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American Express has finally got round to emailing Amex Platinum (personal) cardholders with the details of its ‘double the value’ promotion, where Membership Rewards Points can be redeemed towards purchases at twice their usual value – so 0.9p per point instead of 0.45p. In addition, Amex is also offering double points on all purchases.

Taken together, the two promotions mean that Amex Platinum cardholders now effectively receive 1.8% cashback on all purchases.

“Enjoy double the value
Up until 20 July 2020, your points are worth double their usual value when you Use Points Towards Purchases – giving you the freedom to pay with your points for almost any item on your Card statement. Sometimes it’s the little everyday things that can bring us joy during difficult times. Simply choose an item on the American Express® App or your online statement and opt to pay with points.

Earn double points too
For the next three months you’ll also earn double Membership Reward points across all of your spend. From essential groceries, to shopping online or a delivery of fresh flowers, for every pound spent, you’ll receive double the points, up until 20 July 2020.”

Bottom line

1.8% cashback is a genuinely superb rate. I still think that Amex is going to have to offer something more though to keep Platinum cardholders happy.

Are you tempted to keep your Platinum Card?