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The Offer
Check your American Express Membership Rewards cards for the following offer:
- Redeem 17,500 Membership Rewards points for a $250 Ralph Lauren physical gift card.
Others are seeing 20,000 points or 18,500 points. Others are not seeing any discount, just the regular 25,000 points = $250 gift card.
Our Verdict
Most gift cards redeem at 1:1 or worse, while occasionally Amex will run specials for better than 1:1 redemptions on gift cards. We rarely see such steep 30% discount.
A lot of people will do better by redeeming their points for travel or even Schwab redemptions, but this is an interesting option for someone who is happy with cashing out for gift cards. You may even be able to sell this and land up ahead of a 1:1 return.
Hat tip to SD
