What is a transferable point?
A transferable point is a bank point you can move into an airline or hotel loyalty program, usually at a 1-to-1 ratio. That flexibility is what makes it more valuable — and more useful — than a point locked to a single brand.
Plain-English explainer · updated 2026-09-16
The five flexible currencies
In the US, five programs earn transferable points: Chase Ultimate Rewards, Amex Membership Rewards, Capital One miles, Citi ThankYou points, and Bilt Points. Each can be redeemed for cash or travel directly, but their superpower is transferring to partners — a couple dozen airlines and hotels between them.
Why transferring beats cashing out
Cash a point out and it's worth about a cent. Move it to an airline program and book an award that would have cost far more in dollars, and that same point can be worth two, three, sometimes more cents. The value isn't created by the bank — it's created by the partner program's award pricing. That's why a flexible point is worth more than a single-airline mile you're stuck spending in one place: you can shop the redemption across every partner. See each program's partners on our transfer-partner pages.
The catch
Transfers are almost always one-way and irreversible — once your points become airline miles, you can't turn them back. Partners, ratios and award prices also change without notice. So the rule is: find the specific award you want first, confirm it's bookable, and only then transfer. Never speculatively move points hoping a deal shows up later.
Are they worth more than cash back?
On paper, yes — if you'll actually do the transfers. If you won't, a transferable point is just a 1¢ point with extra steps, and a plain cash-back card is the smarter pick. Our point values reflect a conservative middle, not the best-case transfer, precisely because most people don't hit the best case every time.
Put it to work
Which card should this spending actually be on? The demo re-scores a year of realistic spending against every card in a wallet — free, no signup. See it on sample data →
More basics:
How rewards work · Points vs cash back · How churning works · What is 5/24? · Are annual fees worth it? · Authorized users · Welcome offers · Glossary · all guides →