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 devaluations

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.

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If you have a large balance of points or miles in a single loyalty program, a significant devaluation could substantially reduce the value of your rewards. But transferable rewards can help protect you against devaluations in individual airline and hotel loyalty programs.

If one transfer partner increases its award rates, you may still get good value by transferring your rewards to another program. And because some airline and hotel programs partner with multiple transferable rewards currencies, you may have several ways to earn the points or miles you need for a particular redemption.

Of course, transferable rewards aren't immune to devaluations, either, as issuers can change transfer partners, transfer ratios and redemption options.

It's generally best to keep your rewards in a transferable currency until you've found an award you want to book. Most transfers to airline and hotel programs are irreversible, so you'll lose flexibility once you move your points or miles. Before transferring, confirm that the award you want is available and that you're happy with the redemption value.

Related: Credit card transfer partners: Guide to transferring points and miles to airlines and hotels

Flexibility to choose the best redemption

Transferable rewards also give you more flexibility than any single airline or hotel loyalty program.

For example, if you've been earning Delta SkyMiles on the Delta SkyMiles® Gold American Express Card, you'll need to redeem those miles through the SkyMiles program. Although you can redeem Delta Air Lines miles for flights operated by some partner airlines, you're still limited to the award pricing and availability that Delta offers.

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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 Club and Virgin Atlantic Flying Club — or redeem them through the Chase Travel℠ portal to book a paid flight.

Likewise, if you earn American Express Membership Rewards points with a card like the American Express® Gold Card, you can transfer your points to multiple airline and hotel loyalty programs instead of being limited to a single program.

Some transferable rewards programs also let you redeem points or miles for cash back, statement credits or other rewards, although these redemption options usually give you a lower redemption value.

Related: Travel to Europe using points and miles: How to redeem your rewards for flights

Transfer bonuses

Transferable rewards currencies routinely offer transfer bonuses that let you transfer your rewards at a better ratio. For example, if a program normally transfers at a 1:1 ratio, a 20% transfer bonus would let you convert 10,000 transferable points or miles into 12,000 airline miles or hotel points. That means you'd need fewer transferable points to book the same award.

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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. However, it's still important to compare award prices and availability before transferring, as a transfer bonus doesn't necessarily make a redemption worthwhile.

Bottom line

Transferable rewards are valuable because they give you options. Instead of being locked into a single airline or hotel loyalty program, you can compare award prices across multiple programs, take advantage of transfer bonuses and choose how to redeem your rewards when you're ready to book.

Although transferable rewards aren't immune to devaluations, their flexibility makes them some of the most valuable rewards you can earn.

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.