Amex Membership Rewards vs Chase Ultimate Rewards vs Citi ThankYou 2026: The US Transfer-Partner Currency Comparison

Points publications value Chase Ultimate Rewards, American Express Membership Rewards, and Citi ThankYou Points within a few tenths of a cent of each other, and that small gap is the reason so many US collectors pick a currency for the wrong reason. The Points Guy's monthly valuations, for example, have in recent years put Chase and Amex at around 2 cents per point and Citi slightly lower. The currency comparison hinges on far more than a headline cent-per-point figure. Partner lists, transfer bonuses, expiration rules, and non-travel flexibility each move the needle in ways that flip the ranking depending on how you actually redeem.

This piece breaks down all three currencies side by side: valuation, airlines, hotels, transfer bonuses, expiration policies, redemption flexibility, and the sweet-spot awards each currency unlocks. Program terms, transfer partners, and ratios change often. Verify each program's current partner list, ratio, and award pricing directly on the issuer's site before you transfer, because point transfers to airline and hotel programs are typically irreversible.

The verdict

Pick Chase Ultimate Rewards if your best redemptions are US-domestic airlines (United and Southwest at 1:1, plus JetBlue) and hotels (World of Hyatt is a Chase transfer partner and not an Amex or Citi one, and it delivers some of the strongest per-point hotel value of any US program).

Pick Amex Membership Rewards if your redemption goals lean international premium cabins. Amex is the only program of the three that transfers to ANA Mileage Club and Delta SkyMiles at 1:1, and it has a deep airline partner list, including Cathay Pacific, Qantas, and Qatar.

Pick Citi ThankYou if you want Turkish Airlines Miles&Smiles and American Airlines AAdvantage access (neither is an Amex or Chase partner), value Avianca LifeMiles, and are comfortable with a slightly lower headline valuation. Transfer bonuses can push Citi's effective value above the headline figure.

Most active US points collectors eventually hold at least two of the three currencies because the sweet spots do not overlap and each is hard to substitute.

Shop Macy's through ShopBack and pay with your Amex, Chase, or Citi card. Start at the store's ShopBack page before you pay, and your card still earns its usual points on the same order.

Cent-per-point valuations: what the numbers actually mean

Points valuations are portfolio averages produced by loyalty publications by pricing a basket of achievable redemptions against cash prices. Two of the most-cited sources for US points collectors are The Points Guy monthly valuations and One Mile at a Time reasonable-redemption values. Both have in recent years placed Chase Ultimate Rewards and Amex Membership Rewards close together at around 2 cents per point, with Citi ThankYou somewhat lower. Check the current figures on thepointsguy.com and onemileatatime.com, because both rebase after major program changes.

These numbers describe an average redeemer who transfers points to a partner and books awards that beat retail prices. They do not describe someone who cashes points at 1 cent for statement credit; that redeemer earns about 1 percent regardless of currency. A gap of a few hundredths of a cent between Chase and Amex is well inside month-to-month movement and should not drive a program choice.

Why a small gap matters and does not matter

At 100,000 points, a 0.2 cent difference is 200 US dollars in nominal average value. That sounds important. Two caveats:

1. Transfer bonuses can eclipse the gap. A 30 percent bonus turns 100,000 points into 130,000 partner miles, which can unlock a better award than 100,000 unbonused points from another program.
2. Your redemption pattern is unique. If you redeem mostly for World of Hyatt stays, your effective Chase value can be well above 2 cents. If you always cash out at 1 cent, all three programs collapse to the same flat value.

The headline valuation is a starting point, not a decision.

Airline transfer partners: side by side

Airline transfer partners change regularly; verify current lists and ratios directly with each issuer before you transfer.

American Express Membership Rewards airline partners

More than 15 airline partners, at 1:1 unless noted, including:

• Aer Lingus AerClub
• Aeromexico Rewards
• Air Canada Aeroplan
• Air France/KLM Flying Blue
• ANA Mileage Club
• Avianca LifeMiles
• British Airways Executive Club
• Cathay Pacific Asia Miles
• Delta SkyMiles
• Emirates Skywards
• Etihad Guest
• Iberia Plus
• JetBlue TrueBlue (250:200)
• Qantas Frequent Flyer
• Qatar Privilege Club
• Singapore Airlines KrisFlyer
• Virgin Atlantic Flying Club

Unique to Amex among the three: ANA Mileage Club and Delta SkyMiles.

