- Pay with fewer points; use 1,000 Membership Rewards® points for a $10 statement credit.
- The changes affect four popular American Express cards.
- Earn up to 30,000 Membership Rewards® points with the American Express CobaltTM Credit Card.
American Express recently announced a significant change to its Membership Rewards program.
Starting today, eligible American Express Cardmembers can enjoy a redemption rate of 1,000 Membership Rewards points for a $10 statement credit towards any eligible Card purchase. Check your email or call the # on the back of your Card for more info. T&Cs apply. pic.twitter.com/rwQ79c7I4t
— Amex Canada (@AmexCanada) May 31, 2021
Eligible cards now have the option to use fewer points for purchases. The new redemption rate is 1,000 Membership Rewards® points for a $10 statement credit toward any eligible purchase charged to the card, up from a $7 value prior to May 31, 2021. That is a $3 increase per 1,000 points.
| Use points for purchases (statement credits) | ||
|---|---|---|
|
Membership Rewards® points |
New redemption value (0.1) |
Former redemption value (0.07) |
|
1,000 |
$10 |
$7 |
|
2,000 |
$20 |
$14 |
|
3,000 |
$30 |
$21 |
|
4,000 |
$40 |
$28 |
|
5,000 |
$50 |
$35 |
Typically, rewards programs that offer travel provide the best redemption value for travel-related purchases, as was the case for Membership Rewards. This is still true for programs like Scotia Rewards, BMO Rewards and CIBC Rewards. However, eligible American Express cardholders can get the same redemption rate when redeeming points toward any eligible purchase on the card, travel or otherwise, thanks to this upgrade.
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Changes affect the following American Express cards:
- American Express CobaltTM Credit Card
- The Platinum Card®
- American Express® Gold Rewards Card
- Choice Card from American ExpressTM
Cardholders can redeem their Membership Rewards® points online or through the American Express® App once they have a minimum of 1,000 points.
Use your points your way
American Express credit cards are already well-equipped with high earn rates for everyday spending and feature top-of-the-line insurance coverage and perks. The American Express CobaltTM Credit Card, for example, provides one of the best first-year values according to the RATESDOTCA Best of Finance methodology, at an estimated $1,560.
Currently, new card members can earn up to 15,000 Membership Rewards® points in the first year. This offer is subject to change at any time without notice.
If a person were to earn the complete welcome offer of 30,000 Membership Rewards® points, they would have a $300 value to spend on travel or statement credits: one of the most flexible and valuable options available today.
Rates, product information and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. RATESDOTCA may receive a referral fee from our partners or affiliate links featured on the site; however, our editorial choices are objective and free from bias. The opinions expressed in this article are purely those of RATESDOTCA; thus, the credit card issuers and partners are not responsible for any editorials or reviews that may appear. Please visit the associated website for complete and current terms and conditions on any product or service mentioned. The information in this article is accurate as of the date of this posting, June 11, 2021. Read our full disclaimer.
