Maximizing Transferable Credit Card Rewards: A Comprehensive Guide
19.07.2024 - 08:41
/ insider.com
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Among people well versed in rewards credit cards, there's a bit of common knowledge: Not all rewards are created equal. That's because even though many cards offer "points" or "miles" for every dollar you spend, they can be worth very different values.
Each bank and frequent flyer program has its own reward currency that can be used in various ways. That makes it complicated when it's time to choose a credit card. Two cards could offer double points on purchases, but those points could be good for very different things — and one set of rewards could be a lot more valuable than the other.
Some credit cards allow you to transfer the points you earn through your everyday spending to airline and hotel partners. These rewards are called transferable points.
Several banks and rewards programs offer transferable points: Chase Ultimate Rewards® and American Express Membership Rewards, Citi ThankYou Rewards, Capital One Miles, Bilt Rewards, and Wells Fargo Autograph Rewards. We'll explore each of these programs in more depth below.
If you're using Chase cards that earn the bank's Ultimate Rewards points, you can transfer those points to any of 11 airline frequent flyer programs and three hotel loyalty programs. The Ultimate Rewards program's airline partners include carriers in all three major airline alliances, which means you can book frequent flyer tickets — also known as "award flights" — on most airlines.
The current rewards ecosystem has six major players: American Express, Bilt, Capital One, Chase, Citi, and Wells Fargo. Here's what you'll want to know about each program.
Amex Membership Rewards are incredibly valuable for their flexibility. Points earned on cards like The Platinum Card® from American Express, the American Express® Gold Card, and The Blue Business® Plus Credit Card from American Express can be transferred to airline and hotel partners such as Delta Air Lines or Marriott for luxury travel experiences or used for a variety of other redemption