How to Convert Credit Card Travel Credits into Cash

In the olden days, when science and superstition were the same thing and leeches were considered the ultimate medical treatment, there was an art called alchemy.

The alchemists wanted to turn base metals, such as lead, into gold. Somehow, despite being unable to perform this for literally hundreds of years, alchemists remained employed in the courts of many major countries well into the 19th century. Go figure.

Well today, I’ll do these sorcerers of mad science one better and walk you through, step-by-step, how to convert your annual credit card credits from coupons into cash.

1. American Express Platinum Card & Business Platinum Card

The American Express Platinum Card and Business Platinum Card from American Express are ones that we’ve covered a lot, and with good reason. The insurance is hefty, the benefits and welcome bonus are simply superlative, and they’re some of the “last cards standing” offering worldwide lounge access.

However, the annual fees recently increased to $799 (all figures in CAD) – yikes. Fortunately, the $200 annual travel credit that comes with every Platinum Card can be as good as cash.

You can begin the process of turning the credit into cash by booking a refundable hotel that will charge you in full now on Amex Travel’s website. Make sure you’re logged in and charge the cost of your room to your American Express Platinum Card or Business Platinum Card.

You’ll also want to give yourself a little leeway on time here – booking for tomorrow night is a bad idea.

Before checking out, you’ll notice a checkbox that says “Use Travel Credit”. It’ll look something like this:

Ensure that it’s checked before completing your transaction – if it isn’t, you (or a customer service representative) will need to cancel the booking and start from square one. If you’ve done everything right, in a few days, you’ll see the charge and the credit posted to your account.

Once it posts, you may decide that your weekend staycation at a five-star hotel no longer seems worth it to you. Grab the phone and call American Express Travel.

Upon deciding to cancel the room, your transaction amount will be refunded, but the $200 travel credit will remain on the account. 

You’re done! If you feel more personable, you can also make the initial booking via telephone, but I prefer online.

2. HSBC World Elite Mastercard

If you’re a legacy cardholder of the