You can use credit card points from Citi, Amex, Capital One, and more to save on Amazon purchases, but only a few options offer great value

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

• Amazon Prime Day 2021 will run from June 21 to 22, 2021.
• You can pay for Amazon purchases using rewards points from Amex, Citi, Chase, Capital One, and more.
• The best savings come from various "use one point" promotions offered by Amex, Citi, and Chase.
• Read Insider's guide to the best credit cards for Amazon purchases.

Amazon Prime Day 2021 is just around the corner. From June 21 to 22, the online retailer will be offering Amazon Prime members discounts on everything from tech to kitchen supplies to clothing.

This event is a great way to save money on the contents of your Amazon cart, and you could be able to "stack" deals to save even more on purchases, during Prime Day and beyond.

Credit card points programs offer plenty of ways to redeem rewards for Amazon purchases, but they're not all created equal, and in many cases, knocking down your Amazon bill isn't the highest-value way to redeem your points.

Here's a look at all the options for paring down your Amazon purchase prices.

Use points for Amazon gift cards

Many points programs allow you to cash in your points in exchange for gift cards, and in some cases, Amazon gift cards are among the choices.

But while it may sound like a great option at first glance - after all, many of us aren't using our points for travel right now, and who doesn't like shopping for free?- redeeming points for gift cards usually isn't a great use of those points. Doing it can mean sacrificing major value; in other words, your points can save you a lot more money if used elsewhere.

Read more: There are 7 great ways to redeem credit card points and miles right now - and none of them involve traveling

Let's look at Chase Ultimate Rewards as an example. Chase lets you buy Amazon gift cards for 1 cent per point, meaning 30,000 Ultimate Rewards points can net you a $300 gift card.

But 30,000 Ultimate Rewards points can also go a lot further. When you have the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, or Ink Business Preferred® Credit Card, you can transfer your points to over a dozen Chase airline and hotel partners. Transferred to airline partner United, those points can get you a one-way ticket from the US to Europe in economy class, which normally costs well beyond $300.

And transferred to Hyatt, those same points can get you a night in any Category 7 hotel - including the Park Hyatt Sydney, which routinely goes for more than $1,000 per night. Use the points on an Amazon gift card, and you're walking away from $700 in potential value!

Of course, the pandemic hasn't been easy on many people financially, and if you're in a pinch, you may be more than willing to sacrifice that potential value in order to procure necessities without dinging your bank account.

Here's a look at some of the programs that will let you trade your points for Amazon gift cards:

• Chase Ultimate Rewards: Redeem points for gift cards at a rate of 1 cent per point; physical gift cards start at $25, or 2,500 points, while digital gift cards start at $20, or 2,000 points
• Capital One Miles: Starting at 1,250 miles for a $10 gift card (0.8 cents per mile)
• Marriott Bonvoy: 10,000 points for a $25 gift card; 17,500 points for a $50 gift card; 30,000 points for a $100 gift card
• IHG Rewards Club: 13,000 points for a $25 gift card; 25,000 points for a $50 gift card

Amazon Shop With Points

A number of programs take it one step further, letting you use your credit card points to shop through Amazon itself.

After linking your credit card to your Amazon account, you can simply select your points as a payment method at checkout, eliminating the process of having to buy a gift card first (and consequently locking yourself into a certain denomination).

Read more: 7 things you can do with your points and miles besides booking travel, from making Amazon purchases to ordering food delivery

But like going the gift card route, redeeming your points through Amazon directly will result in poor value.

Here's a rundown on the programs that let you shop with points:

• American Express Membership Rewards: Link your card here and redeem at a rate of 0.7 cents per point
• Discover Cashback Bonus: Link your card here and redeem at a dollar-for-dollar ratio
• Capital One miles: Link your card here and redeem at a rate of 0.8 cents per point
• Chase Ultimate Rewards: Link your card here and redeem at a rate of 0.8 cents per point
• Citi ThankYou Rewards: Link your card here and redeem points at a rate of 0.8 cents per point
• Hilton Honors: Link your card here and redeem at a rate of 0.2 cents per point

'Use one point' promos

Luckily, there's a way to use your points to reduce prices without leaving a ton of value on the table - at least, sometimes.

