Video: Amex Giveth & Taketh Away

The American Express emotional rollercoaster has continued at full tilt this week.

On one hand, we learned of a series of COVID-19 relief measures that American Express is rolling out for Canadian cardholders, including a three-month extension of the minimum spending window, a $100 renewal credit on the Business Platinum Card, and elevated points earning rates on the Bonvoy and Gold Rewards Cards.

On the other hand, we saw a precipitous drop in the signup bonuses of the Platinum Card and Business Platinum Card, nullifying the insane value that one can obtain by applying for these cards under the current Double Rewards promotion.

In this week’s video, let’s walk through the details of all of these changes, both positive and negative, and I’ll share with you my thoughts, impressions, and predictions of what this means going forward.

Without further ado, you can watch the video below:

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  1. ART

    Unfortunately yet another blow to AMEX – I just called Amex to transfer MR points from biz plat to personal plat, and the agent said they’ve suspended all transfers of MR to the personal platinum for all customers until July 20. That’s a huge blow!

  2. Elle

    Cancelling my Amex (To avoid renewal fee) and wondering what’s the best transfer partner to use? Concerned aeroplan is going to get devalued given AC’s lay-off announcements etc. Thinking Marriott is the best bet as it seems interprovincial/US travel restrictions will loosen up sooner. Thoughts?

    1. Alex YWG

      Why not sign up for the AMEX Gold card to keep your points alive? You also get a total of 6 months to meet the MSR too.

  3. David

    I’ve heard that third party payment sites like plastiq/paysimply are not eligible for redemption of points at the promotional rate of 1000=20$ as of late. Is that something that has been confirmed? I was planning on paying CRA with such.

  4. Jay

    When videos are made that inform viewers they would gain "$901 in your pocket for a piece of metal", a lot of people will be enticed to sign up for platinum cards 😉

    1. Ricky

      And when $901 is being offered for a piece of metal, well, a lot of people will be enticed to point out that’s a lot of money for a piece of metal – including yours truly.

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