American Express Membership Rewards points are worth approximately 1.85 cents each when redeemed through the most efficient remaining transfer partners, with Air Canada Aeroplan, Virgin Atlantic Flying Club, and ANA Mileage Club leading the value rankings as of December 2026.

American Express Membership Rewards still earns its place at the top of U.S. transferable points programs, but the calculus for how to use it has shifted measurably since 2024. Six transfer partners have devalued in the past 24 months — most recently Flying Blue, in October 2026 — and the right answer to “where should I send my points?” is different today than it was even a year ago.

This guide is a current-as-of-December-9-2026 view of the program: how points are earned, what they’re worth, and which transfer partners are still pulling their weight.

What a Point Is Worth

Modern Business Travel’s standing valuation as of December 9, 2026 is 1.85 cents per Membership Rewards point, calculated as the median redemption value across the program’s nine remaining transfer partners that consistently produce 1.5 cents or more per point on premium-cabin awards. The corresponding figure on January 1, 2024 was 2.0 cents.

The decline is concentrated in three partners. Flying Blue’s October 14, 2026 chart change increased Paris–New York business class from 75,000 to 95,000 miles. British Airways added carrier-imposed surcharges of approximately $640 round-trip on transatlantic Club World awards in March 2026. Delta SkyMiles’ January 2024 shift to fully dynamic pricing has roughly halved its redemption value over two years.

The Three Partners Worth Using First

Air Canada Aeroplan is the most flexible high-value partner. Its published chart, last updated June 1, 2026 in a partial devaluation, prices North America to Asia business class at 85,000 to 102,500 points one-way on Star Alliance carriers depending on distance band (Tokyo/Seoul on the short end at 85,000; Singapore/Bangkok/Hong Kong at the 102,500 long-haul band), including ANA, Singapore Airlines, EVA, and Lufthansa. Aeroplan does not pass through fuel surcharges on most partners, with the major exceptions being Lufthansa Group (LH/OS/LX) and Air China.

Virgin Atlantic Flying Club remains a sweet-spot partner for two narrow but valuable use cases: Virgin Atlantic-operated Upper Class to London at 47,500 points off-peak one-way (with surcharges of roughly $375 in addition), and ANA-operated First or Business Class to Tokyo at 90,000 or 105,000 points round-trip respectively (peak season). The ANA awards must be booked round-trip.

ANA Mileage Club has the least friendly booking interface and the most generous round-trip First Class chart, at 165,000 miles New York–Tokyo. Use it when the redemption volume justifies the booking effort.

Where Not to Send Points

The 1:1 transfer to Delta SkyMiles, once a 2.0 cent average, now averages roughly 1.05 cents per point — below the 1.0 cent floor of redeeming through Amex Travel’s pay-with-points portal. Avoid except in unusual circumstances.

Hilton Honors, at 1:2, sounds attractive but produces an effective per-point value below 0.9 cents at average award rates. Almost always a bad redemption.

Earning: Cards Worth Holding

The American Express Business Platinum (annual fee $695) earns 5x on flights and prepaid hotels booked through Amex Travel. The Gold Card ($325) earns 4x at restaurants and on $25,000 in annual U.S. supermarket spend. The Business Gold ($375) offers 4x on the two highest-spend categories from a list of six, recalculated monthly — a useful structure for businesses with concentrated spend in advertising, software, or fuel.

For a household with above-median travel and dining spend, the Gold + Platinum combination still produces the highest year-one Membership Rewards yield among U.S. transferable-points programs.

What This Means for 2027

Expect at least one further devaluation in 2027. The clearest candidate is Hilton Honors, where Amex’s 1:2 ratio is increasingly out of step with peer programs. Plan transfers to high-value partners (Aeroplan, Virgin, ANA) when redemption opportunities are actually available, rather than parking large balances at Amex against the chance of future devaluation elsewhere.

Frequently Asked Questions

How much is one Amex Membership Rewards point worth in December 2026?
Modern Business Travel values one Membership Rewards point at approximately 1.85 cents based on the median redemption across the program's remaining nine high-value transfer partners. The figure is down from 2.0 cents at the start of 2024 following devaluations at Air France-KLM Flying Blue, British Airways Executive Club, and Delta SkyMiles.
What is the best Amex Membership Rewards transfer partner for premium-cabin redemptions?
Air Canada Aeroplan is currently the most flexible high-value partner. Under the post-June-1-2026 chart, it charges 85,000 to 102,500 Aeroplan points one-way for North America to Asia in business class on Star Alliance carriers depending on distance band, with no fuel surcharges on most partners (Lufthansa Group and Air China remain exceptions) and a transparent published award chart updated quarterly.
Is the 1:1 transfer to Delta SkyMiles ever worth using?
Almost never. Delta's January 2024 dynamic pricing shift made SkyMiles redemptions average roughly 1.05 cents per Membership Rewards point — below the value of redeeming MR through Amex Travel's pay-with-points portal at 1.0 cents and well below the Aeroplan or ANA alternatives. Use SkyMiles transfers only when an unusually short award flight has not yet been re-priced upward.
How do I avoid losing points if I cancel an Amex card?
Membership Rewards points belong to a Membership Rewards account, not to any single card. As long as you retain at least one card that earns Membership Rewards (such as the Green, Gold, or Platinum), points remain in your account. Closing every Membership Rewards-earning card forfeits your balance — Amex applies that rule strictly and points cannot be reinstated by phone.