Keyaira Sutton, WalletHub Analyst
@keykey
American Express Reward Dollars are the rewards “currency” provided by an American Express cash back credit card. Cardholders can redeem Amex reward dollars for statement credits, gift cards and merchandise. Currently there are 3 American Express cards that earn reward dollars. They are the Blue Cash Preferred® Card from American Express, Blue Cash Everyday® Card from American Express and the American Express Cash Magnet® Card.
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% at supermarkets, up to $6,000 spent annually, along with 2% at the gas pump and at department stores. 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.
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.

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