AmEx PRG Rewards signup, possible SPG transfer

[bahbahd]

Can anyone offer their opinions on the AmEx PRG Memebership Rewards program?  How are the points?  I just received a 50,000 after $1,000 spend sign-up bonus offer. The offer equates 1 point to $0.01.  I've looked at the membershiprewards.com site a bit and it seems to confirm this.

However, I'm mainly interested in taking the offer since I could transfer the 50,000 points to my SPG program for approximately 16,500 SPG points.  Yes, this is not a great exchange rate. The only way the points would retain value is if I redeem for a Cash and Points offer that works out to $0.03 or more point value.  The way I look at it though,  it is $1,000 spend for 16,500 SPG points.  On my SPG card, I'd have to spend $16,500 to earn that much (or something like $8,000 on hotel rooms.)

[CreditJim]

If you value SPG points and are happy going into it as a $1k spend for 16,500 SPG points then I see no reason not to. As you already have an Amex it'll be a soft pull if you're denied. Of course, you could get better value out of MR points in other ways, transfering to an airline program during a bonus transfer offer, for example. You could also just leave the MR points sat there until you needed an extra 16,500 SPG points for a redemption too.