Best Amex Membership Rewards Redemptions (2026): Up to 17¢/Point

Disclaimer: Award charts, transfer ratios, and partner availability change frequently. Verify current rates on each partner’s website before transferring points. Transfers are almost always irreversible.

Updated October 18, 2026: Recomputed every cents-per-point figure from reported fares (headline now up to 17 cents, a best case from ANA first class at retail fares) and added the 2026 Aeroplan and ANA chart changes, Virgin’s Delta surcharges, Leading Hotels of the World, the Etihad exit, 2026 transfer bonuses, and October 2026 valuations.

Amex Membership Rewards has the deepest international airline partner list of any transferable currency. While Chase Ultimate Rewards owns the Hyatt sweet spot in North America, Membership Rewards owns international premium cabin redemptions through partners like ANA, Singapore Airlines, and Virgin Atlantic.

This guide covers the best ways to redeem Amex Membership Rewards in 2026, partner by partner, with the math behind each cents-per-point figure. If your trips are mostly within the US, our guide to using Amex points for domestic flights ranks those options separately, and if you want dollars instead of seats, the cash-out paths get their own honest math.

Key facts: Amex Membership Rewards redemption value (October 2026)

• Cash equivalent value: 0.6 to 1.1 cents per point (worst option; 1.1 requires the Schwab Platinum)
• Published valuations: 2.0 cents (The Points Guy), 2.2 (Upgraded Points), 1.5 (Frequent Miler), 1.3 (NerdWallet)
• ANA first class, US to Japan: about 11.6 to 17.5 cents per point at reported retail fares via ANA Mileage Club or Virgin Atlantic (6.6 in ANA high season)
• Virgin Atlantic: ANA first from 72,500 points one-way; Delta One to Europe from 47,500 plus over $1,000 in surcharges
• Air Canada Aeroplan: business class to Europe from 60,000 points one-way, no fuel surcharges
• Flying Blue: monthly Promo Rewards, plus a 25% Amex transfer bonus through October 31, 2026
• 20 partners: 16 airlines (most 1:1) and 4 hotels (Hilton 1:2, Marriott 1:1, Choice 1:1, Leading Hotels of the World 4:1)

What Amex Points Are Worth by Redemption Type

The same 100,000 points are worth anywhere from $500 to about $17,500. Transfer figures divide the reported cash fare, minus the award’s taxes and surcharges, by the points required.

ANA first is the only award here with a cash fare behind it (a reported $20,000 typical round-trip, and a $24,717 Google Flights quote for February 2027 checked October 18, 2026), and first class fares vary widely by date and route, so treat these as best-case figures. Business class figures below are estimates (4 to 8 cents) that assume fares of roughly $4,000 to $8,000 round-trip; we did not price live fares.

How Amex Membership Rewards Transfers Work

Membership Rewards points are earned on cards including:

• Amex Platinum ($895/year)
• Amex Gold ($325/year)
• Amex Green, renamed Classic Green ($150/year; closed to new applicants as of August 2026)
• Amex Business Platinum ($895/year)
• Amex Business Gold ($375/year)
• Amex Blue Business Plus ($0/year)
• Amex Centurion (invitation-only)

Points pool across all your Membership Rewards cards. Authorized users on your account can also earn into the same pool.

Transfer ratios: Amex lists 16 airline and 4 hotel partners (Upgraded Points, October 13, 2026):

Transfer fees: Amex charges an excise tax offset fee of 0.06 cents per point on transfers to Delta and JetBlue, capped at $99 per transfer (Frequent Miler). International airline and hotel transfers are free.

Transfer timing: Amex quotes up to 48 hours for most partners; the slow ones are listed in the FAQ below.

ANA Mileage Club: The Crown Jewel

ANA’s own chart is the cheapest way into “The Suite,” widely considered the best first class product flying.

ANA first class round-trip, North America to Japan: 150,000 / 170,000 / 300,000 miles (low/regular/high season)

Business class is 100,000 / 105,000 / 165,000. ANA’s June 24, 2025 overhaul left low and regular season untouched but sharply raised high season (first went from 200,000 to 300,000), per ANA’s required mileage chart and Prince of Travel (updated October 16, 2026), and added one-way awards at half the round-trip price (AwardFares).

