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The key to successful rewards travel is flexibility.
Flexible rewards currencies enable you to transfer points to a variety of travel partners and provide access to dozens of different rewards programs.
When you transfer points to partners, you can book award travel to your chosen destination across a huge array of airlines and hotel brands while extracting maximum value from rewards points.
Determining the best flexible rewards points for travel, however, is highly subjective. It's dependent on your travel goals, where you live, how you spend your money, and maybe above all, how you travel.
If you stay primarily in Airbnb properties and hostels, collecting points that transfer to Hilton and Hyatt is unlikely to provide a good return. You will find more value in a cashback card like the Savor Rewards from Capital One, or a fixed-value currency like points earned on the U.S. Bank Altitude™ Reserve Visa Infinite® Card.
- $300 Cash Back after you spend $3,000 on purchases within 3 months from account opening
- 4% cash back on dining, entertainment, and popular streaming services, plus 3% at grocery stores and 1% on all other purchases
- Plus, earn 8% cash back on tickets at Vivid Seats through January 2023
- No foreign transaction fees
- 4% cash back on dining
- 4% cash back on entertainment
- 4% cash back on popular streaming services
- 3% cash back at grocery stores
- 1% cash back on all other purchases
- Plus, earn 8% cash back on tickets at Vivid Seats through January 2023
If luxury travel is on your radar, earning a currency that transfers to luxury hotels and several airlines will provide the best value and the most flexibility.
What Are Flexible Rewards Points?
Flexible currencies take a few different forms.
- Cashback rewards
- Fixed-value points/miles
- Transferable points
Ultimately, cashback is the most flexible rewards currency, but it's not the most valuable. You can’t leverage a cashback card for higher value; it’s a straight 1-2% cashback on everything you spend, plus additional cashback on bonus categories if the card features them.
Fixed-value points and miles like those earned with the U.S. Bank Altitude™ Reserve Visa Infinite® Card are very flexible. They can be redeemed for almost any travel purchase. But, again, points are only worth 1.25¢ each when redeemed for travel purchases. The Altitude Reserve earns 5X points prepaid hotels and car rentals booked directly in the Altitude Rewards Center, 3X on eligible travel purchases and mobile wallet spending, 1X on all other purchases, and points are perfect if you’re staying in a hotel that doesn’t belong to a rewards program or purchasing transit tickets like a Eurail Pass. But there are more valuable options.
Transferable Rewards Points Offer Higher Value
The last are transferable points. There are five rewards programs we think offer high-value flexible rewards currencies.
- American Express Membership Rewards
- Capital One Rewards
- Chase Ultimate Rewards
- Citi ThankYou Rewards
- Marriott Bonvoy
These programs offer flexible points, a variety of high-value transfer partners, and a diverse range of earning options including credit cards, online malls, or with Marriott, via regular stays and promo opportunities.
The Best Flexible Rewards Currencies for Travel
Chase Ultimate Rewards
We consider Chase Ultimate Rewards to be the best flexible rewards currency available today. Chase offers a variety of credit cards that earn Ultimate Rewards points, with well-thought-out bonus categories and stellar benefits. Ultimate Rewards earning cards include:
- Chase Freedom Flex℠
- Chase Freedom Unlimited®
- Chase Sapphire Preferred® Card
- Chase Sapphire Reserve®
- Ink Business Unlimited® Credit Card
- Ink Business Cash® Credit Card
- Ink Business Preferred® Credit Card
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
- Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
- 5X points on Lyft rides through March 2022
- 5X points on travel purchased through Chase
- 3X points on dining at restaurants worldwide
- 3X points on eligible streaming services
- 3X points on online grocery purchases (excluding Target, Walmart, and wholesale clubs)
- 2X points on all other travel
- 1X point per dollar spent on all other purchases
Ultimate Rewards gives members the ability to build a substantial balance of points in a short space of time. These points are both flexible & valuable: Chase Sapphire Reserve® cardholders can redeem points at a value of 1.5 cents per point through UltimateRewards.com (other cards allow redemptions at a value of 1.0-1.25 cents per point). The golden opportunity, however, is to transfer to partners with a much higher potential value per point.
|Partner Program||Time for Points to Transfer|
|Aer Lingus AerClub (Avios)||Instantly|
|Air Canada Aeroplan||Instantly|
|Air France/KLM Flying Blue||Instantly|
|British Airways Executive Club (Avios)||Instantly|
|Iberia Plus (Avios)||Instantly|
|Singapore Airlines KrisFlyer||17 hours|
|Southwest Rapid Rewards||Instantly|
|Virgin Atlantic Flying Club||Instantly|
|World of Hyatt||Instantly|
|IHG One Rewards||5 hours|
|Marriott Bonvoy||1 day|
Marriott now grants members access to the combined Marriott, Ritz-Carlton, and SPG hotel chains under a single rewards program, plus more than 40 airline partners nearly all of which transfer at a 3:1 ratio. Points can be a little hard to come by with the new application rules for Marriott co-brand cards, but make no mistake, Marriott is still a program worthy of attention.
