Opening the floodgates? AMEX boosts the cash-out value of MR points on the Canadian and UK versions of the Platinum Card, up to 1.4 and 1.23 cpp!

AMEX sent emails to cardholders, doubling the cash-out value of MR points on the Canadian and UK versions of the Platinum Card:

• Canadian Platinum: 1000 MR = 20 CAD. 1000 MR can offset a 20 CAD statement charge, which works out to about 1.4 cpp in USD value, up from about 0.7 cpp before (source)
• UK Platinum: 1,000 points = £9. 1000 MR can offset a £9 statement charge, which converts to about 1.23 cpp in USD value, up from about 0.6 cpp before (source)

AMEX is probably doing this to encourage cardholders in Canada and the UK to redeem points and ease some personal financial pressure. Doubling the redemption value is honestly a pretty warm gesture.

However, the US version of the Platinum Card does not currently have a similar redemption offer. MR points redeemed directly for cash are worth 0.6 cpp, or 1000 MR = $6 in statement credits. If US AMEX also offered double cash-out value, that would be 1.2 cpp. Would you go all in and redeem? Generally speaking, MR points are worth around 1.6-1.7 cpp, which is still quite good, though that is mainly when transferring to airline miles for award tickets. In this unusual period, if you're short on cash, redeeming points to reduce risk may not be a bad idea.

For now, the only way is still the Schwab version of the Platinum Card, which lets you cash out MR at 1.25 cpp into an investment account, though opening another card is still pretty troublesome...