American Express Membership Rewards: The Ultimate Guide

American Express Membership Rewards® is a credit card rewards program with a flexible point currency called Membership Rewards points. These points are earned by a number of American Express credit cards when you make purchases. Depending on where you shop, sometimes you’ll earn at a flat rate, and other purchases qualify for a higher rate based on the category.

Using your card isn’t the only way to earn points, though. Most American Express cards in the Membership Rewards program offer a welcome bonus after meeting minimum spending requirements on a new card.

Membership Rewards points can also be earned by referring friends to American Express cards, shopping online through the Rakuten shopping portal, and using targeted spending offers. These points can then be redeemed for travel, cash back, gift cards and more or transferred to travel partners.

How Much Are Amex Points Worth?

The value of your Membership Rewards points depends on the card you have and on how you use them. For redemptions made with Amex, here’s a quick summary of what to expect:

Redemption	Value per Point
Flights	1 cent
Fine Hotels & Resorts stays	1 cent*
Prepaid hotels and rental cars, cruises and vacation packages	0.7 cents
American Express gift cards	0.5 to 1 cents
Retail and restaurant gift cards	0.7 to 1 cent
Statement credits	0.6 cents
Pay with Points with select merchants	0.7 cents
Merchandise	0.5 cents

See MoreSee Less

*Fine Hotel & Resort stay redemptions are only available to Platinum cardholders
Note: If you hold a Blue from Amex card, all redemptions are worth 0.5 cents

If you transfer your rewards points to one of Amex’s airline or hotel partners, their value can vary depending on the redemption details. With hotel partners, you can generally expect to get about 1 cent per point, but some airline partner redemptions could bring much more than 1 cent per point.

Note that there’s an excise tax offset fee of $0.0006 per point when you transfer your rewards, and you can use points to cover that at a rate of 0.5 cents apiece.

To join the Membership Rewards program, you’ll need one of the Membership Rewards-earning American Express cards listed below. Besides earning Membership Rewards through credit card welcome bonuses and regular spending, there are several other ways you can earn.

Credit Cards That Earn Membership Rewards

American Express offers multiple personal and business cards that earn Membership Rewards. Each card offers different benefits and earning rates.

Personal Credit Cards

Card	Annual Fee	Welcome Bonus	Spending Categories	Other Benefits
The Platinum Card® from American Express	$695 (terms apply, see rates & fees)	Earn 80,000 Membership Rewards Points after spending $8,000 on purchases on the card in the first 6 months of card membership	Earn 5 Membership Rewards Points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases	Up to $200 airline incidental statement credit (enrollment required) on an eligible airline you choose each year, up to $200 in annual Uber Cash for U.S. services, up to $100 in annual Saks Fifth Avenue statement credits (enrollment required), Global Lounge Collection access and Global Entry or TSA PreCheck® fee statement credit (up to $100)
American Express® Gold Card	$250 (terms apply, see rates & fees)	Earn 60,000 Membership Rewards points after spending $6,000 on purchases in the first 6 months of card membership	Earn 4 Membership Rewards® points per dollar at restaurants, plus takeout and delivery in the U.S., 4 Membership Rewards® points per dollar at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1 point per dollar), 3 Membership Rewards® points per dollar on flights booked directly with airlines or through American Express travel and 1 point per dollar on other eligible purchases	Up to $120 in automatic Uber Cash when your card is added to your Uber account, Up to $120 in annual dining statement credits at eligible restaurants. Enrollment required
American Express® Green Card*	$150	Earn 40,000 points after spending $3,000 on purchases in the first 6 months	Earn 3 points per dollar on travel and transit including flights, hotels, taxis, rideshare services, trains, parking and more, 3 points per dollar on eligible purchases at restaurants worldwide including takeout and delivery in the U.S. and 1 point per dollar on other purchases	Up to $189 CLEAR® Plus membership statement credit, up to $100 LoungeBuddy statement credit
Amex EveryDay® Preferred Credit Card*	$95	Earn 15,000 Membership Rewards points after spending $2,000 in purchases in the first 6 months of account opening	Earn 3 points per dollar at U.S. supermarkets, on up to $6,000 per year in purchases (then 1 point per dollar), 2 points per dollar on U.S. gas stations and eligible travel purchases like prepaid hotel stays, vacation packages and cruises booked through AmexTravel.com and 1 point per dollar on other eligible purchases	Make 30 or more purchases with your Card in a billing period and earn 50% extra points on those purchases less returns and credits.
Amex EveryDay® Credit Card*	$0	Earn 10,000 points after spending $2,000 in qualifying purchases in the first 6 months of account opening	Earn 2 Membership Rewards points per dollar at US supermarkets on up to $6,000 per year in purchases (then 1X), 2 points per dollar when using the card to book trips through American Express Travel and 1 point for every eligible dollar on everything else. Plus, use the card 20 or more times on purchases in a billing period and earn 20% extra points on those purchases	Use your Card 20 or more times on purchases in a billing period and get 20% more points on those purchases less returns and credits.

