{"id":214297,"date":"2025-06-18T20:00:02","date_gmt":"2025-06-18T20:00:02","guid":{"rendered":"https:\/\/awardwallet.com\/blog\/?p=214297\/"},"modified":"2026-04-08T14:17:37","modified_gmt":"2026-04-08T14:17:37","slug":"pay-with-points-devaluation","status":"publish","type":"post","link":"https:\/\/awardwallet.com\/news\/amex-membership-rewards\/pay-with-points-devaluation\/","title":{"rendered":"Bad News: Amex to Devalue the 35% Pay With Points Rebate This Fall"},"content":{"rendered":"

The changes below have taken effect, and this post is no longer being updated. Here is our archive of major updates<\/a> from card issuers and loyalty programs.<\/em><\/p>\n

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<\/a>, Amex is joining the party \u2014 and not in a good way. One of the most lucrative perks of The Business Platinum Card\u00ae<\/sup> from American Express<\/a> will soon change for the worse.<\/p>\n

The 35% Pay with Points rebate<\/a> for business and first-class flights booked with Amex Membership Rewards is set to change (read: be devalued) on September 18, 2025<\/strong>. Here's what Card Members need to know.<\/p>\n

Amex\u2019s 35% Pay With Points Rebate Will Work Differently Starting September 18<\/span><\/h2>\n

One of the standout benefits of the Business Platinum Card<\/a> is the ability to get a 35% rebate on the points you use when booking eligible flights through the American Express Travel\u00ae<\/sup> portal<\/a>. Currently, this rebate applies to flights with your selected airline (the one tied to your airline fee credit<\/a>) or to any business- or first-class flight, regardless of airline.<\/p>\n

It\u2019s 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.<\/p>\n

And since it's treated as a paid fare, you\u2019d also earn miles on the flight. It's a neat perk, but unfortunately, it\u2019s going to change.<\/p>\n

Starting September 18, 2025<\/strong>, you\u2019ll 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.<\/p>\n

\"Amex
Credit: American Express<\/em><\/enter><\/figure>\n

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.<\/p>\n

Related: American Express Membership Rewards: A Complete Guide<\/a><\/strong><\/p>\n

Bottom Line<\/span><\/h2>\n

Major changes are coming<\/a> to both the American Express Platinum Card\u00ae<\/sup><\/a> and the Business Platinum Card<\/a>. 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.<\/p>\n

One can only wonder what other changes are looming, but perhaps this points to September 18, 2025<\/strong>, being the target date that other changes go into effect. Stay tuned.<\/p>\n

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