The five major US bank transferable-point currencies — Chase Ultimate Rewards, American Express Membership Rewards, Citi ThankYou, Capital One Rewards, and Bilt Rewards — each have different partner networks and different sweet spots. Most frequent travelers hold points in at least two of them. A few hold all five. Which ones deserve your spend depends less on the currency itself and more on the specific redemptions you'll use.
The transfer partner matrix
| Partner | Chase UR | Amex MR | Citi TY | Capital One | Bilt |
|---|---|---|---|---|---|
| Hotels | |||||
| World of Hyatt | 1:1 | — | — | — | 1:1 |
| Marriott Bonvoy | 1:1 | 1:1 | 1:1 (limited promos) | 1:2 (poor) | — |
| IHG One Rewards | 1:1 | — | — | 1:1 | — |
| Hilton Honors | — | 1:2 | — | 1:2 | — |
| Airlines | |||||
| Aeroplan | 1:1 | 1:1 | — | 1:1 | 1:1 |
| Virgin Atlantic | 1:1 | 1:1 | 1:1 | 1:1 | 1:1 |
| Flying Blue | 1:1 | 1:1 | 1:1 | 1:1 | 1:1 |
| Alaska Mileage Plan | — | — | — | — | 1:1 |
| United MileagePlus | 1:1 | — | — | — | — |
| American AAdvantage | — | — | 1:1 (limited promos) | — | 1:1 |
| ANA Mileage Club | — | 1:1 | — | — | — |
| British Airways Avios | 1:1 | 1:1 | — | 1:1 | 1:1 |
| Cathay Asia Miles | — | 1:1 | 1:1 | — | — |
| Singapore KrisFlyer | — | 1:1 | 1:1 | 1:1 | — |
| Emirates Skywards | — | 1:1 | 1:1 | — | — |
| Qatar Privilege Club | — | — | 1:1 | — | — |
Chase UR — the hotel points specialist
Chase Ultimate Rewards has the most consolidated partner network and the single best hotel transfer partner (Hyatt 1:1). For hotel-focused redemptions, Chase is the default.
Chase UR sweet spots
- UR → Hyatt 1:1 is the best transferable-point deal in US loyalty. Chase is the only US bank with this ratio. Hyatt's published chart and high cents-per-point make this transfer consistently deliver 1.5-2.3¢ value per UR.
- UR → United 1:1 for domestic and international award flights.
- UR → Aeroplan 1:1 for premium Star Alliance bookings.
- UR → British Airways Avios 1:1 for short-haul distance-based award bookings.
Chase UR card ecosystem
- Sapphire Preferred ($95 AF) — transfer access + 1.25¢/pt through Chase portal
- Sapphire Reserve ($550 AF) — 1.5¢/pt portal, Priority Pass, travel credits
- Freedom Unlimited ($0 AF) — 1.5x on everything, earns UR
- Ink Business Preferred ($95 AF) — 3x on shipping/internet/advertising
- Ink Business Cash ($0 AF) — 5x on office supplies, phone, internet
Amex MR — the international premium specialist
Amex Membership Rewards has the broadest airline partner network, including some partners unavailable elsewhere (ANA, Cathay Asia Miles). For transpacific premium cabin redemptions, Amex is usually the primary accrual target.
Amex MR sweet spots
- MR → ANA 1:1 — the only 1:1 US transfer to ANA. Essential for round-trip Star Alliance premium cabin bookings.
- MR → Virgin Atlantic 1:1 (plus frequent 30-40% transfer bonuses) — the primary MR-to-transpacific path.
- MR → Aeroplan 1:1 — for Star Alliance on North America-to-anywhere.
- MR → Cathay Asia Miles 1:1 — for Hong Kong-based routing.
- MR → Emirates 1:1 — for Emirates First on specific routes.
Amex MR card ecosystem
- Amex Gold ($325 AF) — 4x on dining and US groceries, 3x on flights
- Amex Platinum ($695 AF) — 5x on flights booked with Amex Travel, $200 airline credit, Priority Pass
- Amex Business Platinum ($695 AF) — 1.5x on $5k+ purchases, flexibility on transfer bonuses
- Blue Business Plus ($0 AF) — 2x on first $50k annual spend
Bilt Rewards — the quiet sleeper
Bilt launched in 2022 with a unique hook: you earn points by paying rent. In 2023-2024, Bilt expanded into restaurant and travel spending and added premium travel partners. In 2025-2026, Bilt quietly became the only US transferable-point currency that transfers to Alaska Mileage Plan 1:1.
Bilt sweet spots
- Bilt → Alaska 1:1 — unique. Opens every Alaska partner chart sweet spot (JAL First 75k, Cathay Business 50k, Starlux Business 65k).
- Bilt → American AAdvantage 1:1 — one of the few transferable partners with AA access.
- Bilt → World of Hyatt 1:1 — matches Chase UR on this partner.
- Bilt → Flying Blue, Virgin, Aeroplan, BA Avios — all at 1:1.
Bilt earning
Bilt Rewards has a unique earning structure:
- Pay rent on the Bilt Card (up to ~$100k/year) with no processing fee — earning 1 point per $1.
- 3x on dining, 2x on travel booked through Bilt Travel.
- Rent Day (first of each month): double points on non-rent purchases.
- No annual fee.
Citi ThankYou — the middle-East specialist
Citi ThankYou has niche relevance for Middle East and Asia partner bookings. Less popular than Chase or Amex, but specific sweet spots justify holding TY for some travelers.
