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The way it normally works is that you click through a specific link and will see a popup at the bottom of the screen showing the offer details: ~£30 ($40) back when you spend ~£60+ ($80).
The problem is that when you click through the link this time, there is no popup box. Despite that, Flyertalk, The Gate and YHBU are reporting that the offer might be back, because American Airlines is proactively advertising it.
Personally, I’m not convinced (yet) and wouldn’t fancy fighting Booking.com in order to get the rebate. One of the peculiarities of these offers is that rather than discounting the amount charged before you pay, you pay the full amount and then get a refund for whatever the promotion offered back to your card later – so there is a clear risk here.
That said, if you would be making a reservation through Booking.com anyway, then it might be worth trying.
Note that the usual rules for these sort of promotions would presumably apply, “Participants may only receive Incentive Bonuses from a maximum of 3 different campaigns per year, including Refer-a-Friend campaigns”. If you have already used 3 similar Booking.com credit links in the past year, I would suggest setting up a new account or booking using you travel companion’s account.
£15 Booking.com rebate for everyone
Rather than dealing with the potential hassle/failure of the above, perhaps a better idea would be to simply sign up to Booking.com using a referral link which gets you a £15 rebate (this is ours, but please feel free to leave your own in the comments!)
£15 back isn’t as good as ~£30, but at least you should definitely receive it and the minimum spend is only £30, so it’s still potentially 50% off, if you can find somewhere cheap.
I think the ~£30 ($40) Booking.com rebate looks quite high-risk at the moment, but at least the £15 refer a friend bonus is still available.