Sweet spots Amex enables: ANA's round-trip partner award chart has long priced Star Alliance business class from the US to Europe and Japan well below most programs (check current pricing and fuel surcharges before you transfer). Delta SkyMiles at 1:1 is useful when Amex runs a Delta transfer bonus.

Chase Ultimate Rewards airline partners

Eleven airline partners, all at 1:1:

• Aer Lingus AerClub
• Air Canada Aeroplan
• Air France/KLM Flying Blue
• British Airways Executive Club
• Emirates Skywards
• Iberia Plus
• JetBlue TrueBlue
• Singapore Airlines KrisFlyer
• Southwest Rapid Rewards
• United MileagePlus
• Virgin Atlantic Flying Club

Unique to Chase among the three: United MileagePlus and Southwest Rapid Rewards. Chase also transfers to JetBlue at 1:1, a better ratio than Amex's 250:200.

Sweet spots Chase enables: United, Southwest, and JetBlue in one program covers a large share of US-domestic flying with simple transfer economics. This is why Chase is the near-default recommendation for US-domestic points collectors.

Citi ThankYou airline partners

More than 15 airline partners (some transfer ratios depend on which Citi card you hold), including:

• Aeromexico Rewards
• Air France/KLM Flying Blue
• American Airlines AAdvantage
• Avianca LifeMiles
• Cathay Pacific Asia Miles
• Emirates Skywards
• Etihad Guest
• EVA Air Infinity MileageLands
• JetBlue TrueBlue
• Qantas Frequent Flyer
• Qatar Privilege Club
• Singapore Airlines KrisFlyer
• Thai Royal Orchid Plus
• Turkish Airlines Miles&Smiles
• Virgin Atlantic Flying Club
• Additional partners change; verify the current list at thankyou.com

Unique to Citi among the three: American Airlines AAdvantage, Turkish Airlines Miles&Smiles, EVA Air, and Thai Royal Orchid Plus.

Sweet spots Citi enables: Turkish Airlines Miles&Smiles for Star Alliance awards, Avianca LifeMiles (also on Amex) for Star Alliance awards without fuel surcharges, and American Airlines AAdvantage, which no other major bank currency transfers to.

Airline partner overlap summary

Common to all three: Air France/KLM Flying Blue, Emirates Skywards, JetBlue TrueBlue, Singapore Airlines KrisFlyer, and Virgin Atlantic Flying Club.

Amex plus Chase (not Citi): Aer Lingus, Air Canada Aeroplan, British Airways, Iberia.

Amex plus Citi (not Chase): Aeromexico, Avianca LifeMiles, Cathay Pacific, Etihad, Qantas, Qatar.

Amex only: ANA Mileage Club, Delta SkyMiles.

Chase only: United MileagePlus, Southwest Rapid Rewards.

Citi only: American Airlines AAdvantage, Turkish Airlines Miles&Smiles, EVA Air, Thai Royal Orchid Plus.

Hotel transfer partners: where the currencies diverge sharply

Hotels are where the comparison splits hardest. A hotel partner is either on your currency's list or it is not.

Chase Ultimate Rewards hotel partners

• World of Hyatt (1:1). Not available from Amex or Citi.
• Marriott Bonvoy (1:1).
• IHG One Rewards (1:1).

World of Hyatt is the highest-value hotel transfer partner across the three programs for most redeemers. Its standard award chart starts at 3,500 points a night for a Category 1 hotel at off-peak dates, and Category 4 runs 12,000 to 18,000 points a night depending on the date. Hyatt redemptions can deliver well above 2 cents per point against cash rates, especially at mid-category hotels in expensive cities.

Amex Membership Rewards hotel partners

• Marriott Bonvoy (1:1).
• Hilton Honors (1:2). The ratio sounds generous, but Hilton points are usually worth around half a cent each, so the effective value per Amex point transferred is modest.
• Choice Privileges (1:1).

Hilton's 1:2 ratio is a common source of confusion. On paper, 100,000 Membership Rewards become 200,000 Hilton points; in practice, many Hilton nights at desirable properties price at 60,000 points or more. Amex points usually work harder as airline transfers; for hotel spending, Amex Fine Hotels + Resorts (booked through Amex Travel on eligible cards) is a separate benefit.

