Today, we just found something that will probably be announced in the coming days. In essence, it is now possible to redeem your Membership Rewards Points for a statement credit for all your purchases at the same ratio level than travel.
Thus, it is possible to use 1,000 points on all purchases for a $10 statement credit (instead of $7). This offer is valid until September 30, 2020.
As you can see, here I took the example of my American Express Cobalt™ Card. But this applies to all Membership Rewards Cards for consumers.
The same ratio of 1,000 points = $10 also applies exceptionally to purchases made on Amazon.ca.
Regarding Cards for small businesses, you can already redeem their points for all purchases at this ratio of 1,000 points = $10.
Thus, in this case, the American Express Cobalt™ Card is converted into a cashback card! You can earn the equivalent of a 5% cashback for all those purchases:
- in grocery stores
- in convenience stores
- for Food deliveries
- in restaurants and bars
This new ability to redeem 1,000 credit points for a $10 statement credit for all purchases only confirms this!
milesopedia had made this suggestion to American Express Canada to help Cardmembers who have earned Membership Rewards Points with a travel goal in mind.
Given the current situation following the COVID-19 pandemic, it was essential to allow Cardmembers to redeem their points for all purchases, including groceries, at a decent ratio. We may have been heard!
Congrats, American Express for this move!