Why transferable points and miles are worth more than other rewards
Editor's Note
If you're familiar with TPG's valuations, you'll notice transferable rewards currencies such as American Express Membership Rewards points and Chase Ultimate Rewards points consistently rank as some of the most valuable rewards.
You can earn these rewards with some of the best travel credit cards. But what makes these rewards particularly valuable is the ability to transfer them to various airline and hotel programs — hence why we refer to them as transferable rewards.
If you look at TPG's valuations, you'll notice you almost always "lose" value when transferring these rewards. For example, you can transfer Chase Ultimate Rewards points to World of Hyatt at a 1:1 ratio, but because our October 2024 valuations value Chase points at 2.05 cents each and Hyatt points at 1.7 cents each, you'd "lose" 0.35 cents per point with this transfer.
You might wonder why we value transferable rewards more than airline miles and hotel points. In this story, I'll discuss what makes transferable points valuable and why you should earn transferable points.
Diversify your exposure
With so many devaluations, it's no secret that points and miles are a poor long-term investment. That's why we don't recommend hoarding points and miles. But if you want to build a stash of rewards for an upcoming trip, one of the best ways to protect yourself against devaluations is by earning transferable rewards.
If you have a chunk of your points and miles in a single loyalty program, you will lose significantly if a devaluation occurs. But with transferable rewards, you can transfer to the program with the most appealing award rates once you're ready to book.
Related: Credit card transfer partners: Guide to transferring points and miles to airlines and hotels
Access to many hotel and airline programs
Transferable rewards also give you more flexibility than any single airline or hotel loyalty program.
For instance, if you've been accruing Delta SkyMiles on the Delta SkyMiles® Gold American Express Card, you're limited to redeeming your miles within the SkyMiles program. If you need to fly from New York City to London on a specific date and the flight is 100,000 Delta miles, that's your only redemption option.
On the other hand, if you've been earning Ultimate Rewards points with the Chase Sapphire Preferred® Card (see rates and fees), you could transfer your points to various programs — including Air France-KLM Flying Blue, British Airways Executive Club and Virgin Atlantic Flying Club — if you find a better award option. Likewise, if you found a one-way flight for $450, you could redeem 36,000 Chase points to book this flight through the Chase Travel℠ portal.
TPG's valuations give transferable rewards higher valuations than the currencies of the airline and hotel programs you could transfer to since transferable points allow for more flexibility.
Related: The best ways to travel to Europe using points and miles
Transfer bonuses
The major credit card rewards currencies routinely offer transfer bonuses. You can transfer your rewards at a better ratio with a transfer bonus. Normally, these range between 15% and 40%.
Depending on what's available when you're ready to book, a favorable transfer bonus may boost the value you can get from your transferable rewards. You might even get enough points or miles for premium economy seats if you transfer the rewards you'd typically need for economy seats during a transfer bonus.
Related: A complete list of transfer bonuses over the past decade — which issuer is the most generous?
Transferable points and miles
Now you know why transferable rewards are more valuable than airline miles and hotel points. Here's some information to consider about each of the major transferable rewards programs.
American Express Membership Rewards
- The complete guide to American Express Membership Rewards
- How to redeem American Express Membership Rewards for maximum value
- American Express Membership Rewards transfer partners: Maximize your points
Top cards to consider:
- The Platinum Card® from American Express
- American Express® Gold Card
- The Business Platinum Card® from American Express
- American Express® Business Gold Card
- The Blue Business® Plus Credit Card from American Express
Capital One miles
- Capital One miles: How to earn, redeem and transfer rewards
- Cashing in Capital One miles? How to get the maximum value when redeeming miles
- Ultimate guide to Capital One airline and hotel transfer partners: How to maximize your miles
Top cards to consider:
- Capital One Venture X Rewards Credit Card
- Capital One Venture Rewards Credit Card
- Capital One Venture X Business
- Capital One Spark Miles for Business
Chase Ultimate Rewards
- The complete guide to Chase Ultimate Rewards
- How to redeem Chase Ultimate Rewards points for maximum value
- Who are the Chase transfer partners? Everything to know
Top cards to consider:
- Chase Sapphire Reserve® (see rates and fees)
- Chase Sapphire Preferred® Card
- Ink Business Preferred® Credit Card (see rates and fees)
Citi ThankYou Rewards
- Citi ThankYou Rewards: The ultimate guide
- Best ways to redeem Citi ThankYou points
- Citi transfer partners: Maximize your ThankYou points with these loyalty programs
Top card to consider:
Related: The best credit card welcome bonuses this month
Bottom line
With transferable credit card rewards, you can convert your hard-earned rewards into points and miles with various hotel and airline loyalty programs. By doing so, you can avoid losing value when one hotel or airline program devalues its rewards. Plus, you can explore a vast network of partners and choose the one that offers the most value and benefits for each redemption instead of being limited to a single airline or hotel program.
