American Express is running a new targeted Amex Offer that hands out bonus Membership Rewards points when you use points toward an Amazon.com purchase. It sounds like free points, but the math doesn't work in your favor.

Here's the version several cardmembers are seeing: redeem at least 3,571 Membership Rewards points toward an eligible Amazon.com purchase, and you'll earn 1,250 bonus points back. That version can be used up to three times, for a maximum of 3,750 bonus points. Amex Offers are targeted, so the exact requirements and bonus amounts vary by account, and not everyone will see the same deal. upgradedpointsupgradedpoints

Why this offer falls short

At The Points Party, we value Amex Membership Rewards points in the 2 cents range when you redeem them for premium travel. Run that math on the 3,571-point requirement above, and you're giving up roughly $71 in travel value to earn back a bonus worth about $25. That's a losing trade no matter how you slice it.

The core issue is redemption value. Membership Rewards points are worth far less when used directly on Amazon than when transferred to airline and hotel partners. If you want to see exactly how much more your points can be worth, our guide on how to transfer Amex points to airlines and hotels walks through the partners that consistently deliver better returns than shopping portals ever will.

What to do instead

If this offer shows up in your account, don't feel pressure to use it. A few better moves:

• Save your points for a transfer partner sweet spot instead of a shopping discount.
• Check whether your specific targeted version has better math than the example above; some readers may see higher bonus ratios.
• If you're regularly buying on Amazon and want real cash back, a dedicated card like the Amazon Prime Visa earns 5% back on Amazon purchases without requiring you to burn travel points to unlock it.

If you're earning Membership Rewards through cards like the American Express Gold Card, that everyday spending is better saved for a flight or hotel redemption than traded away on a shopping discount. Most targeted Amazon Amex Offers we've reviewed aren't worth triggering, and this one is no exception. Check your account, do the math on your specific version, and don't feel bad skipping it.

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