Your Amex points can buy a weak statement credit, or they can book business class to Europe and high-end hotel stays for a fraction of the cash price. The gap is huge, and it comes down to how you use Membership Rewards.

On the BoldlyGo Podcast, DeAndre Coke sat down with points and miles expert Jason Steele, a longtime travel writer and the first contributor at The Points Guy, to break down where Amex shines, where people lose value, and how to build a smarter strategy.

Why Amex points are so valuable

American Express Membership Rewards are flexible points. That matters because you are not locked into one airline or one hotel chain. Jason pointed out that Amex has 17 airline partners and 3 hotel partners, which gives you far more options than an airline-specific card.

That list becomes even stronger once you understand alliances. If you transfer to Delta, you are not limited to Delta flights. You may also be able to book partners like Air France or KLM through SkyTeam. The same idea works across Star Alliance and Oneworld, plus a handful of non-alliance partners.

Here’s why this works:

• Delta miles can book flights on Air France and KLM
• United miles can reach Star Alliance partners across Europe, Asia, and Africa
• Some airlines also have extra partners outside the big alliances, such as Azul in Brazil

That is why Amex often makes more sense for people who care more about international travel than domestic trips. Chase still has strengths, especially with Southwest and Hyatt, but Hyatt’s recent devaluation narrows that edge. If you want a side-by-side look at transfer options, BoldlyGo’s guide to credit card transfer partners is a good companion.

The best Amex cards to start with

Your first Amex strategy should match your spending. Jason’s advice was simple: look at where your money goes each month before you apply for anything.

This quick comparison helps frame the starting point:

For many households, the Amex Gold is the long-term workhorse. Food is one of the easiest categories to maximize because almost everyone spends there. Four points per dollar adds up fast.

For bigger spenders, the Business Platinum can jump-start your balance in a hurry. Jason gave the example of 200,000 points being enough for two roundtrip business class tickets to Europe in the right situation.

Business cards also matter more than many people think. Amex usually treats personal and business products as separate lanes, so a business card can still fit even if you already have personal cards. If you are new to this, BoldlyGo also has a solid primer on traveling for nearly free with flexible points.

You probably qualify for a business card

You do not need a storefront, payroll team, or LLC to apply for a business card. Jason explained that many people qualify as unincorporated sole proprietors. If you sell on eBay, drive for Uber, walk dogs, freelance, or earn rental income, that can count as business activity.

In many cases, you can apply with your Social Security number instead of an EIN. Card issuers know people start small, and they want to be there before the business grows.

Jason also noted that plenty of sole proprietors put personal expenses on business cards. That does not make those expenses deductible. It only means the card itself can still be useful for hitting a bonus or keeping points in one place. Talk with your CPA about taxes and recordkeeping if you mix spending.

How to earn more Amex points without opening another card

Welcome offers are powerful, but they are not the only way to build a balance. Jason called out several ways to stack points once you already have cards in your wallet.

Amex Offers can add statement credits or extra points on spending you were going to do anyway. Rakuten is another strong option because you can choose to earn Membership Rewards instead of cash back. Referral bonuses can also be worth a lot if family members ask for card advice.

Then there are the smaller, sneaky wins. Amex sometimes gives points for turning on Pay Over Time. If that offer appears, many people enable it, collect the points, and later switch it back off. Jason also mentioned bonuses for adding authorized users and occasional offers tied to Amex business banking products.

One of the more useful authorized user plays is tied to Platinum. A no-fee Gold authorized user card on a Platinum account does not get the full Gold earning structure, but it can still trigger a Global Entry or TSA PreCheck credit. That can help a spouse, friend, or family member get through immigration faster without opening a separate premium card.

The sweet spots that make Amex points worth chasing

The fastest way to waste Membership Rewards is to redeem them through Amex Travel at 1 cent per point when a transfer partner could do much better.

Jason said he wants at least 2 cents per point from Membership Rewards, and he gets excited at 3 to 5 cents per point. That usually means transferring to airline partners, not booking through the portal.

One standout is ANA. Jason shared examples of roundtrip business class to Europe for 100,000 ANA miles and roundtrip business class to Africa for 130,000 miles on partners like Ethiopian and EgyptAir. A good trick is to search United first for Star Alliance award space, then check whether ANA can book the same flight. He also warned that carriers like Lufthansa and Swiss can bring painful fuel surcharges.

Aeroplan is another strong tool. Jason used it to book Copa business class between Denver and Panama City for 25,000 points each way, including lie-flat seats on a six-hour flight.

Transfer bonuses can make the math even better. Amex often runs bonuses to Virgin Atlantic, sometimes around 30% to 40%. When that lines up with saver space, Europe gets much cheaper. Jason also likes premium economy on Virgin because it lowers the cash fees while keeping the trip comfortable.

There is also a practical lesson here for families. If you need four or five seats, economy or premium economy may be the smart move. Saving points for more trips can beat forcing a business class redemption that drains your balances.

Hotel redemptions are weaker, but there are still good plays

Hotels are not the strongest part of Membership Rewards, and Jason was direct about that. Marriott usually offers poor value on a 1:1 transfer. Hilton is better because Amex transfers at 1:2, which can work well at some overseas properties. Choice can be the sleeper hit, especially in Europe. Jason mentioned strong value in places like Rome and Scandinavia where cash rates are high.

Platinum card perks can also make a stay cheaper even when you do not transfer points. Fine Hotels + Resorts is the most flexible because it works on single-night bookings. That opens the door for advanced players who hold multiple Platinum cards in a household. By splitting a trip into separate one-night reservations, they can stack annual hotel credits and, in some cases, on-property benefits.

Beyond hotels, Platinum still has some real travel protections. Jason highlighted premium rental car protection, which is charged per rental instead of per day, plus emergency medical evacuation coverage. Then there is the coupon-book side of Amex. Monthly credits can feel annoying, but some are easy to use. His Dunkin idea was simple: buy or refill a gift card and bank the value over time.

Pop-up jail and the once-per-lifetime rule

Amex’s “once per lifetime” rule still matters. Jason said that in practice, Amex’s version of lifetime often looks more like 5 to 7 years, though there is no public rule that guarantees that. Sometimes you will also see offers with no lifetime language, which can let past cardholders earn a new bonus.

Then there is pop-up jail. That is when Amex tells you that you can apply for the card, but you are not eligible for the welcome offer. The good news is Amex usually shows that warning before you submit.

If you hit pop-up jail, Jason’s advice was practical. Wait a while, try a different offer, look for no lifetime language, or move on to another issuer for now. He also encouraged people to stay patient and keep points flexible until they have a clear use for them. That mindset matters as much as the tactics, and this piece on building a winning points and miles strategy pairs well with the Amex playbook.

Final thoughts

The biggest takeaway from Jason Steele’s Amex masterclass is simple: earning points is only half the job. The real value shows up when you transfer with purpose, avoid poor redemptions, and match your cards to the way you already spend.

Amex is still one of the best programs for international travelers, even with devaluations and tighter rules. If you stay flexible, learn a few partner sweet spots, and use business cards and credits the right way, Membership Rewards can take you much farther than a portal booking ever will.

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