Want to trade in your cash-back rebate from American Express OPEN business partners for more Membership Rewards points? That’s now an option thanks to a recent change in the program. The OPEN Savings program offers a rebate on the billing statement of 3-10%, depending on the merchant and the purchase. The new option will now allow card holders to take 1-4 Membership Rewards points in lieu of the statement-credit rebate on these transactions. It is an "or" decision; you do not get both.
In most cases this is the equivalent of buying the points at 2.5 cents each. That’s not a particularly great value, though MR points are nice in certain circumstances. It is also important to recognize that the change to earning preference can only be made once per month and it can take some time to go into effect.
And AmEx is nice enough to provide the following reminder about the value of the points:
The relative value of the benefit options will differ depending on how you use your Membership Rewards points. The redemption value of additional points that you receive under the Membership Rewards Points Benefit may be less than the dollar value of statement credits that you receive under the Discount Benefit.
Don’t say they didn’t warn you.
Never miss another post: Sign up for email alerts and get only the content you want direct to your inbox.