Want More Value from Those Membership Rewards? Here’s How to Turn Them into Cash
Do you have a pile of American Express Membership Rewards points sitting unused? Maybe you’re wondering if there’s a way to convert those points into something more practical – like actual cash in your pocket. Well, I’ve got good news for ya! There are several ways to turn those AMEX points into cold, hard cash.
As an AMEX cardholder myself I’ve explored pretty much every option for squeezing value from my points. In this comprehensive guide I’ll walk you through all the methods for converting your AMEX Membership Rewards points to cash, plus share some insider tips to maximize their value.
Understanding Your AMEX Membership Rewards Points
Before diving into conversion methods, let’s understand what these points actually are. American Express Membership Rewards are points you earn when spending on eligible AMEX cards. These points are incredibly flexible – you can use them for travel bookings, merchandise, gift cards, and yes, even convert them to cash.
According to the American Express website, “Your points give you access to a wide range of exciting Rewards.” This includes options like e-vouchers transfers to airline and hotel loyalty programs travel bookings, and making payments for transactions.
6 Ways to Convert AMEX Points to Cash
1. Statement Credits: Direct Offset Against Card Charges
One of the simplest methods to essentially convert your points to cash is by applying them as statement credits.
How it works:
- Log in to your American Express account
- Navigate to the “Pay Card Charges with Points” option
- Select eligible charges to offset with your points
- Apply your points to reduce your balance
This method is super straightforward – you’re using points to pay for charges you’ve already made, which frees up actual cash you would’ve spent on your bill.
Value proposition: Unfortunately, this typically offers lower value per point compared to travel redemptions. The exact rate varies by card type, but generally expect around 0.6-0.7 cents per point.
2. Shop with Points: Real-Time Redemption at Checkout
AMEX lets you use your points during checkout at participating merchants.
How it works:
- Shop online at participating retailers
- At checkout, look for the “Use Points for This Purchase” option
- Select how many points you want to apply
This is essentially converting points to cash as you’re using them to pay for items you’d otherwise buy with money.
Value proposition: Similar to statement credits, the value typically hovers around 0.7 cents per point.
3. Redeeming for Gift Cards: Practical Cash Equivalents
E-vouchers and gift cards offer another practical way to convert points to cash-like value.
How it works:
- Visit the Membership Rewards portal at americanexpress.com/en-in/rewards/membership-rewards
- Browse the “Redeem Points for E-Vouchers” section
- Choose from multiple brand options
- Select your preferred denomination and complete the redemption
Gift cards for everyday retailers like grocery stores, gas stations, or major shopping destinations essentially function as cash.
Value proposition: Generally offers better value than statement credits, sometimes reaching 1 cent per point or higher depending on promotions.
4. Cashback Cards Conversion: Points to Direct Cash Rewards
If you have multiple AMEX cards, including a cashback card, you might be able to transfer points between them.
How it works:
- Check if your specific cards allow point transfers
- Transfer Membership Rewards points to your cashback card
- Redeem those points as cash back
Not all cards support this feature, so check your specific card terms.
Value proposition: Value varies widely based on the cards involved.
5. Pay with Points at Checkout: Online Shopping Convenience
American Express allows you to use points at checkout with select online retailers.
How it works:
- Shop at participating online stores
- Look for the AMEX Pay with Points option
- Apply points toward your purchase
The American Express website mentions this feature as one way to use your points: “making a payment for any transaction online or your statement or at point of sale.”
Value proposition: Similar to statement credits, usually 0.6-0.7 cents per point.
6. Transfer to Bank Account (Limited Availability)
Some AMEX cardholders may have the option to transfer points directly to linked bank accounts.
How it works:
- Check if your card supports direct transfers
- Link your bank account if eligible
- Transfer points at the available conversion rate
This option isn’t universally available across all AMEX products or regions, so check your specific card benefits.
Value proposition: When available, typically offers lower value than other redemption methods.
Maximizing Your Point-to-Cash Conversion Value
Watch for Special Promotions
American Express regularly offers bonus promotions that can boost your point values. For example, they might offer:
- 20% bonus when redeeming for specific gift cards
- Limited-time increased statement credit values
- Special merchant-specific deals
I always keep an eye on my email for these offers – they can significantly increase how much cash value you get from your points!
