Pay off your AMEX balance with reward points
If you have an American Express card, you'll be interested to learn that they've added a new feature to the Membership Rewards scheme, where you can pay off your balance with your rewards points.
This is being offered to customers on the American Express Credit Card, Preferred Rewards Credit Card and Platinum Credit Card, and those signed-up to the rewards programme will be able to swap points for a reward they might not want, and put it toward paying off their balance.
This scheme is also being offered to those signed up to any of AMEX's business credit cards - the Gold Business Card, the Platinum Business Card and the Basic Business Card.
Those with a Centurion Charge Card will be eligible.
You can do this by logging into your account online or through their mobile app.
Of course, if you're getting rewards for spending money on your AMEX card, you're still spending money, rather than actively saving it. That's worth keeping in mind if you're a bit wild with your purchases.
There's big fees on AMEX cards if you don't clear your balance on time, and if you're not spending enough to gather enough points to outweigh your annual charge, it might not be the best option for you.
While these rewards are a neat idea, and offer a little flexibility, it doesn't mean you're getting the best deal. There's better value elsewhere, if you shop around.
AMEX is paying out 0.45p per point you swap if you're using rewards to pay off something you've bought. If you're redeeming points, those have to be done in bundles of 200, and the rate you swap them at is variable, depending on who you've spent your points with.
Basically, if you're looking for a new credit card to get rid of another debt, or buy something substantial, this isn't the best option for you.
If you're careful with your money, and always pay your balance on time each month, this could be rather good for you.
More info on AMEX reward schemes, here.