There’s a new Amazon Amex Offer, but you should avoid it

Amazon Amex Offers are usually an easy win if you ever buy anything from there as they either provide a discount when spending a certain amount or offer a decent number of bonus points on your purchase.

Well, there’s a brand new Amazon Amex Offer that’s the exception to the rule as it involves redeeming your points for very poor value.

The Deal

• Earn 1,500 bonus Membership Rewards points when redeeming 7,143 Membership Rewards points on Amazon purchases with a targeted Amex Offer.

Key Terms

• Expires May 3, 2026.
• Offer valid only for purchases made using “Shop with Points” (using a minimum of 7,143 points for $50) online at US website Amazon.com and through the Amazon app. Purchases must be paid for with American Express Membership Rewards points in order to qualify for the offer. Your Membership Rewards Account must be linked to your Amazon.com account. For details on how to use “Shop with Points” at Amazon.com, please visit amazon.com/amexmr. Not valid on purchases shipped outside the US. See Amazon.com for shipping policy. Some merchants may not ship to all areas.
• Eligible Card Members will earn 1,500 additional Membership Rewards® points (up to 3 times) on qualifying purchases made on their eligible Card.
• Purchases must be made with Membership Rewards points through “Shop with Points” using your eligible American Express Card, and offer is only valid on purchases made directly with Amazon.com. Offer not valid on purchases made using any other third parties, such as resellers, delivery services, or other intermediaries.

Quick Thoughts

The way this offer works is that if you redeem 7,143 Membership Rewards points, you’ll get 1,500 points back and you can do that up to three times. In theory that sounds great as it means your net cost is only 5,643 points – a discount of 21%.

The problem is that redeeming 7,143 points only gets you a discount of $50 on your Amazon purchase. That means you’d be redeeming a net 5,643 points to save $50 and so you’d only be getting 0.89 cents per point of value from your Membership Rewards. That’s a better rate than redeeming your points for a statement credit, but it’s still very poor value compared to transferring your points to travel partners, or by redeeming for 1.1 cents per point if you have a American Express Platinum Card® for Schwab (with a limit of 1 million points per calendar year).

As a result, this is a rare Amazon Amex Offer that should be avoided. However, we wanted to post about it nonetheless in order to provide this warning in case you’re new to Membership Rewards and don’t have a full grasp on how valuable these transferable points can be.

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