Howie sent me this note about a nice twenty percent bonus when redeeming for Membership Rewards points for Pay with Points flights. If you use 30,000 points to pay for a ticket, Amex will put 20% or 6000 points back in your account. Sounds like the value of your points just increased 20% when you redeem this way. This available for the Platinum Card

20% Travel Bonus – Platinum Card members can now redeem points and earn 20% of those points back every time. When Card members use the Membership Rewards® Pay with Points feature to pay for part or all of their travel including airlines, hotels, cruises and vacation packages, they will get 20% of those points credited back to their account to bring them closer to their next trip. For example, if a Card member redeems 30,000 points to pay for an airline ticket, American Express will credit 6,000 points to the Card member’s Membership Rewards account. Notably, the Pay with Points feature allows Card members to purchase any category of ticket, on any airline, at any time, with no blackout dates or restrictions. Rather than trying to redeem mileage rewards points during high-traffic holidays that can come with airline restrictions and blackout dates, American Express offers a liberating point redemption option.

In addition to the above there is a $200 Airline credit for onboard meals or baggage with your favorite airline.

$200 Airline Fee Credit– Card members can check a bag or enjoy an in-flight meal on American Express. American Express will cover up to $200 per year of incidental airline fees that are charged on the Card member’s enrolled Platinum Card on their selected airline. The $200 Airline Fee Credit can apply to baggage fees, flight change fees, in-flight food and airport lounge day passes. Twice as nice: Card members who enroll and select the qualifying airline of choice online at americanexpress.com/transformtravel on December 1 will receive the full 2010 benefit for use the remainder of the month. And on January 1, 2011, their benefit will reset and they will have up to $200 throughout the calendar year.

Here are the rest of the benefits:

Existing Suite of Core Travel Benefits
The new benefits complement the core existing ones that include:

Airport Lounge Access: The Platinum Card from American Express grants complimentary access into many domestic airport club lounges including American Airlines Admirals Club®, Delta Sky Club(TM) and our newest partner, US Airways® Club. That is $1,400 worth of club memberships each year. In addition to the comfort and privacy this provides, it is especially helpful during winter snow and storm delays as travelers can head straight to the airline lounge for easy and immediate re-booking.

Fine Hotels & Resorts Program: Card members who stay at one of more than 650 exceptional properties that are a part of the Fine Hotels & Resorts Program will receive a room upgrade (upon availability), daily continental breakfast for two, 4 p.m. late check-out and an additional special amenity worth a minimum of $450 per stay.

Platinum Travel Service and Platinum Card Concierge: Card members have access to the Platinum Travel Service – 24-hours a day, 365 days a year – to help them plan both business and leisure trips. And the Platinum Card Concierge service can round out the travel experience by helping secure restaurant reservations, tickets to attractions and shows and more.

For complete terms and conditions on all new and existing benefits, please visit americanexpress.com/transformtravel.

Here is the full link:

And the card application: