In the world of miles and points, everyone is always trying to achieve maximum value. In fact, all over the internet you have people writing blogs, much like this one (except much more popular), about their conquests. Over the years I’ve seen some pretty incredible values and even managed a few great redemptions myself. However, the other day I achieved so much value from a redemption, that I had to write about it.
Before I jump in to my incredible redemption, I want to set the stage. The value of rewards points varies dramatically. At the low end, you have your points used to buy merch redemptions, those average about $0.005 to $0.01 of value per point. So, if you had 10,000 points, those would be worth between $50 and $100. No wonder why points get a bad rap.
Your next level redemptions are those used to offset credit card charges. These include simple statement credits to using points to pay for travel. In this category, you’ll see typically redemptions worth $0.01 to $0.015 of value per point. In this category, your 10,000 points are now worth between $100 and $150. Not good, but not terrible.
Next you have your airline transfer redemptions. This is when you transfer points to an airline and use that airlines’ rewards points to book travel. Now, this category of redemptions can really go either way. You can book some incredible redemptions or terrible redemption. For example, you could use 10,000 miles to book an economy seat that only costs $150. That would be truly terrible. Likewise, you could use 80,000 points to book a trans-Pacific first class flight that costs $20,000. That would be a fantastic redemption. In this case, your 10,000 miles could be worth $150 or $2,500!
The Greatest Redemption Ever
Well, I topped even that last example with my most recent rewards point redemption! See, American Express and Amazon recently teamed up to offer a discount on your purchase when using American Express Membership Rewards points at checkout. Now, I know what you’re thinking… “MWM, you’ve told us 100 times not to use miles at Amazon!” While that’s true in nearly every conceivable situation, there is one situation where it makes sense.
In this situation, Amazon is offering $50 off your order if you use Amex Membership Rewards points at checkout. However, there is no minimum points required to trigger the credit. This means, that you can apply just 1 Amex MR point at checkout and still receive the $50 discount.
Ah, you can see where I’m going with this. The other day I ordered a new computer monitor for my home office (you know, COVID) and I applied that 1 point to my order. As promised, my checkout price fell by $50 and I paid the balance with my credit card. All in all, I got $50 of value from a single American Express Membership Rewards point.
So, to be consistent with my above examples, in this scenario my 10,000 Amex MR points are theoretically worth $500,000!!!
Final Thoughts
All jokes aside, if you are an Amazon customer and American Express card member, check your account to see if you’re eligible for this offer. I’ve seen this promotion several times over and have actually been eligible 2x now. So, even if you’ve already used this offer, it’s always worth checking to see if you’re eligible a second time.
Finally, if you are eligible for this offer, pleas make sure to use just 1 point and please make sure your order is greater than $50. Using more points or less statement credit would be a complete waste of this fantastic offer. Likewise, please don’t ever use Amex MR points to pay for your Amazon purchases otherwise!
