I received my AMEX "Points Pulse" today, and there are several discounts for membership rewards redemptions on gift cards.
Examples:
$100 Apple, 9412 pts
$50 Bath & Body Works, 4000 pts
$100 Saks, 8000 pts
$50 Panera, 4706 pts
Several others.
While not the greatest redemption value for MR points (which is usually for travel), if you have a need for yourself or a gift for someone else, it's a better value than normal at >1 penny/pt. Check your account and/or email for offers. Hope it helps someone!
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