The American Express Membership Rewards program has just launched a new 20% transfer bonus to Hilton Honors. We see transfer bonuses between the programs with some frequency. While this offer might sound nice, especially with the 1:2 transfer ratio in the first place (before the bonus), this isn’t an offer I’d personally recommend taking advantage of. However, everyone has to decide for themselves what makes sense.
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Transfer Amex points to Hilton Honors with 20% bonus
Between July 1 and July 14, 2026, the Amex Membership Rewards program in the United States is offering a 20% bonus when you transfer points to Hilton Honors.
Points ordinarily transfer between the programs at a 1:2 ratio, meaning that during this promotion, points transfer at a 1:2.4 ratio. In other words, you get 2,400 Hilton Honors points for every 1,000 Amex Membership Rewards points transferred.
There are lots of great credit cards in the United States that earn Amex Membership Rewards points. When it comes to transferring Amex points, you can expect that conversions to Hilton Honors are typically instant. Make sure that you see the bonus at the time that you make the transfer, as it should be reflected before you confirm it.
On average we see a few transfer bonuses every year from Amex Membership Rewards to Hilton Honors. The bonuses are typically 20-40%, so this is on the low end of those bonuses. But still, any bonus is better than no bonus.
Should you transfer Amex points to Hilton with a bonus?
Personally I value Amex points at ~1.7 cents each, while I value Hilton Honors points at ~0.5 cents each. Based on my valuation of points and the 1:2.4 transfer ratio, you’re getting about 1.2 cents of value per Amex point. While not the most exciting offer, it’s also not bad, and for many it could prove to be worthwhile.
It’s worth noting that my valuation of points is intended to be conservative, and there are always ways to get hugely outsized value by using points properly. Just make sure you have a specific use in mind. Hilton does often sell points for 0.5 cents each, and I’ve written about some of the best ways to redeem Hilton Honors points.
Still, it’s not a way that I’d choose to redeem my Amex points, especially with all the Hilton Honors devaluations we’ve seen over time, and top properties now charging up to 250,000 points for a standard room.
Bottom line
For a limited time, the Amex Membership Rewards program is offering a 20% bonus when transferring points to Hilton Honors, meaning the transfer ratio is 1:2.4. This has the potential to be a good deal with a specific use in mind, though personally I’d rather acquire Hilton points in other ways, and save my Amex points for something else.
Do you plan on transferring Amex points to Hilton with a 20% bonus?
I was thinking if I can transfer to Hilton and redeem for and SLH property, which would at least give me breakfast and possible upgrade. Or is breakfast always included in Hilton gold?
Kacee is correct. All these bank programs have devalued themselves. I rate Amex at 1.1x because that’s what I can cash it out to Schwab. Even this promo ain’t great unless you need to top-off for a redemption.
Amex are not worth 1.7 cpp. Literally every transfer program has been devalued, with availability ever more difficult. Value is now around 1.4 to 1.5 cpp.
Perhaps on average. But, as with every program, some redemptions can be had for significantly higher than that average.
The Virgin Atlantic transfer offer at 30% with Amex points is clearly better.