• Billionaire Barry Sternlicht is worried about America's regional and community banks.
• Sternlicht told CNBC that banks may bear the consequences of the real estate crisis.
• Only one bank has closed so far this year, but Sternlicht said more could be coming.

Billionaire Barry Sternlicht offered an ominous prediction about America's regional banks amid a coming commercial real estate reckoning.

The Starwood Capital Group CEO told CNBC on Tuesday that he thinks real estate's primary lenders — regional and community banks — could soon be bearing the brunt of high interest rates and inflation.

"You're going to see a regional bank fail every day, or not — every week, maybe two a week," Sternlicht said.

There are more than 4,000 regional and community banks throughout the US, many of which may not have the cash flow to handle major loan losses on real estate debt.

Problems have been pummeling the entirety of the real estate sector, but commercial real estate, in particular, has been struggling due to the rise of remote and hybrid work, leading to more and more vacancies.

Sternlicht has been ringing the warning bells for more than two years, calling the situation an "existential crisis" in a January Bloomberg interview. Earlier this year, he predicted $1 trillion of losses on office properties alone. In the Tuesday interview, Sternlicht said Fed Chair Jerome Powell's ongoing rate hikes will continue to have consequences in the real estate sector for the foreseeable future. 

"He's got a hard task with a blunt tool, and the consequence is the real estate markets are taking it on the chin because rates rose so fast. We could have handled this, but we couldn't handle it this fast," Sternlicht said. "The 1.9 trillion of real estate loans, that's a fragile animal right now."

Only one regional bank has shuttered since the start of 2024. Last month, the Federal Deposit Insurance Corporation seized $4 billion in deposits and $6 billion in assets from Republic First Bank, a regional lender operating in the Northeast with significant commercial real estate holdings.

Others have echoed Sternlicht's warnings. Scott Rechler, RXR CEO, made a similar prediction earlier this year, saying he thinks there will be 500 fewer banks in the US by 2026 as many commercial real estate loans start to mature.

"Community banks are important to our fabric," Sternlicht told CNBC on Tuesday.

• President Joe Biden underlined his threat to Israeli Prime Minister Benjamin Netanyahu.
• The White House has warned Israel of what will happen if they launch a large invasion of Rafah.
• Biden said he would cut off Israel from offensive weapons if such an invasion occurred.

President Joe Biden on Wednesday underlined his warning to Israeli Prime Minister Benjamin Netanyahu if there's a large invasion of Rafah, vowing to cut the US ally off from offensive weapons.

"We're going to continue to make sure Israel is secure in terms of Iron Dome and their ability to respond to attacks that came out of the Middle East recently," Biden told CNN's Erin Burnett in an interview that will air later on Wednesday. "But it's, it's just wrong. We're not going to — we're not going to supply the weapons and artillery shells."

Israel has considered for weeks whether to launch a major invasion of Rafah, Gaza's southernmost city, where more than a million Palestinians have fled. Israel's military has confirmed that it has asked those there to leave parts of the city ahead of an operation. United Nations officials have warned that an invasion would lead to a humanitarian catastrophe.

According to the Associated Press, Israeli tanks have already entered Rafah. Biden characterized the current level of Israeli involvement as short of the attacks on "population centers" that would spark his ire.

Biden has reaffirmed the US' long-standing commitment to Israel's security, but he has expressed consternation over how Netanyahu and his war cabinet have led the war against Hamas since the terrorist organization's October 7 attacks.

In a stunning admission, Biden said that US-provided weapons had been used to kill civilians. The health ministry in Gaza has said more than 34,000 Palestinians have been killed during the war.

"Civilians have been killed in Gaza as a consequence of those bombs and other ways in which they go after population centers," Biden said.

Already, the Biden administration has paused 3,500 bombs to Israel. Republicans in Congress, led by House Speaker Mike Johnson and Senate Minority Leader Mitch McConnell, have slammed that move. Biden is also facing immense political pressure on the left as protests on college campuses throughout the nation challenge his support for Israel.

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• You can significantly reduce your shopping bill by redeeming credit card points on Amazon.
• Many popular currencies participate, such as Chase Ultimate Rewards® and Amex Membership Rewards.
• We don't usually recommend using points this way because they can be worth much more for travel.
• Read Business Insider's guide to the best rewards credit cards.

Introduction to using credit card points on Amazon

Amazon makes it simple to redeem many rewards currencies from the best credit cards at checkout to offset your balance. We almost never recommend using your points this way, but it can make sense for you if you don't plan to travel in the near future.

