It has always annoyed me that you cannot redeem Amex Membership Rewards points for Waitrose / John Lewis gift cards. I thought that things may change when John Lewis finally abandoned paper gift vouchers for gift cards, but it hasn’t.
There is, however, a solution!
American Express Membership Rewards is a partner with Nectar. You can move your Membership Rewards points to your Nectar card at 1:1, with no minimum transfer. (This is, by the way, the best way of emptying out an odd amount of Amex points if you are closing your card.)
Nectar is a partner with eBay. You can convert your Nectar points into eBay credit, at the standard Nectar conversion rate of 0.5p per point.
This is an instantaneous transaction – your eBay credit is immediately available for use in your eBay account.
There are lots of people selling Waitrose / John Lewis gift cards on eBay. You should expect to pay 99% of face value, including postage.
I have done this in the past, when my Membership Rewards pile got a little too large to make sense, and it worked perfectly well.
You do not earn Nectar points via eBay when you buy gift vouchers, please note, so there is no extra ‘kicker’ from that.
0.5p per Amex point is not a great deal, of course. However, it is better than the 0.4p you get if you redeem them for statement credit and it is better than the 0.45p you get if you redeem them for travel credit.
You can get the same deal on pretty much any other retailer gift cards as eBay is awash with them. There is no need to be restricted by the range of stores offered by Amex directly.
Nectar also runs targetted offers a couple of times a year offering a bonus for converting your points to eBay. This can substantially increase the value you get from your Membership Rewards points.
(Want to earn more miles and points from credit cards? Click here to visit our dedicated airline and hotel travel credit cards page or use the ‘Credit Cards Update’ link in the menu bar at the top of the page.)