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How To Increase The Value Of Your Points Bank By Bank

- Jun 16, 2024 Credit Card Info1 comment

Bank executives believe that smart people deserve to get more value from their rewards than dumb people. I don’t have inside info on the exact thought process of any bank executive but if you look at the way they designed their rewards program then this seems to be true. With some bank rewards programs, the savvy gets much greater value than the average Joe. 

For example with Amex, if you are dumb, you get a meager 0.6 cents per point when redeeming for cash back. But if you are smart then you can get 1.1 points. 

So let’s get you all smart and learn how to get the best value for your points (whether the bank likes it or not).

Amex

Amex Membership Rewards can be redeemed either by transferring to any of their travel partners or by using your points for a statement credit at 0.6 cents per point (very poor value).

How to increase the cashback value:

  1. If you have The Platinum Card® from American Express Exclusively for Charles Schwab ($695) you can use your points to transfer to your Chares Schwab checking account at 1.1 cents per point.
  2. If you have The Business Platinum Card from American Express you can get 35% of your points back when booking a flight on Amex (up to 1,000,000 points back per calendar year). Once you book the flight, Amex will later refund you 35% of the points used which will effectively give you a 1.54 cents value per point.

    In order to qualify for the 35%  points back promo, the flight needs to be one of the following:

    1. Economy flights booked on your preferred airline – this is a single airline you choose once a year in January as your preferred airline. You can choose any of the following U.S. airlines:
    • American
    • Southwest
    • United
    • Delta
    • JetBlue
    • Alaska
    • Frontier
    • Hawaiian
    • Spirit

You will also receive a 35% rebate when you book a first or business-class ticket on any airline (regardless of the airline you choose as your preferred airline)

3. If you have card_name ($695) you can transfer your points to your Amex Business checking account at 1 cent per point.

4. If you have the The Platinum Card® from American Express Exclusively for Morgan Stanley ($695) you can deposit your points to your Morgan Stanley account at 1 cent per point.

Chase

If you only have a no annual fee Chase card then you can get only 1 penny per point for Chase Travel(SM).

How to increase the Chase Travel(SM) value:

  1. If you also have the card_name or the card_name then you can transfer all your points to one of these cards to redeem at a rate of 1.25 cents per point on Chase Travel(SM).
  2. If you have the card_name then you can transfer your points to the Reserve and redeem them at a rate of  1.5 cents per point on Chase Travel(SM).
  3. If you have an card_name then you can transfer your Chase Ultimate Rewards points to Aeroplan and then use the PayYourselfBack feature to offset any travel charge on your Aeroplan card using your Aeroplan points at 1.25 cents per point. This is another strategy to effectively  redeem your Chase Ultimate Reward points at 1.25 cents per point for travel. This is even more exciting now till July 31st 2024 as you get a bonus of 30% when you transfer your Chase Ultimate Reward points to Aeroplan (you need to be an Aeroplan cardholder and transfers need to be 50k points or more). This results in a total value of 1.62% when redeemed to off set any travel expense (including toll and much more)!!

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Sam Sam has nearly a decade's worth of experience educating his many readers on everything credit. Sam spends his days checking out credit cards for a full report, from the minute benefit details to the shebang of welcome bonuses. Plus studying the ins and outs of building proper credit. It’s his favorite pastime and he loves sharing it with others.

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1 Comment

  1. If I buy points on Air Canada can I use it for Pay Yourself Back? Thanks

    Reply

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