The American Express Membership Rewards Program Review for New Zealand Cardholders
The American Express Membership Rewards programme offers travel, shopping, cashback and many other options for cardholders earning points whilst spending. This guide explains what you need to know about earning and using your points to maximise their value.
Updated 20 May 2026
Important: This guide is being relaunched by 2 September 2026 as part of our credit card guide refresh. The figures here are current, but the guide is being rewritten to the standard of our relaunched pages - confirm details on the issuer's site before you apply.
Know this: American Express offers both Airpoints Dollar-earning and points-earning cards. This guide is focused on Membership Rewards points, which are earned and redeemed under the American Express Rewards programme. However, if you’re looking for credit cards that earn Airpoints Dollars, our dedicated Air New Zealand credit cards comparison has you covered.
Important: This guide is being relaunched by 2 September 2026 as part of our credit card guide refresh. The figures here are current, but the guide is being rewritten to the standard of our relaunched pages - confirm details on the issuer's site before you apply.
Know this: American Express offers both Airpoints Dollar-earning and points-earning cards. This guide is focused on Membership Rewards points, which are earned and redeemed under the American Express Rewards programme. However, if you’re looking for credit cards that earn Airpoints Dollars, our dedicated Air New Zealand credit cards comparison has you covered.
Summary of Membership Rewards points
Our guide is published to help you maximise American Express Membership Rewards and highlight the pros, cons and must-know considerations. We cover:
Know This: Are you a business owner? You can now use your AMEX to pay IRD and ACC bills using RewardPay. Our review explains how it works, what it costs and what benefits you will earn. As the Gold Rewards Card earns Membership Rewards Points, it is an American Express credit cards popular with business owners or directors who can use their card to pay business costs and earn points for personal use.
Related guides:
- In a nutshell, cardholders earn Membership Rewards points every time they spend on their card.
- The rate ranges from NZ$1 = 1 to 3 points (how much you earn depends on where you spend and what type of card you have).
- Once you’ve accumulated points, Membership Rewards vary in how much they’re worth depending on how you choose to redeem them.
- For example, 20,000 Membership Rewards points can be redeemed for:
- $100 credit on your card, or
- 133 Airpoints Dollars, or
- 10,000 Qantas Frequent Flyer points (which is enough for Jetstar flight from Auckland to Queenstown).
- These are just three out of hundreds of options.
Our guide is published to help you maximise American Express Membership Rewards and highlight the pros, cons and must-know considerations. We cover:
- American Express Membership Rewards: The Basics
- How Much are American Express Membership Rewards Points Worth?
- Cards That Earn American Express Membership Rewards Points
- Frequently Asked Questions
Know This: Are you a business owner? You can now use your AMEX to pay IRD and ACC bills using RewardPay. Our review explains how it works, what it costs and what benefits you will earn. As the Gold Rewards Card earns Membership Rewards Points, it is an American Express credit cards popular with business owners or directors who can use their card to pay business costs and earn points for personal use.
Related guides:
- American Express Cards (a comparison of all cards available with their fees, rewards and pros and cons)
- Airpoints Platinum Credit Card (review of an Airpoints-earning credit card)
MoneyHub Founder Christopher Walsh shares his views about the American Express Membership Rewards Program:There are so many points programs in New Zealand it's hard to keep track, and many offer little value (as outlined in this Stuff.co.nz report). However, our MoneyHub-led research continues to suggest that the American Express Membership Rewards program is one of the most generous. Unlike bank and supermarket reward programs which usually take a long time to collect on, American Express rewards its customers with everything from flights to card credit to supermarket gift cards.
With everything on offer, there's a lot to like about the program, and if you're regularly spending on a credit card, there's a lot of value on offer (compared to Mastercard and Visa loyalty programs offered by the banks). I've developed this guide to help explain what you need to know in one simple-to-follow format to outline the pros and cons and help you make an informed decision about whether the program is right for you. |
MoneyHub Founder
Christopher Walsh |
American Express Membership Rewards: The Basics
1. Earning points
The Gold Rewards Card earns Membership Rewards points with each purchase at a a flat 2 points per dollar spent.
