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Starwood Preferred Guest (SPG) points are considered by TPG to be the most valuable loyalty rewards currency, but there are occasions when it might make sense to move your points to a different program. In addition to the great redemption rates at hotel properties and the SPG Moments program, you can transfer to a whopping 32 airline partners, further enhancing the value of an SPG point.

Generally, SPG points transfer at a 1:1 ratio to most programs, and if you transfer 20,000 in one go, you get 25,000 airline miles. Now, American Airlines is offering an additional 20% bonus that stacks on top of the extra 5,000 mile bonus you get for transferring 20,000 points. With the new bonus, 20,000 SPG points become 30,000 AAdvantage miles, effectively a fantastic 1:1.5 transfer ratio.

TPG currently values SPG points at 2.4 cents and AAdvantage miles at 1.7 cents — so by transferring 20,000 points, you get 2.55 cents of value out of each SPG point. You do lose flexibility though, as transfers are not reversible, so be sure to consider your future redemption plans before speculatively transferring points.

SPG is currently the only major transferrable rewards program that offers the ability to transfer to AAdvantage. If you need to top off your SPG account, you can get the Starwood Preferred Guest Credit Card from American Express with a bonus of 25,000 points after spending $3,000 within three months of account opening.

The bonus promotional period runs from July 1 through August 7, 2015, and there’s no limit to the number of times you can transfer points.

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