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

With the holidays rapidly approaching, you may be gearing up for some Amazon purchases. American Express and Amazon have several promotions where targeted Amex cardholders can save when redeeming Membership Rewards points to cover at least part of an eligible Amazon purchase.

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 $40, that certainly changes things.

Offers available when using Membership Rewards points to pay on Amazon

Not everyone will receive the same offer. You may receive an offer for 10%, 20%, 30% or 40% off select purchases. The maximum discount on these offers will be reached once you spend $100. Thus, if you’re targeted for 40% off, your maximum discount available is $40 off.

After saving $40 using this tip last month, several TPG staffers have been 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 40% 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 100,000 Amazon customers have redeemed offers — whichever comes first.

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 and Kyle Olsen.