(EXPIRED) American Express: Get 20% Discount On Home Depot, Gap & Williams-Sonoma Gift Cards When Redeeming Membership Rewards (Targeted)

Update 7/19/20: As per a comment from EW below, this offer is still around for targeted cardholders and is also available on Gap and Williams-Sonoma gift cards.

The Deal

• Get a 20% discount when redeeming American Express Membership Rewards for Home Depot gift cards.

Key Terms

• Expires July 31, 2020.

Tips & Ideas

This is a targeted offer, although it’s apparently not immediately clear if you’ve been targeted for it. To see if you were targeted, you need to select both the denomination and gift card type (physical or digital).

While 20% off Home Depot gift cards would ordinarily be an excellent offer, it’s less of a good deal seeing as you’d be using Membership Rewards to get them and those points can be used for even better value than that.

If you have a Schwab Platinum card, you’d be better off redeeming your Membership Rewards for cash at 1.25cpp. The value is effectively the same (a 25% bonus is the same as a 20% discount), but you can then use the cash to buy discounted Home Depot gift cards for even better savings.

h/t Doctor of Credit