American Express Membership Rewards: The Complete 2026 Guide

American Express Membership Rewards (MR) is one of the most valuable points currencies in existence. With the right strategy, these points can be worth 2¢ or more each — turning everyday spending into premium travel experiences.

This guide covers everything you need to know about Amex MR in 2026.

What Are Amex Membership Rewards?

Membership Rewards is Amex’s transferable points program. Unlike cashback or airline-specific miles, MR points can be:

Transferred to 20+ airline and hotel partners
Redeemed through the Amex Travel portal
Used for statement credits, gift cards, or purchases

The flexibility is what makes them valuable. You’re not locked into one airline or hotel chain.

How to Earn Amex MR Points

Personal Cards

American Express® Gold Card

4x on restaurants worldwide
4x on U.S. supermarkets (up to $25k/year)
3x on flights booked directly with airlines
1x on everything else
Annual Fee: $250

American Express® Platinum Card

5x on flights booked directly with airlines
5x on prepaid hotels via Amex Travel
1x on everything else
Annual Fee: $695

American Express® Green Card

3x on travel
3x on transit
3x on restaurants
1x on everything else
Annual Fee: $150

Business Cards

American Express® Business Gold Card

4x on top 2 spending categories each month (up to $150k/year)
Categories: Airfare, Ads, Gas, Shipping, Tech, etc.
1x on everything else
Annual Fee: $295

American Express® Business Platinum Card

5x on flights and prepaid hotels via Amex Travel
1.5x on purchases $5k+ (up to 1M points/year)
1x on everything else
Annual Fee: $695

Earning Strategy

The optimal setup for most people:

Amex Gold — All dining and groceries (4x)
Amex Platinum — All flights (5x) + premium perks
Business Gold — Business expenses in bonus categories (4x)

This combination maximizes earning across all major spending categories.

Transfer Partners

Amex has one of the best transfer partner lineups:

Airlines (1:1 unless noted)

Partner	Alliance	Best For
Delta SkyMiles	—	Domestic + partner awards
Air France/KLM	SkyTeam	Europe, partner awards
Virgin Atlantic	—	ANA, Delta flights
British Airways	oneworld	Short-haul, AA flights
ANA Mileage Club	Star Alliance	Japan direct
Singapore KrisFlyer	Star Alliance	Asia, premium cabins
Cathay Pacific	oneworld	Asia, premium cabins
Emirates Skywards	—	Middle East, First Class
Etihad Guest	—	Middle East, First Class
Avianca LifeMiles	Star Alliance	No fuel surcharges
Hawaiian Airlines	—	Hawaii flights
JetBlue TrueBlue	—	Caribbean, East Coast
Qantas	oneworld	Australia, partner awards

Hotels

Partner	Transfer Rate	Best For
Marriott Bonvoy	1:1	Huge footprint (but lower value)
Hilton Honors	1:2	Quick transfers, easy redemptions
Choice Privileges	1:1	Budget stays

Pro Tip: The Hilton 1:2 transfer is surprisingly good for last-minute hotel needs.

Best Ways to Use Amex MR Points

1. Transfer to ANA (Japan Flights)

ANA is Amex’s only transfer partner that flies direct to Japan. Award rates:

Business Class: 75,000-90,000 miles one-way
First Class: 150,000 miles one-way

For First Class on ANA’s flagship routes, this is the way to book. See our complete Japan award flights guide for all booking options.

Alternative: Transfer to Virgin Atlantic and book ANA for fewer miles (60k J, 110k F) but less availability. Read how I booked ANA First for 110k points using this method.

2. Transfer to Virgin Atlantic for Delta

Virgin Atlantic miles can book Delta flights, often at better rates than Delta’s own program:

Domestic one-way: 7,500-12,500 miles
Cross-country: 12,500-25,000 miles
Europe: 30,000-50,000 miles (business)

3. Transfer to Singapore for Star Alliance

Singapore KrisFlyer has excellent partner award availability and reasonable pricing:

Lufthansa First Class: 92,000 miles one-way
United domestic: Similar to United’s own pricing
ANA flights: 60,000-105,000 miles

4. Transfer to Emirates for First Class

Emirates First Class is a bucket-list experience. Transfer rates:

First Class one-way to Dubai: 136,000 miles
First Class to Europe via Dubai: 150,000+ miles

Worth it for the experience at least once.