Consider Indirect Conversion for Higher Values
Sometimes the best way to get cash from your points isn’t the most direct. For example:
- Redeem for a high-value travel purchase, then cancel for refund (check terms carefully)
- Transfer points to hotel programs with good point-to-cash conversion options
- Redeem for merchandise that has good resale value
Combine With Other AMEX Benefits
To maximize overall value, consider how point redemptions interact with other card benefits:
- Redeem points for purchases that earn additional cashback
- Use points+cash options when they offer better value
- Time your redemptions with quarterly or seasonal promotions
How to Redeem Your AMEX Membership Rewards Points
The American Express website makes it clear that you can redeem your points through their dedicated portal. As stated on their site: “You can redeem your points by visiting https://www.americanexpress.com/en-in/rewards/membership-rewards.”
Here’s a step-by-step process:
- Log in to your American Express account
- Navigate to the Membership Rewards section
- Explore the various redemption options
- Select your preferred cash conversion method
- Follow the prompts to complete your redemption
The process is pretty straightforward, but if you run into issues, AMEX customer service is usually helpful.
Comparing Point-to-Cash Conversion Methods
| Conversion Method | Typical Value Per Point | Ease of Use | Best For |
|---|---|---|---|
| Statement Credits | 0.6-0.7 cents | Very Easy | Quick, no-hassle redemption |
| Gift Cards | 0.7-1.0+ cents | Easy | Planned purchases at specific retailers |
| Shop with Points | 0.7 cents | Easy | Immediate purchase needs |
| Cashback Cards | Varies | Moderate | Those with multiple AMEX cards |
| Pay with Points | 0.6-0.7 cents | Easy | Online shopping |
| Bank Transfer | Usually lowest | Varies | Those who need direct cash |
Frequently Asked Questions
Can I convert AMEX points directly to cash?
While there’s no direct “cash out” button that deposits money to your bank account for most cardholders, you can effectively convert points to cash through statement credits, gift cards, and other methods described above.
What’s the best value when converting AMEX points to cash?
Generally, gift cards during promotions offer the best straight cash value, sometimes exceeding 1 cent per point. However, if you consider travel redemptions (which can be refunded as cash in some cases), values can go much higher.
Do AMEX points expire?
As long as you keep your account in good standing and active, your Membership Rewards points typically don’t expire. However, always check your specific card terms.
How quickly can I get cash from my points?
Statement credits are usually applied within 48 hours. Gift card redemptions vary but typically process within a few business days. Other methods have different timeframes.
Final Thoughts: Is Converting AMEX Points to Cash Worth It?
Here’s my honest take – if you’re looking to maximize absolute value, converting AMEX points directly to cash usually isn’t the highest-value redemption. Travel redemptions, especially transfers to airline partners, often yield values of 2+ cents per point.
However, cash is king for flexibility. If you need the money or don’t travel enough to utilize those higher-value redemptions, converting to cash makes perfect sense.
I personally use a mixed approach – I save points for high-value travel when possible, but I’m not opposed to cashing out when I need the money or when AMEX runs special promotions that boost cash conversion values.
The beauty of Membership Rewards is their flexibility. As American Express themselves say on their website, “Your points give you access to a wide range of exciting Rewards” – so use that flexibility to your advantage!
Remember, the best redemption is the one that brings YOU the most value, whether that’s an exotic vacation or extra cash in your pocket.
Have you converted your AMEX points to cash before? What method worked best for you? Drop a comment below – I’d love to hear about your experiences!
How to redeem your American Express points for maximum value
If youre ready to start earning top-notch rewards and VIP perks, check out a handful of our favorite Amex cards that earn Membership Rewards points (as opposed to Amex cash back cards):
- American Express® Gold Card: You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership*.
- American Express Platinum Card®: You may be eligible for as high as 175,000 Membership Rewards® points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership.
- The Blue Business® Plus Credit Card from American Express: Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the card within your first 3 months of card membership.
The Amex Gold Card offers over $400 in statement credits every year.Credit score
Good to ExcellentRegular APR
See Pay Over Time APRAnnual fee
You may be eligible for as high as 100,000 Membership Rewards® Points
See rates and fees, terms apply. Read our American Express® Gold Card review. The American Express Gold® Card Welcome Offer: To view your personalized offer, you must first submit an application. If approved, you will: (1) receive your Welcome Offer details, (2) have the option to accept the Card with that offer, (3) be required to spend $6,000 on eligible purchases within the first 6 months of Card Membership, and (4) earn Membership Rewards® points. Welcome offers vary and you may not be eligible for an offer. If youre approved and accept your offer, a credit check may be conducted, which could impact your credit score. Terms apply.
