Transfer Partner

Quick answer: An airline or hotel loyalty program a card issuer allows you to transfer points to at a fixed ratio.

Transfer partners are where serious points value lives. Chase UR transfers to Hyatt (1.5-2+ cpp on the right awards) and United; Amex MR transfers to ANA, Avianca, ALL Accor. Capital One transfers to Air Canada Aeroplan, British Airways, Air France/KLM. The right transfer partner can double your redemption value vs portal booking.