Currencies
Transfer Partner Value Calculator
Transferring bank points to an airline or hotel program is irreversible, and on the published valuations most transfers destroy value. This shows what yours does — and the ratio it would have to hit to come out level — priced separately against every publisher that values both currencies.
The transferable currency leaving your account.
We do not check whether this transfer route exists — confirm it with your issuer.
What leaves the bank account.
1:1 → 1. 1:2 → 2. 4:3 → 0.75. 5:4 → 0.8. Look yours up — see below.
A promotional bonus on top of the standard ratio. Leave at 0 if there isn't one. It cannot move the break-even ratio — only how close you get to it.
50,000 × 1
50,000Delta SkyMiles points
Loses value by every publisher that values both — between 40.0% and 50.0%.
| Publisher | From | To | Break-even | Value change |
|---|---|---|---|---|
| CardRatings10 June 2026 | 2.20¢ | 1.10¢ | 1:2.00 | −50.0%−$550.00 |
| Upgraded Points1 July 2026 | 2.20¢ | 1.20¢ | 1:1.83 | −45.5%−$500.00 |
| The Points Guy1 July 2026 | 2.00¢ | 1.20¢ | 1:1.67 | −40.0%−$400.00 |
Break-even is the ratio at which this transfer would come out level — the partner points you would need per bank point. You are getting 1:1. Every figure above asks for more than that, which is what “loses value” means here: the bank point is valued for the choice it still represents, and spending that choice on this partner costs more than the partner returns.
Only publishers that value both currencies appear. Pairing one house's bank figure against another's partner figure would invent a comparison neither of them made.
A transfer is irreversible. Before moving anything, price the specific award with the cents-per-point calculator — a transfer that looks poor here can still be correct if it unlocks one particular booking, and that is the number that decides it.
Informational only, not professional advice. This tool performs arithmetic on a ratio you supply and on third-party published valuations. It does not know whether a transfer route exists, what your card's ratio actually is, whether award space is available, or whether a transfer suits your circumstances. Transfers are final.
Methodology
partner points = bank points × ratio × (1 + bonus) value if held = bank points × bank cents ÷ 100 value if moved = partner points × partner cents ÷ 100 break-even ratio = bank cents ÷ partner cents
The first three lines are unremarkable. The fourth is the one no transfer-partner page publishes, and it is the reason this tool exists: the break-even ratio is how many partner points you would need per bank point for the transfer to leave you no worse off. Set it beside the ratio your issuer is actually offering and the question stops being a matter of opinion.
Take the most common transfer in the market. Moving American Express Membership Rewards points to Delta SkyMiles at 1:1 needs a break-even of 1:1.67 on the most favourable published pairing and 1:2.00 on the least. You get 1:1. So the transfer gives up between 40.0% and 50.0% of the value you were holding, and every publisher that prices both currencies agrees on the direction.
Each publisher is paired only with itself
This is the accuracy rule the tool is built around. A row appears only when the same publisher values both the bank currency and the partner. Pricing The Points Guy's American Express Membership Rewardsfigure against CardRatings' Delta SkyMilesfigure would manufacture a comparison neither of them made, out of two methodologies that measure different things — and it would look like a single authoritative number while doing it. So the table shows fewer rows rather than invented ones, and where no publisher covers both currencies it declines to price the transfer at all. The valuation reference sets out who covers what, and why their figures differ.
The transfer ratio is an input, deliberately
Every other figure on this site is either yours or a published valuation we cite. The ratio is yours too, and that is a decision rather than an omission — there is no single correct value we could have stored. As of July 2026, Chase moves points to World of Hyatt at 1:1 for Sapphire Reserve cardholders and at 4:3 for Sapphire Preferred and Ink Business Preferred cardholders, and the change reached new applicants on 15 June 2026 while existing cardholders keep 1:1 until 1 October 2026. That is three different correct answers for one bank-and-partner pair, depending on which card you hold and when you were approved. Amex, meanwhile, ended Etihad Guest transfers outright on 30 June 2026.
The issuers publish current ratios only behind a login, so nothing here could be verified automatically either. A stored table would be wrong for a large share of users and undetectably stale for the rest. Looking your own ratio up takes a moment and is the only version of this that stays honest.
More points is not more value
The ratios that look generous are often the worst. American Express Membership Rewards transfers to Hilton Honorsat 1:2 — double the points — and still gives up about 55% of the value you held, because break-even on that pair is 1:4.40. A ratio only means something next to the two valuations it sits between, which is exactly what a bare “1:2” on a marketing page hides.
What this tool does not do
- It does not know whether the transfer route exists. You can select any bank and any partner in our reference table. Whether your issuer actually partners with that program, and at what ratio, is for you to confirm.
