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Transferable points currencies are a great way to maximize credit card rewards for travel. The currency's value propositions and details are always changing. Every once in a while, I like to look at the big picture of transferable point currencies.
This post will share my thoughts about the major transferable points currencies Amex membership rewards, Chase Ultimate Rewards and Citi ThankYou. You will also find my thoughts on what I like and what I don't like about each of the points currencies.
Let me begin by noting that although there is some overlap between the four programs, often the differences are subtle. Take, for example:
All four programs are partners with Air France KLM Flying Blue, Emirates Skywards and Singapore Airlines KrisFlyer.
Three programs are partners with Air Canada Aeroplan. Cathay Pacific Asia Miles. Etihad Guest. And JetBlue TrueBlue.
There are more and more overlaps in transfer partners. This is both a blessing as well as a curse.
Let me now share my feelings about these programs.
American Express Membership Rewards
These are the 19 Amex Membership Reward transfer partners, which include 16 airline partners as well as three hotel partners.
Airline Partners Hotel Partners Aer Lingus AerClub Choice Privileges Aeromexico Club Premier Hilton Honors Air Canada Aeroplan Marriott Bonvoy Air France–KLM Flying Blue ANA Mileage Club Avianca LifeMiles Cathay Pacific Asia Miles Delta SkyMiles Emirates Skywards Etihad Guest Hawaiian Airlines HawaiianMiles Iberia Plus, JetBlue TrueBlue Qantas Frequent Flyer Singapore Airlines KrisFlyer Virgin Atlantic Flying Club American Express Member Rewards Transfer partners
These are my favorite things about Amex points
Amex Membership Rewards has the highest number of transfer partners among these four programs.
Amex offers the best transfer bonuses of all four programs. This can help you maximize your points' value.
Amex points: Things I don't love
Amex is the only program that allows you to transfer points to a US-based frequent flyer programme. This isn't a big deal but it is something that other programs don't allow.
Amex allows you to transfer points to frequent flyer accounts only in the name and authorization of the primary cardmember (and they must be present on your account for at most 90 days). You can't gift points to anyone, not even a spouse.
Transferring Amex points is where I see value
All Nippon Airways Mileage Club, a transfer partner with very low redemption values, is unique. However, bookings can be slow and transfers may not occur immediately.
Air Canada Aeroplan has a great transfer partner. This is especially true for award tickets on partner airlines that have stopovers. However, this was only available to Amex.
Air France-KLM Flying Blue is a useful service. I would like to transfer points with a bonus.
British Airways Executive Club is a valuable option for short-haul awards, especially when you have transfer bonuses
Etihad Guest offers some amazing niche redemptions
Singapore KrisFlyer is still a great program to redeem premium cabins on Singapore Airlines. All four partner programs are also part of the program. There are virtually no transfer bonuses from any program, so you can transfer from any one of the four programs.
Virgin Atlantic Flying Club offers some amazing niche redemptions, especially when combined with a transfer bonus
Transfer Amex points to Virgin Atlantic, for travel in ANA First Class
Transferring Amex points is where I see less value
Delta SkyMiles was an important program back then, but it is now almost inoperable for transfers
Amex points: Which cards are the best?
American Express offers many great cards. However, I believe the following are the best to earn Membership Rewards points:
Chase Ultimate Rewards
These are the 14 Chase Ultimate Reward transfer partners, which include 11 airline partners as well as three hotel partners.
Airline Partners Hotel Partner Aer Lingus AerClub IHG Reward Air Canada Aeroplan Marriott Bonvoy Air France–KLM Flying Blue World of Hyatt British Airways Executive Club Emirates Skywards Iberia Plus JetBlue TrueBlue Singapore KrisFlyer Southwest Swift Rewards United MileagePlus Virgin Atlantic Flying Club Chase Ultimate Reward transfer partners
Chase points: What I love about Chase points
Chase Ultimate Rewards is the only hotel transfer partner of all the transferable points currencies. This means that transferring points into World of Hyatt can be a great deal unlike other hotel transfer options.
Transferring points to Chase partners is free of charge
Chase allows you to transfer points to members of your family, even if they are not authorized users on any of your cards
Chase allows you to redeem Ultimate Rewards points in a cost-effective ratio towards a travel order (if you have Sapphire Reserve, points may be redeemed at 1.5 cents per for a travel purchase).