Redeeming credit card points on Amazon can also a good strategy if you have a small points balance you won't otherwise use. And it can make Amazon Prime Day deals even sweeter if you use points to discount or pay for your purchase.

Here's everything you need to know about the benefits of using points for Amazon purchases.

Eligible credit cards for Amazon points use

Participating credit card programs

Multiple credit card programs allow customers to pay for Amazon purchases using their rewards. The full list is below: 

Linking your card to Amazon

While each of the programs listed below has its own points system, linking your rewards card to Amazon is the same process across the board. Here's a step-by-step guide to account linking.

After logging into your account on Amazon, click on "Accounts & Lists" under your name at the top-right corner of the page. Once that page opens up, navigate to the "Your Payments" section toward the bottom left of the page. 

From there, scroll down the sidebar of your wallet until you find the "Add a payment method" button. Follow the prompts to add your rewards credit card. Once that's done, you can check your points balance on the Shop with Points account page to monitor your rewards programs. This is also the page you'll use to ensure that your account is not set up to pay with points by default. 

Use Chase Points on Amazon

When you redeem Chase Ultimate Rewards points with Amazon, you'll receive a value of 0.8 cents per point. Still, if you plan to use your points through Amazon, your best bet is to simply make your purchase with an eligible Chase card and then redeem your points for a statement credit later at a rate of 1 cent each.

You'll earn points this way, and you'll get the purchase protection included with Chase credit cards. 

Cards that earn Chase Ultimate Rewards include:

• Chase Sapphire Preferred® Card — 75,000 bonus points after you spend $4,000 on purchases in the first three months from account opening
• Chase Sapphire Reserve® — 75,000 bonus points after you spend $4,000 on purchases in the first three months from account opening
• Ink Business Preferred® Credit Card — 100,000 bonus points after spending $8,000 on purchases in the first three months from account opening

To link your Chase Ultimate Rewards account with Amazon, click here. You'll then simply log in to your Amazon account, link your Chase card, and apply your Ultimate Rewards points at checkout.

Use Amex Points on Amazon

American Express Membership Rewards offers a very low redemption rate of 0.7 cents each for Amazon purchases — and the points value when redeeming for statement credits is even lower. If you want to make purchases with your Amex points, consider using them to purchase an American Express gift card at a rate of 1 cent per point, and then use those gift cards to buy your items.

You can earn Amex Membership Rewards points by opening and swiping cards like:

• The Platinum Card® from American Express — 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new card in your first six months of card membership
• American Express® Gold Card — 60,000 Membership Rewards® points after spending $6,000 on purchases on the card in the first six months of card membership
• The Business Platinum Card® from American Express — 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the card within the first three months of card membership

You can link your Amex Membership Rewards account with Amazon by clicking here. You'll log in to your Amazon account, link your eligible American Express card, and choose to apply your points to your order at checkout.

Use Citi ThankYou Points on Amazon

Per Business Insider's estimations, you'll receive just half of the average Citi ThankYou points value when redeeming your rewards for shopping with Amazon. This is not the currency to collect if you intend to regularly use your points for online shopping.

Citi issues credit cards like the Citi® Double Cash Card and Citi Custom Cash℠ Card which earn Citi ThankYou points you can use for travel, cash back, and more. Earning rewards on one of these cards and redeeming them for cash is your best route if you intend to use them for online shopping.

Other Citi credit cards that earn ThankYou points include:

• Citi Premier® Card — 60,000 bonus ThankYou® points after you spend $4,000 in purchases within the first three months of account opening
• Citi Rewards+® Card — 20,000 bonus points after spending $1,500 in the first three months of account opening
• Citi Prestige® Card (not available to new applicants)

Click here to link your Citi ThankYou account to Amazon. Then just select your Citi ThankYou card as your payment method and choose to pay with points

Use Capital One Miles on Amazon

Again, Capital One miles are best used for travel — not for Amazon purchases. You'll receive less than half the average points value by redeeming them for shopping — a meager 0.8 cents each.

Similar to Citi ThankYou points, Capital One issues cash-back cards, the rewards of which can be converted into Capital One miles — as long as you have a qualifying Capital One miles-earning card. Examples include the Capital One Savor Cash Rewards Credit Card† and Capital One SavorOne Cash Rewards Credit Card.

