American Express is offering a discount when you redeem your Membership Rewards points for third party gift cards. The offer could be targeted and it could vary from one account to the other.
Use 20% less Membership Rewards points when you redeem for any of the following gift cards (cents per points value after discount shown) :
- Gap – 1.25 cpp
- iTunes – 1.06 cpp
- Old Navy – 1.25 cpp
- Whole Foods – 1.06 cpp
- Offers must be redeemed online between 8/6/2018 and 9/30/2018.
- Offers are not transferable and may not be combined with other offers.
These gift cards are not really worth it for most people, even at a 20% discount. You can usually get best value for Membership Rewards points by transferring them to travel partners. Another option is to cash them out with a American Express Platinum Card for Schwab that gives you 1.25 cents per point. But if you don’t plan to travel and don’t have the Schwab card, then some of the offers could be an option. Last time they had a save though we also saw some people being targeted with a 30% discount. So check your accounts and let me know if you see any other offers.