Marriott’s acquisition of Starwood has provided Marriott Bonvoy members some fantastic new sweet spots, and additional methods for earning rewards. Cards that earn Bonvoy points include:
- Marriott Bonvoy Business® American Express® Card
- Marriott Bonvoy Brilliant® American Express® Card
- Marriott Bonvoy Boundless® Credit Card
- Marriott Bonvoy Bold® Credit Card
- The Ritz-Carlton™ Credit Card (No longer accepting applications)
- Earn 30,000 Bonus Points after you spend $1,000 on purchases in the first 3 months from account opening.
- Pay no annual fee with the Marriott Bonvoy Bold® Credit Card from Chase®!
- Earn up to 14X total points per $1 spent at over 7,000 hotels participating in Marriott Bonvoy® with the Marriott Bonvoy Bold® Card.
- 2X points for every $1 spent on other travel purchases (from airfare to taxis and trains).
- 1X point for every $1 spent on all other purchases.
- Receive 15 Elite Night Credits annually, qualifying you for Silver Elite Status. Restrictions apply.
- No Foreign Transaction Fees.
- Earn unlimited Marriott Bonvoy® points and get Free Night Stays faster.
- 3X points for every $1 spent at over 7,000 participating Marriott Bonvoy hotels
- 2X points on other travel purchases (from airfare to taxis and trains)
- 1X point on all other purchases
If you want the best chance of getting into first or business class, Marriott offers the largest number of airline transfer partners of any rewards program in the U.S.
|FREQUENT FLYER PROGRAM||TRANSFER RATIO (REWARDS:MILES)|
|Aegean Airlines Miles+Bonus||3:1|
|Aer Lingus AerClub||3:1|
|Aeromexico Club Premier||3:1|
|Air France/KLM Flying Blue||3:1|
|Air New Zealand Airpoints||200:1|
|Alaska Airlines Mileage Plan||3:1|
|All Nippon Airways (ANA) Mileage Club||3:1|
|American Airlines AAdvantage||3:1|
|Asiana Airlines Asiana Club||3:1|
|British Airways Executive Club||3:1|
|Cathay Pacific Asia Miles||3:1|
|Delta Air Lines SkyMiles||3:1|
|Frontier Airlines EarlyReturns||3:1|
|Hainan Airlines Fortune Wings Club||3:1|
|Hawaiian Airlines HawaiianMiles||3:1|
|InterMiles (formerly Jet Airways JetPrivilege)||3:1|
|Japan Airlines (JAL) Mileage Bank||3:1|
|Korean Air SKYPASS||3:1|
|LATAM Airlines LATAM Pass||3:1|
|Qantas Frequent Flyer||3:1|
|Qatar Airways Privilege Club||3:1|
|Singapore Airlines KrisFlyer||3:1|
|Southwest Rapid Rewards||3:1|
|TAP Air Portugal Victoria||3:1|
|Thai Airways International Royal Orchid Plus||3:1|
|Turkish Airlines Miles & Smiles||3:1|
|Virgin Atlantic Flying Club||3:1|
|Virgin Australia Velocity||3:1|
American Express Membership Rewards
Amex offers members the most credit card options for earning points. Whether it’s 5x points on airfare for The Platinum Card® from American Express (on up to $500,000 of airfare purchases per calendar year booked directly with airlines) or earning 2x at U.S. supermarkets on up to $6,000 per year in purchases, then 1x with Amex EveryDay® Credit Card, Membership Rewards has a huge stable of points-earning cards with options ranging from no-annual-fee cards for everyday purchases to ultra-premium cards that offer the best elite perks and lounge access in rewards travel. Some of our favorite Membership Rewards earning cards include:
- The Platinum Card® from American Express
- The Business Platinum Card® from American Express
- Amex EveryDay® Credit Card
- American Express® Gold Card
- American Express® Business Gold Card
- Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
- Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card®.
- $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card® on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Enrollment required.
- $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. Plus Ups are excluded.