Chase points: Things I don't love
Chase has not had any transfer bonuses in the past, unlike Citi, Capital One and American Express. However, this has changed over time as we have started to see bonuses.
Chase does not have as many transfer partners than other programs. Chase has 11 airline partners but three overlap with Chase (Aer Lingus British Airways and Iberia). So Chase is only nine airline partners.
Transferring Chase points is where I see value
World of Hyatt is where I see the greatest value. World of Hyatt can be so lucrative and you have easy access to points that can be used for Hyatt stays.
Singapore KrisFlyer is still a great program to redeem premium cabins on Singapore Airlines. All programs are partners with KrisFlyer. There are almost no transfer bonuses from any programs so you can transfer from any four currencies.
I am thrilled that Air Canada Aeroplan was added as an Ultimate Reward transfer partner in this year's, and we can also expect a new cobranded credit card soon
Transfer Chase points to Hyatt so you can stay in some amazing hotels
Transferring Chase points is where I see less value
IHG Rewards and Marriott Bonvoy don't make good transfer partners due to the 1:1 ratio. Their points are not worth as much.
Chase lost Korean Air SkyPass in 2018 as a transfer partnership. This was a big loss because SkyPass was, in my opinion, the most valuable transfer partner Chase had.
United MileagePlus has seen its value plummet so much in recent years, that it is no longer practical to transfer Ultimate Rewards points into MileagePlus.
Chase points: Best cards to earn Chase points
There are many great Chase cards. However, I believe the best way to earn Ultimate Rewards points is the following:
Citi ThankYou Rewards
These are the 14 Citi ThankYou transfer partner airlines:
Airline Partners Hotel Partners Aeromexico Club Premium N/A Air France–KLM FlyingBlue Avianca LifeMiles Cathay Pacific Asia Miles Etihad Gast EVA Air Infinity MileageLands jetBlue TrueBlue Malaysia Airlines Enrich Qantas Frequent Flyer Qatar Airways Privilege Club Singapore Airlines KrisFlyer Thai Airways Royal Orchid Plus Turkish Airlines Miles&Smiles Virgin Atlantic Flying Club Citi ThankYou transfer Partners
Citi points: Things I love
In recent years, Citi has added a number of transfer partners
Transferring points to partner programs is free of charge for Citi
Citi allows you to transfer up to 100,000 points per annum to any ThankYou member. It doesn't even need to be a member in your household.
Citi offers transfer bonuses at times, which can help you maximize your points' value (but we haven't seen many of them during the pandemic).
Citi has recently added American AAdvantage to its temporary transfer partners. However, this is valid until November 13, 2021. I'm curious to see if the extension gets extended.
Citi points: Things I don't love
Citi does not have any hotel partners
Citi points can be transferred to other cards or to another card. The points will expire 60 days after they are transferred.
Transferring Citi points is where I see value
Air France-KLM Flying Blue is a useful service. I would like to transfer points with a bonus.
Avianca LifeMiles offers great value when redeeming Star Alliance carrier tickets; although LifeMiles may not always have access all Star Alliance award space for redemptions, I still find a lot with this program.
Turkish Miles&Smiles has a great redemption value. It can be used for domestic redemptions on United and transatlantic redemptions on Turkish. The catch is that booking through Turkish can be difficult.
Cathay Pacific Asia Miles may not be my favorite program but it is my best choice for booking Cathay Pacific long haul Cathay Pacific first-class awards.
Etihad Guest offers some amazing niche redemptions and we have seen some transfer bonuses in past years
Qantas Frequent Flyer can be a very useful program, especially when it comes to redemptions on non-alliance airlines. For example, Qantas is one of the best ways for you to book EL AL award tickets. Qantas also partners with airlines that I really like, such as Air Niugini.
Virgin Atlantic Flying Club offers some amazing niche redemptions, especially when combined with a transfer bonus
Transfer Citi points to LifeMiles in Lufthansa First Class Travel
Transferring Citi points is a better option than transferring Citi points.
Citis partners programs include those that are associated with great airlines but have a limited redemption value. These include EVA Air Infinity MileageLands, Qatar Privilege Club, etc.