You can also earn bonus points for targeted promotions as they arise and one-off signup bonuses (i.e. 20,000 to 80,000 points) if you meet the qualifying spend, etc.
Know this: Not all American Express rewards cards earn Membership Rewards. For example, the Low Rate credit card and both business cards earn nothing. There are also two American Express/Air New Zealand credit cards that earn Airpoints Dollars instead.
2. Using points
Membership Rewards points can be redeemed for awards such as:
You can view all rewards options by visiting the American Express Membership Rewards website.
The Gold Rewards Card earns Membership Rewards points with each purchase at a a flat 2 points per dollar spent.
You can also earn bonus points for targeted promotions as they arise and one-off signup bonuses (i.e. 20,000 to 80,000 points) if you meet the qualifying spend, etc.
Know this: Not all American Express rewards cards earn Membership Rewards. For example, the Low Rate credit card and both business cards earn nothing. There are also two American Express/Air New Zealand credit cards that earn Airpoints Dollars instead.
2. Using points
Membership Rewards points can be redeemed for awards such as:
- Travel (book with American Express Travel directly using points)
- Statement credits
- Supermarket gift cards (Woolworths and New World)
- Point transfers to airline and hotel loyalty programs (various options, see the next section)
- Retail gift cards (various options, see the next section)
You can view all rewards options by visiting the American Express Membership Rewards website.
How Much are American Express Membership Rewards Points Worth?
The answer isn’t straightforward – it depends on how you redeem them. For example, 20,000 points = a $100 countdown gift card, 106 Airpoints Dollars or a one-way Jetstar flight from Auckland to Christchurch.
Our view is simple – if you want to save the most on everyday expenses, petrol and supermarket gift cards or Air New Zealand Airpoints Dollars are arguably the most cost-effective award. For example, if you have a balance of 50,000 points, this equates to:
The value from petrol/supermarket gift cards and Airpoints is superior to card credit/cashback. So if you regularly spend at Countdown/New World and/or Air New Zealand, you’re earning free rewards from everyday spending. It's worth noting that 50,000 points are enough for $250 of statement credit, which is as good as cash.
The best way to find out what reward is best for you is to browse the American Express Rewards website, and filter out the retailers/partners that will most benefit you. Generally, no award is "bad" given they're all offering value, but we maintain the petrol/supermarket/Airpoints awards are likely to offer the best value.
Our view is simple – if you want to save the most on everyday expenses, petrol and supermarket gift cards or Air New Zealand Airpoints Dollars are arguably the most cost-effective award. For example, if you have a balance of 50,000 points, this equates to:
- $250 of petrol gift cards (Z Energy), or
- $250 of supermarket gift cards (Countdown or New World), or
- 333 Airpoints Dollars
The value from petrol/supermarket gift cards and Airpoints is superior to card credit/cashback. So if you regularly spend at Countdown/New World and/or Air New Zealand, you’re earning free rewards from everyday spending. It's worth noting that 50,000 points are enough for $250 of statement credit, which is as good as cash.
The best way to find out what reward is best for you is to browse the American Express Rewards website, and filter out the retailers/partners that will most benefit you. Generally, no award is "bad" given they're all offering value, but we maintain the petrol/supermarket/Airpoints awards are likely to offer the best value.
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The full list of reward/gift card partners includes:
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Transferring points to travel partners
Your points can transfer to a selection of airline and hotel programs, with Air New Zealand Airpoints and Qantas Frequent Flyer being the most popular. The transfer rate varies by the partner;
Your points can transfer to a selection of airline and hotel programs, with Air New Zealand Airpoints and Qantas Frequent Flyer being the most popular. The transfer rate varies by the partner;
- Air New Zealand – 150 Membership Rewards points = 1 Airpoints Dollar
- Other Airlines – Cathay Pacific Asia Miles, Malaysia Airlines Enrich, Qantas Frequent Flyer and Virgin Australia Velocity transfer at a rate of 2 Membership Rewards points = 1 frequent flyer point/mile with the respective program. Emirates Airline Skywards, Qatar Airways Privilege Club and Singapore Airlines KrisFlyer transfer at a rate of 3 Membership Rewards points = 1 frequent flyer point/mile.
