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Best Way to Cash Out AMEX Membership Rewards

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+9
tryinitout
9/14/12 8:57 AM
I recently applied for and received a business AMEX gold card for both my wife and myself. The reward is 75,000 membership reward points after the 10K spend. Hence, I should end up with 170,000 membership reward points in total once the deal runs its course ((75k x 2) + (10k x 2)).

I'd appreciate your input on the best way to use those points. I have a daughter in grad school and I would like to convert as many points as possible to cash to provide her with tuition support. I've thought a bit about the numerous opportunities to sell points but that seems risky at best.

I apologize if this topic has been covered extensively before. What is the best way to maximize the amount of cash received for 170,000 membership reward points?
WikiPost
9/14/12 8:57 AM
+1
dealslover007
9/14/12 9:00 AM
I am in the same boat. If you like you can try 40% british airways avios / miles option. it is ending around end of Sep.
+1
centrifuge41
9/14/12 9:10 AM
It's not cashing out per se, but the highest value redemption option at this time, I feel, is to convert to BA for the bonus. This is especially effective if you live in an AA city, like Miami, Chicago, Dallas, etc.
+1
mattun
9/14/12 9:14 AM
Home Depot worked pretty well for me last time. Paid for a new fridge. Resell isn't bad on like Plastic Jungle either.
+7
imbatman
9/14/12 9:34 AM
You're not going to do much better (if better at all) than 1 cent per point for cash/gift card options.

My personal favorite is to convert to Singapore airlines KrisFlyer, then redeem on United (star alliance partner) - 60k KrisFlyer miles gets first class United ticket anywhere in US to Hawaii. (for me that's a $2000-2500 ticket, or 3-4 cpp). That's not a great option for folks that want cash tho.

edit: I stink at math, corrected the cpp value
+3
vegas4x4
9/14/12 9:46 AM
AA flights via BA redemption is terrible.

I still have 75k of 100k BA miles left from a promo 2+ years ago.

Finding an open seat on AA via BA redemption is nearly impossible.

centrifuge41 said:   

It's not cashing out per se, but the highest value redemption option at this time, I feel, is to convert to BA for the bonus. This is especially effective if you live in an AA city, like Miami, Chicago, Dallas, etc.

0
centrifuge41
9/14/12 9:50 AM
vegas4x4 said:   

AA flights via BA redemption is terrible.

I still have 75k of 100k BA miles left from a promo 2+ years ago.



There has to be MilesAAver availability for it to work. And for the price to be right, it has to be direct. That's why living by LAX, MIA, ORD, DFW, etc (or needing to go to those places) is key.
+5
parmenides
9/14/12 9:54 AM
Home Depot gift cards. IN addition to home improvement items (obviously) HD is also good for cleaning supplies and other household items.

If you have to have cash, let your friends and family know that you're doing a fundraiser for your college-bound daughter and are selling $100 HD gift cards for $95. You'll sell out quickly.
+6
mindbowels
9/14/12 10:05 AM
I've been stuck in this same situation a few times. While flights are probably the best deal, I've found that selling them via rewards2cash (.com) is a way better redemption rate than gift cards and for far less hassle. I've had 2 successful transactions with them in the past (for a total of ~150k points) and am currently waiting to get the check for a third (will keep the thread updated). I was cautious and skeptical at first but have been impressed so far.
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