People often ask me what is the best type of credit card to get when it comes to frequent flier or cash back awards. I’ll cover some of my favorite reward cards in other post, but in today’s blog I thought I would share how to make the most of your AMEX card. Sad to say, but most people who carry the GOLD or PLATINUM card don’t ever look at or use most of the benefits of card. What most consumers are aware of is that with each purchase they rack up 1 point for every dollar they spend. So how do you make the most of your rewards? Check the CLEARANCE rack. Here’s an example of three items you can get in the clearance section on AMEX membership rewards today. (source: AmericanExpress.com)
When you click the membership rewards link in your AMEX account, you’ll notice on the far right hand side a link called ‘specials’. If you click this link it will take you to all of the merchandise that is on the clearance rack. (The following examples are derived directly from the American Express website and are for illustrative purposes only.)
|1.||Beats By Dr. Dre Beatbox™ – BlackBeats™ by Dr. Dre™– The point drop on this is 18,600 points which is essentially a $18,600 saving in card charges!
Savings offer valid through August 31, 2013 or while supplies last. Was: 66,560 points Now: 47,960 points (Save: 18,600 points)
|2.||Dyson DC 25 Multi Floor Vacuum– This vacuum is on sales 23,810 pints which could save you $23,810 charges.
Savings offer valid through September 30, 2013 or while supplies last. Was: 76,740 points Now: 52,930 points (Save: 23,810 points)
|3.||Samsung 50” 1080p Smart LED HDTV– Have you always wanted a Smart TV and wanted to use some of those racked up points you built up over the years. This one is a save of almost $41,000 of charges.
Samsung 50" 1080p Smart LED HDTV with Built in WiFiSamsungSavings offer valid through August 31, 2013 or while supplies last. Was: 261,400 points Now: 220,710 points (Save: 40,690 points)
American Express is still one of the best card reward programs on the market in my opinion. Be a savvy shopper and go to the clearance rack before you use your reward points and perhaps you can make the most of your hard earned dollars.
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Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS® Co-CEO and Founder oXYGen Financial, Inc. Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS.