Long before Chase offered its innovative Ultimate Rewards program, American Express cards featured its Membership Rewards program. And while these points are incredibly flexible, it is up to cardholders to extract the most possible value from their hard earned points. Here is how I do it:

First, I avoid the “Pay With Points” option. This allows customers to use their points to offset existing charges but unfortunately, it only returns .6 cents in value per point redeemed. The next best option is merchandise rewards. These redemptions can be worth nearly 1 cent per point in value. Likewise, point redemptions for travel reservations also return one cent in value per point redeemed. [click to continue…]

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