The short version: 4 banks are running transfer bonuses right now, 6 in total. Run each one against what the points are already worth and every single one comes out behind, and the flashiest number is the furthest behind. A 70% bonus into IHG One Rewards hands back $9.80 per 1,000 points. Checked August 3, 2026.
A transfer bonus is a discount on a currency you have not spent yet. That is the whole trick of it. The bank shows you a big percentage, and the percentage is real, but it is a percentage of something that may be worth less than what you are giving up.
What is live
| Transfer | Bonus | 1,000 points becomes | Ends |
|---|---|---|---|
| Chase UR to IHG One Rewards | 70% | 1,700 | August 31, 11:59pm ET |
| Amex MR to Aer Lingus AerClub | 30% | 1,300 | September 27, 11:59pm ET |
| Amex MR to British Airways Avios | 30% | 1,300 | September 27, 11:59pm ET |
| Amex MR to Iberia Plus | 30% | 1,300 | September 27, 11:59pm ET |
| Citi TY to Air France/KLM Flying Blue | 20% | 840 | no end date shown |
| Capital One to Avianca LifeMiles | 15% | 1,150 | August 31, 11:59pm ET |
The offers, as the banks show them
Cropped from each bank's own page on August 3, 2026, so you can see the wording rather than take ours for it.
American Express: 1,000 points becomes 1,300 Avios at all three Avios programs, through September 27.
Chase: the 70% headline. The base rate underneath it is one to one.
Capital One: the only one of the four that prints its own deadline on the offer itself.
Citi: 840 Millas, with 700 struck through. This is the one our own database had wrong.
Now the part the percentage hides
Points you already hold are worth something. Ours are valued per program, and those values are what we use everywhere on this site. So the only question that matters is whether 1,000 points buys more value on the other side than it was already worth sitting still.
| Transfer | Worth after | Worth held | Difference |
|---|---|---|---|
| Chase UR to IHG One Rewards | $10.20 | $20.00 | −$9.80 |
| Citi TY to Air France/KLM Flying Blue | $11.76 | $18.00 | −$6.24 |
| Amex MR to Aer Lingus AerClub | $17.55 | $19.00 | −$1.45 |
| Amex MR to British Airways Avios | $17.55 | $19.00 | −$1.45 |
| Amex MR to Iberia Plus | $18.20 | $19.00 | −$0.80 |
| Capital One to Avianca LifeMiles | $18.40 | $18.50 | −$0.10 |
The 70% headline is the worst of them. Chase UR points are worth 2 cents each to us; IHG One Rewards sits at 0.6. Multiplying a weak currency by 1.7 does not fix the currency.
The 15% offer, the smallest number on the page, is the only one that comes close to breaking even. That inversion is the point: the size of the bonus tells you almost nothing about whether to take it.
So is a transfer bonus ever worth it
Yes, and the table above is exactly why it is worth it less often than it looks. Those valuations are averages. A bonus pays off when you have found a specific award seat that prices far above the average, and it pays off nowhere else.
So the rule we use, and the only one that has ever protected us: never transfer on speculation. Find the seat first. Price it. Confirm it is bookable on the dates you want. Then, and only then, move the points. Transfers are one way and they are final. Points sitting in the bank keep every option open, and optionality is worth more than a percentage.
Deadlines, in order
- August 31, 11:59pm Eastern: Chase UR to IHG One Rewards, 70%
- August 31, 11:59pm Eastern: Capital One to Avianca LifeMiles, 15%
- September 27, 11:59pm Eastern: Amex MR to Aer Lingus AerClub, 30%
- September 27, 11:59pm Eastern: Amex MR to British Airways Avios, 30%
- September 27, 11:59pm Eastern: Amex MR to Iberia Plus, 30%
- No end date shown: Citi TY to Air France/KLM Flying Blue, 20%. The promotions panel we saw does not print one, so treat it as able to end without notice.
What we got wrong, and fixed
Our own database had the Citi to Flying Blue ratio at one to one. Citi's promotions panel shows 1,000 ThankYou Points becoming 840 Flying Blue Millas, with 700 struck through, which is a 1,000-to-700 base and a 20% uplift on top. Our figure came from an aggregator rather than from Citi, and it was wrong. It is corrected, and the number above is the one on Citi's own page.
We are printing that because a roundup like this is only worth reading if the arithmetic behind it is checkable, and ours was not until this morning.
Values checked August 3, 2026. Transfer bonuses change without notice and transfers cannot be reversed.
Related articles
- Amex to Avianca LifeMiles: The 15% Transfer Bonus Ends July 15
- We Tested Chase Points Boost on a Real Hotel Stay. The Math Came Out to 2.6 Cents a Point
- Chase Sapphire Preferred: The 100,000-Point Offer Ended. Referral Links Still Show It
- Black Friday in July: 36 Stores Jumped Their Cash Back This Week