Citi ThankYou hotel partners

• Choice Privileges (1:2).
• Wyndham Rewards, plus other hotel partners; verify current partners and ratios at thankyou.com.

Citi does not transfer to Hyatt, Marriott, or Hilton. For hotel points, prefer Chase (Hyatt) or transfer Amex to Marriott Bonvoy during a Marriott transfer bonus.

The Hyatt asymmetry

Chase's Hyatt partnership is arguably the single most valuable feature across the three currencies. No amount of Amex or Citi points can be transferred to World of Hyatt. If Hyatt redemptions are your main hotel goal, you effectively need Chase points.

Transfer bonuses: the pattern

Transfer bonuses (often 15 to 40 percent) change the effective per-point value and are one reason headline valuations understate what active collectors get. Bonuses come and go; check each issuer's transfer page or a loyalty publication for what is live today.

Amex Membership Rewards runs partner-specific bonuses fairly often, typically to one partner at a time for a few weeks. Past bonuses have gone to partners such as Virgin Atlantic, Air France/KLM Flying Blue, British Airways, Hilton, and Marriott.

Chase Ultimate Rewards has historically run bonuses less often than Amex or Citi, with occasional offers to partners such as Marriott, Virgin Atlantic, and Air France/KLM. Chase point holders should not wait for a bonus to redeem.

Citi ThankYou has run frequent partner bonuses, including to Avianca LifeMiles, Turkish Airlines, Virgin Atlantic, and Choice Privileges.

Bonus math worked example

A 100,000-point transfer to Turkish Airlines Miles&Smiles is only possible with Citi among the three. With a 30 percent bonus, it becomes 130,000 Turkish miles; without one, 100,000. The same arithmetic applies to any bonused partner: a bonus of X percent adds X percent to the miles you receive, which is why waiting for a bonus can be worth more than the headline valuation gap between programs.

Expiration policies

None of the three currencies expires while you hold at least one eligible card in good standing. The mechanics differ when you close cards.

Amex Membership Rewards stay as long as at least one Membership Rewards card remains open. If you close your last one, you risk losing the points; transfer or redeem first.

Chase Ultimate Rewards stay while at least one Ultimate Rewards card remains open. Close the last one and the points go with it unless you first move them to another eligible Chase card (yours or, where allowed, a household member's).

Citi ThankYou Points stay while you hold a ThankYou-earning card. If you close all of them, points typically remain available for a limited period (Citi has historically allowed 60 days) before expiring.

Practical rule: do not close the last card that holds a currency without transferring or redeeming the balance first. Verify current policy at each issuer's site before closing accounts.

Redemption flexibility outside of transfer

Transfers are where the headline valuations come from, but each currency offers non-transfer options that matter for simplicity.

Chase Ultimate Rewards non-transfer options:

• Chase Travel: Sapphire Reserve and Sapphire Preferred cardmembers can get boosted value on selected bookings through Points Boost (up to 2 cents per point on Reserve and up to 1.5 cents on Preferred, per Chase). Older fixed 1.5 and 1.25 cent rates apply only to points earned before late October 2025, for a limited time. Check your card's current terms.
• 1 cent per point for statement credit or direct deposit
• Gift cards, usually at about 1 cent per point
• Amazon redemptions, usually below 1 cent per point

Amex Membership Rewards non-transfer options:

• Statement credits and Pay with Points at Amazon, usually well below 1 cent per point (Amazon is about 0.7 cents)
• Flights booked through Amex Travel at 1 cent per point
• Gift cards, usually 0.5 to 1 cent per point depending on the retailer

Citi ThankYou non-transfer options:

• Statement credit or direct deposit, usually about 1 cent per point on most premium ThankYou cards
• Travel booked through Citi's travel portal
• Gift cards, often at about 1 cent per point

Flexibility ranking: Chase is the most flexible outside transfers because of 1 cent cash-out and Points Boost on Chase Travel. Citi is competitive on cash-out and gift cards. Amex is the weakest outside transfers; its points are designed to be transferred, and Amazon Pay with Points is one of the worst uses across the three programs.

