transfer partners offer the same value and rates for your points. For example, the ANA Mileage Club offers two cents per point, while the British Airways Avios program offers 0.8 cents at a 1:1 transfer ratio. Additionally, some transfer partners will offer a 1:1 transfer ratio, while others may offer a 2:3 ratio, like the Marriott Bonvoy points.
Thus, always pick the transfer partners offering the highest value at a 1:1 ratio to receive the maximum value of your points. Whether booking economy or business class flights, always check the availability of transfer partners before you transfer Membership Rewards points.
Some of the American Express transfer partners, with their estimated value at a 1:1 transfer ratio, include the following:
· ANA Mileage Club offers two cents per point
· Air Canada Aeroplan Miles offers cardholders 1.9 cents per point
· Delta Air Lines SkyMiles program offers 1.5 cents per point
· KLM and Air France Flying Blue Miles offer cardholders 1.4 cents per point
· Virgin Atlantic Flying Club points offer cardholders 1.1 cents per point
· Emirates Skywards Miles and the Hawaiian Airlines HawaiianMiles programs each offer 1 cent per point
· British Airways Avios program offers 0.8 cents per point
Other Amex transfer partners, such as the JetBlue TrueBlue points program, have a 1.25:1 transfer ratio at 1 cent per point. Thus, it is up to cardholders to fully understand how transferring points at different transfer ratios work to receive the best redemption value for their points.
Using the Pay with Points Option
The Pay with Points feature allows cardholders to pay using their points to check out in partnering retailers. Usually, most stores offer a value of 0.5 cents per point, with some offering 0.7 cents per point, depending on the retailer. Whether cardholders have in-person or online shopping, the redemption value remains the same while using a partnering retailer.
Some partnering retailers include Amazon, Saks Fifth Avenue, Grubhub, and Best Buy. Also, cardholders can donate their points at 0.7 cents per point to over 1.5 million U.S.-registered charities through JustGiving.
Gift Cards Redemption
Gift cards are a common redemption option where cardholders can receive a value of 1 cent per point. However, if you use your rewards or gift card against a statement credit, you will receive up to 0.6 cents per point. You can use your points to purchase gift cards from different partnering retailers, technology companies, and restaurants worldwide.
Some of the partners include Starbucks, Walmart, and Uber, which can offer between 0.5 cents to 1.1 cents per point, depending on the retailer. American Express gift cards can also be used as a redemption option, although they may offer less than other redemption options.
Convert Points to Dollars
American Express has a points calculator, which you can access through their main page online. The redemption value of the points earned through your Platinum Card can fluctuate throughout the year depending on a few factors. Some factors affecting the rate of valuable points include the number of transfer partners and points value when booking through Amex Travel.
Understanding the conversion rates for your Membership Rewards points is an advantage to ensure you receive maximum value. Thus, you will know how many points you need as you transfer Amex points to transfer partners or book and upgrade flights.
For example, if the redemption value stands at 1 cent per point, then you will redeem 10,000 points for $100. Also, if the transfer partners have a 1:1 redeeming ratio, cardholders will receive an equal number of points to those that they transfer. Usually, American Express will show cardholders the points required before using a redemption option while on the portal.
That way, cardholders can check the estimated points value and look for better redemption options to get the best valuable points for redeeming. If you are unsure about conversion rates, try using the American Express points calculator or airline transfer partners’ booking tools.
American Express has a points calculator allowing cardholders to estimate the number of points converted to dollars. The Amex Membership Rewards points calculator shows a breakdown of the different redemption options with the estimated points value. You can access the feature through the Amex website, where you can find your points balance and special offers after logging in to your account.
Also, you can access the main Platinum Card calculator under the Credit Cards tab of your Amex account to convert eligible purchases to points. By entering your spending amount, you can check your redemption options and how many Amex points you earn in each category.
Low-Value Ways to Use Amex Platinum Points
Although American Express offers a variety of redemption options to choose from, some options will offer the lowest value of points. As seen from the options above, the Amex Membership Rewards program offers an estimated value between 0.5 cents to 2.2 cents per point. Different redemption options are available, with more options for cards with a high rewards potential.
The rewards potential of an Amex card will depend on the type of card and whether the card is a premium card. In this case, the Platinum Card from American Express has a high rewards potential, which in turn has high redemption options.
The least valuable redemption options usually offer 0.5 cents per point which cardholders can avoid or find suitable alternatives. Some of the low-value options include the following:
1. Paying the excise tax with points.
The excise tax offset fee is usually charged when cardholders transfer their Amex points to partner airlines. Thus, it is the fee charged for converting Amex Membership Rewards points to the loyalty mileage programs provided by U.S.-based airlines.
Covering the cost with your points will offer a value of 0.5 cents per point, relatively lower than other redemption options. Instead, paying out-of-pocket will be much cheaper and save you points in the long run.
2. Using the Shop with Membership Rewards points feature.
American Express offers Platinum cardholders an option to shop with Membership Rewards points, especially online shopping. Cardholders can buy different products through the American Express website, saving time spent looking for products online. Usually, cardholders will get 0.5 cents per point for using this feature, which is lower than other options.
Cardholders can opt to purchase directly from the merchants and use the Cover Your Card Charges option at 0.6 cents per point. Alternatively, cardholders can Pay with Points from partnering retailers at 0.7 cents per point.
3. Using American Express gift cards
Gift cards are a common redemption option, offering at least one cent per point, depending on the retailer. However, American Express gift cards have the lowest value, offering 0.5 cents per point, which is relatively lower than normal.
Conclusion
The Platinum Card from American Express has earned its right to be one of the best travel cards with the best benefits. Aside from the remarkable benefits, the Amex Platinum Card is a rewards card allowing cardholders to earn Amex Membership Rewards points. The worth of one Membership Rewards point will range between o.5 cents to 2.2 cents, depending on the redemption options.
This makes the Amex Membership Rewards points worth more than rewards points from competing cards.
You can earn Membership Rewards points through the welcome bonus or earn points after you spend on eligible purchases. Travel purchases will earn cardholders up to 5X Membership Rewards points per dollar spent. American Express offers a variety of redemption options for cardholders to choose from due to the vast number of partners. Thus, you have more flexibility for redeeming points after you spend using your Platinum Card.
FAQs
What are Amex Platinum points worth?
Amex points worth greatly depends on the redemption option a cardholder will choose. Usually, one Amex Membership Reward point is worth between 0.5 cents to 2.2 cents, depending on the redemption method. For example, a cardholder who chooses to book or upgrade their flight with points will receive one cent per point. Another cardholder who chooses to transfer Membership Rewards points to partner airlines will receive two cents per point.
Thus, cardholders must understand the value of their redemption methods to secure the maximum value for their points.
How many Amex points is $1?
If you redeem your Amex points at one cent per point, you will need 100 Membership Rewards points for one dollar. However, since American Express offers different means for redeeming your points, the number of points that make up a dollar will vary. Thus, cardholders can use between 50 points to 200 points to make up a dollar after redeeming the points.
Cardholders can utilize the American Express points calculator to determine the points required to make up a certain amount of money. That way, cardholders can make the right estimates before settling for their preferred redemption method.
What salary do you need for the Amex Platinum Card?
The Platinum Card from American Express is considered a luxurious high-value card that few can attain. First, the high $695 annual fee and its original nature as a charge card make it exclusive to those who can afford it. American Express always considers the applicant’s net salary every calendar year during the card application.
American Express requires an applicant to make at least $50,000 as their basic income to stand a chance of qualifying for the Platinum Card.