Citi points: Best cards to earn them
Citi offers many great cards. However, I would say that the best way to earn ThankYou points is the following:
Capital One
These are 16 Capital One transfer partners. They include 14 airline partners and two hotel partners.
Airline Partners Hotel Partners Aeromexico Club Premier Accor Live Limitless (ALL) Air Canada Aeroplan Wyndham Rewards Air France-KLM Flying Blue Avianca Lifemiles British Airways Executive Club Cathay Pacific Asia Miles Emirates Skywards Etihad Guest EVA Air Infinity MileageLands Finnair Plus Qantas Frequent Flyer Singapore Airlines KrisFlyer TAP Air Portugal Miles&Go Turkish Airlines Miles&Smiles Capital One transfer partners
Capital One miles: Things I love
Capital One miles are not very important, but they will post to your account when your purchase posts. They do not post until the statement closes or the second statement closes.
Capital One does not charge any fees to transfer points to partner programs
Capital One allows you to transfer your Spark and Venture miles to any cardmember with the same card. This makes these points transferable easily
Capital One has significantly improved the value proposition for its mileage transfer program by adding new partners and improving the transfer ratio. A majority of the partners now offer 1:1 transfers
Capital One miles: Things I don't love
Capital Ones does not have any unique partners. All Capital Ones partners must be from at least one other program.
Capital Ones cards work well for everyday spending. However, I would like to see Capital One cards that offer bonus points in specific spending categories.
Transferring Capital One miles to places where I see value
Capital One is great for transfers to programs such as Air Canada Aeroplan and Air France-KLM Flying Blue. Avianca LifeMiles. Emirates Skywards. Singapore Airlines KrisFlyer.
Transfer Capital One miles to Flying Blue in exchange for redemptions in KLM Business Class
Transferring Capital One miles is a better option than transferring Capital One miles.
I used to believe that Capital One miles were worth one cent per for travel purchases. But with the ratio of mileage transfers being 1:1 to most programs, I prefer to convert Capital One miles into airline mile.
The best cards to earn Capital One miles
Capital One offers many great cards. However, I would recommend the following for earning Capital One Miles:
What are the transferable points worth to you?
This is my opinion on the pros and disadvantages of transferable points. But how much does each point really cost? Because we all have different redemption goals, people often disagree on which currency of transferable points is the most valuable.
If you are a Hyatt loyalty member, you will no doubt value Ultimate Rewards points. You can transfer points 1:1.
What is the value of transferable points? All four transferable points are valued at 1.7 cents per. Capital One miles were valued at significantly lower in the past, but transfers are now 1:1 to the vast majority of partners.
How would I prioritize Amex, Citi, Chase, Citi and Capital One points based on my redemption patterns? My prioritization of these currencies is influenced by many factors. But what is the tiebreaker?
So I can rebuild my bank account, I check which points currency I have the highest balance.
I consider my future travel plans and what currency would be most useful.
These are my general thoughts:
Chase points make me feel most relaxed, as I can use them to redeem 1.5 cents per expense. I also love the fact that World of Hyatt can be a transfer partner. This is an amazing partner that can offer incredible value.
Amex points are my second favorite currency. This is due to the variety of partners and the many transfer bonuses we receive.
Comfortable travel is possible by using transferable points
Do I underestimate the value of transferable points?
I have always believed that I have taken a conservative approach when valuing points. Transferable points are valued at two to three cents per point by others, which I find aggressive. However, I havent reduced my value of transferable points for years and I wonder if it is time.
One, I am quite comfortable with my valuations. We see a lot of transfer bonuses, even though some points currencies are being devalued.
However, you can now earn 2x transferable point per dollar with cards such as the Capital One Venture Card or Citi Double Cash Card. It makes me wonder if 3.4% is too steep.
It depends on whether you view points valuation in terms of acquisition cost or realistic redemption value. It would be great to hear your thoughts!
Spend everyday to earn up to 2x the transferable points
Bottom line
Transferable points currencies are a great way to maximize your points from credit card spending. These cards are often loaded with great bonus categories. Transferable points allow you to be flexible about how you redeem your points. They also hold their value very well.
What do you think the relative values of the four currencies are?
