Best place to warehouse AMEX membership rewards?

[M@rcoPolo]

A friend of mine is moving overseas for good and cancelling his AMEX Edge card - he managed to pile up quite a lot of AMEX membership rewards over the years (7 digits balance) but he has no immediate need to use the points (employer pays for most of his flights / travel).
He will eventually use them to travel in premium cabins, most likely between Europe / Asia / ANZ.

I suggested the best place to warehouse his points is KrisFlyer however he's not sure if he's going to be able to use all those miles on SQ before they expire 3 years down the track... anyone has a better suggestion, e.g. a program where miles never expire or can be kept "alive" over the years or perhaps a way to keep any residual KrisFlyer miles alive past the 3 years deadline?

 

[yohy?!]

krisflyer is probably a poor destination given the 3 year expiry (which costs money to extend) - taxes are also very high when redeeming

velocity may be worth considering although it would depend on what routes/carriers will be redeemed for - points can be maintained just by earning points at least every 36 months

 

[bismarck]

I would think Velocity would be best as it should be fairly simple to keep them alive.

Other option would be to transfer to SPG - it's a 2:1 transfer but plenty of flexibility to then (likely be able to) transfer into whichever program becomes his primary.

 

[Moopere]

Is Velocity going to be the best choice though for someone permanently moving overseas? What would one do with 1Mill VA points if living in France for example?

I'd be more inclined if I were the friend to find a way to gain a fee free Amex card and keep my points warehoused at Amex.

This one might work:

https://www.americanexpress.com/au/...lfee&s_tntref=https://www.americanexpress.com

Although it uses the MR 'gateway' program, there is anecdotal evidence from another thread that existing members of MR 'Ascent' usually find their gateway cards end up joined to their existing ascent program.... if your friend could wangle this then that would, I think, be the best way forward.

 

[lovetravellingoz]

krisflyer is probably a poor destination given the 3 year expiry (which costs money to extend) - taxes are also very high when redeeming

velocity may be worth considering although it would depend on what routes/carriers will be redeemed for - points can be maintained just by earning points at least every 36 months

Agree. Any program that has an expiring date for points is by definition not a warehouse!

Why not look at getting an AMEX that is has no yearly fee that has an MR program (ie Edge points would just go there).

They would need an Aussie address and may eventually have to cancel.

Another option would be an Amex in their new country.

 

[Haplo]

Depending where he is going he can apply to transfer his points to his destination, so for example if he is going to US then he can apply for a US Amex card then ask the balance of his Australia Rewards account to be transferred to the US card Rewards account, at the exchange rate on the date of change. Note you can only do this conversion once a year to avoid people explioting exchange rate.

 

[kamchatsky]

If your friend if member of professional associations then he can apply for their affinity AMEX card and join the Gateway program without annual fee. If he is not a member, well all I can say he can try to apply and see if Amex lets him .....

Australian Medical Association:
The AMA Gold Credit Card

CPA:
CPA Gold Credit Card | American Express Australia

Professionals Australia:
The Professionals Gold Credit Card

Engineers Australia:
The Engineers Australia Gold Credit Card

 

[andye]

I'd suggest downgrading to the fee-free Amex Essential card which should preserve the MR balance
or
Keep the Edge and give the flight to grateful friend or family

I'd be careful about SPG as will merge with Marriott in 2018. Having said that could convert those Marriott points into a decent number of UA miles (with bonus hotel nights if do a Travel Package)

 

[M@rcoPolo]

Depending where he is going he can apply to transfer his points to his destination, so for example if he is going to US then he can apply for a US Amex card then ask the balance of his Australia Rewards account to be transferred to the US card Rewards account, at the exchange rate on the date of change. Note you can only do this conversion once a year to avoid people explioting exchange rate.

This is great - I wasn't aware you could transfer membership rewards across to other countries!

Thank you all for your suggestions, I'll pass them along.

 

[potm]

Suggestions about moving to an essentials card with the gateway program will not work in keeping them ascent points. Even if the essentials card is initially linked to the ascent program, when the edge is cancelled the points will be converted to the gateway program.

Transferring to the US program probably means there is also value lost since those points would still convert one to one for most airlines.

Another suggestion is can he just keep the Edge card. The annual fee isn't that high and if he puts in a little effort he can easily sell the free flight for more each year.