American Express® Membership Rewards® Points. You’ve probably heard the name and have a mate who constantly reminds you he’s sitting on millions of them (pro tip: use them, don’t sit on them). But exactly how much is a Membership Reward point1 worth? It’s an interesting question that doesn’t necessarily have a concrete answer – but we’re going to do our best to show you the absolute minimum value of a point, as well as highlighting some examples of just how much they can be worth if utilised correctly. Let’s jump in.
If you’ve been doing your research and are about to apply for an American Express Card, you’ll probably already know by now that Membership Rewards can be redeemed in a range of different ways2. You can use points to Cover Charges with Points3, redeem them for Gift Cards4, redeem them on hotel stays5, and obviously transfer them to a range of airline partners6 (you can check out some of the best ways to redeem points here).
While all great options, the value you get out of a Membership Reward point can vary greatly depending on how you decide to use them. Having said that, there really is no bad way to redeem a Membership Reward point – at the end of the day it all comes down to your personal preferences and circumstances.
Personally, having just had a child I can’t foresee redeeming my points for travel, so I’ve been using them to pay off my balance and help with some newfound expenses. In a former life, I’ve only ever transferred points to airline partners, so it’s been refreshing to explore different ways of squeezing value out of my points.
As alluded to earlier, there are myriad ways you can redeem points, so the best way to understand exactly how much a Membership Reward point is worth is to explore how much value you can get from the various redemption options.
Flights
Redemption Potential: Very Strong
Let’s give it to you straight – in our opinion, if you want to squeeze the maximum value from your points, transferring your Membership Rewards points to partner airlines6 is where we think you’re going to get the most ‘bang-for-your-point’.
At the absolute bare minimum, you should be able to squeeze at least 0.5c per point of value on flights (by our calculation).
To give you a really simple example – the cheapest Melbourne to Sydney flight on Qantas currently sits at smack bang on $150 one way. The same flight redeemed via a Qantas Classic Reward fare is 8,000 points + $48 in taxes and fees. So, by our calculations, effectively the equivalent of a $102 cash fare. This is relevant until August 2025, when QF Rewards are due to change.
Platinum Card Members, who have the ability to transfer their Membership Rewards points to Qantas, can do so at a 2:1 rate. For 16,000 Membership Rewards points, you can unlock 8,000 Qantas points that’ll wipe $102 off the cost of your flight – which gives you a value of 0.638c per point. And that’s a pretty low redemption rate in Boss Hunting’s opinion.
We go into a lot more detail on the best ways to redeem your points for flights & hotels in this article, but needless to say – you can get a lot of value per point by transferring your Membership Rewards to airline partners.
Hotel Loyalty Programs
Redemption Potential: Strong
Transferring points to hotel loyalty programs6 can also offer substantial value, particularly if you redeem for high-end properties or during peak travel times. For example, transferring points to programs like Marriott Bonvoy or Hilton Honors can yield values ranging from 0.5c to over 2.0c per point, especially if you use points for luxury hotel stays or special promotions.
Statement Credits – Cover Charges with Points
Redemption Potential: Moderate
Undoubtedly the most straightforward way to use your Membership Reward points, redeeming points for statement credits3 is just as it sounds, with each point able to reduce your bill by 0.5c. For example, 100,000 points can be redeemed for a $500 statement credit, making it an easy way to see direct savings on your American Express bill. Statement credits can be used for almost any charge – think travel experiences, petrol, or dining.
Gift Cards
Redemption Potential: Moderate
You can redeem membership rewards points with a wide range of different Gift Card4 partners in Australia. From Amazon to JB-Hifi, Ikea to Ticketmaster – the whole gamut of retailers is covered. Whether you want a new stereo, a new outfit, or a gift for friends & family – redeeming Membership Rewards points for gift cards is a really easy option.
If you’re a Platinum Card Holder, the minimum amount of points you can redeem on Gift Cards is 4,000 – which will get you a $20 gift card from most retailers. However, redemption ratios vary across the retailers – for example, 500,000 points will get you a $2,500 Gift Card from Westfield.
Pay with Points at Checkout
Redemption Potential: Variable
Some retailers like Myer and Webjet allow you to pay with points directly at online checkout7. From our research, this option typically provides a value of 0.5c per point, making it a straightforward but not the most lucrative use of your points.
