Here's a source for that stat from a Q3'12 AMEX earnings call transcript: "As you know, our current ultimate redemption rate is 93%, a very high assumption for

Here's a source for that stat from a Q3'12 AMEX earnings call transcript: "As you know, our current ultimate redemption rate is 93%, a very high assumption for any consumer loyalty program." [1] http://seekingalpha.com/article/931161-american-express-management-discusses-q3-2012-results-earnings-call-transcript?part=single http://seekingalpha.com/article/931161-american-express-mana...