This is not my redemption experience (I’m keeping my KAG in Kinesis), but user TrustingHorse shared his redemption experience in this thread on Reddit this week.
Fees: .45% (~$20) + $100 + $125 shipping. = ~$250
Calls to his local dealer indicated a $6 premium – $1,200 versus the $250 Kinesis charged. Premium with online retailers was closer to $400 at the time.
Kinesis is still likely the cheapest way to acquire physical, even for those who don’t want to store their metal with Kinesis.