- It does not price your actual award. A transfer that reads badly on published valuations can still be the right move if it unlocks one specific booking. That is what the cents-per-point calculator is for, and it is the number that should decide an irreversible transfer.
- It ignores minimums, increments and fees. Programs impose transfer minimums and round to increments, some charge an excise tax offset, and some transfers take days rather than minutes. None of that is in this arithmetic.
- It treats a published valuation as the value of holding. For a transferable currency that figure is itself a judgement about optionality — how well the currency can be used across all its partners. Reasonable people put it lower or higher, which is precisely why every figure here carries a name and a date rather than standing alone.
Sources
- The Points Guy — points and miles valuations. Figures as of 1 July 2026. Refreshed monthly.
- CardRatings — points and miles valuations. Figures as of 10 June 2026. Updated periodically; no published schedule.
- Upgraded Points — points and miles valuations. Figures as of 1 July 2026. Refreshed monthly.
- The Points Guy — Chase Sapphire Preferred refresh, 10 June 2026. The World of Hyatt ratio change from 1:1 to 4:3, the cards affected and exempt, and the 15 June / 1 October 2026 effective dates — cited as the documented case for why the ratio is an input.
- Upgraded Points — Full list of Amex transfer partners, updated 23 July 2026. Source for the non-1:1 Amex ratios named above (Hilton Honors 1:2; Cathay Pacific and Emirates 5:4; JetBlue 1:0.8) and for Etihad Guest ending on 30 June 2026.
- On the ratio citations: these are secondary sources, and we log them as such. American Express and Chase publish current transfer ratios only to signed-in cardholders, so no automated check can verify them from the primary source — the same limitation we already record for American's earning rates. Treat every ratio in our prose as dated, and enter your own from your issuer.
Last reviewed: July 2026
Frequently asked questions
Why does the calculator say my 1:1 transfer loses value?
Because a transferable point is valued for the choice it represents, and most individual partners are worth less than that choice. Every publisher we track prices Amex, Chase, Citi, Capital One and Bilt points above almost every airline and hotel currency they transfer into — so moving points 1:1 converts a flexible asset into a less valuable fixed one. Across every bank-to-partner pair where a publisher values both currencies, 123 of 132 lose value at a plain 1:1 by every publisher that can price them. That is not a criticism of transferring; it is the reason transferring is only worth doing against a specific award you have already priced. If a 1:1 transfer unlocks a seat that would have cost you far more in cash or in another currency, the transfer is correct even though this page shows a loss on the raw valuations.
Why do I have to enter the transfer ratio myself?
Because there is no single correct value we could store for you. Ratios are card-dependent: as of July 2026 Chase transfers to World of Hyatt at 1:1 for Sapphire Reserve holders and 4:3 for Sapphire Preferred and Ink Business Preferred holders, with the change hitting new applicants from 15 June 2026 and existing ones from 1 October 2026. That is three different correct answers for one bank-and-partner pair, depending on which card you hold and when you got it. Ratios also change without notice — Amex ended Etihad Guest transfers entirely on 30 June 2026 — and the issuers publish them behind a login, so no automated check could keep a stored table honest. Making the ratio an input you look up is the only version of this tool that is not quietly wrong for a large share of its users.
Why do some publishers not appear in the table?
Because a publisher only produces a row if it values both currencies. Scoring The Points Guy's Amex valuation against CardRatings' Delta valuation would create a comparison neither publisher made, from two methodologies that measure different things — one prices real bookings, the other blends award costs with editorial judgement. That is the averaging this whole site refuses to do, and it would be worse here than elsewhere because the result would look like a single authoritative number. So the table shows fewer rows rather than invented ones, and if no publisher values both, it declines to price the transfer at all.
Does a transfer bonus make a bad transfer good?
Sometimes, and the tool shows you exactly where the line is. A bonus raises the ratio you actually receive but cannot move the break-even ratio, because break-even is a property of the two valuations alone. So the question is only whether the bonus is big enough to close the gap. Transferring Amex points to Delta at 1:1 needs roughly a 67% to 100% bonus before it breaks even on the published figures, depending on whose you use — which is far larger than a typical promotion, and a useful way to see that most bonuses improve a losing transfer without fixing it. Enter the bonus and read the break-even column against the ratio you are getting.
Related tools
Every tracked program with each publisher's valuation shown separately, its as-of date, and the spread between them. 28 programs, 3 named sources, nothing averaged.
Open tool →Cents-Per-Point CalculatorPrice any redemption to the cent: cash fare, minus the cash you paid at booking, divided by the points you spent.
Open tool →Break-Even Points CalculatorBefore you book: the cash fare a redemption has to beat, worked out separately against every published valuation of your currency.
Open tool →Award vs Cash CalculatorUse points or pay cash — priced with the miles and card rewards you forgo by redeeming, the term casual comparisons drop.
Open tool →