According to TPG’s September 2025 valuations, American Express Membership Rewards points are worth 2 cents each. This is almost the same as Chase Ultimate Rewards points and Bilt Rewards Points, and noticeably higher than nearly all points and miles with the major airline and hotel programs.

However, this doesn’t mean that you’ll get exactly 2 cents per point in value every time you redeem them. Instead, we use this number as a benchmark for a “good” redemption. To maximize your Membership Rewards points, high-value redemptions should give you more than 2 cents per point, while lower-value awards offer less than 1 cent per point.

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The Platinum Card® from American Express — Find out your offer: You may be eligible for as high as 175,000 Membership Rewards points after spending $8,000 on eligible purchases on your new card in your first six months of membership. Welcome offers vary, and you may not be eligible for an offer.

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In short, there are various answers to the question, “How much are Amex points worth?” Let’s dive into how you can try to maximize their worth.

What are Amex Membership Rewards points worth?

There are many ways to redeem your American Express Membership Rewards points. However, they can offer a wide range of values. Some redemptions provide a fixed value for your points, while others have the potential to far exceed our September 2025 valuation of 2 cents apiece.

Redemption option	Examples	Point value
Transfer points to travel partners	20 airline and hotel loyalty programs	Possibly 2 cents per point (note that you can get more or less)
Redemptions through Amex Travel	Flights, hotels, rental cars, cruises and vacation rentals	0.5 cents to 1 cent per point
Nontravel redemptions	Gift cards, Amazon purchases and more	0.5 cents to 1 cent per point

Related: American Express Membership Rewards: How to earn, redeem and transfer points

The value of Amex points when transferring to travel partners

You’ll usually find the most valuable redemptions when transferring your Amex points to one of Amex’s travel partners. Amex partners with the following 20 airline and hotel loyalty programs:

• Aer Lingus AerClub
• Aeromexico Rewards
• Air Canada Aeroplan
• Air France-KLM Flying Blue
• ANA Mileage Club
• Avianca LifeMiles
• British Airways Club
• Cathay Pacific Cathay
• Delta SkyMiles
• Emirates Skywards
• Etihad Guest
• Iberia Club
• JetBlue TrueBlue
• Qantas Frequent Flyer
• Qatar Airways Privilege Club
• Singapore KrisFlyer
• Virgin Atlantic Flying Club
• Choice Privileges
• Hilton Honors
• Marriott Bonvoy

Amex points transfer to most airline and hotel partners at a 1:1 ratio, except for Aeromexico Rewards (1:1.6), JetBlue TrueBlue (250:200) and Hilton Honors (1:2). You can transfer Amex points in increments of 1,000; point transfers to airline and partner programs are irreversible. Additionally, Amex charges an excise tax of 0.6 cents per point (up to $99) when transferring rewards to Delta SkyMiles or JetBlue TrueBlue.

To maximize your Membership Rewards points, we recommend transferring them to partner airlines. For example, you could book an Air France economy flight from the U.S. to Europe starting at 25,000 Flying Blue miles. This could be a great value if cash fares for the same flight are upward of $700.

Plus, throughout the year, Amex offers partner transfer bonuses, which could help your points go even further.

To snag the best deals, check out our guide on maximizing your Amex points with transfer partner redemptions.

Value of Amex points when redeeming through Amex Travel

While we focus a lot on the value of transferable points here at TPG, you can only maximize them if your preferred airline or hotel has award space available. If you need to travel on fixed dates — especially during the holiday season when award availability on partner airlines may be limited — this might pose a problem. If you’ve exhausted all other options, you can get an acceptable value by redeeming points through the Amex Travel portal.

Redeeming Amex points for flights through Amex Travel

When booking a flight through Amex Travel, you’ll get a fixed redemption rate of 1 cent per point.