Capital One credit cards that earn miles directly include:

• Capital One Venture Rewards Credit Card — 75,000 miles after spending $4,000 on purchases within three months from account opening
• Capital One Venture X Rewards Credit Card — 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening, 
• Capital One Spark Miles for Business† — 50,000 miles once you spend $4,500 on purchases within the first three months from account opening

You can link your Capital One miles account to Amazon by clicking here. After you enroll your qualifying Capital One card, you'll see the option to pay with Capital One miles at checkout.

Use Discover Rewards on Amazon

Whether you collect cash back with the Discover it® Cash Back or miles with the Discover it® Miles, you can redeem them directly through Amazon to pay for all or part of your cart.

All Discover rewards are worth 1 cent each, whether you spend through Amazon or redeem for cash. Therefore, it's more beneficial for you to make your purchase with the card and later request a statement credit instead of using your rewards for the purchase.

This ensures you'll earn rewards for your purchase — which is especially handy if you have the Discover it® Cash Back, as its rotating bonus categories sometimes include Amazon purchases (from April 1 to June 30, 2024, you can earn 5% cash back at gas stations & electric vehicle charging stations, home improvement stores, and public transit on up to $1,500 in purchases after enrollment, then 1%).

Discover credit cards that earn rewards include:

• Discover it® Miles
• Discover it® Cash Back
• Discover it® Student Cash Back
• Discover it® Chrome

Click here to link your Discover Rewards with Amazon and then select Discover as the payment method at checkout. You'll see the option to apply your cash back at that point.

Use Hilton Points on Amazon

You'd be hard-pressed to find a currency easier to earn than Hilton points. For example, The Hilton Honors American Express Business Card currently offers a welcome bonus of 175,000 Hilton Honors bonus points after you spend $8,000 in purchases on the card within the first six months of card membership (offer ends 06/05/24).

You'll even get 5x points on the first $100,000 spent on other purchases outside of eligible Hilton purchases each calendar year (then 3x points). 

However, the redemption rate of 0.2 cents per point means you'll get a return of as little as 0.6% back on purchases. If you intend to use Hilton points to shop on Amazon, make a cash-back credit card your daily driver, instead.

Other Hilton credit cards include:

• Hilton Honors American Express Aspire Card — 150,000 Hilton Honors bonus points after you spend $6,000 in purchases on the card within your first six months of card membership
• Hilton Honors American Express Surpass® Card — 130,000 Hilton Honors bonus points after you spend $3,000 in purchases on the card within your first six months of card membership
• Hilton Honors American Express Card — 80,000 Hilton Honors bonus points after you spend $2,000 in purchases on the card in the first six months of card membership

Use Marriott Points on Amazon

You can't use your Marriott points directly on the Amazon website as you can with the previous rewards currencies. However, if you navigate to Marriott Shop With Points, you can purchase an Amazon gift card with your points at the following rates:

• $25 gift card — 10,000 points
• $50 gift card — 17,500 points
• $100 gift card — 30,000 points

In other words, the most value you'll get by using your points with Amazon is 0.33 cents each — less than half the average value you'll receive by using your points for travel.

You can earn points directly with the following Marriott Bonvoy credit cards:

• Marriott Bonvoy Brilliant® American Express® Card — 95,000 Marriott Bonvoy bonus points after you use your new card to make $6,000 in purchases within the first six months of card membership
• Marriott Bonvoy Business® American Express® Card — three Free Night Awards, each with a redemption level of up to 50,000 points, after you use your new card to make $6,000 in eligible purchases within the first six months of card membership
• Marriott Bonvoy Bevy™ American Express® Card — 85,000 Marriott Bonvoy bonus points after you use your new card to make $5,000 in purchases within the first six months of card membership
• Marriott Bonvoy Bold® Credit Card — 30,000 bonus points after you spend $1,000 on purchases in the first three months from account opening
• Marriott Bonvoy Boundless® Credit Card — 5 Free Night Awards (each night valued up to 50,000 points) after you spend $3,000 on purchases in your first three months from your account opening
• Marriott Bonvoy Bountiful™ Card — 85,000 bonus points after you spend $4,000 in purchases in your first three months from your account opening

Use Bilt Points on Amazon

You can use Bilt Points directly through the Amazon website after enrolling your Bilt Mastercard® on Shop with Points. Then, when you checkout on Amazon, select the Bilt credit card and choose the number of points you'd like to apply to your order. 

You'll only get around 0.7 cents per point when you redeem on Amazon, which isn't the best rate but better than some of the other options on this list. However, you'll get the most value out of your reward points when you transfer to airline and hotel partners. 

