American Express offers specialized rewards on a regular basis, however the majority are geared towards making up for relatively low amounts of time and cash back or points are relatively small amounts. It is a scale and structure different from the others and for someone who has majorly big purchases planned in the near future, this is worth a listen.

A new targeted Amex offer is sending certain cardholders 6,500 Membership Rewards points for every $6,500 spent, and can be hit up to three times in a 90-day window from the time they sign up. If you manage to achieve all three, you'll get the maximum haul of 19,500 bonus points, which equates to about $429 on a standard Amex points valuation of 2.2 cents per point. It's not a number that should make the hearts of everyone jump, but when it's spent in the proper manner, it's quite a bit more compelling.

The Structure of the Offer

The mechanics are similar, but slightly different from a one-time bonus, as the reward is repeated for every time you hit the $6,500 mark, up to a maximum of three times over the 90-day enrollment period.

This means that if you spend $6,500 in one purchase or in several qualifying purchases, you get 6,500 bonus points. Repeat more spending ($6,500) and more points (6,500). You'll earn the bonus points a third time, and all for a total of $19,500 in cumulative spending.

The offer is available on the Platinum Card from American Express, but the targeting is very different for each account and card product. The safest way to determine which cards you have enrolled in the offer and if there are any differences in the offers is to check all of your Amex cards, personal and business. The offer can only be earned on your card prior to any qualifying purchase.

The Math That Makes This Interesting  

On its own, 6,500 bonus points per $6,500 in spending represents a 1x bonus which isn't particularly high. The offer starts to get interesting when you combine it with another card that already has high base points for normal spending.

It could be a nice match with the Blue Business Plus Credit Card from American Express that doubles your Membership Rewards points on everything you buy up to $50,000 per year. With that card, you can get 13,000 base points and 6,500 points from the offer for a total of 19,500 points from one purchase. Roughly $429 for travel value at 2.2 cents per point is an effective return of about 6.6% for those 19,500 points spent on $6,500 worth of travel.

With all three trigger thresholds maxed out ($19,500 total qualifying spending over the last 90 days) and the allotted time on a card with 2x points, the total comes to 39,000 base points and 19,500 bonus points, for a total of 58,500 Membership Rewards points. That's about $1,287 worth of travel value you could have had on your calendar anyway with a 2.2 cent valuation.

Who is this Offer For?

Realistic filter: The $6,500 minimum threshold per trigger. $6,500 in 90 days doesn't necessarily sound like a natural accumulation target for most everyday cardholders who are making purchases for groceries, meals, and everyday items. Others are a number that comes easily to mind:

• Quarterly estimated tax payments: For self-employed people or small business owners, paying $6,500 in estimated taxes each quarter is no big deal; and estimated tax payments on eligible cards are generally treated as purchases.
• Business costs: Expenses paid to suppliers, inventory, software subscription or advertising that's already paid for via a card.
• Travel bookings: A single transaction such as an international business class ticket, a cruise deposit or a multi-week vacation package may breach the limit.
• Home improvements: Roof replacement, HVAC upgrade or scope of home improvement work that's already been planned and budgeted for.

What they have in common is that this is an offer for a spend that you would have done regardless not a spend that you create just to qualify for the offer. The difference between that and true value and an over-priced point-mover.

Every Membership has Rewards Points and the Reasons Behind Them

Amex Membership Rewards is one of the most versatile point programs of any credit card issuer. Airline partners include Air France-KLM Flying Blue, ANA Mileage Club, British Airways Executive Club, Delta SkyMiles, Singapore Airlines KrisFlyer and many more, plus hotel partners like Marriott Bonvoy and Hilton Honors.

This transferability aspect makes the accumulation of Membership Rewards even more significant in smaller amounts. The baseline valuation used in the standard calculation is 2.2 cents per point, which is the figure that would lead a standard redemptioner to value the same point as a premium cab redemption, but still underestimates the value that an award traveler can get from that point.

The points on their own won't cover a round-trip business class ticket to Asia, but when combined with other points you've already earned, it can get you there in a matter of months.

Checking your Account and Adding the Offer

This is targeted so you can only find out if you're eligible by checking directly yourself. Log into your American Express account for each card on Amex.com or via the mobile app and then check the Amex Offers section for each card to see if you have an offer in the deals section. If it does show up, include it before you buy anything that you would like to count towards the threshold.

A practical tip on timing: It starts on the day of enrollment, not the day the offer is generally available. If you are about to make a considerable purchase during the next few weeks, you will begin the clock at the most advantageous point on your spending calendar.

Quick Summary: What to Know Before You Enroll

• Bonus rounds: 6,500 Membership Rewards points for every $6,500 in qualifying purchases, up to a total of 6,500 points every 90 days after joining.
• The highest possible point total is 19,500 (all three thresholds met).
• Estimated value: About $429, at a 2.2-cents per point valuation, with higher value when paired with a card with high base points.
• Ideal solution: When you already have big purchases in mind, you can pay taxes, make business trips, book a vacation or undertake a big project for the family.
• Requires activation: Must add offer to card prior to qualifying purchases, no retroactive offers.

The Bottom Line

Topping the Amex Offers list, this targeted Amex offers 6,500 Membership Rewards points for every $6,500 spent, up to 3 times every 90 days for a total of 19,500 points. Using a card that gives 2 times the base points for every purchase, one single $6,500 purchase means 19,500 total points, valued at approximately $429 at standard rates of travel. 

This is most valuable to the cardholder who has already made some pretty big purchases, and where the reward is the bonus from spending that was already planned. Look for the offer on all your Amex cards, combine with your next big purchase, and heed when you sign up for it.