Transferable Points
Transferable points are credit card rewards — such as Chase Ultimate Rewards, Amex Membership Rewards, Capital One miles, and Bilt Points — that can be moved to airline and hotel loyalty programs, usually at a 1:1 ratio. They routinely deliver 2 cents or more per point when transferred, versus about 1 cent as cash back.
Transferable points are the most flexible rewards currency because one balance can become airline miles or hotel points in dozens of programs. The four major US currencies are Chase Ultimate Rewards, Amex Membership Rewards, Capital One miles, and Bilt Points; Citi ThankYou is the fifth.
How it works. You earn points on card spend, then transfer them to a partner program when you have a specific redemption in mind. Most transfers are 1:1 and complete instantly or within a day or two. One important 2026 exception: Chase points transfer to World of Hyatt at 4:3 from the Sapphire Preferred and Ink Business Preferred (since June 15, 2026), while the Sapphire Reserve keeps 1:1 — see our 4:3 strategy guide.
Example. 60,000 Chase points redeemed as cash back are worth $600. Transferred to Hyatt at 1:1 from a Sapphire Reserve, they can cover four nights at a hotel charging 15,000 points that sells for $300+ per night — $1,200+ of value, about 2 cpp.
Common mistakes: transferring before finding award availability (transfers are one-way and irreversible), and hoarding points for years while programs devalue.