The math: Upgraded Points (updated June 8, 2026) reports ANA first class fares between the US and Japan often run about $20,000 round-trip, and ANA adds $200 to $400 in fuel surcharges round-trip on its own flights (Prince of Travel). So $19,700 / 150,000 = 13.1 cents per point in low season and $19,700 / 170,000 = 11.6 cents in regular season. High season drops to 6.6 cents. As a cross-check, a Google Flights search on October 18, 2026 priced ANA’s nonstop JFK to Tokyo Haneda in first class at $24,717 round-trip for February 9 to 16, 2027, taxes included. After about $300 in award surcharges, that is ($24,717 - $300) / 170,000 = about 14.4 cents per point at the regular-season price, or about 16.3 cents at the 150,000-mile low-season price.

Other strong ANA redemptions:

• Business class round-trip North America to Japan: 100,000 / 105,000 / 165,000 miles (estimate: 4 to 7 cents per point in low and regular season)
• Business class round-trip North America to Europe on partners: 100,000 miles, up from 88,000 since April 18, 2024 (ANA, Thrifty Traveler). Turkish and TAP carry no surcharges through ANA (estimate: 4 to 6 cents per point)
• First class round-trip North America to Europe (Lufthansa, Swiss): reported at about 165,000 miles, which we could not re-verify on ANA’s chart; Lufthansa awards through ANA carry over $2,000 in surcharges round-trip, which erases most of the value

ANA Mileage Club catches:

• High season nearly doubles first class, so book low or regular season dates
• Awards can be issued only to the member and registered family members
• ANA flights can be searched and booked online at ana.co.jp, and ANA holds some premium award space for its own members
• ANA typically releases one first class award seat per flight, so book when the 355-day window opens
• Amex transfers take about 1 day (Frequent Miler)

Virgin Atlantic Flying Club: ANA Without the Catches

Virgin prices ANA flights from a fixed zone chart with no seasons, and one-ways cost half a round-trip.

Virgin Atlantic for ANA, US to Japan (Upgraded Points, June 8, 2026):

• First class: 72,500 points one-way from the western US, 85,000 from the eastern US (145,000 and 170,000 round-trip)
• Business class: 52,500 one-way from the West, 60,000 from the East
• Not bookable online: find space on United or Air Canada, then call Flying Club at 1-800-365-9500
• Virgin passes through ANA’s surcharges, so cash costs are similar to booking with ANA

The math: A one-way Chicago to Tokyo Haneda first class seat the Upgraded Points author booked in 2025, priced at almost $15,000, cost 85,000 points plus $165: under $14,835 / 85,000 = up to 17.5 cents per point. The author moved 61,000 Amex points during a 40% bonus, about 24 cents per Amex point. A West Coast round-trip at 145,000 points against a $20,000 fare is 13.6 cents.

Other Virgin Atlantic redemptions:

• Delta One to Europe: 47,500 points one-way from the East Coast and central US and 67,500 from the West Coast (57,500 and 77,500 on peak dates), but Virgin adds over $1,000 in surcharges each way (Upgraded Points, updated June 16, 2026; The Points Guy). Delta economy to Europe is 30,000 points plus $5.60.
• Delta domestic short-haul: reported at 7,500 to 11,000 points each way
• Air France/KLM business class round-trip to Europe: reported at 95,000 to 120,000 points, with surcharges

Virgin is the most-bonused Amex airline partner: 30% in July 2026 and a targeted 40% from November 21 to December 31, 2025 (Frequent Miler). At 30%, a West Coast ANA first round-trip takes about 112,000 Amex points (145,000 / 1.3).

Air Canada Aeroplan: Star Alliance Powerhouse

Aeroplan transfers 1:1 from Amex MR. It prices most Star Alliance partners on a fixed distance-based chart with no fuel surcharges and a $39 CAD booking fee (Frequent Miler); Air Canada and “select partners” such as United price dynamically. Many long-haul premium partner awards rose for travel booked from June 1, 2026, some by 20% or more (Upgraded Points).

