If you currently hold an American Express Business Platinum Card, you might want to check your e-mail. Several people, including myself, received the following offer:
Earn 40,000 Membership Rewards points after you spend $5,000 and an extra 10,000 points when you spend an additional $5,000 all on qualifying purchases on your Card from July 15 to October 15.
That’s a pretty generous offer for existing cardmembers. Many people already received a 100,000-point bonus just for signing up for the card. Don’t forget that transactions of $5,000 or more on the card earn an extra 0.5 points per dollar with the Business Platinum Card. That plays well into this promotion, but it’s important to note the tiered structure of the bonus.
If you make one large transaction for $5,000, you would earn 47,500 Membership Rewards points with the first tier spend threshold. That’s 9.5 Membership Rewards points per dollar!
If you make a second large transaction for $5,000 (or just spend one large transaction of $10,000 in the first place), you would earn an additional 17,500 points on the second tier spend threshold. That’s still pretty good at 3.5 Membership Rewards points per dollar, though I know some people who might want to put that type of spending on an Everyday Preferred Card that can earn up to 4.5 points per dollar if they’re not able to spend as much.
In the end, if you max out the promotion, you’d earn 6.5 Membership Rewards per dollar if you spend exactly $10,000, but it’s always good to look at each margin. I definitely think you should try for $5,000 if you got this offer, and maybe another $5,000 if you have the ability to spend that much.
I know I recently bemoaned American Express for devaluing their Business Platinum Card, mainly by reducing the 50% rebate on certain airline tickets to a 35% rebate. However, this is an offer I really can’t pass up on.
How “lucky” for me that my final year of school’s tuition bill was the e-mail I received right before this — I’m considering paying $10,000 via Plastiq towards that bill. Right now, it costs 2.50% to use an American Express card to pay bills via Plastiq, which I would certainly do for 3.5 points per dollar, and especially for 9.5 points per dollar.
If you haven’t signed up for Plastiq yet, consider using my referral link. You would get 500 fee-free dollars, which is basically a discount of $12.50 at the current rate.
One thing to consider is that Plastiq may offer promos in the coming future, especially since yesterday was the last day that the Citi AT&T Access More card earned 3x points for rent/mortgage payments using the service. I have a feeling their volume may take a hit because of that change. The promotion for the Amex bonus offer ends October 15th, so you have time if you can be patient.
Did you get this offer as well? Are you planning on taking advantage of this?