See MoreSee Less

*The information for these cards has been collected independently by Forbes Advisor.

Business Credit Cards

Card	Annual Fee	Welcome Bonus	Spending Categories	Other Benefits
The Business Platinum Card® from American Express	$695 (terms apply, see rates & fees)	Earn 150,000 Membership Rewards® points after spending $20,000 in eligible purchases with the card within the first 3 months of card membership	Earn 5 Membership Rewards® points per dollar on flights and prepaid hotels through American Express Travel, 1.5 points per dollar on eligible purchases at U.S. construction material & hardware suppliers, electronic goods retailers and software and cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year and 1 point per dollar on other eligible purchases	Up to $400 in Dell statement credits annually on eligible U.S. purchases through 12/31/24, up to $360 in Indeed statement credits through 12/31/24, up to $150 in Adobe credits through 12/31/24, up to $120 in wireless statement credit for U.S. services, Global Lounge Collection access, up to a $200 airline incidentals and $189 CLEAR® Plus credit, Global Entry or TSA PreCheck fee statement credit (up to $100). Enrollment required for select benefits.
American Express® Business Gold Card	$375 (terms apply, see rates & fees)	Earn 70,000 Membership Rewards® points after spending $10,000 on eligible purchases within the first 3 months of opening an account	Earn 4 Membership Rewards® points per dollar on the 2 select categories where a business spends the most each month (up to $150,000 combined purchases per calendar year), 3 points per dollar on flights and prepaid hotels booked on Amex Travel and 1 point per dollar is earned for other purchases	Earn up to $240 in statement credits after you use the Business Gold Card for eligible U.S. purchases at FedEx, Grubhub, and Office Supply Stores (enrollment required), $155 Walmart+ subscription credit.
Business Green Rewards Card from American Express*	$95	Earn 15,000 Membership Rewards points after spending $3,000 in eligible purchases within the first 3 months of card membership	Earn 2 points per dollar on eligible purchases at American Express Travel and 1 point per dollar on eligible purchases	Baggage insurance, purchase protection, extended warranty coverage, and secondary car rental loss and damage insurance
The Blue Business® Plus Credit Card from American Express	No annual fee (terms apply, see rates & fees)	Earn 15,000 Membership Rewards points after spending $3,000 in purchases in the first 3 months of account opening	Earn 2 Membership Rewards points per dollar on everyday business purchases such as office supplies or client dinners up to the first $50,000 in purchases per year, then 1 point per dollar on all other purchases	No annual fee, no category spending to track, extended warranty¹, purchase protection¹, and secondary car rental loss and damage insurance²

See MoreSee Less

*The information for these cards has been collected independently by Forbes Advisor.

Refer-a-Friend

American Express may offer you the opportunity to earn bonus points when referring other customers to apply for an American Express card. Once a referral is approved, the referrer can earn 5,000 to 30,000 Membership Rewards points (and sometimes even more), depending on the card that is referred. Note that Amex limits the number of points you can earn via referral in a year, which can be as high as 100,000 points, but the good news is that it resets annually. And there’s even more good news—this limit is per card, not per account holder.

