The Amazon 50% off promo is back, and if you have an American Express card that earns Membership Rewards points, you need to check your Amazon account before doing anything else today. Amazon is running a new round of its targeted Shop with Points promotion, and depending on which version lands in your account, you can get anywhere from 15% to 50% off eligible products just for paying with a small number of points at checkout. The offer runs through 5:00 pm PT on July 15, 2026, or until the redemption cap is hit, whichever comes first, so this is not one to sit on.
I put together a list of my favorite travel items to get with this offer. You can access it here.
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How the Promo Works
Amazon periodically targets American Express cardholders with discounts for using Membership Rewards points as a payment method through Shop with Points. This round follows the familiar pattern. You activate the promotion on the offer landing page, add eligible products to your cart, and apply a minimum number of points at checkout. The discount then applies to your order automatically before you pay the remainder with your card.
The key word is targeted. Not every Amex account sees an offer, and the accounts that do see one are not all seeing the same version. Based on the offer pages I can see on my own accounts, one version gives 40% off up to $40 with a 1,429 point minimum, while another gives 50% off up to $80 with a 714 point minimum and is restricted to Prime members.
The Offer Tiers
The table below summarizes the versions of this promotion currently circulating. The two middle rows come directly from offer pages I have verified myself, and the 15% and 30% tiers come from secondary reporting, so treat those two as directionally accurate rather than confirmed.
| Discount | Max Savings | Minimum Points | Points Value |
|---|---|---|---|
| 50% offVerified · Prime Only | $80 | 714 | $5.00 |
| 40% offVerified | $40 | 1,429 | $10.00 |
| 30% offReported | $30 | 1,429 | $10.00 |
| 15% offReported | $15 | 1,429 | $10.00 |
What the Points Actually Cost You
Here is the part that makes this promo a no-brainer. Amazon redeems Membership Rewards points at a rate of 0.7 cents each, so the 714 point minimum on the 50% offer represents just $5 of value, and the 1,429 point minimum on the 40% offer represents about $10. Third-party valuations, which are estimates, generally peg Membership Rewards points at 2 cents or more when transferred to airline and hotel partners, so even valuing your points generously, you are giving up roughly $14 to $29 worth of points to unlock $40 to $80 in cash savings. That trade wins every time as long as you apply only the minimum and pay the rest with your card.
That last point matters. Paying for your entire order with points is one of the worst redemptions in the Membership Rewards program. Type in the minimum, let the discount trigger, and stop there.
A Real Example With Numbers
I put the 40% version to work on a Grand Theft Auto VI pre-order for PlayStation 5 to show you exactly how the checkout math plays out. The game listed at $79.99. The Amex 40% off discount took $32.00 off the item, tax added $4.68, and applying $11.00 in points (1,571 points) brought the final charge to my card to $41.67. That is a release day copy of the biggest game of the year for a little more than half price.
The 50% version stretches even further because of the $80 cap. Load $160 of eligible products into your cart, apply the 714 point minimum, and the promo wipes out $80 before tax. If you were already planning a big Amazon order, this is the week to place it.
Going with my example above, that’s a BOGO deal on GTA VI pre-order, which is a pretty crazy savings.
The Fine Print Worth Knowing
The terms of the 40% offer, which I have reviewed in full, contain a few details that deserve your attention. The promotion ends at 5:00 pm PT on July 15, 2026, or the moment 21,250 customers have redeemed it, so the real deadline may arrive earlier than the printed date. The discount allocates proportionally across all eligible items in your order, and eligible products are those available through Shop with Points, which covers most items sold and shipped by Amazon but excludes gift cards entirely. The offer cannot be combined with other promotional offers, and the maximum benefit is capped per enrolled card or per Amazon account, so adding a second Membership Rewards card to the same Amazon account will not double your discount.
Returns work a little differently under this promo. If you return an eligible item, your refund equals the original price minus the proportional discount, and if you want the points themselves returned instead of a refund, you have to contact American Express within 60 days.
Two practical warnings from this round specifically. Some cardholders reported the discount failing to apply at checkout in the days immediately after the offer was extended, so if your order summary does not show the discount line before you place the order, stop and try again later rather than hoping it posts afterward. And after you use the promo, go check your default payment settings, because Amazon has a habit of leaving Membership Rewards points selected as your payment method, which can silently drain points on your next order.
Bottom Line
The Amazon 50% off promo is one of the easiest wins in the points world right now. Check whether your account is targeted, activate whichever version you have, apply only the minimum points at checkout, and let the discount do the work. Just get it done before July 15, because between the redemption cap and the hard deadline, this offer can vanish without warning.
Click here to view your offer.
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