American Express India has updated its redemption options for the 18K & 24K Gold collection and added few options but removed the statement credit option.
This is good news for majority of people who will now have more redemption options to select. On the other hand, people who used to redeem through statement credit option, this is bad news but since the redemption value is also increased on the redemption options, there is something to cheer for all.
Table of Contents
Overview of Gold Collection
Folks using American Express must be aware about the 18K & 24K Gold collection redemption options for American Express Gold Cards and American Express Membership Rewards cards.
The typical redemption option for a single reward point is Rs 0.25.
However, when you are patient with redemptions and are able to collect 18K / 24K points and then plan to redeem the options, the value of the redemption options increase till Rs 0.58 which ofcourse depends upon the redemption option you decide.
New Versus Old
The number of options to redeem have definitely increased and are at various points. Lets go through the changes in both the collections.
Changes in 18K Gold Collection
Under the 18K Carat gold collection, you could redeem 18000 Membership reward points from below 3 options:
I think this shall add multitude of options to redeem the points as per wish and convenience and since it increases the redemption value for each point, this adds more options.
Although the statement credit option has moved out, I think it will not make any major impact since the redemption value was lower and there were no plans to use that option from my side and would also not have suggested the same.
I have done the calculations for you guys for each option showing the value per point helping you decide where you can maximize your Bachat.
How I intend to use my points
Personally, I already have a lot of Amazon balance added to my account & there were no plans to travel (& hence Taj / Vistara vouchers not required), so was waiting for the right options to redeem my 36000 accumulated points over last couple of years and here came the new added options to redeem.
I plan to use the same for Big Basket vouchers which would mean around Rs 16000 of free groceries for me in these inflationary times adding to my savings.