The American Express Gold Card is great for earning valuable Membership Rewards® points at restaurants worldwide and U.S. supermarkets.
- You can earn $400+ in dining and rideshare credits every year (Enrollment required for select benefits mentioned)
- Exceptionally rewarding for eligible restaurant and U.S. supermarket purchases
- No foreign transaction fees
- Larger annual fee
- Credits are more complicated, you earn them monthly or semi-annually
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Selects editorial staff.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if youre approved and find out your exact welcome offer amount – all with no credit score impact. If youre approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. Thats up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin Credit: With the $84 Dunkin Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. Thats up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- See Rates & Fees
The Amex Platinum Card provides access to Amex Centurion Lounges, Delta Sky Clubs® , Lufthansa Lounges, Escape Lounges and more. (Enrollment required)Credit score
Good to ExcellentRegular APR
See Pay Over Time APRAnnual fee
You may be eligible for as high as 175,000 Membership Rewards® points
Seerates and fees, terms apply. Read our Amex Platinum Card review. The American Express Platinum Card® Welcome Offer: To view your personalized offer, you must first submit an application. If approved, you will: (1) receive your Welcome Offer details, (2) have the option to accept the Card with that offer, (3) be required to spend $8,000 on eligible purchases within the first 6 months of Card Membership, and (4) earn Membership Rewards® points. Welcome offers vary and you may not be eligible for an offer. If youre approved and accept your offer, a credit check may be conducted, which could impact your credit score. Terms apply.
The American Express Platinum Card® is a premium card loaded with annual statement credits, entertainment benefits, extensive airport lounge access, elite status perks and more. (Enrollment required for select benefits mentioned)
- Access to 1,550+ airport lounges, including Priority Pass™ Select lounges (enrollment required) and Amex Centurion lounges
- Statement credit offers worth up to twice what the annual fee costs
- Elite status perks for hotels and rental cars (Enrollment required for select benefits mentioned)
- High annual fee
- Many statement credit offers are complicated and are earned in increments or limited to specific purchases
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Selects editorial staff.
- You may be eligible for as high as 175,000 Membership Rewards® points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if youre approved and find out your exact welcome offer amount – all with no credit score impact. If youre approved and choose to accept the Card, your score may be impacted.
- Get more for your travels with 5X Membership Rewards® points on all flights and prepaid hotel bookings through American Express Travel®, including Fine Hotels + Resorts® and The Hotel Collection bookings. You earn 5X points on flights purchased directly from airlines or through American Express Travel® on up to $500,000 on these purchases per calendar year.
- More Value! With over 1,550 airport lounges – more than any other credit card company on the market* – enjoy the benefits of the Global Lounge Collection®, over $850 of annual value, with access to Centurion Lounges, 10 complimentary Delta Sky Club® visits when flying on an eligible Delta flight (subject to visit limitations), Priority Pass Select membership (enrollment required), and other select partner lounges. * As of 07/2025.
- More Value! $200 Uber Cash + $120 Uber One Credit: With the Platinum Card® you can receive $15 in Uber Cash each month plus a bonus $20 in December when you add your Platinum Card® to your Uber account to use on rides and orders in the U.S when you select an Amex Card for your transaction. Plus, when you use the Platinum Card® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
- More Value! $300 Digital Entertainment Credit: Get up to $25 in statement credits each month after you pay for eligible purchases with the Platinum Card® at participating partners. Enrollment required.
- More Value! $600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection* bookings through American Express Travel® using the Platinum Card®. *The Hotel Collection requires a minimum two-night stay.
- New! $400 Resy Credit + Platinum Nights by Resy: When you use the Platinum Card® to pay at U.S. Resy restaurants and to make other eligible purchases through Resy, you can get up to $100 in statement credits each quarter with the $400 Resy Credit benefit. Plus, with Platinum Nights by Resy, you can get special access to reservations on select nights at participating in demand Resy restaurants with the Platinum Card®. Simply add your eligible Card to your Resy profile to book and discover Platinum Nights reservations near you, enrollment required.