Click here to enroll your Bilt Mastercard® with Amazon. 

Use U.S. Bank Rewards at Amazon

It's easy to redeem U.S. Bank rewards through Amazon.com checkout, and you'll get a solid 1:1 rate. So if you have an eligible U.S. Bank card, and are looking to redeem rewards for Amazon purchases, you'll get a fair value. However, redeeming for travel through the U.S. Bank portal is still a more valuable redemption option. 

That said, if your main objective is to redeem on Amazon anyway, you might as well get a cash-back card versus a points-earning card. The best U.S. Bank card option in this instance is the U.S. Bank Shopper Cash Rewards™ Visa Signature® Card, which can earn you 6% cash back at Amazon (when selected as one of two retail brand earning categories).  

You can earn U.S. Bank rewards on the following cards: 

• U.S. Bank Altitude® Connect Visa Signature® Card — 50,000 points after spending $2,000 in eligible purchases within the first 120 days from account opening
• U.S. Bank Altitude® Go Visa Signature® Card — 20,000 bonus points after spending $1,000 in the first 90 days of account opening
• U.S. Bank Altitude® Reserve Visa Infinite® Card — 50,000 points after you spend $4,500 on purchases in the first 90 days of account opening
• U.S. Bank FlexPerks® Gold American Express® Card — 30,000 bonus FlexPoints after spending $2,000 in eligible purchases on the card in the first four months from account opening
• U.S. Bank Business Leverage® Visa Signature® Card — $750 in rewards when you spend $7,500 in eligible purchases on the card within the first 120 days of account opening
• U.S. Bank Business Triple Cash Rewards World Elite Mastercard® — $500 cash back after spending $4,500 on purchases on the account holder's card in the first 150 days of opening your account

Click here to enroll your card with Shop with Points.

Use Bank of America Unlimited Cash Rewards at Amazon

The Bank of America® Unlimited Cash Rewards Credit Card is one of Business Insider's picks for the best Bank of America credit cards, and the only Bank of America credit card eligible to be enrolled in Shop with Points. It has a no-frills cash-back program that offers a value of 1 cent per point. 

It's a no-annual-fee card and earns unlimited 1.5% cash back on all purchases. New cardholders can earn $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening. 

Once your card is enrolled with Shop with Points, you'll be able to view your eligible Bank of America point balance. 

Click here to enroll your Bank of America® Unlimited Cash Rewards Credit Card with Shop with Points.

How to apply points to Amazon purchases

Once your rewards card has been linked to Amazon, you can apply points at check-out quite easily.

Redeeming points at checkout

First, navigate to your shopping cart page and click "Proceed to checkout." Under the "Payment method" section, select your rewards credit card if it isn't the default form of payment designated in your account. When you look through the list of connected credit and debit cards, you'll see eligible rewards cards with the value of your points in Amazon credit listed below them. 

Adjusting points used for each purchase

Select the card you want to use, then use the text field to enter the number of points you want to use toward your total balance. If you're participating in one of Amazon's frequent promotions for American Express Membership Rewards or Chase Ultimate Rewards, you can often trigger your discount or promotional cash back by paying with a single point. 

Maximizing the value of points on Amazon

As mentioned several times, you'll rarely get good value from using your points on Amazon purchases. There are a few exceptions, such as when Amazon offers a generous discount or cash back from using a small number of points toward your purchases. 

The best way to determine the value of your points is by comparing them against Business Insider's valuations. Our credit card experts have carefully calculated the value of each rewards system so you can tell if you're getting a good, mediocre, or poor deal on your exchange. 

Conclusion

There are several options for smart shopping with credit card points on Amazon. Just keep an eye on each transaction to ensure that you're getting the best value. And at all costs, make sure you don't end up paying for your entire purchase with points by default. 

Shop With Points at Amazon frequently asked questions

Which credit cards allow you to use points on Amazon?

Many major credit cards with rewards programs, such as those from American Express, Chase, and Citi, allow you to use points for Amazon purchases.

How do I link my credit card rewards account to Amazon?

From your account on the Amazon website, navigate to "Accounts & Lists", then "My Payments", and follow the prompts to connect your credit card. An eligible card with convertible points will automatically offer the option to pay with points at checkout. You can choose how many points to use. 

Can I use points to cover the entire purchase amount on Amazon?

Yes, you can use points to cover the full cost of eligible purchases, or use a combination of points and another payment method.

