According to TPG's September 2025 valuations, American Express Membership Rewards points are worth 2 cents each. This is almost the same as Chase Ultimate Rewards points and Bilt Rewards Points, and noticeably higher than nearly all points and miles with the major airline and hotel programs.
However, this doesn't mean that you'll get exactly 2 cents per point in value every time you redeem them. Instead, we use this number as a benchmark for a "good" redemption. To maximize your Membership Rewards points, high-value redemptions should give you more than 2 cents per point, while lower-value awards offer less than 1 cent per point.
Plus, throughout the year, Amex offers partner transfer bonuses, which could help your points go even further.
A great solo travel tip spotted this week on The Points Guy Articles.
