What are American Express Membership Rewards points worth?
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According to TPG's April 2026 valuations, American Express Membership Rewards points are worth 2 cents each. This issuer's rewards currency is notably higher than nearly all points and miles programs from major airlines and hotels (per TPG's data-backed valuations).However, this doesn't mean you'll get exactly 2 cents per point every time you redeem them. Instead, we use this number as a benchmark if you are looking to maximize your points. High-value Membership Rewards
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