Canadian and U.K. Amex Platinum Cardholders Getting Increased Cash Redemption

Typically speaking, one of the best rules to follow when it comes to travel credit cards is to never redeem your points for cash/statement credit. While some issuers at least give you a 1:1 redemption, American Express has typically been the worst with this sort of thing. It’s not surprising to see them give you 0.6 cents per point when redeeming for cash. 

Considering that when travel is open, it’s not uncommon to get 2+ cents per point when transferring points why would you ever redeem for cash? Well, times are tough for some people right now, and thankfully, at least for some, it’s making it easier to get value by cashing out your points. 

The News

For those of you out there that happen to hold either a Platinum card from either the United Kingdom or Canada, you will be getting more value when you redeem your points for cashback. American Express has recently raised the cashback rates to the following:

  • UK: 0.9 pence per point, ~ 1.23 cent per point USD
  • Canada: $20 CAD per $1,000 points ~ 1.412 cent per point USD

Final Thoughts

While it may not be the most relevant for readers in the United States, I always find it interesting to see what companies provide in different countries. It’s not always indicative, but it can give us some insight as to what that company is thinking as a whole. We personally haven’t seen any sort of increased offer in the United States just yet, but with American Express increasing cash out offers in other countries, maybe they are considering increasing the rate here too?

The only argument I can think of why they wouldn’t do that, is the Platinum card from Charles Schwab. Outside of an additional sign up bonus, the main reason people pick that card up is because it allows you to cash out your points at a rate of 1.25 cents per point, more than double the original Platinum card. How would American Express increase the cash out rate for the vanilla Platinum, but still give value to those that have the Charles Schwab cared? Do they increase the vanilla Platinum to 1 cent per point? Would they then have to increase the rate of the Charles Schwab card? 1.5 cents per point? Either way, I think they’re in a little bit of dilemma here.

What do you think about American Express increasing the cash out rate in other countries? Do you think we’ll see that in America? Or do you honk the Schwab card is preventing them from doing that? Let us know down in the comment section below!

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