Points are worth only $0.005 each when redeemed for American Express giftcards.
If you buy giftcards directly from American Express there are two fees. $3.95-$5.95/card (depend on denomination, similar to buying an AX, MC or VS giftcard in a store), and a variable shipping fee per order.
There are always promo codes available to waive or reduce one or the other, but seldom both. I see this code to credit $3.95 against the purchase fee: AXPHOL18
Discussion here:
Amex Gift Cards fee waiver codes?