Top Aeroplan sweet spots (fixed partner prices, one-way, from June 1, 2026):

• Lufthansa or Swiss first class, US to Europe: 120,000 points for 4,001 to 6,000 miles, which covers most US cities, and 150,000 for 6,001 to 8,000 miles. Lufthansa reportedly releases first class to partners only about 14 days out.
• Star Alliance business class, US to Europe: 60,000 points up to 4,000 miles (much of the East Coast) and 75,000 for 4,001 to 6,000 miles
• ANA business class, US to Japan: 75,000 points (Prince of Travel); Asia routings of 7,501 to 11,000 miles rose to 102,500
• North American short-haul (under 500 miles): 6,000 points one-way in economy on Air Canada’s fixed partner chart. The big caveat: United became a dynamically priced “select partner” in March 2025, so US domestic United segments fall outside this band and usually price around 10,000 points. For flights wholly within the US, treat the 6,000-point rate as mostly gone.

Aeroplan special features:

• Stopover allowed for 5,000 points on one-way awards
• Round-the-world bookings possible at distance-based pricing
• Mixed-cabin awards priced reasonably

Flying Blue (Air France/KLM): Promo Rewards King

Flying Blue runs Promo Rewards monthly, discounts reported at 25% to 50% off on specific routes and dates. Subscribe to the Flying Blue newsletter to see them when they drop.

Typical Flying Blue redemptions (reported):

• US to Europe in economy: 25,000 to 35,000 points one-way on Promo Rewards dates
• US to Europe in business: 60,000 to 85,000 points one-way on Promo Rewards dates
• Delta flights: sometimes priced lower than via Delta SkyMiles

Amex transfer bonuses to Flying Blue ran at 25% from June 2 to 30, 2026 and again from October 1 to 31, 2026 (Frequent Miler). Under the current bonus, 50,000 Amex points become 62,500 miles, enough for a Promo Rewards business seat at the low end of the range above, which by our estimate often retails for about $4,000.

Singapore Airlines KrisFlyer: Suites Class Access

Singapore KrisFlyer holds the only meaningful availability for Singapore Airlines Suites and First Class. The A380 Suites and First Class left US nonstop routes in 2023, so the main remaining Suites/First option reachable from the US is the JFK to Frankfurt fifth-freedom flight.

KrisFlyer signature redemptions (reported):

• Singapore First Class JFK to Frankfurt: approximately 106,500 miles one-way at the Saver level
• Singapore Business Class round-trip Singapore to West Coast US: 175,000 to 200,000 miles

KrisFlyer access notes:

• Singapore generally reserves Suites and First Class award seats for KrisFlyer members
• Booking when the 355-day window opens significantly improves availability
• KrisFlyer miles expire 3 years after they are earned
• Transfers from Amex take 12 to 24 hours (Frequent Miler)

Delta SkyMiles: Avoid Transferring Directly

Amex transfers 1:1 to Delta SkyMiles (plus the excise fee), but Delta prices awards dynamically and The Points Guy values SkyMiles at 1.2 cents (October 2026), below its 2.0 for Amex points. The same Delta seats are often cheaper via:

• Virgin Atlantic Flying Club (Delta economy to Europe at 30,000 points)
• Air France/KLM Flying Blue (good for Delta domestic and to Europe)

Use Delta SkyMiles only when you’re already a Delta loyalist and earn miles through flying, or when you’re targeting a specific Delta-only fare.

The exception: Delta’s occasional flash sale awards (reported at 5,000 to 7,500 miles each way) can be excellent value on short-haul domestic flights.

Hilton Honors: Decent Transfer at 1:2

Amex transfers to Hilton at 1:2. The ratio sounds great, but Hilton points are worth 0.35 to 0.5 cents each: The Points Guy and NerdWallet 0.4 (October 2026), Frequent Miler 0.35 (May 27, 2026), Upgraded Points 0.5 (October 3, 2026). So the transfer produces 0.7 to 1 cent of Hilton value per MR point, about 0.8 at TPG’s number. Even the 30% Hilton bonus that ended October 14, 2026 only lifted that to about 1 cent. For every hotel path, including Pay with Points and Fine Hotels + Resorts, see our guide to using Amex points for hotels.

When Hilton transfers make sense:

• Topping off a Hilton balance for a specific high-value redemption
• Booking at expensive Waldorf Astoria, Conrad, or LXR resort properties where cash rates are $500+ per night
• Combining with the Hilton Aspire free night certificate for back-to-back nights

When Hilton transfers don’t make sense:

• Routine Hampton Inn or DoubleTree stays where points are below 0.5 cents per point value
• When you don’t have a specific stay in mind (transfers are irreversible and Hilton points devalue over time)

Marriott Bonvoy: Almost Never Worth It

Amex transfers to Marriott at 1:1, and Marriott points are worth 0.75 cents to The Points Guy (October 2026) and 0.7 to NerdWallet, so the transfer produces under 1 cent per MR point.