Best-value uses per currency

Every currency has a signature redemption that can beat its headline valuation by a wide margin.

Chase Ultimate Rewards signature uses

• World of Hyatt hotels, especially Categories 1 to 4.
• United MileagePlus domestic and Star Alliance partner awards.
• Southwest Rapid Rewards. Simple redemptions, and Southwest's Companion Pass (once earned, a companion flies with you for the rest of that year and the following year, paying taxes and fees only) is unique to Southwest.
• JetBlue TrueBlue. Fixed-value redemptions tied to the cash fare.
• Air France/KLM Flying Blue Promo Rewards, monthly discounted awards to Europe.

Amex Membership Rewards signature uses

• ANA Mileage Club premium cabins on Star Alliance partners (check current award pricing and surcharges).
• Virgin Atlantic Flying Club, including partner awards on Delta and ANA.
• Air France/KLM Flying Blue Promo Rewards (also transferable from Chase and Citi).
• British Airways Avios (also on Chase), useful for short-haul American Airlines flights in the US.
• Delta SkyMiles at 1:1, useful when Amex runs a Delta transfer bonus.

Citi ThankYou signature uses

• Turkish Airlines Miles&Smiles for Star Alliance awards.
• Avianca LifeMiles for Star Alliance awards without fuel surcharges.
• American Airlines AAdvantage for American and oneworld partner awards.
• Choice Privileges hotel redemptions.
• Air France/KLM Flying Blue Promo Rewards and Virgin Atlantic Flying Club (shared with Amex and Chase).

The pattern: Chase is a hotel and US-domestic airline currency; Amex is an international premium-cabin currency; Citi is a Star Alliance and American Airlines currency with frequent bonuses.

When to hold more than one currency

Most active US points collectors hold at least two of the three. Sweet spots are not substitutable: you cannot book World of Hyatt without Chase, you cannot transfer to ANA or Delta without Amex, and you cannot transfer to Turkish or American Airlines without Citi.

Two-currency pairs that make sense:

• Chase plus Amex. Covers Hyatt, US-domestic airlines, and international premium-cabin transfers. The default heavy-collector pair.
• Chase plus Citi. Covers Hyatt, US-domestic airlines, plus Turkish, Avianca, and American Airlines. Often cheaper to hold than Chase plus Amex.
• Amex plus Citi. Covers international premium cabins plus Turkish, Avianca, and American Airlines. Weaker on Hyatt and on United and Southwest.

All three: Chase plus Amex plus Citi covers essentially every transferable-points sweet spot, at the cost of three sets of annual fees. For US households with high annual card spending and several award trips a year, it is often worth it. For households that spend less or redeem rarely, a single-currency focus is simpler and often more efficient per dollar of annual fee.

Frequently asked questions

In cent-per-point terms, how do Amex Membership Rewards, Chase Ultimate Rewards, and Citi ThankYou compare in 2026? Published valuations from The Points Guy and One Mile at a Time have in recent years placed Chase and Amex at around 2 cents per point and Citi somewhat lower. Check the current figures at thepointsguy.com and onemileatatime.com.

Which transferable points currency is worth the most in 2026? It depends on how you redeem. Chase and Amex sit close together on headline valuation. Chase leads for Hyatt and US-domestic flying, Amex for international premium cabins (ANA, Delta, Cathay Pacific), and Citi for Turkish, Avianca, and American Airlines.

Which airline transfer partners overlap across Amex, Chase, and Citi? All three share Air France/KLM Flying Blue, Emirates Skywards, JetBlue TrueBlue, Singapore Airlines KrisFlyer, and Virgin Atlantic Flying Club. Amex adds ANA and Delta; Chase adds United and Southwest; Citi adds American Airlines and Turkish. Amex and Citi share Avianca, Cathay Pacific, Etihad, Qantas, and Qatar.

Which hotel transfer partners are available across Amex, Chase, and Citi? Chase transfers to Hyatt, Marriott, and IHG. Amex transfers to Marriott, Hilton, and Choice. Citi transfers to Choice, Wyndham, and other partners, but not Hyatt, Marriott, or Hilton. Hyatt is available only through Chase among the three.

