Author: matt

I’ve received nearly a half dozen reports of clawbacks of American Express Membership Rewards regular spend, +5x referral bonus, and sign-up bonus on Tuesday and Wednesday, and I’ve seen corroborating data-points publicly and privately too. This isn’t happening silently, but rather those affected are notified by email with the message:

After careful review, we noticed activity that indicated these points may have been earned or used in a way that doesn’t meet the terms and conditions of the Membership Rewards program or of the promotional offer under which you earned the points.

Based on conversations with AmEx customer service reps, American Express has tagged certain purchases as gift card purchases and reversed the points earned and the some of the bonuses awarded based on that spend, since the AmEx terms and conditions exclude “cash equivalents” from earning. We’ve seen clawbacks on the following types of purchases:

  • Some Speedway purchases that are a near multiples of $505.95, but not all
  • Some Walmart purchases that are a near multiple of $504.90, but not all
  • Some giftcards.com purchases, but not all
  • Some grocery in-person gift card purchases (various chains), but not all

Clawbacks have happened on (at least) Business Gold cards, Business Platinum cards, Blue Business Plus cards, and Personal Gold cards. Other than earning Membership Rewards, bonus categories and card types probably don’t play a factor in whatever’s happening.

There’s some less-bad news too though:

  • It seems that clawbacks have only happened on some cards, even if multiple cards could have been affected
  • It seems that clawbacks are happening specifically on cards in the sign-up bonus period or in a +5x referral period
  • All clawbacks seem to be for late-May or June spend
  • So far it looks like American Express is only targeted cardholders that closed a card in the last month or so (even if it wasn’t the same card)

If you’re working on a sign-up bonus in the near future, I’d try an avoid spending in suspiciously obvious amounts at big-named retailers which seems to help, and be careful about when you close any AmEx card. Good luck!

(Thanks to Tyler, D73, SideShowBob233, Brooke, and Brandon for collaborating with me on this post)

Pictured: AmEx.

1. PSA: You’ve essentially got today and tomorrow to spend your first half 2023 American Express Dell and Saks credits because neither posts charges before items ship, and shipping delays are common with both. In the case of Saks, I believe it’s just because they’re a legacy company that’s still working on its digital supply chain chops. For Dell it can only be because so clearly and obviously they hate their customers.

To juice the Dell side, Rakuten currently has 10x earning at Dell and 2x at Saks.

2. Tap Air Portugal has a 15% transfer bonus added to incoming Capital One mile transfers through June 30. Sweet spots for US travelers:

– The Caribbean, Central America, and South America in business
– Europe in economy
– Open jaws within a region (regions are big in this program)

This program can also be a reasonable way to have open jaw award tickets purely in North America on United metal, provided that you can find United availability. (Thanks to FM)

3. Kroger has a 4x fuel points promotion on third party gift cards and fixed value Visa and Mastercard gift cards running Friday, Saturday, and Sunday. Resale markets continue to be strong even after running the same promotion for the last two full weeks ending on Tuesday.

Happy Thursday!

Kroger’s newest third party gift card product, ripe for resale.

Introduction

There are multiple grey markets for frequent flyer miles and bank points, and just like any other market, you’ll find that different items have different prices (shocker, I know).

Obviously you can use this to your advantage in myriad ways, but let’s talk about what I’d call the travel hacker equivalent of the bull call spread in the derivates market:

The Goal

Let’s say you need to book an AA flight with 7,500 British Airways Avios and you’ve got Ultimate Rewards points ready to go. Of course you could transfer Ultimate Rewards to Avios directly, but that’s not always the best option.