The math: MR sent to Virgin Atlantic for ANA first class produces 11.6 to 17.5 cents per point; MR sent to Marriott at 0.75 cents gives you one-fifteenth of that or less.

The only time to transfer MR to Marriott is to top off a balance for a specific high-value redemption (Ritz-Carlton, St. Regis), and even then, earning Marriott points directly via cobranded cards is usually more efficient. See our Best Marriott Bonvoy Redemptions guide.

The better hotel transfer: Leading Hotels of the World Leaders Club joined on July 28, 2026 at 4:1. One Mile at a Time found Leaders Club points worth about 8 cents each, so 1,000 Amex points become 250 Leaders Club points worth about $20, or 2 cents per Amex point at independent luxury hotels. You give up Virtuoso-style perks booking this way.

Other Transfer Partners Worth Knowing

British Airways Avios (1:1): Same Avios pool available via Chase. The December 15, 2025 devaluation killed the cheap short-haul play: American and Alaska flights under 650 miles now cost 13,500 Avios each way in economy, with the longer bands at 18,000, 20,000, and 22,000 per segment within North America. Avios domestic awards now pay off mainly when cash fares spike; our domestic flights guide ranks the alternatives. Amex ran a 30% bonus to British Airways, Iberia, and Aer Lingus from August 3 to September 27, 2026.

Iberia, Aer Lingus, and Qatar (1:1): All use Avios and can move Avios between programs. Iberia often prices its own routes below British Airways, sometimes with lower surcharges.

Avianca LifeMiles (1:1): Star Alliance awards with no fuel surcharges and generous mixed-cabin pricing.

Cathay Pacific Asia Miles (5:4, i.e. 1,000 MR = 800 Cathay points): Cathay first class round-trip North America to Asia reported at 220,000 to 300,000 miles. Often cheaper via Alaska Atmos Rewards when space is available.

Aeromexico Rewards (1:1.6): Useful for Mexico and select SkyTeam awards. A 20% bonus runs October 1 to 30, 2026.

Etihad Guest: No longer a partner. Amex ended US transfers on June 30, 2026 (Doctor of Credit).

Qantas Frequent Flyer (1:1, 500-point minimum): Useful for Qantas-operated international and Australian domestic flights.

Action Steps

1. Search award availability before transferring. Check the partner’s website directly. Don’t trust Amex’s “recommended” award listings, which don’t search every partner.
2. Wait for transfer bonuses on partners you’ll actually use. Virgin Atlantic saw a 30% or better bonus twice in the past year.
3. Use point.me, AwardCat, or Seats.aero to find availability. These tools search across multiple partner programs for the same flight.
4. Don’t speculatively transfer. Once MR points become Virgin Atlantic points, you can’t get them back. Transfer the exact amount you need at booking time.
5. Check fuel surcharges before booking. British Airways transatlantic flights, Virgin Atlantic and Delta One awards booked with Virgin points, and Lufthansa awards booked through ANA can add $500 to more than $1,000 each way.

Frequently Asked Questions

What is the best way to redeem Amex Membership Rewards points?

Transfer to airline partners for premium cabin international awards. The top redemption is ANA first class between the US and Japan: 150,000 ANA miles round-trip in low season, or 72,500 to 85,000 Virgin Atlantic points one-way, for seats Upgraded Points reports at about $20,000 round-trip in cash. At those retail fares that is about 11.6 to 17.5 cents per point, a best case, since few travelers would pay that cash price.

How much are Amex Membership Rewards points worth?

The Points Guy values them at 2.0 cents (October 2026), Upgraded Points at 2.2 cents, Frequent Miler at 1.5 cents, and NerdWallet at 1.3 cents. Cash paths pay 0.6 cents as a statement credit, 1 cent on flights through Amex Travel, and 1.1 cents with the Schwab Platinum.

Which Amex Membership Rewards transfer partner is best?

ANA Mileage Club for ANA first and business class to Japan in low and regular season. Virgin Atlantic for one-way ANA first class and Delta economy to Europe. Aeroplan for Star Alliance business class without fuel surcharges. Flying Blue for Promo Rewards to Europe. Among hotels, Leading Hotels of the World at 4:1 returns about 2 cents per point.

