Originally Posted by decibel08
...amex card with no annual fee
There is no fee-free card which participates in full Membership Rewards. The closest is Blue which is free but participates in Membership Rewards Express
. Blue will preserve your numerical points value, but at any time that Blue is your only MR card you will not be able to transfer points to airlines or hotel chains, and the Pay with Points value of the points will be diminished.