- American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. There are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
- $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
- $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
- Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. Enrollment required. Learn more.
- Breeze through security with CLEAR® lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. Learn more.
- $695 annual fee.
- Terms Apply.
- Rates & Fees
- Earn 5X points for flights booked directly with airlines or with American Express Travel (up to $500,000 in purchases per calendar year).
- Earn 5X points on prepaid hotels booked with American Express Travel.
Membership Rewards points transfer to 17 different airline partners and 3 hotel partners. One of the better redemption strategies for Membership Rewards can be found in updates to the Business Platinum Card. Cardholders get a 35% rebate on points when using Pay with Points on their selected airline, or when booking first or business class with any airline, through the American Express Travel website. This could potentially save thousands of dollars over the long haul.
|Membership Rewards Transfer Partners||Minimum Points to Transfer||Transfer Ratio||Transfer Time|
|Aer Lingus AerClub||1,000||1,000 : 1,000 Avios||Unknown|
|Aeromexico Club Premier||1,000||1,000 : 1,600 Premier Points||1-2 days|
|Air Canada Aeroplan||1,000||1,000 : 1,000 Aeroplan Miles||Instant|
|Air France/KLM Flying Blue||1,000||1,000 : 1,000 Flying Blue Miles||Instant|
|Alitalia MilleMiglia||1,000||1,000 : 1,000 Alitalia Miles||1 day|
|ANA Airlines Mileage Club||1,000||1,000 : 1,000 ANA Miles||1-2 days|
|Avianca LifeMiles||1,000||1,000 : 1,000 LifeMiles||Instant|
|British Airways Avios||250||250 : 250 British Airways Avios||Instant|
|Cathay Pacific Asia Miles||1,000||1,000 : 1,000 Asia Miles||1-2 days|
|Delta SkyMiles||1,000||1,000 : 1,000 SkyMiles||Instant|
|El Al Matmid Club||1,000||1,000 : 20 Matmid Points||Instant|
|Emirates Skywards||1,000||1,000 : 1,000 Skywards Miles||Instant|
|Etihad Guest||1,000||1,000 : 1,000 Etihad Guest Miles||Instant|
|Hawaiian Airlines HawaiianMiles||1,000||1,000 : 1,000 Hawaiian Miles||Instant|
|Iberia Plus||250||250 : 250 Iberia Avios||Instant|
|JetBlue TrueBlue||250||250 : 200 TrueBlue Points||Instant|
|Qantas Frequent Flyer||500||1,000 : 1,000 Qantas Points||Unknown|
|Singapore Airlines KrisFlyer||1,000||1,000 : 1,000 KrisFlyer Miles||1 day|
|Virgin Atlantic FlyingClub||1,000||1,000 : 1,000 Flying Club Miles||1 day|
|Choice Privileges Rewards (Hotel)||1,000||1,000 : 1,000 Choice Privileges Points||Instant|
|Hilton Honors (Hotel)||1,000||1,000 : 2,000 Hilton Honors Points||Instant|
|Marriott Rewards (Hotel)||1,000||1,000 : 1,000 Marriott Rewards||Unknown|
Citi ThankYou Rewards
Citi ThankYou Rewards doesn’t offer anything in the way of hotel transfers, with Hilton no longer a transfer partner as of December 2017. However, ThankYou Rewards' airline transfer partners cover all three major alliances, and most transfers are at a 1:1 ratio. Members can earn Citi ThankYou Points via these credit cards:
- Citi Premier® Card
- Citi Prestige® Card
- Citi Rewards+® Card
- Citi Rewards+℠ Student Card
- Citi ThankYou® Preferred Card
- Citi ThankYou® Preferred Card for College Students
- 60,000 point signup bonus worth $800 towards airfare through the ThankYou Travel Center, or potentially much more when transferred to airline partners
- 3X points per $1 on airfare and hotels and at gas stations, restaurants, and supermarkets
- Annual Hotel Benefit: Save $100 off a single hotel stay of $500 or more (excluding taxes and fees) when you book through ThankYou.com
- No foreign transaction fees
- $95 annual fee
- 3X points per $1 spent on airfare, hotels, and at gas stations
- 3X points per $1 spent on dining at restaurants, including cafes, bars and lounges
- 3X points per $1 spent at supermarkets
- 1X points per $1 spent on all other purchases
ThankYou Points are excellent for travel in and around Asia-Pacific, counting Qantas, Singapore, and Cathay Pacific as transfer partners.
