New York City visitors and residents have a new way to pay for taxi rides. Membership Rewards has partnered with VeriFone and members can now redeem their points to pay their cab fare in New York City, where over 7,000 cabs are equipped with VeriFone in-taxi devices.

To pay with points, members can select to pay with credit on the Taxi TV screen, add a tip and swipe an eligible American Express card enrolled in the U.S. Membership Rewards program. If there are enough points available, the screen will display the amount of points required for payment and members can use their points or choose to decline the transaction and use another form of payment.

Bottom line: Points will only be worth a penny per point when redeeming for taxi rides.