How Chase And Amex Cardholders Can Maximize Their Point Value – Forbes Advisor

As Amazon’s flagship shopping event, Prime Day, returns from October 7–8, many consumers will instinctively click the “Shop with Points” button at checkout. However, for cardholders with Chase Ultimate Rewards® or American Express Membership Rewards® points, that impulse can cost them.

Instead, savvy shoppers should transfer points to travel partners for maximum redemption value. Or if they’re keen on using points to offset an Amazon shopping spree, waiting to redeem points as a statement credit instead of through Amazon can unlock further value.

Even without a Prime Visa card, there are strategies to boost point values and maximize savings. Let’s break them down.

Why Paying With Points on Amazon Can Be a Value Trap

Redeeming a block of points at Amazon checkout can feel tempting, especially when watching your cart balance shrink. But for many cards outside Amazon’s co-branded lineup, the point redemption rates are often weak in comparison to other redemption options.

For example, Chase allows cardholders to redeem Ultimate Rewards points to pay for Amazon purchases, but only at 0.8 cents per point—far below their potential value in other redemption methods. Certain American Express cards offer similarly low rates when you redeem Membership Rewards directly on Amazon, at 0.7 cents per point.

In short, your points can be worth much more when redeemed for travel or through transfer partners. That’s why your motto for Prime Day should be: Don’t use them yet.

Here’s what you should do before and during the Prime Day sales:

• Try to keep your points parked, and don’t redeem them yet. Let your Ultimate Rewards or Membership Rewards balance grow.
• After the sale, decide on the best redemption path. For eligible Chase cards, your best value often comes from transferring points to airline or hotel partners at a 1:1 ratio. Transfers to partners like Hyatt, United or other programs can regularly yield much more value than 0.8 cents per point.
• For eligible Amex cards, transferring to airline or hotel partners tends to generate the highest returns in comparison to redeeming directly on Amazon.
• If neither travel nor transfers suits you, Chase cardholders can still get more value by redeeming points for cash back or gift cards at a rate of 1 cent per point. That’s a better option than the 0.8 cents per point at Amazon checkout. Wait until your Amazon purchases hit your account, then redeem points for cash back or a statement credit to offset the charge.

Even Without the Prime Visa, You Can Still Win

You don’t need the Prime Visa to make the most of Prime Day. Here are extra strategies to maximize rewards if that card isn’t in your wallet.

Take Advantage of Bonus Categories

Use a rewards card that offers elevated earnings in categories where Amazon or gift cards are sold. For example, you can buy Amazon gift cards at a retailer that triggers your card’s bonus category, then use those gift cards during Prime Day to stack rewards.

Certain cards also offer higher rewards on online retail purchases. For example, the Blue Cash Everyday® Card from American Express (Terms apply, rates & fees) earns 3% cash back at U.S. supermarkets, U.S. online retail purchases, and U.S. gas stations (on up to $6,000 in each category per year in eligible purchases, then 1%), and 1% cash back on other purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout with a $0. This makes it a solid option at checkout if you want to earn the most back on your Prime Day spending.

Additionally, suppose you have the Discover it® Cash Back. Cardholders receive 5% cash back on everyday purchases at different places each quarter up to a quarterly maximum when activated. Plus, earn unlimited 1% cash back on all other purchases. Amazon is one of the elevated bonus categories this quarter, meaning you can earn this rate on up to $1,500 in spending for a total of $75 in extra cash back. This amplifies your total savings, all for a $0 annual fee.

Use Shopping Portals and Targeted Offers

Before checking out, see if there’s a shopping portal that offers bonus cash back on Amazon transactions. Even a 2X or 3X multiplier can stack with your card’s base rewards.

Also, check your Chase or American Express account for targeted offers. These deals can provide meaningful cash back at retailers that sell the same items you’re eyeing on Amazon, making it worth shifting your purchase to another site instead.

Bottom Line

Prime Day is saturated with flashy deals and countdown timers, but your biggest leverage comes from choosing redemption options that stretch your points the furthest. Using points at checkout is often an emotional move, not a strategic one.

This Prime Day, review your credit cards and choose the one that earns the most rewards on Amazon purchases. If you’re planning to redeem points, consider waiting. Redeem them later as a statement credit or for cash back after the purchase posts to your account.

This approach often gives you more value per point, beating the lower rate Amazon offers at checkout.

To view rates and fees for the Blue Cash Everyday® Card from American Express please visit this page.