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The hits just keep coming in the points and miles world. Just a day after Chase announced major changes to its premium travel rewards card lineup, Amex is joining the party — and not in a good way. One of the most lucrative perks of The Business Platinum Card® from American Express will soon change for the worse.
The 35% Pay with Points rebate for business and first-class flights booked with Amex Membership Rewards is set to change (read: be devalued) on September 18, 2025. Here's what Card Members need to know.
Amex’s 35% Pay With Points Rebate Will Work Differently Starting September 18
One of the standout benefits of the Business Platinum Card is the ability to get a 35% rebate on the points you use when booking eligible flights through the American Express Travel® portal. Currently, this rebate applies to flights with your selected airline (the one tied to your airline fee credit) or to any business- or first-class flight, regardless of airline.
It’s a valuable perk, especially when award prices are sky-high but cash fares for premium cabins are unusually low. For example, if you booked a $1,000 business class flight through Amex Travel, it would cost 100,000 Membership Rewards points. With the 35% rebate, you'd receive 35,000 points back, reducing your net cost to just 65,000 points.
And since it's treated as a paid fare, you’d also earn miles on the flight. It's a neat perk, but unfortunately, it’s going to change.
Starting September 18, 2025, you’ll no longer be able to use the rebate on every business or first-class flight booked through Amex Travel. Going forward, the 35% rebate will only apply to flights on your selected airline booked through the portal. You'll find a mention of these changes in your Amex account.
What made this benefit so useful was the flexibility to use it with any airline. Limiting it to just one (U.S.-based) airline significantly undercuts its value — especially for international premium cabin bookings, where this perk was the most rewarding.
Related: American Express Membership Rewards: A Complete Guide
Bottom Line
Major changes are coming to both The Platinum Card® from American Express and the Business Platinum Card. This change to Pay With Points is likely the first of many. We're hopeful that this is the end of the negative changes. But if this is really a precursor of what's coming, Card Members have a right to be nervous.
One can only wonder what other changes are looming, but perhaps this points to September 18, 2025, being the target date that other changes go into effect. Stay tuned.
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