American Express, Chase, Discover, and Citi sometimes offer targeted promos that award discounts to shoppers as long as they use at least one point at checkout.

• American Express recently offered certain customers the opportunity to take 40% off select purchases to save up to $40 if they use at least one point to pay, through June 23, 2021
• Chase is offering some of its cardholders a chance to save 50% on up to $30 in purchases if they redeem one point or more at checkout, through June 22, 2021
• Targeted Discover cardholders can get 30% or 40% off (maximum of $30 or $40) on their Amazon purchase when they use at least 1 Discover Cashback Bonus point at checkout, through June 22, 2021
• and in the past, Citi extended 20% off at Amazon to customers who used at least one point with a cap of $30.

Read more: I got 20% off my Amazon order by using just 1 Amex point. Here's how you could, too.

Of course, promos don't last forever, and again, these are targeted, meaning they're only available to certain cardholders. But the ability to unlock that type of savings while only having to sacrifice a single point is a great opportunity, so if you're eligible, you'll want to pounce. If you're not, remember to check back later; you may be eligible even if you haven't been in the past.

To see if you can score the savings, you'll first have to link your eligible card to your Amazon account as part of the retailer's Shop with Points program. (Link Amex cards here, Chase cards here, Discover cards here, and Citi cards here.)

Once your cards are enrolled, see if you're eligible for any of the promotions by visiting these links:

• Amex one-point promo
• Chase one-point promo
• Discover one-point promo
• Citi one-point promo

And remember: Don't use more than the one required point if you can avoid it, as you can make more of your points if you use them for travel!

Use an Amazon credit card

As you might expect, the points you earn using an Amazon credit card can also help you save money at the retail giant.

When it comes to Amazon credit cards, there are a few choices: the Amazon Prime Rewards Visa Signature Card , the Prime Store card, and the Business Prime American Express Card, none of which carry an annual fee.

With the Amazon Prime Rewards Visa Signature Card , you'll earn 5% cash back on Amazon and Whole Foods purchases (assuming you have an Amazon Prime membership - if not, you'll earn 3% back). You'll also earn 2% cash back at restaurants, gas stations, and drugstores, along with 1% back on all other purchases. You can redeem as much cash back as you'd like at Amazon checkout, where you'll see your available stash show up as a payment option.

Read more: Amazon Prime Rewards Visa Signature card review

Amazon also offers the Prime Store card, which, like the Amazon Prime Rewards Visa Signature Card , nets you 5% back on Amazon purchases that can either be used as Amazon savings or returned to you as a statement credit.

With the Business Prime American Express Card, meanwhile, you'll rack up 5% cash back on Amazon purchases, along with 2% cash back at restaurants, at gas stations. and on wireless phone services purchased directly from US service providers (cash back is received in the form of Reward Dollars).

But before you go running to take out an Amazon card, there's an important question to consider, and that's what type of rewards you want to be earning.

Read more: The best rewards credit cards

Every dollar you put on an Amazon card is a dollar that won't earn you more flexible travel points that, as we've discussed, can go a long way toward saving you some major money.

And even if you're not interested in travel, you may be able to find a cash-back credit card that offers bigger rewards or bonuses in categories that better suit your spending habits. You may find after weighing your options that an Amazon card is the best fit, but it's never a bad idea to read up on what's out there before making a selection!

Buy Amazon gift cards strategically

No Amazon card? No problem. Even if you have a more general rewards credit card, you can still use the points you earn with it to save money on Amazon purchases by buying Amazon gift cards at retailers that earn bonus rewards - like grocery stores, gas stations, or drugstores.

Those aren't the only places you can find Amazon gift cards, either. For example, Chase's Ink Business Cash℠ Credit Card earns 5% cash back at office supply stores on the first $25,000 you spend each year (then 1%). It's an easy way to save on Amazon gift cards and ultimately buy more with the retailer for less.

Read more: The best Chase credit cards

While this approach isn't as convenient as some of the others we've looked at, it represents a great way to maximize your rewards. Just keep in mind that you won't get credit card benefits like purchase protection and extended warranty when you go this route.

Carly Helfand is a points and miles blogger and coach who's been using points to travel to 52 cities in every calendar year since 2011. She's also a full-time financial journalist who got her start in the business reporting world while earning her master's at Northwestern University's Medill School of Journalism.