Keeping track of the best ways to utilize your reward points can be a bit of work, but it can make a significant difference in the value you get from them. Here are some ways to maximize your rewards:

Amex

Amex Membership Rewards can be redeemed either by transferring to any of their travel partners or by using your points for a statement credit at 0.6 cents per point (very poor value).

How to Increase the Cashback Value:

The Platinum Card® from American Express Exclusively for Charles Schwab ($695):

Use your points to transfer to your Charles Schwab checking account at 1.1 cents per point.

The Business Platinum Card from American Express:

Get 35% of your points back when booking a flight on Amex (up to 1,000,000 points back per calendar year). Once you book the flight, Amex will later refund you 35% of the points used, effectively giving you a 1.54 cents value per point.

To qualify for the 35% points back promo, the flight needs to be one of the following:

• Economy flights booked on your preferred airline (choose once a year in January). You can choose any of the following U.S. airlines:
  • American
  • Southwest
  • United
  • Delta
  • JetBlue
  • Alaska
  • Frontier
  • Hawaiian
  • Spirit

You will also receive a 35% rebate when you book a first or business-class ticket on any airline (regardless of the airline you choose as your preferred airline).

The Business Platinum Card® from American Express ($695):

Transfer your points to your Amex Business checking account at 1 cent per point.

The Platinum Card® from American Express Exclusively for Morgan Stanley ($695):

Deposit your points to your Morgan Stanley account at 1 cent per point.

Chase

If you only have a no annual fee Chase card, you can get only 1 penny per point for Chase Travel(SM).

How to Increase the Chase Travel(SM) Value:

Chase Sapphire Preferred® Card or the Ink Business Preferred® Credit Card:

Transfer all your points to one of these cards to redeem at a rate of 1.25 cents per point on Chase Travel(SM).

Chase Sapphire Reserve®:

Transfer your points to the Reserve and redeem them at a rate of 1.5 cents per point on Chase Travel(SM).

Aeroplan® Credit Card:

• Transfer your Chase Ultimate Rewards points to Aeroplan and then use the Pay Yourself Back feature to offset any travel charge on your Aeroplan card using your Aeroplan points at 1.25 cents per point. This is even more exciting now till July 31st, 2024, as you get a bonus of 30% when you transfer your Chase Ultimate Rewards points to Aeroplan (you need to be an Aeroplan cardholder and transfers need to be 50k points or more). This results in a total value of 1.62% when redeemed to offset any travel expense (including toll and much more)!