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Editor’s note: This post is regularly updated with new information.

With the holiday shopping season here, you may be taking advantage of some deals and making some Amazon purchases. There are lots of ways to save on Amazon, but one way to save a lot in a hurry comes courtesy of American Express and Amazon.

Targeted Amex cardholders can potentially save big when redeeming Membership Rewards points to cover at least part of an eligible Amazon purchase. For example, a four-pack of Apple AirTags (which are great for keeping tabs on checked bags) normally sells for about $99. However, right now as of the writing of this article, they are on sale for $79.99.

But that deal can get much better if you are targeted to save as much as 40% by using as few as 1 Amex point.

As shown below, that could drop that price for a four-pack of AirTags to $47.99, which comes to roughly just $12 per tag.

This would also mean that the Apple AirPods 2 — which are normally $249 but are on sale today for $199 — can become an even better deal if you are able to knock say 40% off, up to the deal’s maximum. With the 40% off version of the offer that means you can get AirPods 2 for around just $159, which is a great deal.

Generally, we don’t recommend redeeming Membership Rewards points on Amazon, given that each point is worth just 0.7 cents there. TPG values Amex points at 2 cents apiece — almost triple the value you typically get from using these points on Amazon.

However, if 1 point can be worth as much as $60 in savings, that certainly changes things.

Offers available when using Membership Rewards points to pay on Amazon

Unfortunately, everyone will receive the same offer.

You may receive an offer for 10, 20, 30, 40 or up to 50% off select purchases. You’ll reach the maximum discount on these offers once you spend $100. Thus, if you’re targeted for 40% off, your maximum discount available is $40 off. The best offer we have seen, thanks to reader emails, is 50% off with a maximum discount of $60 — reached after spending $120.

After saving $40 using this tip last month, several TPG staffers were targeted again for this offer.

As noted, this is a targeted offer. You can confirm eligibility for the promotion by clicking here.

While Amazon must sell most products to be eligible for this promotion — third-party listings won’t trigger any savings — you may be able to take advantage by stocking up on dining or retailer gift cards. Gift cards for companies like Whole Foods, Uber Eats and Nordstrom may also be eligible.

Related: Best cards for Amazon purchases 

How to get 50% off by redeeming 1 Amex point

Here are the steps for turning just 1 Amex Membership Rewards point into serious Amazon savings:

• Check here to see if you have a targeted offer.
• Activate the offer in your Amazon account.
• Load up your cart with eligible items sold by Amazon instead of by third parties (yes, most gift cards count).
• Make sure to only use 1 point at checkout, as shown below, to avoid losing value by covering the entire purchase with points. You’ll need to use an American Express card that earns Membership Rewards as your payment method.

Assuming everything worked, you should see the offer reflected during checkout.

You’ll need to cover the rest of your transaction using an Amex card, though you can also apply an Amazon gift card balance if there’s one attached to your account. This time around, the offer is set to expire at 11:59 p.m. PDT on Dec. 26, or after 53,333 Amazon customers have redeemed offers — whichever comes first.

The above offer shows the discount for someone targeted for a 40% off promotion with a maximum discount of $40. If you have received a different offer, the process will work the same, but your final discount could be different.

Other offers may be available

You may also find this offer with other rewards programs. For example, TPG senior editor Andrew Kunesh was targeted for 40% off up to $20 when using Discover Rewards on select Amazon purchases. This offer expires at 11:59 p.m. PDT on Dec. 31, or when $650,000 worth of offers have been redeemed.

You can find targeted offers on Amazon product pages, right underneath the item’s price.

Additional reporting by Andrew Kunesh, Summer Hull and Kyle Olsen.