Loyalty Development
American Express removes NYC Taxi and Saks Fifth Avenue Pay with Points redemptions
Development analysis
What changed, why it matters, and what leaders should watch.
What changed
American Express ended Membership Rewards Pay with Points redemptions for NYC Taxi and Saks Fifth Avenue on September 15. The issuer’s June 2026 program-updates notice identifies both as discontinued redemption options, rather than a change to the underlying Membership Rewards earn rate.
Loyalty and rewards implications
This is a small but concrete redemption devaluation: members lose two merchant-specific ways to use points, reinforcing that optionality can erode at the redemption layer even when earning remains unchanged. Banks and credit unions should maintain disciplined change communications and monitor redemption behavior after partner or merchant exits, so member value is not measured only by headline earn rates.