Flexible travel rewards like American Express Membership Rewards points are, effectively, a currency. So understanding the relative value of these points is an important consideration when earning or spending them.

So how much are AmEx points worth? Based on NerdWallet's most recent analysis, the current AmEx points value is between 1 cent when used to book travel directly and 2.8 cents when transferred to partners.

This is a big gap, and you might wonder why anyone would use these points to book travel directly if they’re so much more valuable when transferred. The short explanation is based on convenience — booking through the AmEx travel portal is a snap, whereas transferring and redeeming points can be significantly more labor intensive.

When booking travel through the portal

This is simple: American Express Membership Points are worth exactly 1 cent apiece when booking flights or 0.7 cent if booking hotels through the issuer's portal. This math is made explicit when booking a flight or hotel while logged in.

For example, a $210 flight will cost 21,000 points. There’s no way to “maximize” AmEx points when used in this way. You’re effectively using the points as pennies, and can book any airline or hotel room available with cash.

The big benefit here is convenience and simplicity. You don’t have to spend hours researching how to use your points or find the right transfer partner, or search for scarce award availability. You just search and book.

The big drawback is cost-effectiveness. You’re accepting a lowball value for your points as a trade-off for this convenience.

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When transferring to partners

Here’s where things get more interesting — and complicated. The AmEx Membership Rewards program has some excellent transfer partners, meaning you can transfer your points to a partner and then book travel there.