An email just came through from American Express for my Platinum Card that provides even further detail to our post from earlier today: Limited Time Offer: Increased value in American Express Use Points for Purchases (1,000 points = up to $20!) which effectively doubles that! From today until July 20 you will earn double points on all purchases made on the Platinum Card from American Express and double the value on redemptions. This has made the Platinum Card the best cash back card in the market for the next three months.
Here is an excerpt from the email:
Earn Double the Points
Through Double Rewards, over the next three
months, you will earn double rewards points on all your spend: any
retailer, anywhere and anytime*. Food delivery. Check. Online retailers.
Check. Streaming services. Check.
Enjoy Double the Value
Additionally, if you choose to pay (or
partially pay) for any purchase charged to your Platinum Card with
points – through the Use Points for Purchases program – you’ll enjoy
twice the value.
The Platinum Card normally earns 3 points per dollar on dining, 2 points on travel and 1 point per dollar on everything else. This means that from today until July 20 it will 6 points per dollar on dining, 4 points per dollar on travel (you can pretty much excuse this one) and 2 points for everything else. The doubling of points is great but it doesn’t end there.
As we already posted this morning you can now also redeem 1,000 points for a $20 credit with the Platinum card for any purchase you make. Normally it is 1,000 points for $7, but four days ago that was boosted to 1,000 points for $10 and then of course with the launch of today’s promo it is now $20.
This now makes the card with the highest potential cash back return rate. At 6 points per dollar for dining and $20 for 1,000 points your cash back return rate is a whopping 12%!! Travel is 8% and all other spending is 4%! No other cards provide 4% back on non-bonus spending. And since this offer runs until July 20 you still have time to get this card to get in on the offer Yes the card has $699 annual fee thanks to its amazing suite of travel benefits and insurance that aren’t of much use right now but hopefully by 2021 you’ll be able to use them. However when you do get the card it is offering up to 60,000 points as a welcome bonus which is broken down as 50,000 points when you spend $3,000 in the first three months. If you can do that you now have $1,000 in cash back as your redemption rate is doubled until July 20! So yes the $699 annual fee is totally worth it. And then after 6 months you’ll get an additional 10,000 points!
This new promotion has totally set the Platinum Card front and center in our market.
Key terms of this offer:
*You will earn three additional points for each dollar charged at
restaurants, quick service restaurants, coffee shops and drinking
establishments in Canada (for a total of six points). You will earn two
additional points for each dollar spent on travel services or travel
bookings including air, water, rail and road transport, lodging and tour
operator sales, but not including local and commuter transportation
(for a total of four points). You will earn one additional point for
each dollar spent when the merchant code is not in an eligible category,
using a payment account or service of a third party, a card reader
attached to a mobile phone or online retailer that sells goods of other
merchants or the merchant category is otherwise not identified (for a
total of two points). Eligible purchases can be made by the Basic Card
Member and any Additional Card Members on a single Card account.
Eligible purchases are purchases for goods and services minus returns
and other credits. Eligible purchases do not include annual fees,
interest charges, other fees, and cash equivalent transactions. Points
will typically be credited to your Membership Rewards account within 5
days after an eligible purchase you made is posted to your account.
Additional terms and restrictions apply.
**The value of your Membership Rewards points
when redeemed for the Use Points for Purchases option will automatically
double per point for the period of the offer. From April 21st until July 20th,
2020, when you redeem points under the Use Points for Purchases
program, each 1,000 points = $20 statement credit for both travel and
all other eligible purchases charged to the Card.