American Express have launched a new promotion offering cardmembers a chance to win 1 million points. To take part, members need to register their card and then spend A$ 1 or more overseas at a physical store, paid in foreign currency.

Each eligible transaction gets you 1 entry into the draw, and there is no limit to the total number of entries you can earn. You can register your card at this link.

Here are some of the other T&C’s of the offer to be aware of :

• The promotion runs from 1 June 2023 to 31 August 2023.
• There are 20 prizes to be won in total, 10 by Personal Card Members and 10 by Business Card members with each winner receiving 1 million points.
• The type of points you win depends on the type of card you register for the promotion. For instance, if you register a card that earns Membership Rewards Points, you will be eligible to win 1 million Membership Rewards Points. Similarly, if you register a card that earns Qantas or Velocity points, your prize will be awarded in the same points currency.
• Draw will be conducted on 20 September 2023 and winners notified within 7 days by email.

Is this a good promotion

On the face of it Yes, but remember that all American Express Cards in Australia carry a 3% Foreign Currency Transaction Fee. So for every $100 you spend overseas, you will be on the hook for $3 in fees.

Of course, this wouldn’t matter if you actually end up winning one of the prizes and walk away with 1 million points, but whether or not its worth it depends on your own personal perspective.

In Conclusion

Amex cards offer poor value on overseas spends, given they tack a 3% foreign currency transaction fee. Presumably, this keeps a lot of cardmembers from using them when travelling out of the country.

The promotion seems like an attempt from Amex to encourage cardmembers to shop with their card more often when travelling overseas. The best encouragement in my opinion would be to eliminate this fee altogether, but that’s not likely to happen any time soon.

How often do you use your American Express Card overseas? Leave a comment below.