Can I transfer Amex points to airlines I don’t fly?

Yes, and the best redemptions are often on partner airlines. Virgin Atlantic points book ANA and Delta. Aeroplan books Lufthansa, Swiss, and ANA. Flying Blue books Delta and KLM. You need no status, just a free account linked to Membership Rewards before you transfer.

How long do Amex Membership Rewards transfers take?

Amex quotes up to 48 hours. Frequent Miler reports most airline transfers as instant, Cathay Pacific in 4 to 8 hours, Singapore, Iberia, and Qatar in 12 to 24 hours, and ANA in about 1 day. Leading Hotels of the World can take 72 hours. Transfers are irreversible, so confirm award space first.

Are Amex transfer bonuses worth waiting for?

Often. In 2026 Amex offered 30% to Virgin Atlantic (July), 30% to British Airways, Iberia, and Aer Lingus (August 3 to September 27), and 25% to Flying Blue (June, and October 1 to 31). A 30% bonus turns 100,000 points into 130,000 miles. If you have found a specific seat, transfer at 1:1 rather than lose it.

Should I cash out Amex points or transfer them?

Almost always transfer. Statement credits pay 0.6 cents per point, gift cards 0.5 to 1 cent, Amex Travel flights 1 cent, and the Schwab Platinum 1.1 cents on the first 1 million points a year. ANA first class can return up to about 17 cents at retail fares. Cash out only for a small orphan balance or a real cash need.

What is the Amex Platinum annual fee and how do its points cash out?

The Platinum Card costs $895 a year, per American Express. Its points pay 0.6 cents as a statement credit or 1 cent on Amex Travel flights. The Schwab Platinum, also $895, deposits 1.1 cents per point into a Schwab account for the first 1 million points each year, then 0.8 cents.

Where These Numbers Come From

ANA first class cents-per-point figures divide a dated, reported cash fare, minus taxes and surcharges, by the points required. Figures marked “estimate” assume typical fares rather than a priced itinerary. Figures marked “reported” come from points blogs and could not be re-checked against the program’s own chart this month.

Sources

• Google Flights: ANA first class, JFK to Tokyo Haneda nonstop, February 9 to 16, 2027, $24,717 round-trip including taxes (searched October 18, 2026)
• American Express: Platinum Card, Gold Card, and Business Platinum and Business Gold annual fees, checked October 18, 2026
• Upgraded Points: Amex transfer partners (October 13, 2026), ANA first class for 61,000 points (Virgin ANA chart and cash fares, updated June 8, 2026; the one-way fare is from a 2025 booking), Virgin Delta One pricing (June 16, 2026), Aeroplan award charts June 2026, Valuations (October 3, 2026), and Schwab Platinum review (August 25, 2026)
• ANA: International award required mileage (one-way charts for tickets issued on or after June 24, 2025) and April 18, 2024 partner award revisions
• Prince of Travel: ANA Mileage Club guide (October 16, 2026)
• AwardFares: ANA Mileage Club 2025 to 2026 changes
• Thrifty Traveler: ANA award chart changes
• The Points Guy: Monthly valuations (October 2026) and Virgin Delta One surcharge
• NerdWallet: Points and miles valuations (October 13, 2026)
• Frequent Miler: Reasonable Redemption Values, Amex transfer partners, and Transfer bonuses
• One Mile at a Time: Amex adds LHW Leaders Club (July 28, 2026)
• Doctor of Credit: Amex to lose Etihad on 6/30/26
• AwardWallet: Amex Hawaiian Airlines transfers ending

Related Resources

• Best Ways to Redeem Chase Ultimate Rewards: UR transfer partner sweet spots including Hyatt
• Best International Business Class Redemptions: Specific routes and programs for Europe, Asia, and South Pacific premium cabins
• Best Hotel Points Redemptions in the US: Hyatt, Marriott, and Hilton sweet spots
• Amex Platinum vs Chase Sapphire Reserve: The two cards that earn the most MR and UR
• Best Credit Cards for High Earners: Which cards earn Membership Rewards
• Credit Cards for High Net Worth Individuals: The HNW card stack
• Credit Card Rewards Statistics 2026: $47.5 billion in rewards earned, cash back versus points share, and what issuers pay, from CFPB and 10-K data