American Express Lets New Yorkers Pay For Cab Rides With Points

American Express claims it is breaking new ground with a program that lets cardmembers use their points to pay for cab rides in New York City.

The program, which included retrofitting VeriFone-designed Taxi TVs in 7,000 cabs, converts to 1 cent per point, meaning you need 1,000 points for a $10 cab fare. You earn a point for every dollar spent. Leslie Berland, SVP, digital partnerships and development at American Express, says the company is offering something unprecedented: A way to redeem points at point of sale. "We're going where our customers are."

The idea is to get consumers to use their points for everyday transactions instead of hoarding them Read more...