Why transferable rewards are worth more than airline miles and hotel points

Transferable rewards currencies, such as American Express Membership Rewards points, Chase Ultimate Rewards points, Citi ThankYou Rewards points and Bilt Points, consistently rank as some of the most valuable rewards in our monthly valuations. What makes these rewards particularly valuable is their ability to be transferred to various airline and hotel programs.If you look at our valuations, you'll notice that transferable rewards are generally worth more than the airline miles and hotel points you can transfer them to. For example, you can transfer Chase Ultimate Rewards points to Virgin Atlantic Flying Club at a 1:1 ratio. But because our October 2026 valuations value Chase points at 2.05 cents each and Virgin points at 1.5 cents each, you might think you're losing 0.55 cents per point with this transfer.However, that doesn't mean you're actually losing value when you transfer points. These valuations are estimates, and the value you'll get from a specific redemption could be much higher or lower. So, here's why transferable points are worth more than other types of rewards.Protect against individual program devaluationsWith so many devaluations, it's no secret that points and mi...