Amex points now turn into Fanatics FanCash at 1 cent each. That is less than half what we value them at

American Express points just picked up a sports partner. Starting Nov. 9, eligible US Membership Rewards members can move points into Fanatics FanCash at 1,000 points for $10, Fanatics said in its press release. That makes Fanatics the program's first sports transfer partner.

The same release launched the Fanatics American Express Card, a no-annual-fee card built around trading-card designs. There is only a waitlist for now. Invitations to apply start later this year.

The transfer rate, in plain numbers#

One thousand points for $10 works out to 1 cent per point. Points Frog currently values Membership Rewards points at 2.1 cents. So FanCash gets you less than half of what we think the points are worth.

Membership Rewards points	FanCash you get	Points Frog value	Value you give up
10,000	$100	$210	$110
25,000	$250	$525	$275
50,000	$500	$1,050	$550
100,000	$1,000	$2,100	$1,100

Our 2.1-cent figure assumes you move points to airline partners for premium flights. If you would never do that, 1 cent toward a jersey may still look fine. Just know you are trading away a lot of upside.

$0

$500

$1,000

$1,500

$500

FanCash transfer$500

$1,050

Points Frog estimate$1,050

FanCash transferPoints Frog estimate

Source: Fanatics, Points Frog

Show the numbers

Use	Value
FanCash transfer	$500
Points Frog estimate	$1,050

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What the card earns#

The new card earns FanCash, Fanatics' own rewards currency. FanCash can be spent across Fanatics on apparel, trading cards, collectibles, tickets and events like Fanatics Fest.

Where you spend	FanCash earned	Notes
Fanatics App	8% or more	5%, plus an extra 3% or more that Fanatics says you "may" earn
Fanatics brands	5%	Fanatics.com, Lids, Mitchell & Ness, Topps.com and more
Tickets and select streaming	5%	Up to $5,000 in spend a year
Everything else	2%	No cap listed

Fanatics' footnotes say the 5% rate on select "Fandom Merchants," like tickets and streaming, is capped at $5,000 in spending a year. Purchases above that earn 2%.

Bonuses and perks#

Perk	What you get	Condition
Welcome bonus	$100 FanCash	Spend $1,000 in 90 days
Steady-spend bonus	Another $100 FanCash	Spend $500 a month for 12 months in a row
Fanatics ONE status	2,500 tier points	At opening and each anniversary
Fanatics ONE earning	10 tier points per $50	On card spending
Topps presales	Quarterly early access	Select products, while supplies last
Fanatics Fest	Early floor access and a gift	For cardmembers
Annual fee	$0	None

The card also has a Championship Challenge. Pick all four MLB, NBA, NFL and NHL champions correctly, and you could get up to $100,000 of a year's card spending back. Fanatics says the full rules will come before entry opens.

The card runs on the American Express network, so it includes Amex Offers and Amex Experiences. Fanatics says it built the card with American Express and Imprint.

The design is the hook#

Fanatics leaned hard on the look. You can pick from more than 500 trading-card-style designs of NBA, NFL, UFC and WWE athletes. Fanatics says more leagues and players will come. NBA champion Karl-Anthony Towns is fronting the launch.

The reaction on X#

The parody account NBA Centel joked about the card's player designs. To be clear, this is a joke account, and its post is not a real conversation.

View this post on X

Darren Rovell, founder of the collectibles outlet Cllct, singled out the Topps presale. He called it the "most interesting detail" and said it could drive adoption more than anything else, if the offer is serious.

View this post on X

Our take#

For a die-hard fan who already spends on Fanatics, Topps and game tickets, 5% to 8% back in FanCash is strong. The card has no annual fee, so there is little cost to holding it.

The Membership Rewards transfer is a different story. At 1 cent per point, it is a poor use of points for most people. Transfers to airline partners usually deliver far more value.

If you want FanCash, earn it on the Fanatics card. Keep your Amex points for travel.

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