Flexible points are the reason premium travel cards exist. Chase, Amex, Citi, Capital One and Bilt each run a currency you can move to airline and hotel partners, and where you send it decides what it is worth (see what points are worth). This guide compares the five as they stood in autumn 2026, and the changes that moved their value.
The five at a glance
| Currency | Earned by (examples) | Notable partners | Watch for |
|---|---|---|---|
| Chase Ultimate Rewards | Sapphire Preferred and Reserve; Freedom cards, which look like cash back | United, Air Canada Aeroplan, British Airways, Air France-KLM Flying Blue, Singapore, Virgin Atlantic, Hyatt | Hyatt on the Sapphire Preferred has moved to 4:3. Points Boost sets portal value |
| Amex Membership Rewards | Gold, Platinum | Air Canada Aeroplan, ANA, Avianca LifeMiles, Singapore, British Airways, Cathay Pacific | Cathay now 1:0.8. Only about 0.6 cents as cash on most cards |
| Citi ThankYou | Strata Premier and Elite; Double Cash and Custom Cash earn it too | American Airlines and EVA Air at 1:1, Cathay Pacific, Avianca, Singapore, Flying Blue, Virgin Atlantic, Japan Airlines (added September 2026, 1:1) | Transfers need a Strata Premier or Elite on the account. Cash-out is a fixed 1 cent a point |
| Capital One miles | Venture X | Japan Airlines at 1:0.75, Qatar at 1:1 | Some ratios are below 1:1, so the same miles buy less |
| Bilt | Bilt Blue, Obsidian, Palladium | Hyatt, Alaska, Japan Airlines, United, Amtrak (2:1), I Prefer (1:2) | Bilt Cash is a different currency and harder to use well |
Partner lists change often and long lists were cut here. Use a current chart before you plan around any one program.
What changed
Hotels deserve a separate note. Marriott Bonvoy points can be transferred to airlines at 3:1 with most programs, and Marriott adds 5,000 miles for every 60,000 points moved, so the effective ratio is 3 to 1.25. That is rarely a good trade next to the bank currencies.
Before you transfer anything
Start from a trip, not a balance
Pick the flight or hotel first, then find which program prices it best. Points moved for no reason lose their flexibility.
Check award space at the partner
Search the airline or hotel's own site before you transfer. Space you can see is not always space you can book with the partner's miles.
Compare with the cash price
Work out cents per point and compare it with the portal and with paying cash. Under 1 cent, pay cash.
Mind the ratio and the minimum
Read the ratio on the transfer page. Some programs move points in blocks, and an uneven balance can leave a few points stranded.
Allow for timing
Most airline transfers are fast, a few take days. Keep a margin if the seat is scarce.
If you are choosing a card to earn one of these currencies, see which US cards are worth getting in 2026. For the mechanics of booking, see booking award flights.
Questions people ask
Which currency is best for a beginner?
There is no single best one. The practical answer is the currency your everyday card already earns, because points you never have to chase cost nothing to collect. Learn that currency's two or three partners before adding another.
How long do transfers take?
Most airline transfers were reported as instant, with some taking one to three days and hotel transfers one to two days, but those timings come from older tables and change. Never transfer for a seat that is about to disappear until you have confirmed the timing.
What happened to the 1:1 ratio?
Many transfers are still 1:1, but there are exceptions and the exceptions are growing. Always read the ratio on the transfer page, not just the partner's name.
Sources
Written from these pages and checked against them on October 6, 2026. Programs and rules change, so check the provider’s current terms before you decide.
- US Credit Card Guide (further reading): Points to miles transfer chart (2026 updates)
- US Credit Card Guide (further reading): Summary of points transfer times
- US Credit Card Guide (further reading): Bilt points review
- US Credit Card Guide (further reading): Chase Sapphire Preferred review
- US Credit Card Guide (further reading): Citi Strata Premier review
General information, not financial, legal or travel advice. Your own card terms and the provider’s current rules always come first.