- More Value! $209 CLEAR® Plus Credit: CLEAR® Plus helps get you to your gate faster by using unique facial attributes to verify you are you at 50+ airports nationwide. You can cover the cost of a CLEAR Plus Membership* with up to $209 in statement credits per calendar year after you pay for CLEAR Plus with the Platinum Card®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Platinum Card® Account*. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
- Start your vacation sooner, and keep it going longer. When you book Fine Hotels + Resorts® through American Express Travel®, enjoy noon check-in upon arrival, when available, and guaranteed 4PM check-out.
- New! $300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. Thats up to $300 in statement credits each calendar year. Enrollment required.
- $155 Walmart+ Credit: Receive a statement credit* for one monthly Walmart+ membership (subject to auto-renewal) after you pay for Walmart+ each month with the Platinum Card®. *Up to $12.95 plus applicable local sales tax. Plus Ups not eligible.
- $100 Saks Credit: Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com on the Platinum Card®. Thats up to $50 in statement credits from January through June and up to $50 in statement credits from July through December. No minimum purchase required. Enrollment required.
- Whenever you need us, were here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- $895 annual fee.
- Terms Apply.
- See Rates & Fees
16.99% – 26.99% Variable; APRs will not exceed 29.99%Annual fee
Earn 15,000 Membership Rewards® points
The Blue Business® Plus Credit Card from American Express is a great option if youre starting a business because its affordable, earns flexible travel rewards and offers an intro-APR on purchases for a year.
- Valuable intro-APR offer for purchases for 12 months
- Earns flexible rewards you can transfer to 20+ airline and hotel loyalty programs
- No annual fee
- Bonus rewards for purchases are capped
- Few useful travel insurance benefits
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Selects editorial staff.
- Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 16.99% – 26.99%, based on your creditworthiness and other factors at account opening. APR will not exceed 29.99%
- Earn 2X points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Terms and limitations apply.
- Youve got the power to spend beyond your credit limit* with Expanded Buying Power. *The amount you can spend above your credit limit is flexible, so it adapts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors. Just remember, the amount you can spend with Expanded Buying Power is not unlimited.
- No Annual Fee
- Terms Apply.
- See Rates & Fees
2.7% of each transaction after conversion to US dollars.
Transfer your points to fly in business or first class
The best way to receive the most value for your American Express Membership Rewards points is to transfer them to an airline partner to book an international business- or first-class flight. By using this option, you can turn the welcome bonus from a single Amex card into a flight that normally costs thousands of dollars.
For example, you can transfer 68,000 Amex points to Iberia and book a round-trip off-peak business-class flight from New York or Boston to Spain. The cash price for the same flights generally starts at around $2,500.
To unlock even more premium-cabin award flight deals, you can take advantage of airline partnerships. Airline partnerships allow you to transfer points to one airline and book awards on a completely different airline.
By using this strategy, you can dramatically reduce the points you need because each airline has different award charts and prices. For example, Virgin Atlantic Flying Club only charges 50,000 miles plus taxes for a one-way Delta business-class nonstop flight from the U.S. to Europe (excluding the U.K., which has a different price). Meanwhile, Delta SkyMiles, also a transfer partner of Amex, operates a dynamic award chart and normally charges many times that amount for the same flight.
Other great business- and first-class awards you can book with Amexs transfer partners include:
- Transfer 88,000 points to ANA Mileage Club for a round-trip business-class award from the U.S. to Europe
- Transfer 60,000 to 70,000 points to Air Canada Aeroplan for a one-way business-class award from the U.S. to Europe
- Transfer 80,000 points to Virgin Atlantic Flying Club for a one-way nonstop Delta business-class award from the Western U.S. to Asia
- Transfer 102,000 points to Emirates Skywards for a one-way first-class flight from New York to Milan
To help you gauge how long itd take to earn enough miles, lets look at how many points a popular Amex card bonus earns.
The American Express® Gold Card may earn qualifying new cardmembers as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Thats nearly enough for a round-trip business class ticket to Europe with Iberia. Plus, youll earn points on purchases at the following rates:
- 4X Membership Rewards® points on restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- 4X Membership Rewards® points on US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com
- 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com
- 1X points on all other purchases
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