The rewards program offered by american express is the biggest rip off i have ever seen. They offer you 100 dollars per 10 000 points used. Using this math i have been reviewing the prices of what their gifts actually were. I have about 29,000 points accumulated. I dont actually want to tell you what ive spent on the card but if you looked it up you could easily figure it out. Here is my complaint. I wanted the apple 120gb ipod. I noticed it was 39,700 reward points. I could not believe what i saw. I went to apple.com and noticed they sell brand new for 249 dollars. So for every 120 gb ipod that has been redeemed they essentially pocket about 148 dollars. That is based on the 100 dollars per 10 000 points system i mentioned earlier. I then started looking at the other electronic merchandise they offer. They offer the apple ipod nano 8gb for 24,900 points. An equivalent of 249 dollars. On the apple.com website this same nano sells for 149 dollars. So they make 100 dollars off of each nano they sell. I then noticed a harmon kardon go play portable speaker system dock for the ipod. They retail at around 340 dollars. However you would need 45,500 reward points to purchase this. 115 dollars profit off of each unit sold. I could honestly sit here all day and give retail price and reward points price. They have a tv on there for 116,700 points. Do you know how much money you would have to spend on the card to even recieve that many points? This is the most ridiculous scam i have ever seen. Not to mention they probably buy these products directly from the manufacturer in bulk, saving them money. I can not believe this goes on. Its really ridiculous when you would spend 24,900 reward points on an 8gb nano when 24,900 (equivalent to 249.00$) would buy you a 120 gb ipod from the apple store. Has anyone else noticed this trend?
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