How often do Amex, Chase, and Citi run transfer bonuses, and how big are they? Amex and Citi run partner bonuses fairly often, usually 15 to 40 percent to one partner at a time. Chase has historically run them less often. Check each issuer's transfer page for current offers.

Do Amex Membership Rewards, Chase Ultimate Rewards, or Citi ThankYou Points expire? None expires while you hold at least one eligible card open. Citi has historically given a grace period (about 60 days) after you close all ThankYou cards; with Amex and Chase, transfer or redeem before closing your last card.

What are the redemption options besides transfer, and what are their cent values? Chase offers 1 cent cash-out and boosted Chase Travel value through Points Boost on Sapphire cards. Citi offers about 1 cent cash-out on most premium ThankYou cards. Amex non-transfer options are mostly below 1 cent, such as about 0.7 cents at Amazon.

What is the single best-value use of each currency in 2026? Chase: World of Hyatt hotels. Amex: ANA Mileage Club premium cabins. Citi: Turkish Airlines Miles&Smiles or Avianca LifeMiles Star Alliance awards.

Which currency has the best redemption flexibility outside of travel? Chase Ultimate Rewards, thanks to 1 cent cash-out and Points Boost on Chase Travel for Sapphire cardholders.

Do these three point currencies combine or transfer between each other? No. Each is a separate program; there is no cross-issuer point transfer. Plan your currency choice before you build a large balance.

Can I use ShopBack and still earn card rewards with an Amex, Chase, or Citi card in the US? Yes. ShopBack is a step you take before you pay: start at the store's ShopBack page, for example Macy's, Bloomingdale's, Best Buy, Samsung, or Verizon, click through, and pay with your Amex, Chase, or Citi card as usual. Your card earns its normal points on the order. Check the live Cashback rate on the store's ShopBack page.

How should I decide which currency to focus on if I can only pick one? Start from redemption intent. US-domestic flying and Hyatt: Chase. International premium cabins: Amex. Turkish, Avianca, or American Airlines awards: Citi.

Key takeaways

• Points publications have in recent years valued Chase and Amex at around 2 cents per point and Citi slightly lower; partner lists and bonuses matter more than that gap
• Chase's airline strength is US-domestic (United and Southwest at 1:1, JetBlue). Amex's is international premium cabins (ANA, Delta, Cathay Pacific). Citi's is Turkish, Avianca, and American Airlines
• Chase's hotel strength is World of Hyatt, which Amex and Citi do not offer. Amex has Marriott, Hilton, and Choice. Citi has Choice, Wyndham, and others, but not Hyatt, Marriott, or Hilton
• Amex and Citi run transfer bonuses more often than Chase
• None of the three currencies expires while you hold an eligible card; do not close your last card in a program without transferring or redeeming first
• Chase has the strongest non-transfer options; Amex is the weakest outside transfers
• Most active US points collectors hold currencies from at least two issuers because the sweet spots do not overlap
• ShopBack is a step before you pay: start at the store's ShopBack page, then pay with your usual card, which still earns its points

Shop with ShopBack

Start at the store's ShopBack page before you pay with your Amex, Chase, or Citi card, and check the live Cashback rate there:

• Macy's: shopback.com/macys
• Bloomingdale's: shopback.com/bloomingdales
• Best Buy: shopback.com/best-buy
• Samsung: shopback.com/samsung
• Verizon: shopback.com/verizon

For current transfer partner lists, ratios, and bonus offers, visit American Express Membership Rewards, Chase Ultimate Rewards, and Citi ThankYou Rewards.

---

Disclaimer: Cent-per-point valuations, transfer partner lists, transfer ratios, transfer bonuses, expiration policies, and non-transfer redemption rates in this article may change at any time. Published valuations from The Points Guy and One Mile at a Time are updated regularly by those publications. Chase Ultimate Rewards, American Express Membership Rewards, and Citi ThankYou Rewards are administered by Chase, American Express, and Citi respectively, and are trademarks of their respective owners. Award pricing, partner lists, ratios, and expiration policies are set by each program and can change without notice. Transfers to airline and hotel partners are typically irreversible. Tax treatment of credit card rewards is not addressed in this article; consult a tax professional for your situation. Cashback offers, rates, and terms are subject to change and to the terms of each store's campaign. Verify current details on each issuer or store site before you transfer, redeem, apply, or purchase.