The American Express referral program is unique in that it allows cardholders of some cards to refer a new user to apply for any available American Express business or personal card. The referrer would receive a bonus regardless of the card the new user selects and is approved for.

Amex Offers

American Express has targeted offers, called Amex Offers, that appear on an individual’s account. The offers can include saving a set dollar amount or percentage on a purchase in the form of a statement credit or earning extra Membership Rewards points.

These offers must be added to the eligible Membership Rewards-earning card before the purchase is made. The conditions of the offers vary (make sure to always check the terms). For example, some require qualifying purchases be made only online, so in-store purchases wouldn’t be eligible.

You can only add a specific American Express Offer to one card, even if you have the offer available across several cards on your account. As a result, ensure you add offers to the card that would most benefit your overall earning potential.

Rakuten Shopping Portal

Rakuten is an online shopping portal that can help boost your Membership Rewards balance.

Rakuten offers cash back on purchases at over 3,500 stores, with an option to earn cash back when shopping online with the Rakuten website, mobile app or browser extension, as well as in-store by linking your debit or credit card to an in-store offer and using that card to make your purchases. Cash-back earnings are paid out as a “Big Fat Check” or via PayPal, but you can also sign up to earn Membership Rewards points instead of cash back. The points earned through the portal are on top of the points you would normally earn from spending on your credit card.

Rakuten defaults to a cash-back payment, so you’ll want to set up a link to your Membership Rewards account right away. If you already have a Rakuten account, go to your Account Settings and select Membership Rewards as your payment method, at which point you’ll be prompted to link your American Express account by signing in with your credentials.

If you’re new to Rakuten, you’ll need to sign up for a free account. Then, you will enter your American Express user ID and password, and the system will check for an eligible Membership Rewards-earning card associated with your account and automatically enroll you to earn Membership Rewards.

The earning rate for Membership Rewards points remains the same as earning cash back. For example, if a store is offering 10% cash back, you would earn 10 Membership Rewards points per dollar spent.

Combining American Express Membership Rewards

American Express Membership Rewards points are automatically combined across all eligible cards a card member holds. For example, points earned from an Amex EveryDay® Credit Card* will be deposited into the same Membership Rewards bank as points earned on The Platinum Card® from American Express. This holds true across business cards and personal cards.

Membership Rewards points can’t be combined with points earned from another card member’s account, and points can only be transferred to hotel or airline program accounts in the card member’s name.

American Express Membership Rewards can be redeemed in many ways. As we’ll explain below, transferring Membership Rewards points to travel partners is generally the best redemption in terms of the value you can get per point. But there are other options, including cash back or the purchase of gift cards.

1. Transfer Membership Rewards Points to Travel Partners

As a transferable points program, Membership Rewards can be transferred to more than 15 airline partners and three hotel partners. With few exceptions, Membership Rewards transfer to airlines at a 1:1 ratio. That means that 1 Membership Rewards point is equivalent to 1 point or mile with the hotel or airline loyalty program. Some partner transfer ratios vary, as detailed below.

American Express Membership Rewards transfer partners with transfer ratios are:

Airline	Hotel
Aer Lingus AerClub (1:1)	Choice Privileges (1:1)
AeroMexico Club Premier (1:1.6)	Hilton Honors (1:2)
Air Canada Aeroplan (1:1)	Marriott Bonvoy (1:1)
Air France/KLM Flying Blue (1:1)
All Nippon Airways Mileage Club (1:1)
Asia Miles (1:1)
Avianca LifeMiles (1:1)
British Airways Executive Club (1:1)
Delta Air Lines SkyMiles (1:1)
Emirates Skywards (1:1)
Etihad Guest (1:1)
Hawaii Airlines HawaiianMiles (1:1)
Iberia Plus (1:1)
JetBlue TrueBlue (250:200)
Qantas Loyalty (1:1)
Singapore Airlines KrisFlyer (1:1)
Virgin Atlantic Flying Club (1:1)

See MoreSee Less

American Express regularly runs limited-time transfer bonuses that can get you anywhere from 10% to 50% more value when transferring Membership Rewards. For example, a 25% bonus on transfers to British Airways Avios would mean a transfer ratio of 1:1.25. In this case, transferring 50,000 MR points to British Airways would get you 62,500 Avios. This is one of the best ways to maximize the value of your points.

