It’s no secret that most businesses are seeing a large decrease in revenue at the moment due to COVID-19. Credit card issuers and banks are no exception. To combat that, many of them are getting creative with or just increasing their promotions. American Express did just that with their latest AMEX Platinum promotion.
Normally, we wouldn’t go right into a detailed post like this without having laid a foundation first so a lot of this might go over your head, especially some of the terminology and some of the more specific details; however, this is one of, if not the best promotion we’ve ever seen from American Express so it was absolutely worth writing.
If you guys have any questions or need any help taking advantage of this promotion just let us know. You can message us on Instagram or email us directly at firstname.lastname@example.org and we will be glad to walk you through this entire process, even if you’re not a Points Brothers member. This AMEX Platinum promotion is easily accessible by all so we want to help as many people as we can to take advantage of it, it’s that good.
Those of you who are already Points Brothers members will be hearing from us soon about how to incorporate this card into your Points Plan and if your Points Plan needs adjusting due to this promotion.
If those of you who aren’t Points Brothers members are curious about our membership program, we highly suggest taking our ‘Crash Course to Luxury’ email course. It’s one email per day for 5 days that will lay the foundation for you and explain how our membership program can help you achieve your wildest travel dreams! Fill in your information below to take the email course. We’re almost at our limit for the time being so we suggest joining sooner rather than later before the first run-through of the course is full.
Now, what’s so great about this promotion anyways?
AMEX Platinum Promotion Details
On Tuesday morning this week, all AMEX Platinum cardholders received the following email:
Double Rewards: Double the points. Double the value.
Why Double Rewards?
In these challenging times, some Platinum benefits may prove more valuable than ever before. But what about enhanced ‘everyday’ value?
One important Platinum benefit is Membership Rewards® points – where you earn points for virtually every $1 you spend. To ‘double down’ on this aspect of everyday Platinum value, we’re introducing Double Rewards: earn double the points, enjoy double the value – available from April 21 until July 20, 2020.
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.
Using Points for Purchases gives you the freedom to pay for almost any purchase charged to your Card with points – and now they go twice as far**. From streaming movies to ordering groceries – it’s easy. Simply select a purchase on the Amex App or your online statement and opt to pay with points.
This promotion runs through July 20, 2020.
So, why would AMEX run this AMEX Platinum promotion? This card comes with a $699 annual fee which puts it out of range for many people especially when many of us aren’t earning our regular income at the moment.
A lot of people decided that their AMEX Platinum card was one of the first to go from their wallet if their annual fee was due up in the last month or two. Saving $699 on a premium travel credit card when there is no travel coming up in the near future seemed like a smart decision for many. AMEX noticed this, along with the decline in new applications for the card, and decided to do something to both incentivize cardholders to keep the card and to encourage new sign-ups.
The way this card usually earns points is pretty simple:
- 3MR points per dollar spent on dining
- 2 MR points per dollar spent on travel
- 1 MR point per dollar spent on everything else
But with this new Double Rewards promotion you now earn, that’s right, double in each category:
- 6 MR points per dollar spent on dining
- 4 MR points per dollar spent on travel
- 2 MR point per dollar spent on all other purchases
The AMEX Platinum Promotion Is Insanely Valuable
That’s all great, but how do you actually earn money with this promotion? The ‘Double the Value’ part of the email was what got us the most excited.
Normally, AMEX lets you redeem your points as statement credit against any purchase you make. The rate they offer isn’t very good though at 1000 MR points = $7. Those of you who have taken the ‘Crash Course to Luxury’ already are familiar with the term ‘cents per point’ or ‘cpp’ and recognize that redemption as a poor 0.7 cpp which is not very good. At bare minimum, you should be getting 1 cpp. If your purchase was a travel purchase then you can redeem the points at a rate of 1000 MR points = $10 which is exactly 1 cpp.
With this new Double Reward AMEX Platinum promotion, you can now redeem points at ar ate of 1000 MR points = $20! That’s almost 3x what you can normally redeem points at!
AMEX Is Putting Cash In Your Pocket
Okay but we still haven’t explained how you can make cash, so let’s get to that part.
The AMEX Platinum card comes with a 60,000 points welcome bonus after you spend $5,000 points on the card in the first 3 months of card membership. The card comes with a $699 annual fee but you also get a $200 travel credit that can be applied as statement credit against any travel purchase you make with your card. This effectively brings your net annual fee down to $499.
Remember, you’re now earning 2 MR points per dollar for any spending on the card. Once you spend the $5,000 in the first 90 days to get the 60,000 points welcome bonus you will have 70,000 points. $5,000 spent = 10,000 MR points and you got 60,000 MR from the welcome bonus to total 70,000.
If we wanted to completely wipe out the net $499 annual fee that would only cost us 24,950 MR points. $499 would usually require 49,900 points to wipe it out but with the Double Rewards promotion, it now costs just half as many points, 24,950. You just slide the slider below all the way to right and it’ll automatically adjust it to 49,900 for you.
So if we decided to do that, we would now be left with, at minimum, 45,050 MR points. Since we can now redeem those points for any purchase at 2 cpp that means that those points are worth $901!!
We say ‘at minimum‘ because if you spend in the travel or dining categories in your first $5,000 spent to get the welcome bonus then you will have even more as those categories now earn 4 MR points per dollar spent and 6 MR points per dollar spent, respectively.
So the next $901 dollars you spend on your AMEX Platinum card are essentially FREE. Not a bad deal eh?
Here’s an example of what it looks like in your AMEX account to use the points against purchases:
How Do I Get the AMEX Platinum card?
Many of you may never have held an AMEX card in your life so you might be thinking ‘okay, how do I get one?’ It’s just like applying for any other credit card really. The only requirements for this card are:
- You are a Canadian resident and have a Canadian credit file
- You are of the age of majority in the province or territory where you live
If you meet both of those requirements then you are eligible for the AMEX Platinum card which makes you automatically eligible for this new AMEX Platinum promotion.
If you were to just go to the American Express Canada website you’ll notice that the card only has a 50,000 points welcome bonus. That’s because the 60,000 points welcome bonus is only available if you are referred to it by someone that has it. We do have the card and would love to share our referral with you. If you wish to apply for the AMEX Platinum card using our referral you can click here. And if you use it, we sincerely thank you!
AMEX Platinum Promotion Bottom Line
This is by far the most insane promotion we’ve ever seen from AMEX. The AMEX Platinum promotion is one that we wouldn’t hesitate to jump on as it’s one of the few instances in this hobby where there’s little risk in earning FREE MONEY! And who doesn’t love free money?
Like we mentioned earlier, if this post confused you at all but you still want to take advantage of the promotion, just shoot us a message on Instagram or email us at email@example.com and we will be willing to help anyone, member or not.
PS. If you’re on our email list then you’ll have gotten a special little trick to earn even more points with this promotion. If you’re not on it, you can subscribe below.
If you’re interested in becoming a Points Brothers member, you can sign up here.