Amex Membership Rewards
Amex Membership Rewards (MR) is American Express's transferable points currency, earned on cards like the Amex Gold ($325 annual fee) and Amex Platinum ($895). Points transfer to about 20 airline and hotel partners, mostly at 1:1, making MR one of the strongest currencies for international premium-cabin awards.
Membership Rewards is the oldest transferable currency and has the deepest airline partner roster, including ANA, Air France-KLM Flying Blue, British Airways, Air Canada Aeroplan, and Delta.
How it works. Points pool across your Amex cards. The Amex Gold ($325) earns 4x at restaurants and US supermarkets; the Amex Platinum ($895 since September 2025) earns 5x on flights booked with airlines or Amex Travel. Transfers to most airline partners are 1:1; Hilton transfers at 1:2.
Example. 90,000 MR transferred to ANA Mileage Club has historically covered a round-trip business-class award between the US and Japan — a ticket that regularly sells for $6,000+, well above 5 CPP. Availability is scarce, but it illustrates the ceiling.
Watch out for. Amex enforces a once-per-lifetime welcome bonus rule per card — see the lifetime rule explained. Airline transfers are also excise-taxed (0.06 cents per point, capped at $99 per transfer) when moving points to US programs.
Common mistakes: cashing out MR at 0.6 cents via statement credit (among the worst uses), and transferring speculatively before confirming award space.