Running the Spread

To illustrate, let’s assume a few spot prices for miles:

  • Ultimate Rewards: 1.27 cents per point
  • ThankYou Points: 1.15 cents per point
  • Membership Rewards: 1.18 cents per point

With those prices in mind, here’s the play:

  • Sell 7,500 Ultimate Rewards at 1.27 cents per point (earn: $95.25)
  • Buy 7,500 Membership Rewards at 1.18 cents per point (pay: $88.50)
  • Transfer the Membership Rewards to British Airways and keep the spread ($6.75)

Is this with your time and the risk for earning enough to buy a decked out Starbucks latte? Almost certainly not. But if you’re talking the number of points needed for La Premier tickets for a couple or JAL F tickets for a family instead of a measly 7,500 Avios, the difference can be significant and may be enough to move the needle.

Caveats

There are potential pitfalls here: banks don’t want you buying and selling points, markets aren’t always fully liquid, and you have counterparty risk. You’re all adults though right? Just make sure those risks are priced-in should you decide to run the spread.

Happy Wednesday!

A guide to a modestly priced Starbucks latte, pre-inflation.

  1. Meijer stores have a bonus 10,000 MPerks points with $100 or more in Happy, Choice, or One4All gift cards through Saturday, limit one per MPerks account. Many of these can be swapped to high resale value brands like Home Depot or BestBuy. In case you don’t want the Meijer gift card, save a few of them and buy electronics for a buyer’s group or to sell on Facebook Marketplace. (Thanks to GCG, and thanks to Nuhertz)
  2. Do this now: Register for Hyatt’s summer promotion, double points on properties outside of the Americas from July 1 through September 15. Bonus earning starts on the second stay.
  3. Albertsons, Safeway, and Vons stores have $15 off of your next purchase when you buy a $75 gift card in multiple brands starting tomorrow and running through Tuesday of next week. The interesting brands for manufactured spend are Lowes, Macys, and Arby’s. Ok, ok, I’m lying about one of those, can you guess which?

    Also, apropos of nothing Safeway gift cards are available at Amazon after an extended absence so let the games begin. (Thanks to DoC)

I’ve helpfully shared this Arby’s marketing photo to remind you about what you’ve been missing.

  1. Citi ThankYou points has a 15% transfer bonus to Cathay Pacific AsiaMiles through July 22. Sweet spots:

    – JAL award flight availability before most partners can see the award space
    – Trips with up to five (!) stopovers and 2 open-jaws
    – Qatar Q-Suites for 75,000 miles each way
    – East coast to Europe in business class for 50,000 miles each way
  2. The Citi Shop Your Way Rewards Card has been sending targeted offers for online spend through July 14. In my experience online spend is the same as a “card not present” transaction, so it’s easy to hit. Offers:

    -$50 statement credit with $750 spend
    – $30 statement credit with $500 spend
    – 150,000 Shop Your Way Rewards Points with $500 spend
    – 225,000 Shop Your Way Rewards Points with $750 spend

    These stack with other grocery, gas, and restaurant offers that are running concurrently. Also, yes it’s possible to knock some or all of those out online.
  3. Data points have been piling up for months that it’s possible to get unbanned from Citi. The key? Clean up that credit report.

Happy Monday!

Citi’s new “Citi Bits” cereal looks and tastes exactly as bad as you’d expect.

  1. The American Express Delta personal and business cards both have increased offers, but the business ones are the juicier versions and don’t affect 5/24:

    – Business Gold: 70,000 SkyMiles after $3,000 spend in three months
    – Business Platinum: 90,000 SkyMiles after $4,000 spend in three months
    – Business Reserve: 100,000 SkyMiles after $6,000 spend in three months

    Yes, Delta SkyMiles can suck, and yes, they can be great too. Don’t use them for business class out of the US and you’ll probably get decent value, and worst case co-brand cardholders can use pay with miles for a floor of 1 cent per mile.
  2. Staples continues the endless stream of office supply store gift card deals with fee-free $200 Mastercard gift cards starting Sunday and running through Saturday of next week, limit eight per transaction.

    Call me a rebel but I prefer the Mastercards, even if they’re issued by Pathward like these.
  3. There’s a 20% Ultimate Rewards transfer bonus to Air Canada Aeroplan through July 31. Aeroplan is now arguably the best Chase airline transfer partner for international trips even without the bonus, so the 20% is icing on the cake.