To transfer your points, you will have to link your hotel or airline loyalty account, select the number of Membership Rewards points to transfer to your selected travel partner and then use the points within that loyalty program to book travel. You can transfer only to your account or the account of an authorized user whose card was issued at least 90 days prior to linking accounts.

Before transferring, confirm award availability at the travel partner’s loyalty site. American Express Membership Rewards transfers are one way, meaning once you transfer points to a loyalty program, you are not able to reverse the transfer and move points from the loyalty program back to your Membership Rewards account.

Upon confirming availability, points can be transferred in set increments. For most partners, you must transfer a minimum of 1,000 points in 1,000-point increments.

While Amex transfer partners typically state that transfers can take up to 24 to 48 hours (or up to seven days for a couple of partners), most point transfers are completed instantly. You may have to log out and log back into your loyalty account after transferring to see the points added to your account.

The value of Membership Rewards points when you transfer to travel partners will vary greatly depending on the partner and how you redeem them. The hotel transfer partners typically provide less than 1 cent per point in value. However, the redemption of points with airline partners can provide greater than 1 cent per point in value, especially if you scope out a good deal first instead of transferring your points speculatively.

Regardless of which loyalty partner you intend to transfer points to, always check availability and compare cash prices first, as all transfers are final.

2. Redeem Using the American Express Travel Portal

Booking travel through the Amex Travel portal is a straightforward way to redeem your Membership Rewards points. The American Express travel portal is an online travel agency (OTA) where you can use Membership Rewards points as a method of payment for flights, hotels, rental cars, cruises and other forms of travel.

When you use your points to book flights through the Amex Travel portal, they are worth 1 cent each. When you use points to book prepaid hotels, rental cars, cruises or vacation packages through the portal, you’ll only get a value of 0.7 cents per point—with a couple of exceptions.

The Platinum Card® from American Express and The Business Platinum Card® from American Express cardholders have the option to redeem points for a Fine Hotels and Resorts booking through the Amex Travel portal at a rate of 1 cent per point. Amex Business Platinum cardholders also have access to an additional rebate when booking in the portal with points. These programs are described in more detail below.

In addition to paying in full with points, the American Express Travel portal allows users to pay with a combination of points and an American Express credit card. When using a combination of points and cash, at least 5,000 points must be applied. Any number of points over 5,000 can be used up to the total available in your account or the cost of the ticket. If the number of points in your account is not sufficient to cover the total amount of the purchase, the remaining amount will be charged to your card.

When paying the remaining balance through the American Express Travel portal, you can use any American Express-issued card. While the credit card must be issued by American Express, it does not have to be a Membership Rewards-earning card. When booking through the American Express Travel portal, there are a few things to remember:

• American Express Travel airline reservations booked through the portal are not considered award reservations. American Express collects Membership Rewards points as payment and pays air travel providers cash for reservations. Thus, these reservations are eligible to earn frequent flyer miles when you fly. A benefit to booking in the travel portal is that you can book airlines that are not transfer partners with Amex because these reservations are similar to cash bookings for the airline.
• American Express Travel is a booking engine that is not specifically affiliated with any airline or hotel. Changes or cancellations to reservations must be completed through American Express Travel and could incur a fee. Airline ticket changes and cancellations are subject to any fees or fare differences charged by the airline.
• When booking hotels, elite benefits and points accrual are generally not applicable to reservations booked. Hotels do not consider stays booked through American Express Travel to be eligible rates and loyalty benefits are not generally applicable. The exception to this may be stays booked through The Hotel Collection or Fine Hotels and Resorts. These stays are sometimes viewed as eligible for elite benefits.

3. International Airline Program

As a Platinum Card or Business Platinum card member, the International Airline Program (IAP) offers access to special fares on international first, business and premium economy tickets booked through American Express Travel.