|Citi Transfer Partner||Transfer Ratio||Transfer Times|
|Aeromexico Club Premier||1:1||Up to 6 days|
|Cathay Pacific Asia Miles||1:1||Instant|
|EVA Air Infinity MileageLands||1:1||Instant|
|Etihad Guest||1:1||3 days - 7 days|
|Air France/KLM Flying Blue||1:1||Instant|
|Jet Airways InterMiles (formerly JetPrivilege)||1:1||Instant|
|Malaysia Airlines Enrich||1:1||1 day - 2 days|
|Qantas Frequent Flyer||1:1||Instant|
|Qatar Airways Privilege Club||1:1||1 day - 2 days|
|Singapore Airlines KrisFlyer||1:1||2 days|
|Thai Airways Royal Orchid Plus||1:1||3 days - 7 days|
|Turkish Airlines Miles & Smiles||1:1||1 day|
|Virgin Atlantic Flying Club||1:1||Instant|
|Sears Shop Your Way®||1:12||Unknown|
Capital One Rewards
The latest program to join the ranks of transferrable rewards programs (although you can still redeem Capital One miles using the fixed-value redemption function), Capital One now boasts 15 airline transfer partners. While Capital One currently lacks a big domestic transfer partner, there are some high-value frequent flyer programs on offer that overlap with the other transferable currencies like Membership Rewards and Ultimate Rewards. You can earn transferable Capital One Rewards via four credit cards:
- Capital One VentureOne Rewards Credit Card
- Capital One Venture Rewards Credit Card
- Capital One Spark Miles Select for Business
- Capital One Spark Miles for Business
- Earn 75,000 Miles once you spend $4,000 on purchases within 3 months from account opening; worth $750 in travel if redeemed for a fixed-value, or potentially much more when transferred to airline partners
- 2 Miles on every purchase
- Fee credit for Global Entry or TSA Pre✔® (up to $100)
- No foreign transaction fees
- $95 annual fee
- 2 Miles per dollar on every purchase, every day. 5 Miles on hotels and rental cars booked through Capital One Travel. 5 Miles per dollar when you book on Turo, the world’s largest car sharing marketplace, through May 16, 2023.
With the exception of Singapore KrisFlyer and Emirates Skywards, the majority of partners transfer at 1x Capital One mile to 1x airline mile. When you factor in that the Capital One Venture and Spark Miles both earn 2x miles on non-bonus purchases, you're effectively getting 2x airline miles for each dollar you spend. Not a bad return when used for non-bonus spending.
|Transfer Partner||Transfer Ratio||U.S. partner airline||Notes|
|Aeromexico Club Premier||1:1||Delta||Transfer rate improved in April 2021|
|Air Canada Aeroplan||1:1||United||Transfer rate improved in October 2021|
|Air France/KLM Flying Blue||1:1||Delta||Transfer rate improved in October 2021|
|Avianca LifeMiles||1:1||United||Transfer rate improved in April 2021|
|British Airways (Executive Club)||1:1||American and Alaska||Added as a partner in April 2021. Transfer rate improved in October 2021.|
|Cathay Pacific Asia Miles||1:1||American and Alaska||Transfer rate improved in April 2021|
|Emirates Skywards||1:1||n/a (partnership with JetBlue ended)||Transfer rate improved in October 2021|
|Etihad Guest||1:1||American||Transfer rate improved in April 2021|
|Finnair Plus||1:1||American and Alaska||Transfer rate improved in April 2021|
|Qantas Frequent Flyer||1:1||American and Alaska||Transfer rate improved in April 2021|
|Singapore KrisFlyer||1:1||United and Alaska||Transfer rate improved in October 2021|
|TAP Air Portugal (Miles&Go)||1:1||United||Added as a partner in April 2021|
|Turkish Airlines (Miles&Smiles)||1:1||United||Added as a partner in April 2021. Transfer rate improved in October 2021.|
|Virgin Red||1:1||Delta||Added as a partner in April 2022|
|EVA Air Infinity MileageLands||4:3||United|
Flexible rewards points provide one of the best methods of maximizing rewards travel. Offering travelers the chance to leverage sweet spots across multiple programs and the flexibility to change airlines or hotels when award availability is slim or in the case of a program devaluation.
Our favorite flexible rewards currency and the one we think provides the best value is Chase Ultimate Rewards. With cards like the Chase Sapphire Preferred® Card and Ink Preferred offering up one of the best rewards earning combos available today. Ultimate Rewards can help you take your rewards travel game to the next level.
For rates and fees of the cards mentioned in this post, please visit the following links: The Platinum Card® from American Express (Rates & Fees)
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