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I got more than 5 cents per point thanks to this transfer bonus

Aug. 15, 2022
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4 min read
Air France 777's at The Gate at CDG
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At TPG, we talk a lot about redeeming your points for maximum value, but what does that mean?

Sure, we have a unique methodology to determine what points and miles are worth from month to month —and it’s fascinating, please check it out — but as someone who strives for the simplest way to do things, maximizing value isn’t always my top priority. This is especially true when the overall goal is to simply spend less cash on family trips.

But occasionally, I do get some incredible redemptions — like the one I recently snagged on Air France for next spring.

Here’s how I got 5 cents per point thanks to a transfer bonus from Capital One.

The trip

Photo of Positano on the Amalfi Coast.
(Photo by Kirk Fisher/Getty Images)

I recently wrote that I had miles stuck at Singapore Airlines KrisFlyer from our canceled trip to the Tokyo Olympics in 2020, and how I needed to redeem them before Singapore devalued its miles in July.

Long story short, my colleague Kyle Olsen let me know about a business-class, fifth-freedom route redemption from New York's John F. Kennedy International Airport (JFK) to Frankfurt International Airport (FRA) for 72,000 miles, which was perfect for a trip we're planning to take to Italy next year. I only needed to transfer another 100,000 American Express Membership Rewards points to have enough KrisFlyer miles for four tickets.

To round out the air itinerary of our trip, I took to Google Flights to see what my options were. Air France had a favorable itinerary from Milan Malpensa Airport (MXP) to San Francisco International Airport (SFO). However, the one-way tickets were over $800 each, meaning I would pay almost $3,200 for four economy tickets.

That simply wouldn’t do, despite the departure and arrival times being ideal for my family. So I decided to search for award space on Air France through Flying Blue to see if the same flight was available with miles. I was shocked at how inexpensive the same flights were with miles — just 120,000 Flying Blue miles for four economy tickets, or 30,000 Flying Blue miles per ticket. Taxes and fees were $554.48 total and less than the cash price for one ticket.

But I wasn’t quite ready to transfer my points, and was confident I had some time before I needed to book these flights.

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Related: How to redeem American Express Membership Rewards for maximum value

Taking advantage of the transfer bonus

Air France plane taking off from Lisbon airport
(Photo by Horacio Villalobos/Corbis/Getty Images)

My procrastination paid off.

That’s because, at the beginning of the month, we published this article announcing transfer bonuses, where I learned that Capital One had a 20% transfer bonus to Flying Blue and British Airways.

This was great because it meant I could save some of my miles. Imagine my shock when I logged back in to my account to ensure the flights I wanted were still there and saw that tickets were now just 70,000 miles for four economy tickets from MXP to SFO — that’s 17,500 miles each. With the 20% transfer bonus from Capital One, I only needed to transfer 59,000 Capital One miles to redeem these tickets.

Now, I know I said that I don’t spend much time worrying about getting the most out of my travel rewards so long as I’m saving cash. But even I knew that price was incredible — 14,750 miles per ticket. It turned out I’d be getting over 5.4 cents per mile instead of the 1.2 cents per mile that TPG values Flying Blue miles at. Not to mention, I saved over $3,000 by using my miles.

Related: Best ways to maximize Capital One miles

Bottom line

Transfer bonuses can be an important tool in your belt for getting more value from your points and miles.

I saved 20% off the cost of four deeply discounted one-way economy tickets from Milan to San Francisco thanks to a transfer bonus from Capital One to Flying Blue. At just 14,750 miles per ticket, or 59,000 Venture miles, I got over 5 cents per point in value and saved over $3,000.

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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  • 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.
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Apply for American Express® Gold Card
at American Express's secure site
Terms & restrictions apply. See rates & fees
Best for dining at restaurants

American Express® Gold Card

TPG Editor‘s Rating
4 / 5
Go to review

Rewards Rate

4XEarn 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.
4XEarn 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.
3XEarn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
2XEarn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
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  • Intro Offer

    As High As 100,000 points. Find Out Your Offer.

  • Annual Fee

    $325

  • Recommended Credit

    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.