Save 40% At Amazon by Using Just One Amex Membership Reward Point

Before you submit your next order to Amazon, you can save big by using your American Express Membership Rewards points. Through Oct. 31, targeted Amazon customers will receive either 20% or 40% off their next order, up to $40. All you need to do is redeem one Membership Rewards point to earn the deep discount.

Here’s what you need to know about this great offer, and how to maximize it.

American Express offers the option to use Membership Rewards points to cover the entire cost of an Amazon purchase. Unfortunately, this is not a great option as the value of your points is 0.7 cents per point, much less than what you can redeem for when used for travel. But with this promotional offer, one point can be worth up to $40.

To see if you are targeted for the offer, simply click this link here. You’ll also need to make sure you connect your Amex account to your Amazon account to be eligible to shop with your points.

If you are targeted, the steps forward are simple:

• Once you go to checkout, you will be asked to use Membership Rewards points.
• In the box, type in “0.01”.

You should then see a line item in your checkout box that reads “Amex Membership Rewards – 40% off”.

It’s important that you redeem just one Amex point with this offer — using more than that will mean you’re getting a poor value for your points.

There are several terms to keep in mind:

• This offer that will end Oct. 31, 2021 or by the time at which 26,666 customers have redeemed the offer
• Not all Amazon accounts are targeted for this offer
• Offer only applies to products shipped and sold by Amazon.com
• Offer does not apply to purchase of digital content
• This promotion is available only to Amazon.com customers with an eligible Membership Rewards points card issued in United States

This is not the first time Amazon has run this promotion, and likely won’t be the last. If you aren’t earning American Express Membership Rewards points, there are plenty of redemption ideas to keep in mind other than your next Amazon order.

Membership Rewards are some of the most sought after points in the credit card rewards space because of their multiple uses. When you earn Amex Membership Rewards points, you can:

• Transfer the points to various airline and hotel loyalty programs. This is generally regarded as the most valuable way to use Amex points.
• Use the points to book travel directly through AmexTravel.com
• You can cover your charges directly on your statement
• Pay with points at checkout of major retailers like Best Buy and Walmart
• Redeem for gift cards
• Purchase merchandise through American Express

Each of these redemptions will net you a different value for your points. While using your Amex points for less valuable redemptions isn’t the end of the world, like statement credits and purchasing merchandise through Amex, it is important to understand how much value you get for every dollar you spend.

If your net value of points redeemed is on the lower end (less than 1 cent per point), you would be better off with a cash-back credit card like the Citi® Double Cash Card.

There are several American Express credit cards that earn Membership Rewards, for both personal and business use. And right now, several cards have heightened welcome offers.

The Platinum Card® from American Express: The Amex Platinum is currently offering 100,000 American Express Membership Rewards® points after spending $6,000 within the first six months of card membership. The card comes with a long list of features, including: a TSA PreCheck/Global Entry statement credit, up to $200 airline fee credit, up to $200 in Uber Cash, travel insurance and more. The annual fee is $695. (See rates and fees)

American Express® Green Card: The Amex Green Card is currently giving new cardholders the chance to earn 30,000 Membership Rewards® points after spending $2,000 within the first three months of card membership. It comes with several benefits such as: CLEAR® membership credits and LoungeBuddy credits. The annual fee is $150. (See rates and fees).

The Business Platinum Card® from American Express: The Amex Business Platinum Card is similar to the Amex Platinum listed above, but it gives additional benefits to small business owners like up to $200 Dell credit and spend management tools, along with excellent travel benefits. You will earn 100,000 points after you spend $15,000 on eligible purchases with the card within the first three months.

The Blue Business® Plus Credit Card from American Express: The Blue Business Plus card is a no annual fee business credit card with a simple proposition: You will earn 2X for every dollar spent up to $50,000 per year. Currently, the card offers 15,000 points after spending $3,000 on eligible purchases within the first three months.

For rates and fees for The Platinum Card® from American Express, click here.

For rates and fees for the American Express® Green Card, click here.

For rates and fees for The Business Platinum Card® from American Express, click here.

For rates and fees for The Blue Business® Plus Credit Card from American Express, click here.

Information about the American Express® Green Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.