Today, American Express rolled out a brand new loyalty program, one that isn’t tied to a single company or credit card issuer, called Plenti. Using Plenti, shoppers can earn reward points through a variety of purchases, from shopping at Macy’s to filling up their gas tank at Exxon. Those reward points can then be used for discounts at a participating partner. For example, points earned by spending at AT&T or Hulu could be used to get a discount on gas at Exxon. Membership in the loyalty program is free and is open to anyone 13 years or older who resides in the US or its territories. American Express cardmembership is not required, as you can earn points on eligible purchases at participating merchants, regardless of your payment method.

To participate in the Plenti program, customers sign up either at a participating merchant, on the Plenti mobile app or at Plenti.com. If they join online, they’ll receive a new Plenti card in the mail within 7-10 business days. They can then use their card at partipating merchants to earn Plenti points. The number of points earned will vary from merchant to merchant and not all partner locations will participate in Plenti. To learn how to earn points with each partner, see this page.

At launch-time, the number of partners in the Plenti network is rather limited, though American Express plans on expanding. Current partners include: AT&T, Exxon, Macy’s, Mobil, Nationwide Insurance, Rite-Aid, Direct Energy, Enterprise Rent-A-Car, Alamo Rent A Car, National Car Rental, and Hulu.

Redeeming Plenti Points
You can redeem your points once your Plenti balance has at least 200 points. Plenti points can be used towards savings at Macy’s, Rite Aid and participating Exxon and Mobil stations. For every 1,000 points redeemed, you should receive at least $10 in savings. At checkout, present your Plenti rewards card and follow the instructions. If you don’t have your card, you’ll need to provide both your PIN and phone number at checkout.

The Plenti Credit Card from Amex
In conjunction with the launch of the Plenti loyalty program, American Express has also rolled out a new credit card — the Plenti^SM Credit Card from Amex. It earns 1 Plenti point on every eligible dollar of credit card spend and has no annual fee. It also has a signup bonus of 2,500 Plenti points after you spend $250 in purchases within your first 3 months of Card Membership.

Since Plenti points are worth roughly a penny apiece (1,000 ~= $10 of savings), that makes the Plenti credit card basically a 1% credit card with limited redemption options and subsequently, a terrible deal. American Express would need to sweeten the offer quite a bit to make the card worthwhile to get.

In contrast, there’s little downside to joining the Plenti loyalty program if you frequent the participating merchants. It costs nothing to join and can save you a bit of change. The only issue is whether the additional space in your wallet is worth the savings.

For more info on the Plenti loyalty program, see plenti.com.