Big changes are coming to the American Express Business Platinum card, and that’s not a good thing. One of the key perks that made the Business Platinum worthwhile was the 50% MR points rebate when you book airfare with your selected airline.
Like the personal Platinum card, you select an airline at the beginning of the year to get $200 in travel credit fees; with the Business Platinum, you could also get a 50% rebate on the airfare booked with the select airline.
For example, if you book a flight for $1,000, you would need 100k MR points. After a few days, you would receive a 50k MR points rebate.
The 50% flight rebate alone effectively made MR points worth 2 cents per point.
The 3 big changes
Reduced flight rebate
Significantly longer to receive rebate
Annual cap on rebate benefit
Reduced flight rebate
Starting June 1, 2017, Amex will scale the 50% rebate down to 35%. After this change, MR points will only be worth 1.54 cents per point.
If you signed up for the Business Platinum card between October 6, 2016 and May 31, 2017, you’ll still receive the 50% rebate with no cap for one year from the date your card was issued.
For all other customers, you will need to book travel (but not fly) before June 1, 2017 in order to receive the 50% rebate.
Limited rebates and wait times
Another negative change coming June 1, 2017 is that instead of the rebate being an unlimited perk, there will be a cap of 500,000 rebated points per calendar year.
Longer rebate times
To make things worse, the new changes also affect how long it will take to receive the rebate. Typically, it would only take a few days to see the 50% MR rebate in your account. When the new changes take place in June, it will take 6–10 weeks to receive a rebate.
These negative changes will go into effect June 1, 2017.
Want to lock in the benefits for a year?
If you don’t have the Business Platinum card already, you can lock in these benefits for a full year if you apply by May 31, 2017.
The Business Platinum card is ideal for someone who has a lot of existing MR points and wants to redeem them for travel. Take advantage of the 50% rebate while you still can.
Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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