The process for booking through IAP is the same as booking any travel through Amex’s portal, but these fares are annotated by a banner that states the fare is part of the IAP benefit.

When paying with points, Business Platinum cardmembers will receive a 35% rebate, up to 1,000,000 bonus points per calendar year when you book with American Express Travel. This 35% rebate is valid for any first- or business-class flights and for flights in any class on the airline you’ve selected to apply the $200 airline incidentals credit toward.

For example, let’s say a Business Platinum card member redeems 100,000 points for a $1,000 first-class ticket. After the purchase is complete, they will be refunded 35,000 points. Effectively, this $1,000 ticket would cost 65,000 points for a redemption value of 1.5 cents per point. The cardholder must have the points in their account at the time of booking, and the rebate will be credited six to 10 weeks after purchase.

4. Fine Hotels + Resorts and The Hotel Collection

The Fine Hotels + Resorts program offers increased benefits at over 1,300 properties worldwide. This program is available to Platinum- or Centurion-branded card members, and the benefits include breakfast for two, a $100 experience credit, 4 p.m. checkout and, when available, 12 p.m. check-in and a room upgrade.

The Hotel Collection is another value-added program to select cardholders. It offers a $100 experience credit and a room upgrade when available on stays of two nights or more. This program is open to members with Gold-, Platinum- and Centurion-branded cards.

Although Fine Hotels and Resorts and The Hotel Collection are part of the American Express Travel portal, bookings made through the Fine Hotels and Resorts channel are sometimes considered eligible rates. This means that hotel reservations made through American Express Travel Fine Hotels and Resorts and The Hotel Collection can sometimes earn hotel loyalty program points and elite credit.

When booking reservations through Fine Hotels and Resorts, points are worth 1 cent each toward the cost of the room.

5. Cover Your Card Charges

This option is essentially a cash-back redemption option. Any purchase made on an eligible American Express card can be offset with points. When using points to cover your charges, you will receive a statement credit for the amount of the charge that is covered by points.

The value of the points when used for this type of redemption is 0.6 cents per point. At a value of less than 1 cent each, this is not a great use of Membership Rewards points.

6. Redeem for Gift Cards

The process for redeeming Membership Rewards points for gift cards is similar to the process of using the American Express Travel portal. Rather than using a credit card as payment for the gift cards, Membership Rewards points are utilized.

The value of Membership Rewards points varies depending on the brand of gift card purchased. For instance, 10,000 points would get you a $100 Gap gift card for a value of 1 cent per point. However, if redeemed for an Apple gift card, you’d receive an $85 gift card. This redemption would provide just 0.85 cents per point in value.

The redemption value for gift cards varies, so always check the value of the points for the specific gift card you have in mind before finalizing your purchase. You will likely find better value using points for other redemptions.

7. Pay With Points on Amazon.com and PayPal

Using Membership Rewards points to pay for Amazon.com purchases is a low-value redemption of 0.7 cents per point. This is also true when you check out with PayPal and use your points to pay for the purchase.

Sometimes, American Express offers targeted offers through Amazon.com, where using Membership Rewards points to pay for purchases offers a discount on the entire purchase.

If you want to use points to take advantage of this targeted offer, you can use just one single Membership Rewards point. You do not have to pay for the entirety of your purchase with Membership Rewards points to get the desired discount.

8. Redeem for Merchandise on Amex Go Shopping

Go Shopping is the American Express online shopping center. Cardmembers can use Membership Rewards points to pay for purchases of retail goods. American Express acknowledges that the use of points might not provide the best value and encourages members to review all options before redeeming.

Normal redemptions are at the rate of 0.5 cents per point, wherein a $10 item could be purchased for 2,000 points. Special offers may be available where 30% to 50% fewer points are required. Even the most generous offer will only net you 1 cent per point in value.

9. Invest With Points

If using your points for travel isn’t an option anytime in the foreseeable future, your next best option to extract the most value from your Membership Rewards points is through Amex’s Invest with Points option. Only cardholders of the The Platinum Card® from American Express for Charles Schwab* (with its hefty annual fee of $695) are eligible for this feature. You’ll also have to be a Schwab customer with an eligible account, which includes Schwab One, General Brokerage and select IRAs.