5. Amex Travel Portal (1¢/point baseline)

The portal is best for:

Cheap cash fares where award availability is bad
Hotels at properties not in loyalty programs
When you value simplicity over optimization

With Platinum card: Pay with points gets you 1¢/point value. Not great, but easy.

6. Charles Schwab Platinum Cashout (1.1¢/point)

If you have the Schwab Platinum, you can cash out MR points at 1.1¢ per point directly to your Schwab brokerage account.

When it makes sense:

You don’t travel much
You need cash flow
Award availability is terrible for your trip

When it doesn’t:

You can get 1.5-2¢+ via transfers
You have specific travel plans

Point Valuations

TPG valuation: 2.0¢ per point

My realistic range: 1.5-2.5¢ depending on redemption

Redemption	Approximate Value
Transfer to ANA for First Class	2.5-4¢
Transfer to Virgin for Delta	1.5-2¢
Transfer to Hilton (1:2)	1-1.5¢
Amex Travel portal	1¢
Schwab cashout	1.1¢
Gift cards	0.5-0.7¢

Never redeem for gift cards or merchandise. Terrible value.

Transfer Bonuses

Amex occasionally offers transfer bonuses (15-40% extra points). These significantly boost value.

Example: 40% bonus to Virgin Atlantic means 100,000 MR becomes 140,000 Virgin miles.

Check our Transfer Bonuses page for current offers.

Amex Offers

One underrated Amex benefit: targeted offers for statement credits.

How it works:

Check your Amex app/website for offers
Add offers to your card
Spend at that merchant
Get automatic statement credit

Common offers:

$10 back on $50+ at restaurants
$20 back on $100+ at hotels
5x extra points at specific merchants

Pro Tip: Add ALL offers to your card immediately. No downside, and you might use them.

Common Mistakes

Transferring without a plan — Search for availability first
Ignoring transfer bonuses — Free extra points
Cashing out at 1¢ — Almost always better to transfer
Holding too long — Points can devalue; use them
Paying the Platinum fee without using credits — Make sure you use $200 airline, $200 hotel, $200 Uber, etc.

Is the Amex Platinum Worth It?

At $695/year, it’s a real question. Here’s the math:

Annual Credits:

$200 airline incidental credit
$200 hotel credit (FHR/THC)
$200 Uber credit ($15/month + $20 December)
$100 Saks credit ($50 twice/year)
$189 CLEAR credit
$155 Walmart+ credit
$240 digital entertainment credit
$100 Equinox credit

Total if fully used: ~$1,384

Reality: Most people use maybe 50-70% of these. If you use $500+ in credits naturally, the card is worth it for the lounges and status alone.

Building an Amex Strategy

Beginner

Get Amex Gold — Best everyday earning (4x dining/groceries)
Use for all restaurants and supermarkets
Transfer to partners when you have a specific trip

Intermediate

Add Amex Platinum — For travel perks and 5x flights
Stack with Gold for complete category coverage
Maximize statement credits

Advanced

Add Business Gold — 4x on varying business categories
Consider Business Platinum for large purchases (1.5x on $5k+)
Use referrals to earn bonus points
Combine with other programs (Chase, Bilt) for flexibility

Conclusion

Amex MR is one of the most valuable points currencies if you know how to use it. The keys:

Earn at high rates with Gold (4x) and Platinum (5x)
Transfer strategically to partners like ANA, Virgin Atlantic, Singapore
Watch for bonuses on transfers and Amex Offers
Never cash out at low rates unless absolutely necessary

With 2M+ MR points, you could fly First Class to Japan, stay a week at luxury hotels, and still have points left over.

That’s the power of Membership Rewards.

Related reads:

Building your Amex strategy? Share your setup in the comments!