Keyaira Sutton, WalletHub Analyst
American Express Reward Dollars are the rewards "currency" provided by American Express cash back credit cards. Cardholders can redeem Amex Reward Dollars for statement credits, gift cards and merchandise.
American Express Cards that Earn Reward Dollars
You earn Reward Dollars based on a percentage of your eligible purchases during each billing period. The base cash back earning rate is usually 1%, though you can earn more than that on certain purchases, depending on the card.
For example, the Amex Blue Cash Everyday card gives you 3% cash back at U.S. supermarkets, U.S. gas stations and on U.S. online retail purchases (up to $6,000 spent per year in each category), as well as 1% back on all other purchases, earned as statement credits. Not all types of transactions earn Reward Dollars. Some that don’t include fees, interest charges, balance transfers and cash advances. Other purchases such as prepaid cards and gift cards are also not eligible.
How to Redeem Reward Dollars
To redeem, log in to your online account and select "Use Reward Dollars." Reward Dollars are worth $1 USD each, regardless of what you choose to redeem them for. One option is to redeem Reward Dollars for a statement credit. You’ll need at least $25 saved up to do that. For gift cards, you may have to redeem Rewards Dollars in $25 increments as well, depending on the card. Merchandise might be an option, too. Reward Dollars never expire as long as your account is open and in good standing. For the Amex Blue Cash Everyday card there is no minimum redemption amount.
All information about the American Express Cash Magnet® Card has been collected independently by WalletHub. The American Express Cash Magnet® Card is no longer available to new applicants through WalletHub, but may be available on the American Express website.
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