TPG featured card
at American Express's secure site
Terms & restrictions apply. See rates & fees.
| 3X | Earn 3X Miles on Delta purchases. |
| 1X | Earn 1X Miles on all other eligible purchases. |
Pros
- Delta SkyClub access when flying Delta
- Annual companion ticket for travel on Delta (upon renewal)
- Ability to earn MQDs through spending
- Various statement credits for eligible purchases
Cons
- Steep annual fee of $650
- Other Delta cobranded cards offer superior earning categories
- Earn 100,000 Bonus Miles after you spend $6,000 or more in purchases with your new Card within the first 6 months of Card Membership and an additional 25,000 bonus miles after you make an additional $3,000 in purchases on the Card within your first 6 months, starting from the date that your account is opened. Offer Ends 04/01/2026.
- Delta SkyMiles® Reserve American Express Card Members receive 15 Visits per Medallion® Year to the Delta Sky Club® when flying Delta and can unlock an unlimited number of Visits after spending $75,000 in purchases on your Card in a calendar year. Plus, you’ll receive four One-Time Guest Passes each Medallion Year so you can share the experience with family and friends when traveling Delta together.
- Enjoy complimentary access to The Centurion® Lounge in the U.S. and select international locations (as set forth on the Centurion Lounge Website), Sidecar by The Centurion® Lounge in the U.S. (see the Centurion Lounge Website for more information on Sidecar by The Centurion® Lounge availability), and Escape Lounges when flying on a Delta flight booked with the Delta SkyMiles® Reserve American Express Card. § To access Sidecar by The Centurion® Lounge, Card Members must arrive within 90 minutes of their departing flight (including layovers). To access The Centurion® Lounge, Card Members must arrive within 3 hours of their departing flight. Effective July 8, 2026, during a layover, Card Members must arrive within 5 hours of the connecting flight.
- Receive $2,500 Medallion® Qualification Dollars with MQD Headstart each Medallion Qualification Year and earn $1 MQD for each $10 in purchases on your Delta SkyMiles® Reserve American Express Card with MQD Boost to get closer to Status next Medallion Year.
- Enjoy a Companion Certificate on a Delta First, Delta Comfort, or Delta Main round-trip flight to select destinations each year after renewal of your Card. The Companion Certificate requires payment of government-imposed taxes and fees of between $22 and $250 (for itineraries with up to four flight segments). Baggage charges and other restrictions apply. Delta Basic experiences are not eligible for this benefit.
- $240 Resy Credit: When you use your Delta SkyMiles® Reserve American Express Card for eligible purchases with U.S. Resy restaurants, you can earn up to $20 each month in statement credits. Enrollment required.
- $120 Rideshare Credit: Earn up to $10 back in statement credits each month after you use your Delta SkyMiles® Reserve American Express Card to pay for U.S. rideshare purchases with select providers. Enrollment required.
- Delta SkyMiles® Reserve American Express Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
- With your Delta SkyMiles® Reserve American Express Card, receive upgrade priority over others with the same Medallion tier, product and fare experience purchased, and Million Miler milestone when you fly with Delta.
- Earn 3X Miles on Delta purchases and earn 1X Miles on all other eligible purchases.
- No Foreign Transaction Fees. Enjoy international travel without additional fees on purchases made abroad.
- $650 Annual Fee.
- Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
- Terms Apply.
- See Rates & Fees