- Hotel programs – Hilton Honors and Marriott Bonvoy transfer at a rate of 1 Membership Rewards points = 1 point with the respective program.
What reward or redemption is best?
The value you get for your points depends on how you redeem them. In the best case, we estimate that the points are worth just less than 1 cent each (0.67 cents to be precise) if redeeming on Air New Zealand, or 0.50 cents if redeeming for petrol or supermarket gift cards. If you want statement credit, each point is worth around 0.48 cents.
Redeem for gift cards
The number of retail partners is extensive, so if you want to buy a gift card, Membership Rewards points are a cost-effective way to do it.
Redeem for gift cards
The number of retail partners is extensive, so if you want to buy a gift card, Membership Rewards points are a cost-effective way to do it.
Cards That Earn American Express Membership Rewards Points
Two American Express cards earn Membership Rewards points:
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The American Express Gold Rewards Card
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Know This: Are you a business owner? You can now use your AMEX to pay IRD and ACC bills using RewardPay. Our review explains how it works, what it costs and what benefits you will earn. As the Gold Rewards Card earns Membership Rewards Points, it is an American Express credit cards popular with business owners or directors who can use their card to pay business costs and earn points for personal use.
Frequently Asked Questions
How does the American Express Membership Rewards programme work?
In a nutshell, American Express Membership Rewards is a loyalty points program. You earn at least 1-2 points for every dollar you spend, depending on the American Express card you have. Once you have enough points, you can redeem them for a reward.
There is no annual fee for the program (for the majority of American Express Cards), and the points you earn won’t expire. You can redeem the points for travel, retail gift cards and card credit, among other options. How much each point is worth always depends on what you redeem it for. We estimate each point is worth, at best, 0.50 cents. This means approx. 32,000 points is worth around $200. Depending on the award redeemed, it the value may be higher or lower.
There is no annual fee for the program (for the majority of American Express Cards), and the points you earn won’t expire. You can redeem the points for travel, retail gift cards and card credit, among other options. How much each point is worth always depends on what you redeem it for. We estimate each point is worth, at best, 0.50 cents. This means approx. 32,000 points is worth around $200. Depending on the award redeemed, it the value may be higher or lower.
Beyond credit cards, are there other ways to earn American Express Membership Rewards points?
Right now, there are no other options to earn points outside of American Express cards. So if your balance falls short of an award, you won’t be able to buy additional points. However, Membership Rewards points don’t expire, and there’s no annual fee to be a member if you are an Amex cardholder. There is also no cap or limit on the amount you can earn.
How do I redeem American Express Membership Rewards points?
American Express makes it easy – members log in to their account and select the reward they want; travel, transferring points to airline and hotel partners, retail gift cards, supermarket gift cards etc. The value you get per point depends on what you redeem your points for.
How much are 50,000 Membership Rewards points worth?
We estimate you should aim to get at least 0.67 cents of value per point. Based on this calculation, you can think of 50,000 American Express Membership Rewards points as worth about $333. However, this is for Air New Zealand Airpoints Dollar transfers - the exact value of a point varies according to how you redeem it. Using points for travel, supermarkets, and petrol gift cards generally has a higher value than redeeming them for statement credit, Ticketmaster tickets or retail gift cards.
Do American Express Membership Rewards points expire?
No, as long as your account is current. If you cancel your AMEX card, your points will remain valid until you use them.
Do all American Express cards earn Membership Rewards points?
No – some AMEX cards earn Airpoints Dollars. Existing American Express Card Members may be enrolled in Membership Rewards depending on their Card type.
Can I convert Membership Rewards points to Air New Zealand Airpoints?
Yes – the conversion rate is 150 Membership Rewards points to 1 Airpoints Dollar. So, for example, if you have 30,000 points, you’ll receive 200 Airpoints Dollars in your Air New Zealand Airpoints account.
Related Guides
- American Express Cards (a comparison of all cards available with their fees, rewards and pros and cons)
- Airpoints Platinum Credit Card (review of an Airpoints-earning credit card)
- Where are AMEX cards accepted?