Citi TY sweet spots
- TY → Qatar Privilege Club 1:1 — the primary path to Qatar QSuites (widely regarded as the best business-class product in the world).
- TY → Emirates Skywards 1:1 — Emirates First Class access.
- TY → Singapore Airlines KrisFlyer 1:1 — Singapore Suites / First Class.
- TY → Cathay Asia Miles 1:1 — matches Amex on this partner.
Citi TY card ecosystem
- Citi Strata Premier ($95 AF) — 10x hotels/airlines, strong travel insurance
- Citi Rewards+ ($0 AF) — round up earnings to nearest 10
- Citi Double Cash ($0 AF) — 2% back convertible to TY
Capital One — the "hold if you don't want to optimize"
Capital One Venture and Venture X earn Capital One Rewards that transfer to ~15 partners at mostly 1:1. The network doesn't include any uniquely valuable partners, but the breadth and simple earning structure make it the default for travelers who don't want to optimize by bank.
Capital One sweet spots
- Capital One → Aeroplan 1:1 — strong option.
- Capital One → Virgin Atlantic 1:1 — strong option.
- Capital One → Singapore KrisFlyer 1:1 — for Singapore Suites.
- Capital One → Flying Blue 1:1 — Promo Rewards accessibility.
- Straight cash redemption at 1¢/pt — safety net if transfer options don't fit.
Capital One card ecosystem
- Venture X ($395 AF) — 10k anniversary bonus + $300 Capital One Travel credit + Priority Pass
- Venture ($95 AF) — 2x on everything
- Spark Miles for Business ($95 AF) — 2x on all business spending
The recommendation matrix
| Traveler profile | Primary | Secondary |
|---|---|---|
| Hotel-focused, Hyatt-leaning | Chase UR | Amex MR (for hotel Cat backup) |
| Transpacific premium cabin | Amex MR | Bilt (Alaska) or Chase UR |
| Qatar QSuites or Emirates First | Citi TY | Amex MR |
| Simple earn-and-burn | Capital One Venture X | Anywhere |
| Renter + travel aspirations | Bilt | Chase UR or Amex MR |
The "hold all five" case
Serious optimizers hold cards from all five banks to access every transfer partner at will. Typical setup:
- Chase Sapphire Preferred or Reserve (for UR + Hyatt)
- Amex Gold + Platinum (for MR + Amex 5x categories)
- Citi Strata Premier (for TY + Qatar/Singapore/Emirates access)
- Capital One Venture X (for Capital One + general 2x)
- Bilt Card (for Alaska access + rent payment)
Combined annual fees: ~$1,500. Delivered value for a traveler with 60+ nights + 100k+ miles annually: typically $3,000-6,000. For low-volume travelers, dramatically over-engineered.
Power moves
- Time transfers around bonuses. Each bank runs 2-6 transfer promotions annually at 20-40% bonus rates. Never transfer without checking if a bonus is active.
- Chain transfers: bank → airline → partner. Amex MR → Flying Blue → Virgin Atlantic can unlock Virgin awards that aren't directly accessible from Amex-to-Virgin bonus windows.
- Use Chase UR Hyatt transfer for cents-per-point floor. Even if your redemption is modest, UR → Hyatt at 1.5¢/pt minimum is your safety floor.
- Don't transfer to Marriott or Hilton. MR → Hilton at 1:2 is 0.5¢/pt — worse than cashing out MR at 1¢. UR → Marriott at 1:1 is 0.7¢ — also below cash value. Hotel programs are earn-direct, not transfer-to.
Common pitfalls
- Transferring points without verifying award availability first. All transfers are non-reversible.
- Chase 5/24 rule: 5 new credit card approvals from any issuer in 24 months disqualifies you from most Chase cards. Plan card acquisition with this in mind.
- Amex "once per lifetime" welcome bonus rule — you can only earn the sign-up bonus on a specific Amex product once ever. Sequence wisely.
- Letting Amex MR expire by closing all MR-earning cards. MR are tied to the cards that earn them; close the last card and MR disappear in 30 days.
- Bilt's rent-payment earning has specific requirements (minimum 5 posted transactions per month); easy to miss if you only use the card for rent.
FAQ
Which single card gives the best "first transferable currency" experience?
Chase Sapphire Preferred at $95 annual fee. Unlocks UR, Hyatt transfer, and 1.25¢/pt portal redemption. Simplest entry into the transferable-point ecosystem.
Is it worth holding multiple cards at the same bank?
Often yes. Chase Sapphire Preferred + Ink Business Preferred double the earning on travel + advertising spend. Amex Gold + Amex Platinum stack 4x groceries + 5x flights. Same-issuer stacking is common.
Are transfer bonuses getting rarer?
Roughly stable over the past 5 years. Amex runs frequent Virgin Atlantic bonuses. Chase runs occasional Aeroplan and Hyatt promotions. Citi runs Qatar and Singapore bonuses 2-3x annually. Watch issuer transfer promotion pages monthly.
Can I transfer between banks?
No. Chase UR cannot transfer to Amex MR or vice versa. Each bank's currency is siloed.
What's the single smartest "hold one, transfer strategically" play?
Chase UR + the Chase Sapphire Reserve. The UR-to-Hyatt pipeline at 1:1 is simultaneously the best value in US loyalty and the simplest mental model to operate. For travelers who don't want to optimize across five banks, this single pairing delivers most of the achievable value.
Last verified April 2026. Transfer ratios and partner availability change periodically — verify on the relevant bank's transfer page before initiating.