Amex Transfer Partners 2026: Best Value

Collecting Membership Rewards points is easy. The question of what to do with them is considerably harder. And this is exactly where many cardholders make the biggest mistake: they transfer points impulsively without knowing the value, or they sit on a mountain of points because they can't decide.

I've routed seven-figure point balances through various transfer partners over the past years and systematically learned where the transfer is worthwhile, where it's acceptable, and where you're burning your balance. Here's my complete overview of the German Amex transfer partners, as of 2026.

What Membership Rewards Points Are Worth

Before we talk about transfer partners, we need to talk about base values. A Membership Rewards point has no fixed monetary value. Its worth depends on how you redeem it.

The worst option: Redemption as a statement credit on your card balance. Here you typically get 0.3 to 0.5 cents per point. With 100,000 points, that would be 300 to 500 euros. Poor.

The middle option: Redemption through the Amex online travel service for flights or hotels. The value here runs about 0.5 to 0.8 cents per point, depending on the booking. Better, but not optimal.

The best option: Transfer to an airline partner and redemption for premium cabin flights. Here the value per point can rise to 1.5 to 3 cents, and in exceptional cases even higher. That's the sweet spot.

Everything that follows revolves around the best option: the transfer to airline partners and the question of which partner delivers the highest value.

The German Transfer Partners at a Glance

As of 2026, Amex Germany offers the following transfer partners. Ratios can change, and I recommend checking the current rates on the Amex website before you transfer.

Miles & More (Lufthansa)

Transfer ratio: 1:1 (1 MR point = 1 Miles & More mile)

This is the most obvious partner for German cardholders, and for many also the first one they think of. The 1:1 ratio sounds fair, and it is acceptable. But acceptable is not the same as optimal.

Sweet spots:

• Lufthansa Business Class within Europe. Intra-European award flights cost moderate mileage values and are a solid deal with good availability.
• Star Alliance partner awards on long-haul routes. Through Miles & More, you can also book award flights on Singapore Airlines, ANA, Thai Airways, and other Star Alliance partners, sometimes at lower mileage rates than through the respective partner programs directly.
• Lufthansa First Class. The flagship product. A long-haul First Class award costs many miles, but the value in euros is enormous. If you find the availability, this is one of the best redemptions in the entire MR universe.

Weaknesses:

• Award flight availability at Miles & More is notoriously poor. Especially on popular routes (Frankfurt-New York, Munich-Bangkok), Business and First award seats are scarce. You need to be flexible, with both dates and routes.
• Surcharges and fees. Miles & More levies fuel surcharges on many award flights that can run 200 to 800 euros depending on the route. That significantly reduces the value.
• Regular devaluations. Miles & More has worsened mileage values multiple times in recent years. What costs 60,000 miles today cost 50,000 five years ago.

My verdict: Miles & More is a solid but not outstanding partner. The 1:1 ratio is fair, the redemption options are varied, but availability and surcharges cloud the picture. Fine for heavy users of the Lufthansa network; for everyone else, there are better options.

British Airways Avios (Executive Club)

Transfer ratio: 1:1 (1 MR point = 1 Avios)

British Airways Avios are one of the most versatile mileage currencies and my personal favorite among the transfer partners.

Sweet spots:

• Short-haul Business Class flights. BA prices Avios based on distance, and on short routes the costs are surprisingly low. A Business Class flight within Europe can be bookable from 10,000 to 13,000 Avios per direction, plus moderate fees.
• Oneworld partner awards. Through Avios, you can book flights on Qatar Airways, Cathay Pacific, Japan Airlines, and other oneworld partners. Qatar Airways QSuites via Avios is one of the best deals in the miles universe.
• Iberia Avios. BA Avios and Iberia Avios are compatible (through the shared Avios currency). Iberia often has better availability and lower fees than BA itself. A sweet spot: Business Class flights between Europe and South America via Iberia.
• Aer Lingus. Also in the Avios system. Flights between Europe and North America via Dublin can be booked affordably.

Weaknesses:

• High fees on BA's own flights. When you fly directly with British Airways, substantial surcharges are added on top of the Avios. London-New York in Business Class costs 50,000 Avios plus 600 to 800 euros in fees. That puts the mileage value into perspective.
• Availability on partner airlines isn't always as good as expected. Especially on popular routes to Asia.

My verdict: Together with Emirates, Avios is my preferred transfer partner. The 1:1 ratio, the many redemption options through oneworld partners, and the sweet spots with Iberia and Aer Lingus make Avios one of the most flexible mileage currencies. My tip: use Avios primarily for partner flights, not for BA's own long-haul services.

