Before we start talking specifically about the American Express Membership Rewards program, please indulge me while I point out a few things that folks should understand about every credit card customer loyalty program.

The rewards are never all that awesome.  They can be nice, but the only way they’re going to be dramatic is if you’re spending a fortune while using the card.  If you’re not a high roller, you’re not going to get high roller rewards.  Calibrate your expectations accordingly.

There is always fine print.  Always.  Points expire.  There are limitations on transfers.  There is invariably something confusing, weird or otherwise annoying about points programs.  Part of that is that the card companies need to protect themselves from loophole-searchers who’ll find a way to take (over)advantage of every opening.  Part of it is  laziness and subpar customer service that seems inextricably linked to being a big company.  Think about it, if you call to figure out your balance and when your last payment posted, you end up on hold and talking to two different people.  That’s a call that’s all about them getting money from you.  Why would you expect a better experience when you want something from them?

No matter how great a program is, you’re going to find people who thinks it’s a rip-off or a scam.  You could get a free foot massage just for looking at a credit card and some bozo would complain about the scent of the pepperming oil used.

Likewise, no matter how rotten a program is, you’re going to find people who are willing to tell you that it is the most awesomest, super-spectacular, OMG-I-Can’t-Believe-It thing on the face of the planet.  They’re also generally making money off of getting people to sign up or they’re otherwise affiliated with the company running the plan.

Okay, those are words to live by.  Trust me.  But what about the American Express Membership Rewards program specifically?  It’s not too shabby.  You accumulate points almost every time you bust out the Amex.  You can even get points for buying a loaf of bread and a can of sliced pears at the grocery store.  Use card, get points, simple.

The redemption is pretty nifty, too.  They have a ton of options and their pretty flexible in terms of letting you move points to the program of your choice (though you might be limited to moving them around once).

Most people seem pretty happy with the Amex program.  The loudest group of critics seem to be people who get angry after they can’t access their points (which, unlike many programs, basically don’t expire) because their accounts have been closed.  If American Express cancels your card, any points you’ve accumulated are going to vanish right up Karl Malden’s nose.

So, should you be swiping the Amex everywhere in order to secure some rewards?  No.  Of course not.  You should be paying cash and being as financially responsible as humanly possible.  That being said, if you are going to use your Amex, you might as well keep track of your points and use them to your advantage.

And that reminds me of one more observation I’ve made about these programs…  They are rarely, if ever, a reason to prefer the use of any particular card.  You should make your credit card buying decisions based on fees, interest rates, etc.  Don’t make the call because one card is willing to give you a slightly better membership program.  The limitations of the rewards programs preven them from generally being THE REASON to make a card decision.

The American Express Membership Rewards program?  It looks pretty good.  You can leave home without your American Express and survive, but if you’re going to use it, take advantage of the goodies.