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The Deal
- Save 15% when redeeming American Express Membership Rewards points for Home Depot gift cards.
- Direct link to offer.
Key Terms
- Expiry date unknown.
Tips & Ideas
Redeeming credit card points for gift cards is usually a poor redemption option, but this particular deal could be of interest for some people. n.b. This might be a targeted offer.
Here’s an example of the math. If you redeem 8,500 Membership Rewards, you’ll get a $100 Home Depot gift card. If you can resell that $100 gift card for $91, you’re getting 1.07cpp of value from your points. Depending on your resale relationships and how many Membership Rewards you’re looking to redeem, you might be able to get a rate that’s even better than that, especially seeing as you can redeem for $1,000 gift cards.
While you can get better value than 1.07cpp by transferring Membership Rewards to travel partners, it’s close to the 1.1cpp redemption rate you get when cashing out your points via Schwab.
If you’ve never had the Schwab Platinum card, that’ll be a better cash out option seeing as the current welcome offer is 100,000 Membership Rewards which would more than offset the $695 annual fee. However, if you’ve had the Schwab Platinum card before and so aren’t eligible for the welcome bonus, the benefit of this Home Depot redemption option is that you can cash out your Membership Rewards for close to 1.1cpp and don’t have to pay a $695 annual fee in order to do that.
0/3 here, definitely targeted