Emirates Skywards

Transfer ratio: 4:3 (4 MR points = 3 Skywards miles), equivalent to 1:0.75

Since August 2024, the ratio has worsened from 1:1 to 4:3. That makes Emirates less attractive as a transfer partner than before, but not worthless.

Sweet spots:

• Emirates First Class. The flagship product. The suites in First Class on the A380 are one of the best flight experiences in the world. A long-haul First Class award costs many miles, but the value is enormous, since a First Class ticket on some routes costs over 8,000 euros.
• Business Class on long-haul. Dubai-Bangkok, Dubai-Singapore, Dubai-Cape Town are routes where Business Class is bookable at moderate mileage levels.
• Stopover options. Emirates allows stopovers in Dubai, which can be valuable for trip planning.

Weaknesses:

• The worsened transfer ratio (4:3) means you need 33 percent more MR points than with a 1:1 ratio. That eats significantly into the value.
• Mileage costs for award flights at Emirates aren't the cheapest. Emirates is generous with the experience but stingy with award availability.
• No partner airlines for mileage redemption (Emirates isn't in a major alliance). You're limited to Emirates and flydubai.

My verdict: Since the deterioration of the transfer ratio and the loss of Gold status, Emirates has become significantly less attractive. For First Class redemptions, it can still be worthwhile if you have enough points and are seeking a special experience. For Economy and Business redemptions, there are more efficient partners.

Singapore Airlines KrisFlyer

Transfer ratio: 1:1 (1 MR point = 1 KrisFlyer mile)

Singapore Airlines is one of the most interesting transfer partners, especially for travelers heading to Asia and Oceania.

Sweet spots:

• Singapore Airlines Suites Class. The new Suites Class on the A380 is the most expensive commercial flight product in the world. An award flight there is one of the ultimate mileage redemptions. Availability is extremely limited, but if you find it, the per-point value is astronomical.
• Business Class to Asia. Frankfurt-Singapore or Frankfurt-Tokyo (via Singapore) in Business Class is an outstanding deal. Singapore Airlines has one of the best Business Class products worldwide.
• Star Alliance partner awards. Through KrisFlyer, you can also book with Lufthansa, ANA, Thai, and other Star Alliance partners, sometimes with better availability than through Miles & More.

Weaknesses:

• High mileage costs for premium cabins. KrisFlyer's award charts aren't the cheapest. A Business Class award to Singapore costs 80,000 to 100,000 miles per direction.
• Availability. Singapore Airlines releases award seats strategically, and on popular routes you need to book months in advance.

My verdict: For Asia travelers, KrisFlyer is a first-rate partner. The 1:1 ratio is fair, the product is outstanding, and the redemption options through Star Alliance are broad. For European or US travel, there are better options.

Cathay Pacific Asia Miles

Transfer ratio: 1:1 (1 MR point = 1 Asia Mile)

Cathay Pacific is another strong Asia partner, and Asia Miles offer some of the best redemption opportunities within the oneworld network.

Sweet spots:

• Cathay Pacific Business Class. Cathay's Business Class product (especially on the A350 and 777) is among the best in the world. Hong Kong as a hub enables connections throughout Asia.
• Oneworld partner awards. Through Asia Miles, you can book Qatar Airways, Japan Airlines, Finnair, and other oneworld partners. The award charts are often cheaper than BA Avios for long-haul routes.
• Mixed cabins. Asia Miles allows combining different cabins on a single itinerary in certain cases, providing flexibility.

Weaknesses:

• Hong Kong as a hub is less central for European travelers than Dubai or Singapore.
• The Asia Miles website and app aren't always user-friendly. Searching for award flights can be frustrating.

My verdict: A strong partner for Asia travel, especially if you can book Qatar Airways QSuites through Asia Miles. The 1:1 ratio makes the transfer fair.

Etihad Guest

Transfer ratio: 1:1 (1 MR point = 1 Etihad Guest mile)

Etihad is the smaller sibling next to Emirates, but the frequent flyer program has its own strengths.

Sweet spots:

• Etihad Business Class to Abu Dhabi and onward. The Business Studios on the 787 are a very good product. Abu Dhabi as a hub enables connections to Asia, Australia, and Africa.
• Partner airlines. Etihad has partnerships with Air France, Korean Air, and others through which you can book award flights.

Weaknesses:

• The route network is smaller than Emirates'.
• Award flight availability is limited.
• Abu Dhabi is a less frequented hub than Dubai.

My verdict: A niche partner that can be attractive for certain routes but doesn't offer the versatility of Avios or KrisFlyer.

Hilton Honors

Transfer ratio: 1:2 (1 MR point = 2 Hilton Honors points), but Hilton points are worth less than airline miles.

