Update 2/15/22: Many are seeing now a 30% discount to cover charges which gives a value of about .86 cents per point. (Others are seeing a 15% discount.) Hat tip to reader Joe
Update 10/12/21: Reader Dima reports seeing a 50% discount to cover charges which gives a value of 1.2 cents per point.
Update 10/11/21: This offer of 40% redemption discount (1 cent per point) is back again for some people. Hat tip to reader Joe
Some people are seeing an option to cover their American Express charges by redeeming Membership Rewards points to offset the charge and getting a 40% discount on the redemption. Whereas typically redemptions against charges offer a poor value of .6 cents-per-point, those who have this offer can offset these eligible charges at a full 1 cent-per-point value.
Lots of people get better value than 1-cent from their Membership Rewards points, but this could be useful for those who don’t. If you have a Schwab American Express Platinum card, you can get
1.25 1.1 cents per point always.