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The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
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The Amex Membership Rewards program isn't the same around the globe – here's what you're missing
Benji Stawski is a former reporter for the site, covering all things points, miles, credit cards, travel and aviation.
June 25, 2020 • 10 min read
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
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By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
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Quick summary
Membership Rewards points differ significantly in value and transfer options depending on the country where the card is issued.
While large bonus point offers may appear more generous abroad, transfer ratios and redemption value are often less favorable than in the U.S.
The U.S. program typically features 1:1 transfer ratios to many airline and hotel partners, resulting in higher point value per TPG's valuations as of June 2024.
Other countries, such as Hong Kong and Australia, have higher transfer ratios and fewer bonus categories, reducing the practical value of their points.
What to consider
Some international programs have much higher transfer ratios, meaning advertised bonus points may be worth far less than they seem.
Eligibility for welcome bonuses is generally restricted to cards issued within the same country, so holding a card abroad does not affect U.S. application status.
Certain transactions, like fuel or utilities, may be excluded from earning points in some countries.
What you'll miss from the article
A detailed comparison of Membership Rewards transfer partners and ratios across major countries, including practical examples of point value differences.
Generated by AI with support from our editorial team.
Update: Some offers mentioned below are no longer available. View the current offers here.
American Express is a truly global brand, issuing credit cards in over 40 countries. Although some products, such as the iconic Platinum card, may look similar around the world, their perks and fees vary greatly from country-to-country. One of the biggest differences is the value ofMembership Rewards points.
If you've ever come across advertisements for foreign versions ofThe Platinum Card® from American Express, you may have raised an eyebrow when seeing the welcome bonus — or lack thereof. For instance, while The Platinum Card is currently offering a 80,000-point welcome offer in the U.S. (after you spend $6,000 on purchases in your first six months of card membership), it's offering a 480,000-point bonus in Hong Kong and 30,000 bonus points in theU.K.
It's not that American Express is more generous in one country or another, but rather that the value of the points vary wildly between countries. In the U.S., TPG values Membership Rewards points at 2 cents each, but every country has a different set of transfer partners and transfer ratios for you to take advantage of.
Today, we'll discuss exactly how much the value of Membership Rewards points varies based on which country's program you're participating in We’ll learn how the nearly 500,000 bonus points offered by the Hong Kong version of the card isn't as massive as it seems – especially considering the card carries a HK$7,800 (~$1,000 USD) annual fee.
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(Photo by Wyatt Smith/The Points Guy)
Amex transfer partners and ratios in the U.S.
Let’s start with the current Membership Rewards transfer partners and ratios for U.S.-based cardmembers. Most transfers are instant and at a 1:1 ratio.
As you can see, there's a massive difference in transfer ratios with the Hong Kong program. Most U.S. Membership Rewards partners have a 1:1 ratio, while Hong Kong’s program comes in at 15:1. That makes the Hong Kong card's nearly 500,000-point welcome bonus equivalent to roughly 33,333 American Membership Rewards points — disappointing considering our initial excitement about the offer.
As previously mentioned, at over $1,000 the Hong Kong card has a much higher annual fee than the $695 (see rates & fees) U.S. card. It also lacks some key benefits, like up to $200 annualairline fee statement credit, up to$200 annual Uber Cash (for U.S. services) and up to $100Saks Fifth Avenue annual statement credit. Enrollment required for select benefits.
TheAustralian Membership Rewards program offers 2:1 transfer ratios to many useful programs. While that ratio might not sound too exciting, it's pretty solid considering the Australian version of The Platinum Card earns 2.25 points per $1 spent on most purchases.
Oddly enough, Qantas is not a transfer partner, though there are multiple cards — both Amex and otherwise — that earn Qantas points directly. The Australian Platinum Card offers 80,000 points after $3,000 spent within the first 3 months. At $1,450 AUD (or $966 USD), the annual fee is much higher than the U.S. version
Bonus categories on this card are also not as plentiful.
Transfer Partner
Transfer Ratio
Air New Zealand
200:1
Cathay Pacific Asia Miles
2:1
Emirates Skywards
2:1
Etihad Guest
2:1
Malaysia Airlines
2:1
Singapore Airlines KrisFlyer
2:1
Virgin Atlantic Flying Club
2:1
Virgin Australia Velocity
2:1
Hilton Honors
2:1
Marriott Bonvoy
3:2
Amex transfer partners and ratios in Canada
Many Canadians are just as points and miles-crazy as us Americans, and they are often distraught with the above chart compared to the American program. Not even being allowed to transfer to Delta, Cathay Pacific or Etihad at a 1:1 ratio is tough to swallow, and card bonuses are not as high nor as plentiful as here in the U.S. You do have our sympathy, neighbors to the North.
There isn't anything particularly great inIndia’s Membership Rewards program, except that given the current exchange rate, you earn 2.5 points for every 100 rupees spent. That works out to about one point, rather than one dollar, for every 53 cents you spend. Cardholders also earn 3x points on all purchases made abroad.
While the predominantly 2:1 transfer ratio makes sense given the earning rates, it's hard to swallow given the very low welcome bonuses and the lack of bonus categories on theavailable cards. Plus, transactions like fuel, insurance and utilities are specifically excluded from earning points on the American Express® Gold Card in India.
Transfer Partner
Transfer Rate
British Airways Executive Club
2:1
Cathay Pacific Asia Miles
2:1
Club Vistara
3:1
Emirates Skywards
2:1
Etihad Guest
2:1
Finnair Plus
2:1
InterMiles
2:1
Qatar Privilege Club
2:1
Singapore KrisFlyer
2:1
Virgin Atlantic Flying Club
2:1
Hilton Honors
10:9
Marriott Bonvoy
1:1
Amex transfer partners and ratios in the U.K.
With very reasonable transfer ratios, unique partners like Radisson Rewards and SAS, and a 2:3 Marriott Bonvoy transfer ratio, in certain circumstances the U.K. Membership Rewards program could be called more advantageous than the U.S. version.
The difficulty lies in earning U.K. Membership Rewards points. Welcome bonuses for cards are not nearly as high as in the U.S. and most personal cards don't have great bonus categories. Still, if you have access to the U.K. Membership Rewards program and spend a lot, there's plenty of potential value in your stash of points.
The U.K. Membership Rewards program has some unique partners like SAS. (Photo by Zach Griff/The Points Guy)
Can I apply for the same Amex card in two different countries?
Over the years, we’ve gotten this question from readers who moved to other countries. Amex hasstrict application restrictions for U.S.-issued cards, which generally only allow you to earn the welcome bonus on a card if you haven’t had that specific card before.
Fortunately, that only applies to cards issued in the same country, so holding an Amex Platinum card issued in the U.K., for example, won’t count against you if you want to apply for one issued in the U.S. To learn more about applying for the same credit card in two different countries, visitthis guide.
Bottom line
Those in the U.S. have an incredible advantage when it comes to travel rewards cards and redeeming their Membership Rewards points. The lower value of rewards outside of the U.S. can be tied back to lower credit cardinterchange rates and fees charged by other countries. The card-issuing banks elsewhere make less money and therefore do not offer huge rewards to incentivize customers to use their cards.
It would be fine if some of the other countries had either big welcome bonuses or large bonus spending categories to make up for the poor transfer ratios compared to the U.S. program. Because they don't, the U.S. version of Membership Rewards is much more valuable than anywhere else in the world.
For rates & fees of the Amex Platinum, click here.
Additional reporting by Richard Kerr.
Featured image by Zach Griff/The Points Guy
Comments
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
