35% Pay With Points rebate no longer applies to first and business class on all airlines

selected airline + any airline first/business → selected airline only

Effective September 18, 2025 (announced June 18, 2025), American Express restricted the Business Platinum card's 35% Pay With Points rebate to flights on the cardholder's selected qualifying airline only. Previously the rebate also applied to first and business class tickets on any airline booked through Amex Travel, which allowed points to be redeemed at an effective rate of up to 1.54 cents each on international premium cabins. The rebate remains capped at 1 million points back per calendar year, and the selected airline — limited to US carriers — can be changed each January. The change landed the same day as the Platinum card refresh and $895 fee increase but is a separate reduction.

What to do: Business Platinum holders should choose their selected airline deliberately each January; the 1.54-cent effective rate now exists only there.