Is it always a good value to use credit card points on Amazon?

The value of using points on Amazon can vary. It's important to compare the redemption value of using points on Amazon to other redemption options available through your credit card rewards program.

Can I use points for all items on Amazon?

Most items sold directly by Amazon and fulfilled by Amazon are eligible for purchase with points, but there may be restrictions on some products or categories.

Is Amazon Shop With Points a good deal?

Paying with points at Amazon is almost never as good a deal as other redemptions. You won't receive outsized value for your rewards, and the return rate you'll get is significantly below what you can expect if you use them for travel. A big exception is the aforementioned promotions that offer a significant discount for using just a single point.

What's the best card for shopping on Amazon?

The best credit card for shopping on Amazon depends on the types of rewards you want to earn. For many folks, it's better to focus on cash-back credit cards where your rewards will go further towards offsetting your cart. The best credit cards for Amazon purchases include the Prime Visa, Citi® Double Cash Card, and Blue Cash Everyday® Card from American Express.

How do I find discount promotions for using points at Amazon?

Amazon promotional discounts for shopping with points usually come to your email. You can also search online for discounts using a specific rewards currency. These offers are usually targeted, so if you haven't received an email with a link to enroll, you may be out of luck.

• MTG's bid to oust Speaker Mike Johnson failed, thanks in large part to Democrats.
• Democratic leadership previously said they would oppose her effort in order to avoid chaos.
• Nonetheless, plenty of Democrats — mostly progressives — did not vote to save Johnson.

House Speaker Mike Johnson survived an effort to oust him from the speaker's chair — thanks in large part to the support of House Democrats.

On Wednesday, the House voted to table Rep. Marjorie Taylor Greene's motion to vacate, with a majority of Republicans and Democrats voting in favor.

Overall, the vote tally was 359-43, with seven Democrats voting "present."

The vote came as something of a surprise — Greene had seemingly backed off from the threat on Tuesday, only to make a surprise bid to oust Johnson on Thursday.

Greene's effort had long been expected to fail after House Democratic leaders announced that they would vote to table her motion to vacate.

While most Democrats sided with their leadership, several of them did not, arguing that Johnson's brand of politics should not be affirmed and that their party should have extracted more concessions in exchange.

"It's important to send a very clear message that Mike Johnson is an extremist," Rep. Alexandria Ocasio-Cortez of New York told reporters on Tuesday. "This is not a decision that is just an easy giveaway."

It is unclear whether Greene will continue to force votes on ousting Johnson.

This story will be updated with a full list when it becomes available via the House Clerk.

• Marjorie Taylor Greene's effort to oust Speaker Mike Johnson has officially failed.
• But 11 House Republicans voted to at least allow debate on the matter.
• Most lawmakers who voted with Greene were Democrats who are opposed to Johnson's politics.

Rep. Marjorie Taylor Greene's effort to boot Speaker Mike Johnson has officially failed after the House voted by a 359-43 margin to table the Georgia Republican's motion to vacate on Wednesday.

Several Republicans sided with Greene, voting against a procedural vote to table her motion. Basically, they voted to allow a debate on Greene's effort rather than simply quashing it.

Just two other Republicans — Reps. Thomas Massie of Kentucky and Paul Gosar of Arizona — officially cosponsored her resolution.

Seven Democrats voted "present."

Greene's move was somewhat of a surprise, with the congresswoman forcing the vote just one day after seemingly backing off of her threat.

The far-right congresswoman's effort was long expected to fail, given Democratic leaders' decision to vote to table the motion. Several Democrats voted with Greene or voted "present," citing their opposition to Johnson's politics and their belief that Democrats should have asked for more in exchange for their votes.

"I'm not going to support MTG's silliness, but I don't want to support the most homophobic speaker in American history," Democratic Rep. Mark Pocan previously told BI, referencing Johnson's opposition to LGBTQ+ rights.

It remains unclear whether Greene will continue to force votes on ousting Johnson.

Here are the 11 House Republicans who voted to advance the effort to oust Johnson:

• Andy Biggs of Arizona
• Eric Burlison of Missouri
• Eli Crane of Arizona
• Warren Davidson of Ohio
• Marjorie Taylor Greene of Georgia
• Paul Gosar of Arizona
• Thomas Massie of Kentucky
• Alex Mooney of West Virginia
• Barry Moore of Alabama
• Chip Roy of Texas
• Victoria Spartz of Indiana