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 points from credit cards? – January 2021 update
If you are looking to apply for a new credit or charge card, here are our January 2021 recommendations based on the current sign-up bonus.
British Airways American Express
5,000 Avios for signing up, no annual fee and a companion voucher for spending £20,000 Read our full review
British Airways American Express Premium Plus
25,000 Avios and the UK’s most valuable credit card perk – the 2-4-1 companion voucher Read our full review
American Express Preferred Rewards Gold
Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review
The Platinum Card from American Express
30,000 points and an unbeatable set of travel benefits – for a fee Read our full review
Virgin Atlantic Reward+ Mastercard
15,000 points bonus and the most generous non-Amex for day to day spending Read our full review
Earning miles and points from small business cards
If you are a sole trader or run a small company, you may also want to check out these:
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
American Express Business Platinum
40,000 points sign-up bonus and a long list of travel benefits Read our full review
British Airways Accelerating Business American Express
Earn both Avios and BA On Business points with your business spending Read our full review
Capital On Tap Business Rewards Visa
The most generous Avios Visa or Mastercard for a limited company Read our full review
Disclaimer: Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points and do not consider interest rates, service levels or any impact on your credit history. By recommending credit cards on this site, I am – technically – acting as a credit broker. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority to act as a credit broker.