Sweet spots:

• Hilton points can be redeemed for hotel stays at Hilton, Conrad, Waldorf Astoria, and other brands.
• Fifth night free on award stays of five or more nights.

Weaknesses:

• The per-MR-point value at hotels is almost always worse than at airlines. A Hilton Honors point is typically worth 0.4 to 0.6 cents. An MR point that could be worth 1 to 2 cents at airlines becomes 0.4 to 0.6 cents at Hilton. That's a massive devaluation.

My verdict: Only transfer MR points to Hilton when you urgently need them for a specific booking and have no other option. For hotels, it's almost always better to pay cash and save your MR points for flights.

Marriott Bonvoy

Transfer ratio: Varies, typically 1:1, but as with Hilton, the per-point value at hotels is lower than at airlines.

Sweet spots:

• Marriott points can be converted to airline miles (60,000 Bonvoy points = 25,000 airline miles with many partners). This double transfer (MR to Bonvoy to airline) is almost never more efficient than the direct transfer from MR to an airline.
• Luxury hotels like Ritz-Carlton, St. Regis, and W Hotels can be booked with points.

Weaknesses:

• Same fundamental issue as Hilton: hotel points are worth less per MR point than airline miles.

My verdict: Similar to Hilton. Only worthwhile in exceptional cases. Not my recommended transfer path.

My Strategy: When to Transfer, When to Wait

The most important rule I've learned over the years: only transfer points when you have a concrete booking in mind. Never speculatively.

Why Not Transfer Speculatively

Devaluation. Frequent flyer programs regularly devalue their award charts. What costs 50,000 miles today could cost 65,000 in six months. If you've transferred points speculatively, you're sitting on devalued miles that you can't convert back to MR points.

Flexibility. MR points can be transferred to any partner. Once transferred, they're locked into one program. If your travel plans change and instead of Emirates you suddenly need Singapore Airlines, the already-transferred Skywards miles won't help you.

Expiration. Many frequent flyer programs have expiration rules. MR points don't expire with an active card. Airline miles can expire after a certain period of inactivity.

The Right Sequence

1. Find the flight you want to book as an award flight.
2. Check availability.
3. Check the mileage price and fees.
4. Calculate the value (cash price of the ticket divided by mileage cost).
5. Transfer exactly the required number of points.
6. Book immediately after the transfer.

The transfer from MR to most partners typically takes one to two business days. Plan for that. Don't transfer on Friday if you want to book Monday and availability is limited.

The Devaluation Question

Every frequent flyer program has devalued its award charts at least once in the past ten years. That's not a risk; it's a certainty. The question isn't whether your miles will become less valuable, but when.

That's why this holds true: points you can redeem today are worth more than points you're saving for "someday." If you find a good redemption that delivers over 1 cent per point in value, take it. Waiting for the perfect deal that may never come is a strategy that can't withstand the inflation of mileage currencies.

That doesn't mean you should waste your points on bad deals. It means you should recognize a good deal and act on it, rather than waiting endlessly for a perfect deal.

My Top 3 Transfers

If I had to choose three partners to transfer MR points to, they would be:

1. British Airways Avios. The versatility is unmatched. Short-haul awards, Qatar Airways QSuites, Iberia sweet spots. The 1:1 ratio is fair, and the redemption options are broad enough that I can almost always find something worthwhile.

2. Singapore Airlines KrisFlyer. My preferred partner for Asia travel. The product is first-rate, the Star Alliance redemption options expand the choices, and the booking processes are transparent.

3. Miles & More. Despite its weaknesses, Miles & More is relevant for German travelers because Lufthansa is the dominant network from Frankfurt and Munich. For intra-European Business Class awards and occasional long-haul awards, Miles & More is the pragmatic partner.

What I Don't Transfer To

Hilton and Marriott: The value is almost always worse than with airlines. I'd rather pay cash for hotels.

Emirates (since the deterioration): The 4:3 ratio makes the transfer too expensive, unless I'm planning a First Class redemption where the absolute value is high enough to compensate for the worse ratio.

Etihad: Too few sweet spots in my travel patterns. For travelers who regularly fly through Abu Dhabi, it may look different.

My Take

Membership Rewards points are one of the most flexible mileage currencies on the market. Their strength lies not in any single partner but in the breadth of options. You can transfer them to airlines across different alliances, you can choose the partner based on your destination, and you retain flexibility until you have a concrete booking.

The golden rule: collect in MR, redeem with the partner that offers the best value for your specific trip. Don't transfer speculatively. And accept that a good deal is better than a perfect deal that never comes.

Anyone who internalizes this gets a value from their Membership Rewards points that substantially justifies the annual fee of the Platinum or Centurion. And anyone who doesn't collects points that slowly lose value while waiting for the perfect moment.