This week American Express sent select Platinum and Cobalt cardholders an offer which allows them to redeem any Membership Rewards points earned before August 31st, 2022, at an elevated rate until September 30th. Typically, you can redeem MR points at a rate of 1000 Points = $10. This has been increased to 1000 Points = $15 for Platinum cardholders and 1000 Points = $12 for Cobalt cardholders.

Poster for the limited time offer.

There has been no explanation for which users received the offer from Amex, but there is no question that this offer is generous.

To check if you’re eligible for the offer, check your inbox for a message from American Express, or log into your American Express account and navigate to the “use points for eligible purchases” page. If you’re eligible for the offer, you’ll see 1000 Points = $15 or 1000 Points = $12; otherwise, it would remain as 1000 Points = $10.

Here’s where you can find the new offer.

It makes sense to take advantage of this offer if you have no immediate travel plans and would like to improve your cash position. Considering MR is worth about $0.02 per point if redeemed for travel, taking a 25–40% haircut and getting an immediate payout seems rational. If you’re playing the long game for an aspirational vacation, this offer shouldn’t concern you much, as your redemption value for MR is much greater than $0.02 per point.

Thanks for reading! Let us know below if you decide to take advantage of this offer, or what you’re saving your MR for!