Time to Cash Out
I am sitting on 2,918,195 American Express points. Don't ask me why. I just never got around to using them. I think it's time to cash-out.
Until COVID-19 hit, I was a road warrior with the Amex Platinum Card for business expenses, plus an Amex Gold Card for personal expenses. Points earned on both cards have flowed into just one pot. I'm in my mid-sixties, I don't really have a desire to travel the world - and even if I did, I don't think the world will be back to anything resembling normal for at least 12 months and possibly twice that long.
My average charges on the two Amex cards every month range from $7,500 to $10,000. I think my choices are some combination of these:
1. Get rid of the Platinum Card (and stop paying, what, nearly $600 a year for perks I really didn't use before COVID-19 hit and perks I'm certainly not using now. But keep the Amex Gold Card going so I don't lose the points, at least until I figure out the best way to cash out.
1A. I could quit my .....ing, keep just the Gold Card going and then perhaps once COVID-19 is "over" take my entire family, kids and grandkids to some fabulous resort and blow the whole damn pot of points on one single memorable trip.
1B. Again, figuring it'll be another 12-24 months before COVID is mostly-gone, figure I'll use the points for me and the wife to take some serious trips once we're both retired (probably 3-5 years from now), which also assumes my health will be OK.
2. Figure out the best way to monetize the Amex points...I don't need anything from Amazon, or any other stores, for that matter. I suppose I could transfer some/all into one of the airline programs (my city is best-served by United and Delta, but we're not a hub and United keeps devaluing their points program, so this option doesn't seem terribly prudent.
3. Since I really don't care about online concierges, airline clubs, the Priority Pass or having my credit card reimburse me for Global Entry or drinks on the plane, it's probably time to stop putting charges on any Amex card and, instead, get myself the no-fee CitiCard Double-Cash card that pays me back 2% on ALL purchases. If I'm charging, say, $108,000 a year, that would be a cool two-thousand bucks a year back into my pocket.
Before I sign-off, let me put this in perspective. I'm the luckiest guy in the world. I am grateful for everything I have, I devote a lot of time towards philanthropic activities and I ache for those that are truly suffering during this pandemic. So I know my problem doesn't really amount to a hill of beans. But it IS a problem. Anyone out there have a good solution or two?