Chase is dangling a 20% transfer bonus to Air France-KLM Flying Blue through May 27 and a 65% boost to Marriott Bonvoy until May 15. Amex, meanwhile, has spent most of 2026 pretending transfer bonuses don't exist.
That's not hyperbole. Through the first four months of the year, American Express offered essentially zero meaningful airline transfer bonuses to its 20 partners — a sharp departure from the near-monthly 15-40% promos of prior years. A tepid 10% to JetBlue and a 20% to Hilton are the extent of their current activity. Chase, by contrast, has stayed in the game with regular opportunities.[[1]](https://thriftytraveler.com/news/points/what-happened-to-amex-transfer-bonuses/)[[2]](https://frequentmiler.com/current-point-transfer-bonuses/)
The math is straightforward: your Ultimate Rewards points are gaining ground. With summer award space already tightening and dynamic pricing kicking in on premium cabins, the last week of May represents a genuine window to rebalance before peak-season prices bite.
The 2026 Transfer Reality Check
Amex hasn't vanished as a program. Membership Rewards still transfers 1:1 to most of the same airlines Chase does, and it retains exclusive access to Delta, ANA, and stronger Hilton ratios. But the bonus drought is real. When bonuses do appear, they've been smaller, more targeted, and occasionally plagued by posting glitches. Partners like Etihad are gone entirely; Emirates and Cathay ratios have worsened.[[1]](https://thriftytraveler.com/news/points/what-happened-to-amex-transfer-bonuses/)
Chase's approach feels almost cheeky by comparison. They keep tossing out 20% airline bonuses and massive hotel top-ups even as Marriott points remain mediocre value. The current Flying Blue offer turns 1,000 Ultimate Rewards into 1,200 miles. That's not life-changing on its own, but pair it with Flying Blue's monthly Promo Rewards — which routinely discount Europe business class by 25-50% — and you start seeing transatlantic round-trips in lie-flat seats for the equivalent of 40,000-50,000 Chase points each way.
Don't sleep on the timing. These Chase bonuses expire at the end of the month. Summer award pricing is already climbing. Transfer now or watch your points buy less caviar and more pretzels.
Chase-Exclusive Sweet Spots Worth Owning
World of Hyatt remains the clearest differentiator. Amex has no equivalent. A 1:1 transfer to Hyatt gets you Category 1-4 properties at 3,500-8,000 points per night in high season — Park Hyatt Paris, Maldives, or New York during Fashion Week. The same properties on Amex's radar would cost you far more through other channels or simply aren't available.
Southwest Rapid Rewards is another Chase-only play. No capacity controls, two free checked bags, and decent domestic availability make it the lazy genius option for U.S. hops. Amex can't touch it.
Flying Blue itself offers quirks Amex shares but Chase leverages better right now thanks to the bonus. Promo awards to North Africa (yes, Tunisia counts as "Europe") or off-peak U.S. routes can deliver outsized value when the 20% boost lands. United and Virgin Atlantic redemptions also flow more naturally through a healthy Ultimate Rewards balance when Amex bonuses are MIA.
Marriott? The 65% bonus is mathematically tempting but still feels like trading a Ferrari for a timeshare. Use it only for very specific aspirational properties where cash rates are obscene. Otherwise, your points prefer Hyatt.
Rebalancing Without Panic
Smart portfolio holders already split time between both programs. The shift doesn't require closing your Amex cards or burning bridges. It means being more deliberate: hoard Ultimate Rewards for the bonus cadence, use Amex for its unique partners (Delta, ANA First via Virgin, Aeroplan stopovers), and treat Membership Rewards as the flexible reserve rather than the default transfer engine.
The ecosystem is maturing. Issuers are getting stingier with bonuses exactly as award prices rise. Those who treat points like a portfolio — rebalancing toward the currency with better current promotions and hotel access — will keep flying business class while others complain about devaluations.
Action item: Audit your current Ultimate Rewards balance today. Identify any Europe or North Africa business class needs for this summer that align with Flying Blue Promo awards. Transfer enough to cover them by May 27, taking the 20% bonus. Leave the rest liquid until the next Chase offer drops. Your future self, sipping Champagne at 35,000 feet, will thank you.