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Hey credit Warriors welcome to the show And we have a load of exciting topics in This video for you today first of all American Express is doing transfer Bonuses when you transfer Amex points Out to two Airlines we have an easy way For you to pick up up to a thousand Southwest Airlines points and that's Only going on for a couple more days so You gotta act fast if you want that and We have a new savings account where you Can earn American Airlines miles instead Of Interest okay it's a pretty Interesting product stick around here About that too first let's talk about The American Express transfer bonuses so If you log into your Amex account now as Long as you have one of the membership Rewards earning cards okay such as the Gold the Platinum uh or the business Versions of those or the AmEx everyday Card which also earns membership rewards Points and you go into your transfer Points area you will see that there is Currently a 25 bonus when you transfer Points to Flying Blue which is the Combined loyalty program of of Air France KLM so if you transfer a thousand Points over you get 1 250 miles in your Account now this program can be a great Way to fly to Europe Air France did Renew their business class product a While back and some people call it one Of the best business class products in
The world particularly for the seat Specifically the bulkhead seats which Have this huge footstool okay because There's no seat in front so they use the Extra space to make a massive sort of Ottoman type foot rest type thing now This is valued until May 22nd 2023 and You can transfer up to 999 000 points so Just under a million and get that 25 Bonus alright let's now talk about the Second transfer bonus uh that is Available for American Express and this One's kind of like the secret one Because it doesn't actually show up on Annex's end but it is available and this Bonus is for Avianca which is the National airline of Colombia now you Don't need to fly to Colombia for these Points to be useful you can use them on U.S domestic flights and load of other Airlines as well we'll talk about bat in A moment but there is currently a 15 Bonus when you transfer Amex points to Avianca and this is done on avianca's End rather than Amex is in so you won't See the promotional rate on American Express's website but if you transfer Points to Avianca Avianca will make up An extra 15 in your account okay so you Transfer a thousand points you get 1150. Now like we said you don't need to fly To Colombia to use these points Avianca Is part of Star Alliance so you can use The points on many different Star
Alliance Airlines this article by the Thrifty traveler gives some useful Examples like the fact that you could Book Air Portugal business class from The U.S east coast to Lisbon for 35 000 Miles one way but thanks to the 15 bonus You now need only to transfer 31 000 Amex points to get 35 000 miles you Could go one way to Europe on Lufthansa Business class for 76 000 Amex points Transferred to Avianca with the 15 and You can also use the points on United For U.S domestic flights and that bonus Is running until May 31st so the whole All of the month of May basically all Right let's now talk about another Promotion that's running for the whole Of the month of May but first if you Have an American Express card or any Other credit card for that matter you May be interested in the sponsor of Today's video max rewards it's a Smartphone app that pulls data from all Of your credit cards even if they're From different issuers in one place so You'll be able to see your transactions Your balances your points and Miles Balances all inside of one app it Monitors credit card rewards categories Whether they're fixed or rotating on a Quarterly basis and will always Recommend the best card to use in each Category and in each local Merchant for The maximum level of rewards if you have
American Express cards though it is Particularly useful because the pro Version of Max rewards Max rewards gold Will activate all of your Amex offers Adding them to your card for you so you Never miss a deal and when you activate All of the AmEx offers in your account New offers actually appear in your Account that you never you existed and The app will add them to your card as Well the average user saves 700 per year This way using Amex offers now you can Get a free month of Max rewards gold With my link below or just download the App and check out the free features Alright now for another bonus that is Going on for the month of May and that Would be the Southwest shopping portal If you don't know shopping portals are Online websites where you can earn extra Points or cashback just by clicking Through their website to some of your Favorite retailers my favorite one is Probably rackerton which allows you to Earn Amex points or cashback when you do Online shopping at any of the stores They promote Walmart for example and on Racketon you can actually get 30 Cashback slash three thousand Amex Points when you sign up using my link I'll put it below if you're interested But anyway Southwest has its own Shopping portal and if you're someone Who flies Southwest this is going to be
A really great easy way to pick up 500 Or a thousand Southwest points from now Until May 12th you can earn a one-time Bonus of 500 points if you spend 50 Bucks and a thousand points when you Spend 150 bucks and it doesn't have to Be in one purchase so as long as all Your purchases from now until May 12th Add up to 150 you get a thousand points What stores can you shop at on Southwest's Portal well you could buy Sneakers from Adidas you could order Food from doordash or you could pay your Phone bill on Verizon or at T and earn Points now it may not be as big a Selection as you get on racketon but if You were gonna shop at one of these Stores anyway you might as well click Through Southwest first now you do not Need the Southwest credit card to do This you can just set up a Southwest Loyalty account which is free and then You use whatever credit card you were Gonna use and you would earn points or Cash back on that credit card then you Earn however many points is offered on The specific store on Southwest for Example Adidas is three points per Dollar and then you're gonna earn the Extra either 500 or a thousand points Depending on how much you spend for the May promotion so you're actually triple Dipping on the offers all right let's Now get into our final story of the day
And that is the new Banks savings Account where instead of earning Interest you earn American Airlines Miles so this is the Basque Bank mileage Savings account you earn 2.5 American Airlines miles for every dollar that you Save annually it's a regular bank that's FDIC insured the thing about it is that You earn miles instead of Interest now The cool thing about this is that you Actually get to keep the money so on Credit cards when you earn points and Miles on credit cards you're spending Your money to do that but with this you Actually keep your money and you get Points so that's pretty cool now I think This is going to be a massive case of Your mileage may vary okay ymmv because It's only 2.5 miles per dollar saved Over a year okay so if you redeem those Miles for economy flights you're getting One cent per mile basically so that's Going to be 2.5 apy that's lower than What a lot of other banks are offering Right now most banks are doing savings Accounts with like four percent apy if You go into T bills it's five percent AP Or five percent interest but if you fly Business or first class and you're Getting two cents per point three cents Per Point Etc Um it's actually going to start to work Out for you so at two cents per mile and That would be five percent apy at three
Cents per mile it's gonna be 7.5 apy so You could get massive value out of this If you're someone who knows how to use The points well the points guys Valuation for American Airlines miles by The way is 1.77 cents per mile now I Know what you're gonna ask are these Rewards taxable yes they are and you Will be sent a 10.99 at the end of the Year however if you read the small print You'll discover that the value that Basque Bank attaches to AA miles is 0.42 Cents per mile that's what will get Reported on your 1099 so it's actually Equivalent to if the savings account Paid you 1.05 apy that's the apy that You will be taxed so this could be a Great way to avoid taxes on interest Income if you're someone who flies Premium cabins and really knows how to Use miles well to get the good deals When analyzing this I would use a four Percent or even a five percent rate as Opportunity cost to compare it to since Most good savings accounts now are Around four percent and five percent is What you can get with six month treasury Bills so as long as you're over around Four point five percent you're gonna be Good because you're getting at least the Same value and you're paying way less Taxes like five times less taxes Basque Has a little calculator on their website That you can mess around putting
Different deposit levels into the bank And uh seeing how many miles you would Earn all right guys that is the video For today don't forget to get your free Month of Max rewards gold in My Links Below there'll be links to some of the Other stuff we talked about in this Video in the links below as well if you Like the idea of earning credit card Points transferring them to Airlines and Then getting the maximum value uh with Those Airline Partners do check out my Series of videos I got two videos one on Doing that with chase points and one on Doing that with Amex points I'll put Them both on screen now actually they're Not over here they're probably going to Be over here but uh yeah how to use Chase points for maximum value how to Use AmEx points for maximum value on Screen now do check them out if you're Interested as always subscribe if you're New and we'll see you next time bye
