According to TPG’s April 2026 valuations, American Express Membership Rewards points are worth 2 cents each. This issuer’s rewards currency is notably higher than nearly all points and miles programs from major airlines and hotels (per TPG’s data-backed valuations).

However, this doesn’t mean you’ll get exactly 2 cents per point every time you redeem them. Instead, we use this number as a benchmark if you are looking to maximize your points. High-value Membership Rewards redemptions should give you more than 2 cents per point, while lower-value awards offer less than 1 cent per point.

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

How TPG values transferable credit card points

You may be wondering how TPG calculates the value of transferable credit card points, such as Membership Rewards — especially since these valuations are often higher than the valuations listed by the airline and hotel transfer partner programs to which you can transfer points and miles.

Having redeemed millions of transferable points and miles, TPG has developed our own proprietary formula, which includes:

• The base value of redeeming rewards directly through each issuer’s portal for travel
• The value of popular cash-equivalent redemptions like gift cards and statement credits
• Any unique ways to maximize travel value directly with the issuer
• The number of airline and hotel transfer partners, balanced against the value of each partner’s rewards currency
• Whether the issuer offers uniquely valuable transfer partners
• The value of the flexibility of having many options to transfer to airline and hotel programs

Membership Rewards scores strongly for the number of valuable transfer partners, offering multiple unique transfer partners and regular bonuses.

Related: Why transferable points and miles are worth more than other rewards

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 offer a fixed value for your points, while others could exceed our valuation of 2 cents per point.

*Effective June 30, Etihad Guest will no longer be a transfer partner of Amex Membership Rewards.

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:

Amex points transfer to most airline and hotel partners at a 1:1 ratio, except for Aeromexico Rewards (1:1.6), Cathay Pacific’s Cathay program and Emirates Skywards (5:4), 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. Here are some great ways to obtain more than 2 cents per point from your Amex points:

• Transfer points to Air Canada’s Aeroplan program to book business-class flights on Star Alliance partner airlines from just 60,000 points, where cash tickets regularly exceed $3,000.
• Book business-class flights to Europe on Air France or KLM for 60,000 miles by transferring your Amex points to Flying Blue.
• Transfer points to Virgin Atlantic’s Flying Club program to book flights to London starting at 6,000 Amex points.
• Pay just 13,500 Amex points for a one-way economy flight from California, Oregon or Washington state to any Hawaiian island on Alaska Airlines when you transfer your points to Singapore Airlines KrisFlyer program.
• Book flights to Spain in business class for only 40,500 Membership Rewards points from the northeast when you transfer them to Iberia Club.
• Book American Airlines domestic flights via Amex using the Qantas Frequent Flyer program. Award rates start at 9,500 points plus only $5.60 in fees and taxes.

Plus, throughout the year, Amex offers transfer partner 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:

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 about 0.7 cents per point.

For instance, with most hotels, you can redeem your points at 0.7 cents each through Amex Travel. And since these are third-party bookings, you may not 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 perks similar to those you would get with elite status 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 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 for 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 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, American Express Platinum Card® 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, then 1 point per dollar) 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 April 2026 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.