Well, this is a change I’m not too thrilled about (thanks, Jay, for bringing this up)…
Amex Pay Points 35% Rebates Become More Restrictive
Starting September 18, 2025, the Amex Business Platinum will see a shift in its 35% payment rebate structure, and unfortunately, it’s not for the better. Right now, the points rebate can be used for first-class and business-class tickets on airlines, or in any class on a chosen U.S. airline for airline fee credits.
However, going forward, the rebate will only apply to tickets booked with designated U.S. airlines, excluding first and business class options.
For those who might be unfamiliar, Amex’s Pay with Points program allows booking flights using Membership Reward Points, typically worth about 1.0 cents per point. That’s not overly impressive, at least from my perspective regarding point valuation.
This feature has historically provided significant value for Amex Business Platinum cardholders. The 35% rebate applied to point redemptions for selected fare classes offered a value up to 1.54 cents per point, which includes all Membership Reward points linked to your account, not just those from this particular card.
The catch was that the rebate was limited to certain airlines for first and business class fares. That’s changing now, as it will only be applicable to designated airlines. Personally, I’ve often redeemed AMEX points for international first and business class tickets, so this alteration feels quite disappointing.
On the bright side, the feature will still be available for those designated airlines. So, if you usually fly with a U.S. carrier, you can still make good use of your Amex points.
The Timing of This Change is Probably Not a Coincidence
It’s worth noting the timing of this announcement. Just yesterday, we heard about the Chase Sapphire Aliser Refresh plan and a new business card launch for Chase Sapphire Aliser.
One significant change is that the ultimate reward points earned through the Chase Sapphire Reserve will consistently be harder to redeem at 1.5 cents for booking a Chase trip. This will drop to 1.0 cent, with the introduction of a new Point Boost feature offering a potentially better redemption rate.
It’s hard to ignore that Amex’s announcement followed Chase’s by just a day. If it truly is a coincidence, that’s quite a remarkable one.
Conclusion
Starting September 18, 2025, the Amex Pay with Points 35% rebates for the Amex Business Platinum will shift. The rebate will no longer apply to first and business class ticket bookings across all airlines, but will be limited to a specified U.S. airline. It’s disappointing to see this change since it’s a benefit I’ve relied on frequently.
With these adjustments to the Amex Business Platinum 35% rebate, how will you adapt your points strategy?
