Welcome aboard. It's nice to see another Penn Stater!
The pts you earn with the Sheraton AmEx go directly to SPG account shortly after the billing cycle's closing. Once the pt are deposited in SPG account, you don't deal with AmEx; you deal with SPG.
http://www.preferredguest.com
To answer your question, you need min 2,000 pts to transfer or 1,500 pts if you are Gold member. BTW you get free 1st yr Gold membership and 1000 signup bonus. So you need to spend $500 before you can start transfer. For further detail check
http://www.preferredguest.com/member/terms.jhtml
Hope this helps...
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[This message has been edited by DH (edited 07-17-2000).]