đ The 35% Pay With Points Rebate Is Changing â And Thatâs a Big Deal
One of the most underrated perks of the Business Platinum CardÂŽ from American Express has long been the 35% rebate when using Membership Rewards to book flights through Amex Travel.
đĄ Hereâs how it works today:
You get 35% of your points refunded when you use Pay With Points on eligible flights:
Any first or business class flight â no matter the airline
Any flight (any class) on your chosen U.S. airline (the same airline you select for the $200 airline fee credit benefit)
đŤ What's changing?
Starting September 18, 2025, this benefit is dramatically restricted:
The 35% rebate will only apply to flights sold by your selected airline (the one you choose annually for the airline fee credit).
The rebate for first and business class tickets on other airlines â even premium international carriers like Qatar Airways, Lufthansa, or Emirates â is being completely eliminated.
đŹ Why this matters
This isnât a small tweak â itâs a major devaluation of one of the few ways to extract outsized value from Amex Membership Rewards without transferring to partners.
âď¸ Real-life example
Letâs say youâre booking a $3,000 Qatar Qsuite ticket through Amex Travel. Right now, youâd redeem 300,000 Membership Rewards points â and get 105,000 points back thanks to the 35% rebate.
Your net cost? 195,000 points â which is an excellent value.
âď¸ Personally, I donât usually redeem points this way â I prefer transferring to partners like Air Canada Aeroplan or ANA to maximize value.
But sometimes, youâre in a pinch â like a last-minute trip or a route that has no partner availability.
Thatâs when this rebate shines â and that option is about to disappear.
đ§ Why now?
This change is part of a bigger pattern:
Amex is preparing major Platinum card changes for fall 2025 (both Personal and Business).
They may be moving toward more âfixed valueâ redemptions and fewer high-leverage hacks.
High-volume travelers who regularly booked premium flights through Amex Travel were likely getting too much value from this perk â and thatâs what Amex is trying to rein in.
â What you should do now
Book before Sept. 18, 2025
You can still secure the 35% rebate on international business/first flights until then
Flights booked now (even for travel next year) are eligible
Choose your airline carefully
Pick a U.S. airline that you actually fly â this will be the only one eligible for the rebate moving forward
Reevaluate the Business Platinum
At $695/year, itâs still packed with credits and perks â but this change weakens its strongest flexible redemption
đ§ Bottom line
The 35% Pay With Points rebate was a low-effort, high-value backup plan for when transfers didnât make sense â whether because of last-minute bookings, lack of award space, or just wanting a simple, cash-like redemption.
đŹ Again, to be honest, I donât use this benefit much myself. I usually transfer points to partners like Aeroplan or ANA to get better value.
But Iâve always seen the appeal â it was perfect for those times when you just needed to book something quickly, without worrying about availability or award charts.
After September 18, that easy button is mostly going away.
If you want to keep using Pay With Points efficiently, you'll now need to:
Book exclusively through one designated U.S. airline
Give up the flexibility of choosing premium carriers like Qatar, Lufthansa, or ANA
Do more work hunting down award space via transfer partners â often at a better point price, but with more uncertainty
For international travelers or anyone who values optionality and simplicity, this is a clear downgrade. If thatâs you, itâs worth:
Reconsidering your airline choice
Locking in any premium cabin redemptions before the cutoff
Or rethinking whether the Business Platinum still earns its keep in your wallet
đ Stay tuned
More Amex changes are likely coming this year. Weâll continue covering these shifts in the News Update Series so you can stay one step ahead.