Welcome to Flyertalk.
As you have discovered, redeeming Membership Rewards point for merchandise is typically poor value.
I can get gift cards for 10 to 1
I think you mean 100:1. A $10 merchant giftcard requires 1,000 points.
In general, Membership Rewards points are worth:
- $0.005 (200:1) if redeemed for American Express giftcards, travelers' cheques, or statement credit.
- $0.01 (100:1) if redeemed for merchant giftcards.
- $0.02+ ( 50:1) if transferred to airline frequent flyer program -and- subsequently
redeemed for high value tickets (business or first class).
Is this the item you are considering? Amazon is offering it for $321.26 / 56,500 points = $0.0057 per point.
http://www.membershiprewards.com/cat...tail&aid=82436