The Bakkt app has limited value, but it's still worth downloading — here's why
Even though it's been around for a few years, I hadn't heard of the Bakkt app until last week.
Primarily a platform that allows users to manage their digital assets (such as cryptocurrency), it didn't have a lot of tie-ins to the points and miles world. Recently, however, they've caught on to the fact that travel rewards are another type of digital asset, and added a few programs to their repertoire. Now you can use Bakkt to buy or spend select types of points like cash.
Like with all things in loyalty points, having the ability to redeem points in certain ways doesn't always result in a good value. And, admittedly, Bakkt's options aren't very good. Trading 100 hotel points only yields 35 cents, for example.
Still, Bakkt has piqued my interest and it's worth at least a cursory look. You may even decide that there's a specific, limited use where it works out in your favor.
Let's dig in a little.
What is Bakkt?
Bakkt is an app designed to help you aggregate, manage and spend digital assets in a single place. It's best known for its cryptocurrency management, but it also tracks and manages several rewards programs and gift cards.
Of note to travelers, Bakkt allows you to connect select travel rewards programs with your profile. If you wish, you can then convert those points to cash and redeem them for cryptocurrency, gift cards or cash. You can also buy points through the app to top off your account (similar to Points.com).
Bakkt also has options to connect to Apple Pay and Google Pay to let you pay for daily expenses more directly.
Bakkt loyalty partners
At the moment, Bakkt partners with 17 travel programs and is most heavily weighted toward hotels.
Airline and train partners: Alaska Airlines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways and Amtrak.
Hotel partners: Best Western, Caesars, Choice, Hilton, Hyatt, IHG, Marriott, MGM, Radisson, Red Lion, Red Roof Inn and Wyndham.
They also partner with several retail and dining partners (such as Starbucks and Office Depot Rewards) and most major credit card currencies.
Be aware that not all programs offer options to buy or convert points. After linking my Frontier Miles account, I learned that Bakkt will track that balance but there are no options to do anything with those points.
Linking loyalty accounts
Setting up your loyalty accounts in Bakkt is incredibly straightforward. Once you've downloaded the app, just click on "Rewards" on the home screen and it'll take you to a screen where you can "Add a Rewards Program". All you need to do is enter your member number and password and the accounts should be linked within a few minutes.
Easy points for new Bakkt users
Right now, Bakkt is offering free rewards to app users who link a Wyndham Rewards or Choice Privileges account for the first time.
Both offers look the same: You'll get 1,000 points (in the associated program) for successfully linking your account and another 2,000 points if you use the Bakkt app to convert points to cash. Here, Wyndham is by far the easier deal. You can convert just 100 Wyndham Rewards to cash but Choice has a minimum conversion of 8,000 points.
Assuming you participate in the Wyndham promo, you'll net 2,900 points for an easy win. Since Wyndham "go fast" awards (points plus cash) start at 1,500 points per night, you might be able to put those points to use even if you don't have a meaningful balance with Wyndham already. My bonus points posted instantly both within my Bakkt activity and online in my Wyndham account, so you can use them immediately if you have a redemption in mind.
The Choice promo isn't nearly as good since you have to convert 8,000 points to get the bonus. Ultimately you'd cash in a net 6,000 points for about $25 in value. I did, however, link my Choice account in hopes of earning the 1,000 miles in the first half of their promo. Unlike the Wyndham offer, points won't post for four to six weeks so I'll have to wait and see if I get any easy freebies. It's also possible that I won't get any points since the details mention "one offer per member." Does that mean one Choice offer or one loyalty offer of any type? It's still unclear.
You can get more details on the landing pages for either Wyndham or Choice.
Related: 16 ways to earn Wyndham Rewards points for your next redemption
Buying points with Bakkt
Bakkt does not allow you to buy all types of rewards points, but it does allow you to buy points with Wyndham Rewards. Presumably, more loyalty programs will be added in the future.
Buying points with Bakkt is easy and does not include any transaction fees. With Wyndham, the price through Bakkt was exactly the same as buying points directly (1,000 points cost $13). However, buying points directly with Wyndham means you're eligible for limited-time offers on your purchase. Right now, Wyndham is offering 40% bonus points on larger transactions, which makes buying directly a better deal.
As with all points purchases, buying points is rarely a good deal unless you're topping off your account for a specific, immediate redemption.
Related: You can currently buy points and miles at a 100% bonus — but should you?
Should you cash out points with Bakkt?
With Wyndham, you can cash out points for 0.35 cents each. A 15,000-point conversion (what you'd need for a midrange hotel redemption) would therefore yield $52.50. The option I got for Choice was even lower, at about 0.31 cents.
To be clear, you can get higher values by using your travel points for actual travel, even without seeking out specific properties or the "absolute" best redemptions. I wouldn't recommend you cash in all your points, even if you feel flush in rewards.
Bakkt may be better than nothing
Regardless, Bakkt is still an okay option in a few specific cases, boiling down to being better than nothing.
Wyndham Rewards points — much to my frustration — expire after three years, whether or not you've had any activity in the meantime. Because of this, I have a subset of points that will expire in March unless I redeem them beforehand.
Easy enough, but even if I find a Wyndham property that lines up with my intended destination, there's a good chance I'll have expiring points left over. My most likely scenario would be a 15,000-point redemption, which is the going rate for one night at a midrange property or two nights at a lower-tier property. That would awkwardly leave me with 4,307 points ... not enough for a free night but worth about $15 if converted via Bakkt.
Is $15 a lot? No, of course not. But it beats letting points expire and totally forfeiting their value.
Related: The ultimate guide to earning and redeeming Wyndham Rewards
Bottom line
If you have a Wyndham or Choice account, you should look into downloading the Bakkt app for this month's easy points promotion. You can earn 1,000 points (maybe more) in just a few minutes.
Beyond that, the travel portion of the Bakkt app still appears to be in its infancy. There are a few built-in features, but it's far from an all-encompassing solution at the moment. Sadly, even the features that do exist aren't particularly valuable given the purchase and conversion rates. Still, it's always nice to have another resource at your disposal and I think this will just be the beginning of what we see with Bakkt.
Feature photo by Tobias Arhelger/Shutterstock
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| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
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Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
Rewards Rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro Offer
You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.