By admin 
The landscape of transferable rewards is constantly shifting, and as of February 2026, several major issuers are providing lucrative incentives to move points into partner programs. We have compiled a comprehensive guide to the currently active bonuses, along with an analytical deep dive into whether these offers represent a "buy" or "hold" for your points balance.
Current Landscape of Active Transfer Bonuses
As we move through the first quarter of the year, several high-profile transfer opportunities have emerged, primarily centered around the Chase and Capital One ecosystems.
| Transfer From | Transfer To | Bonus Amount | Expiration Date | Effective Transfer Ratio |
|---|---|---|---|---|
| Chase Ultimate Rewards | Virgin Atlantic Flying Club | 40% | Feb. 28 | 1,000 : 1,400 |
| Chase Ultimate Rewards | Marriott Bonvoy | 50% | Feb. 28 | 1,000 : 1,500 |
| Capital One | Japan Airlines (JAL) Mileage Bank | 30% | Feb. 28 | 1,000 : 975 |
Analytical Deep Dive: Chase Ultimate Rewards Bonuses
Chase is currently leading the market with two distinct offers that cater to different types of travelers. The 40% bonus to Virgin Atlantic Flying Club is particularly noteworthy for those looking to book international premium cabins. Under standard conditions, 1,000 Chase points equal 1,000 Virgin points. With this bonus, that same 1,000-point block yields 1,400 Virgin points.
From a valuation perspective, the math requires careful scrutiny. According to February 2026 valuations, Chase Ultimate Rewards points are pegged at approximately 2.05 cents each, reflecting their immense flexibility and high redemption floor when used through the Chase Travel portal (for Sapphire Reserve cardholders). In contrast, Virgin Atlantic points are valued at roughly 1.3 cents each. On the surface, transferring 10,000 Chase points (worth $205) for 14,000 Virgin points (worth $182) looks like a losing proposition. However, valuations are averages; the true value is found in "sweet spot" redemptions. For instance, using Virgin points to book Delta One suites to Europe or ANA First Class to Japan can yield values exceeding 5 or 6 cents per point. In these specific scenarios, the 40% bonus acts as a significant discount on an already high-value award.
The second Chase offer—a 50% bonus to Marriott Bonvoy—is more controversial among points enthusiasts. While a 50% boost sounds massive, Marriott Bonvoy points are valued at just 0.7 cents each. Transferring 1,000 Chase points (worth 2.05 cents) to receive 1,500 Marriott points (worth 1.05 cents) results in a nearly 50% loss of theoretical value. Consequently, this transfer is generally discouraged unless a traveler is a few thousand points short of a specific high-value hotel stay or is looking to take advantage of Marriott’s "Stay for 5, Pay for 4" benefit on award bookings.
Capital One and the Japan Airlines Opportunity
Capital One has introduced a 30% bonus for transfers to Japan Airlines (JAL) Mileage Bank, a program that is notoriously difficult to earn miles in for U.S.-based travelers. Unlike most Capital One partners that transfer at a 1:1 ratio, JAL normally operates at a 4:3 ratio (meaning 1,000 Capital One miles usually yield only 750 JAL miles). With the current 30% bonus, 1,000 Capital One miles result in 975 JAL miles, effectively bringing the transfer close to a 1:1 parity.
JAL Mileage Bank is highly prized for its distance-based award chart and its partnership with Oneworld alliance members. It remains one of the best ways to book Emirates Skywards flights or premium seats on JAL’s own world-class metal. Given that Capital One miles are valued at 1.85 cents, and JAL miles are often valued significantly higher due to their scarcity and the program’s lucrative redemption options, this bonus represents a rare chance to bridge the gap into the JAL ecosystem without the usual "transfer tax" of the 4:3 ratio.
Monitoring the Quiet Giants: Amex and Citi
Currently, American Express Membership Rewards and Citi ThankYou Rewards are not offering public transfer bonuses. However, history suggests that this "quiet period" is often the precursor to a new wave of offers. American Express, in particular, is known for targeted bonuses that may appear only on individual accounts. It is common to see Amex offer 15% to 30% bonuses to partners like British Airways Executive Club, Hilton Honors, or Air France-KLM Flying Blue.
For Citi cardholders, the value of future bonuses is heavily dependent on the specific card held. To access the full breadth of transfer partners and the best ratios, users must typically hold a premium product like the Citi Strata Elite or the Citi Strata Premier. These cards anchor the ThankYou Rewards ecosystem, which TPG currently values at 1.9 cents per point.
The Emerging Power of Rove Miles
A new entrant in the loyalty space, Rove Miles, is beginning to disrupt the traditional credit-card-centric model. Unlike Chase or Amex, Rove Miles does not require a specific credit card. Instead, users earn miles by booking travel and shopping through a dedicated portal. The program has recently gained traction by adding Lufthansa Miles & More as a transfer partner.
Lufthansa’s loyalty program is a "holy grail" for many award travelers because it provides much better access to Lufthansa and Swiss First Class space than any other Star Alliance partner. Traditionally, earning Miles & More points in the U.S. was limited to a single co-branded credit card with a mediocre earning structure. The ability to earn Rove Miles at rates as high as 54 miles per dollar on hotel stays and then transfer them to Lufthansa—potentially during future bonus periods—represents a significant shift in how luxury travel can be subsidized.
Strategic Considerations: To Transfer or Not to Transfer?
The cardinal rule of the points and miles world is: Never transfer speculatively. While a 40% or 50% bonus is enticing, the flexibility of "bankable" points (those held by the credit card issuer) is their most valuable attribute. Once points are moved to an airline like Virgin Atlantic or a hotel like Marriott, they cannot be moved back. If the airline later devalues its award chart or the specific flight you wanted disappears, your points are "orphaned" in a single-purpose currency.
Before executing a transfer during a bonus period, travelers should follow a three-step verification process:
- Confirm Availability: Use the airline’s website to ensure the "Saver" level award space actually exists for your desired dates and route.
- Run the Math: Compare the "cash price" of the ticket against the number of points required. Even with a bonus, if the redemption value is lower than the TPG valuation of the original credit card points, you might be better off paying cash or using a different partner.
- Check Transfer Times: While most Chase and Capital One transfers are instant, some partners can take 24 to 48 hours to process. During this window, award space can vanish.
The Bottom Line
Transfer bonuses are a vital tool for maximizing the return on your spending, effectively lowering the "cost" of luxury travel. The current offers from Chase and Capital One provide excellent opportunities for those looking toward Asia or Europe, provided the redemptions align with high-value partner sweet spots. As the travel industry continues to evolve in 2026, staying informed about these limited-time windows is the difference between a standard vacation and an extraordinary one. Always prioritize flexibility, but when a bonus aligns with a concrete travel goal, it is often the best time to strike.