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Just noticed this recently. According to the Amex site:

Effective March 15th, 2004 significant changes to the Membership Rewards® program will be implemented.

Point Transfers:

For each transfer of points into the Frequent Flyer program of a US airline, a fee of $0.0004 per point, with a maximum fee of $50, will be charged to the enrollee’s Card account. We charge this fee to offset the federal excise tax we must pay for such transfers. (The fee may be more or less than the actual amount of the excise tax we pay on any individual transfer).

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