Guide

When a Bad Transfer Is Actually a Great Deal

Marriott transfers to American Airlines at 3:1. On paper,that’s an awful ratio.

But transfer ratios don’t tell you whether a redemption is strategically sound.

This piece walks through a real-world scenario in which transferring 54,000 Marriott Bonvoy points to close an American Airlines mileage gap was more attractive than buying miles or using substantially more points and cash through another program.

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Inside, we explore:

Why transfer ratio alone is an incomplete measure of value
How to compare the actual alternatives available for a redemption
Why your personal redemption patterns matter
The importance of replacement cost when comparing currencies
Why harder-to-replace points may deserve a different valuation
The difference between generating value and unlocking value

Points are capital. Sometimes deploying a relatively abundant currency at an objectively poor ratio creates substantially more leverage somewhere else.