Spend Your AmEx Membership Rewards Points at Amazon.com

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Spend Your AmEx Membership Rewards Points at Amazon.comWhile I’ve always been a fan of cash back credit cards, reward points can be nearly as good if: (1) they’re worth at least the same amount as their cash brethren, and (2) you can figure out a way to use them like cash. In the past I’ve done things like cashing in my Citi ThankYou points for Home Depot gift cards on a $0.01/point basis.

Well… I recently received an e-mail tipping me off to that fact that you can now spend your American Express Membership Rewards points at Amazon. On the surface, this is great news. Amazon has a huge selection backed by competitive prices. But what about the exchange rate?

The details weren’t listed in the announcement, which is usually a bad sign. Instead, you apparently have to link up your account to find out. Since I don’t actually have a Membership Rewards account (I use the Blue Cash Everyday Card® from American Express instead), I can’t do this myself. Thus, I turned to Google.

From the reports that I’ve found thus far, it appears that the conversion rate is 140 points = $1, or 0.7 cents per point. Obviously, this isn’t a great deal, as a plain vanilla cash back credit card will pay at least 1% reward.

So… Should you cash in your points at Amazon? I guess that really depends on whether or not you can find a better use for your points. If they were converting points at $0.01/each, it would be a no-brainer. But at this reduced rate, you should carefully consider your options.

If you’re intrigued, go here for details.

One Response to “Spend Your AmEx Membership Rewards Points at Amazon.com”

  1. Anonymous

    I got 50,000 Membership Rewards points through a promotion. I spent most of them on Home Depot gift cards. You can at least sell those on craigslist (meet buyer at a HD to verify balance) for 90 cents on the dollar.

    Those who think getting a business class ticket with frequent flier miles make the miles worth multiple cents each, love Membership Rewards points. To me something is only worth what I would have paid for it un-induced.

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