However, if you have any of the following Amex business cards, you can receive a bonus when using Pay with Points for eligible flights:

• Business Centurion® Card from American Express: 50% Pay with Points bonus on eligible flights; applications by invitation only.
• The Business Platinum Card® from American Express: 35% of your points back (up to 1 million points per calendar year) on airfare booked through Amex Travel for eligible flights with your selected airline

The information for the Amex Business Centurion card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Related: Best ways to use Amex points, from business-class flights to Europe to budget-friendly hotel stays

Redeeming Amex points for hotel stays and other travel

However, most other travel redemptions through the Amex Travel portal will give you a value of about 0.7 cents per point.

For instance, with most hotels, you can redeem your points at a rate of 0.7 cents each through Amex Travel. And since these are third-party bookings, you won’t usually earn hotel points or elite night credits for your stay.

The one exception is Amex Fine Hotels + Resorts, a luxury hotel program that’s only available to Platinum and Centurion cardmembers. If you pay with points to book one of these properties, you’ll get 1 cent of value per point and receive elitelike benefits for your stay, including complimentary breakfast, room upgrades, late checkout, and usually a dining or spa credit. Plus, these stays usually earn hotel points and elite night credits.

For car and vacation rentals, you’ll get a value of about 0.7 cents per point. As for cruise bookings made through the Amex portal, you can get between 0.5 cents and 0.7 cents per point.

Overall, redeeming your Amex points through the travel portal will not yield the best value when it comes to maximizing your rewards. However, if you have a stock of Amex points sitting in your account or simply want to save on your out-of-pocket cost on a flight, hotel, car rental, cruise or vacation home, redeeming points through the Amex portal could make sense.

Learn more about booking through the American Express portal.

Redeeming Amex points for nontravel redemptions

Not all redemptions are travel-based — in fact, you can redeem your Amex points for gift cards, Amazon purchases and more. While these redemptions don’t yield a high value when it comes to maximizing your points, for those who wish to save money on nontravel expenses, Amex points could be the answer.

• Gift cards: When redeeming Amex points for gift cards, you can get a value between 0.5 cents and 1 cent per point, depending on the merchant.
• Taxi rides in New York City: Redeem your Amex points for certain taxi fares in the Big Apple at a value of 1 cent per point.
• Amazon and online merchants: When you link your Membership Rewards account with select online retailers like Amazon, Grubhub and Best Buy, you can select Pay with Points at checkout and redeem your rewards at a value of 0.7 cents per point.
• Cover charges on your statement: Use points to pay for eligible account charges on your billing statement, and receive 0.6 cents per point.

How to earn Amex Membership Rewards points

To redeem Membership Rewards points, you’ll first have to earn them. The easiest way to earn Amex points is by applying for a points-earning card, and Amex has several to choose from, ranging from premium cards to no-annual-fee cards that reward daily business spending.

Depending on the Amex card in your wallet, you could earn between 1 point and 5 points per dollar spent, contingent on the card and the earning category.

For example, The Platinum Card from American Express earns 5 points per dollar spent on flights booked directly with airlines or with American Express Travel® (on up to $500,000 per calendar year) and prepaid hotels booked with American Express Travel, and 1 point per dollar spent on all other purchases. While The Blue Business® Plus Credit Card from American Express earns 2 points per dollar spent on everyday business purchases with no category restrictions (on up to $50,000 each calendar year, then 1 point per dollar spent).

Therefore, with different earning rates and welcome offers, check out the current American Express card offers available to find which one is right for you so you can earn Amex points.

Related: How to redeem American Express Membership Rewards for maximum value

Bottom line

Amex Membership Rewards points have long been considered some of the most valuable points on the market. They sit near the top of TPG’s September 2025 valuations, thanks to many high-value airline transfer partners that allow members to book premium-cabin awards at low rates.

The value you get from your Amex points can vary significantly, ranging from 0.5 cents per point for gift cards to much higher for select transfer partners. Of course, that requires extensive flexibility and the willingness to learn the ins and outs of loyalty programs, so many cardmembers may prefer simpler reward options.

Ultimately, TPG’s September 2025 valuations peg Amex points at 2 cents apiece, but be sure to consider the best redemption option for your specific situation.