I’m a Credit Card Rewards Expert: 3 Strategies To Make the Most of Amazon Prime Day

Amazon’s annual Prime Day deal event will be taking place July 16 and 17. “If you want to get the biggest savings, you should try to make all of your purchases using credit card points rather than cash,” said Dave Grossman, a leading loyalty program consultant, credit card rewards expert, and creator of MilesTalk and Your Best Credit Cards.

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Here, Grossman explains how to best use points for purchases, plus other tips to make the most of your credit cards this Prime Day.

Cash Out Points for a Statement Credit Ahead of Prime Day

If you want to use points to pay for your Prime Day purchases, be strategic to ensure you are getting the best redemption value.

“While spending your credit card points directly at Amazon with your linked card may be tempting, I strongly advise against it,” Grossman said. “It’s without question the lowest value you can get for those points.

“For instance, I value American Express Membership Rewards points at about 1.7 cents when redeemed for travel via transfer partners,” he continued. “They are worth at least 1 cent per point when used to pay for American Express Travel Portal flights. But directly at Amazon, your Pay with Points purchase will net you just 0.7 cents per point — a 30% cut.”

The same goes for points earned with Chase credit cards.

“With Chase Ultimate Rewards, you can always get 1 cent per point as cash,” Grossman said. “When you pay for an Amazon purchase using Chase Ultimate Rewards, you’ll get just 0.8 cents a point — a minimum cut of 20%.”

Instead, Grossman advises cashing out points for a statement credit.

“Just by cashing out those Chase points to a statement credit — which, to be clear, is not in any way the highest value you can get from those points — and then spending that cash at Amazon, you will get that 20% extra for your points, which really adds up,” he said.

Use Points for Discounts

Another lesser-known way to utilize points on Prime Day is to redeem them for discounts.

“One thing you probably wouldn’t think about is that most credit card issuers have special deals from time to time whereby, using at least one of your credit card rewards points, you can save a certain amount or percentage off purchases shipped and sold by Amazon,” Grossman said. “We maintain a list of these links by each credit card issuer’s Amazon discount link.”

Shop With an Amazon Credit Card

Another way to maximize your credit card savings is to utilize an Amazon credit card during the sale.

“For shopping during Prime Day, there’s no doubt that Amazon co-branded credit cards such as the Chase Prime Visa or the Amazon Business Prime American Express Card are your best bets for the average consumer,” Grossman said. “You’ll earn 5% cash back with no limits on the Prime Visa and the same (but with a $120,000 annual limit) on the Amazon Business Prime American Express Card.

“While I don’t recommend Amazon cards for everyday non-Amazon spending, for those who spend a lot on Amazon and aren’t obsessed with credit card rewards points, these cards are clear winners,” he said.

This article originally appeared on GOBankingRates.com : I’m a Credit Card Rewards Expert: 3 Strategies To Make the Most of Amazon Prime Day