What makes this option so valuable is the fact that you can redeem points into your eligible Schwab account at a rate of 1.1 cents. That means if you have 100,000 Membership Rewards points, you can send those to your Schwab account and end up with $1,100 available to invest.

You can maximize Amex points both when earning and redeeming them. Maximizing your earnings is straightforward: Look for cards that earn bonus points on categories where you spend the highest, such as earning 4 Membership Rewards® points per dollar at restaurants, plus takeout and delivery in the U.S., 4 Membership Rewards® points per dollar at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1 point per dollar), 3 Membership Rewards® points per dollar on flights booked directly with airlines or through American Express travel and 1 point per dollar on other eligible purchases with the American Express® Gold Card.

Usually, transferring Membership Rewards to partner travel programs is the best way to maximize your Amex points on the redemption side. That’s because you can often receive more than 1 cent per point in value if you strategically redeem those travel points toward free airfare or hotel stays. However, this strategy takes a little extra effort. But, with some time, you can learn the ins and outs of partner loyalty programs.

To further maximize your Amex points, transfer your points to programs that are offering a 10% to 50% transfer bonus, which will immediately provide extra value without the extra effort.

Air France-KLM Flying Blue

One travel partner that shines, thanks to its vast network of flights from North America to Europe, and beyond, is Air France-KLM Flying Blue. This SkyTeam partner offers affordable award options, if you can find the award space.

Air France-KLM also offers monthly promo rewards where you can get as much as a 25% discount off the lowest mileage price. This means you can score a business-class ticket from North America to Europe for under 30,000 miles each way.

Iberia Plus

Iberia Plus offers an excellent sweet spot for award travel to Europe for those with Membership Rewards points. Award flights are distance-based, meaning that the price will increase with the distance you fly—it’s not tied to the cash price of the ticket. Therefore, transfers to Iberia Plus present opportunities to get outsized value from your Membership Rewards, especially when booking premium cabin long-haul travel.

Another plus—several routes bookable with Iberia Plus Avios, avoid London. This substantially lowers the cash out-of-pocket required to cover the significant fees tacked on when flying through this region of the world.

Finally, Iberia Plus Avios can be used for itineraries on American Airlines. Within the U.S., Avios may yield the most value on short-haul flights with high cash prices.

Virgin Atlantic Flying Club

Virgin Atlantic Flying Club is another economical way to score transatlantic premium cabin travel using Membership Rewards. Virgin is known for its high fuel surcharges, but it offers attractive partner awards with airlines whose fuel fees are much more reasonable. Virgin Points can also be used for travel within the U.S. on Delta. Because award prices for U.S. domestic travel on Delta are based on distance, some travelers may discover opportunities for outsized value by redeeming for shorter, more expensive flights.

American Express Membership Rewards are worth it for frequent travelers. This rewards program is most valuable when redeeming points toward travel. It’s not difficult to earn thousands of points in a year and then transfer them into your favorite loyalty programs, then take to the skies.

For people who prefer cash-back rewards, Membership Rewards may not be worth it. Points are typically only worth 0.6 cents per point when used to cover charges on your card, which is less than the going rate of 1% you can find on many cash-back credit cards.

The American Express Membership Rewards program offers a variety of ways to earn and redeem points. The multitude of redemption options offered by this transferable currency makes Membership Rewards a valuable tool that is utilized by points and miles enthusiasts to significantly reduce the out-of-pocket cost of travel.

To view rates and fees for The Platinum Card® from American Express please visit this page.
To view rates and fees for American Express® Gold Card please visit this page.
To view rates and fees for The Business Platinum Card® from American Express please visit this page.
To view rates and fees for American Express® Business Gold Card please visit this page.
To view rates and fees for The Blue Business® Plus Credit Card from American Express please visit this page.
To view rates and fees for Blue Cash Preferred® Card from American Express please visit this page.
¹Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
²Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.