At the end of the day, the beauty of American Express Membership Rewards points is the program’s flexibility. While some options like transferring points to airline partners can offer exceptional value, others provide convenience and tangible cash savings. Ultimately, the best way to use your points depends on your personal preferences and financial goals. Whether you’re aiming for luxury travel or simply looking to offset everyday expenses, there’s a redemption method that will suit your needs.
This article was produced in partnership with American Express. Thank you for supporting the brands that support Boss Hunting.
Terms & Conditions
Subject to Terms and Conditions. Fees and charges apply. All information is correct as of 3/4/2025 and is subject to change. Cards are offered, issued, and administered by American Express Australia Limited (ABN 92 108 952 085). American Express income and credit approval criteria applies. ®Registered Trademark of American Express Company.
- Membership Rewards Program
Subject to the Terms and Conditions of the Membership Rewards program available here. You will earn 1 point per dollar spent with Merchants classified as ‘government’, including the Australian Taxation Office, the Australian Postal Corporation (Australia Post), Federal/State and Local Government bodies, including where you use a payment account, payment aggregator, services of a third party or online retailers that sell goods for another merchant. - Redeem Membership Rewards Points
Subject to the Terms and Conditions of the Membership Rewards program available here. To transfer Membership Rewards points into an airline rewards or frequent guest partner program you must be a member of the partner program. Membership of the partner program is the Card Member’s responsibility and is subject to the Terms and Conditions of the applicable program. A joining fee may apply. - Cover Charges with Points
For each successful transaction with cover charges with points, points chosen will be debited from your Membership Rewards account and a credit placed on your Card. A minimum of 1,000 Membership Rewards points is required to cover any eligible transaction with points. Account cannot be in credit when using cover charges with points. A credit will appear on your statement identified as “Membership Rewards Credit”. Points will be debited immediately and the credit will take up to 2-4 business days to appear online. Credits processed after the Card account’s statement closing date will appear in the following statement. You are still responsible for payment of the amount due on your Card account by the due date. Any charges covered by points is not redeemable for cash via Credit balance refund.- American Express will select and display each eligible charge that can be covered with points (“Eligible Charge”) and the points rate required to cover the Eligible Charge. Each Eligible Charge must: (a) appear within the Online Statement of the Summary of Accounts page; (b) be redeemed within 2 months of the charge appearing on your Card account; (c) not currently or have previously been disputed; and (d) not be a fee.
- Eligible Charges, including the points rate required to pay for the Eligible Charge, may be changed at any time without notice. Eligible transactions can be covered by points via your online account or American Express mobile app. Covering charges with points is available only to Primary Card Members enrolled in the Australian Membership Rewards program and is subject to the full Membership Rewards Terms and Conditions. Authorised agents, authorised account managers, Additional Cardmembers and Authorised Additional Cardmembers are not eligible. All Linked Card accounts must be in good standing. For more information and full terms and conditions, click here.
- Gift Cards
Gift Card or voucher rewards are not redeemable or exchangeable for cash or credit and are valid for a period of minimum 1 year from the date of issue, unless otherwise stated. We are not responsible if any Gift Card is lost, stolen, or destroyed, or the Gift Card is used without your permission. Membership Reward terms and conditions apply. Normal retailer gift card or voucher conditions apply, refer to the gift card or retailer website for details. - Use Points with American Express Travel Online
To earn or redeem Membership Rewards points, Cards must be enrolled to the American Express Membership Rewards program, and your Card Account must be in good standing. To redeem Membership Rewards points with American Express Travel Online, you need to have available limit on your Card for the full transaction amount of the booking. You will then receive a statement credit within 3 business days for your points redemption. If the credit isn’t on the same statement as the transaction, it should appear on your next statement. Please pay all amounts due each month. You will earn Membership Rewards points on the full dollar amount charged to your Card. All bookings are subject to the terms and conditions of our Membership Rewards Program. For full Terms and Conditions please visit the Membership Rewards website. - Transfer Partners
Subject to the Terms and Conditions of the Membership Rewards program available here. To transfer Membership Rewards points into an airline rewards or frequent guest partner program you must be a member of the partner program. Membership of the partner program is the Card Member’s responsibility and is subject to the Terms and Conditions of the applicable program. A joining fee may apply. - You may use Points to make purchases at certain retailers listed on our website. You need to indicate at the time of purchase that you wish to Pay with Points. Individual retailers provide specific delivery and refund polices. Refund policies for Pay with Points retail Partners are subject to the Terms and Conditions of the retail Partner. The retailers’ conditions and refund policies may be amended by the retailers from time to time.
