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

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.

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The trip

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.

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

Taking advantage of the transfer bonus

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.