    I wouldn’t transfer speculatively though: you’ve got a month and a half to transfer and book trips, and if that doesn’t work out another bonus will show up soon enough.
  4. The Chase IHG Business card has a sign-up bonus of 165,000 points after spending $3,000 in the first three months. I know some of y’all like the recently increased Chase Marriott bonus offers, but I’d take this $99 annual fee card and bonus over those any day. Now we just need to lobby to bring back IHG PointBreaks.

Office supply stores reflecting on gift card sales this year.

  1. Do this now: Register for Q3 5x promos with the major banks.

    – Chase Freedom: 5x up to $1,500 in spend at gas stations, EV charging, and “live entertainment”. For manufactured spend, speed your way over to a gas station that’s open between at least seven and eleven
    – Discover IT: 5x up to $1,500 in spend at gas stations and with digital wallets. You can tackle this one like above, but digital wallets open other possibilities if you’re scared of being shot at your local neighborhood Sketchway Speedway
    – Citi Dividend: 5x up to $1,500 in spend at gas stations and home improvement stores. At this point, even if you’re worried about being shot, I’d just bring my Freedom, IT, and Dividend to the gas station at once, bullets be damned
    – US Bank Cash+: 5x up to $2,000 in spend at in two categories of your choice (I go with utilities and electronics stores, and there are typically games to play with your local utilities)

    Also, kudos to Citi for releasing their dividend registration and categories at the same time as the competition for the first time in <checks notes> ever.
  2. BlackHawk Network seems to have introduced another roadblock for manufactured spenders: Autodrain for amounts more than a couple dozen dollars is no longer working at major retailers. Unfortunately, the $480 aggregate per store per six minutes BHN rule is still ever present.
  3. H-E-B stores have a promotion for a $15 H-E-B gift card with the purchase of a $100 Home Depot gift card, which has a resale value around 90%. This one is limit one per H-E-B account, so scale with multiple accounts. (Thanks to GCG)
  4. Meijer stores have $10 off of $100 or more in Visa gift cards, limit one per MPerks account through Saturday. The good news? You can use the same email addresses to scale H-E-B and Meijer.

    Meijer stores sell both Pathward and Sunrise bank gift cards, and one of these things is not like the other (duh).

What could possibly go wrong at this upstanding community gas station that sells Visa gift cards and totally doesn’t have an insect infestation?

Evidently June 14, 2023 was officially declared promotion Wednesday by a secret cabal of companies in the League of Manufactured Spend and Travel Hacker Enablement, and my inbox is overflowing with promotions mixed with 4 parts lame to 1 part good. Here’s the good:

  1. Giftcards.com made last week’s Visa e-gift card sale even better, jumping from 5% back to 10% back on $100 gift cards with promo code SUMMER23 or YAYSUMMER. The Capital One Shopping mobile app has 4% cash-back which I believe is the current best offer.

    Limits are $600 per order, $2,000 per rolling 48 hours per email address. I can’t get the promo code to work when logged in, but it works fine with guest checkout at $600 or less.
  2. Southwest has 40% off of travel booked by tomorrow night for travel between August 15 and December 14 with promo code 40OFF for flights other than the two weeks around Thanksgiving.

    If you have any existing bookings between those dates, double check pricing and refund or rebook as necessary.
  3. Do this now if you hold a Chase Southwest credit card: Register for 10 points per dollar on up to $500 in spend at southwest.com. visit a grocery store by Sunday, buy a single $500 gift card, liquidate it, and move on with life. (Thanks to Brian M)
  4. Alaska Airlines has a fare sale for travel to and from Hawaii booked by tomorrow night for flights between August 14 and October 31. This one’s got more teeth than the normal run-of-the-mill airline sale.

Happy Wednesday!

A random sampling of the “4 parts lame” part of the recipe.