Earning transferable points in your country

Where you live decides which points you can earn, at what ratio, and how long a business class seat takes. Americans have five rich currencies and six-figure welcome bonuses; a German earns a third as fast at worse ratios. Outside the US, 2026 was a year of ratio cuts (Singapore, Australia, the Netherlands, Germany), so a plan that worked in 2024 needs checking.

Two assumptions run through every section: about USD 3,000 a month of normal spending in local currency on one card, and a long-haul business one-way of 60,000 to 90,000 miles. “Unaided” means spend alone; a welcome bonus usually gets you there at once.

United States

Six transferable currencies: Amex Membership Rewards, Chase Ultimate Rewards, Citi ThankYou, Capital One Miles, Bilt and Wells Fargo Rewards, almost all 1:1 to airlines.

Targets: ANA via Virgin Atlantic (52,500 West Coast, 60,000 East), Flying Blue (60,000 Light, monthly Promo Rewards), Aeroplan (60,000 to Europe plus a 5,000 stopover), Avios to Qatar Qsuite (70,000), Citi to AAdvantage for JAL and Qatar. Earning is 1,300 to 1,800 points per USD 1,000, about 4,500 to 6,000 a month: 10 to 20 months unaided, immediate with any bonus. The 2026 change: Amex cut Cathay and Emirates to 5:4 (1 March) and dropped Etihad (30 June), offset by record bonuses and USD 795 to 895 fees.

United Kingdom

Amex Membership Rewards converts 1:1 to Avios, Virgin Points and Flying Blue; HSBC Premier at 2:1; Nectar at 400:250, which turns a free Nectar Amex into a 1.25 Avios per pound card.

Targets: Avios to Qatar Qsuite (London to Doha to Asia, 70,000 to 90,000 one-way), BA Club Suite with the 2-4-1 (two seats to New York for about 100,000 Avios plus about GBP 700), Virgin Points to ANA (about 47,500 each way, scarce). At about GBP 2,400 a month you earn 2,400 to 3,600 Avios: 20 to 30 months unaided, immediate with a Platinum promotion. The 2026 change: the BA Premium Plus earn cut from 1.5 to 1.25.

Canada

Amex Membership Rewards converts 1:1 to Aeroplan, Avios and Flying Blue; RBC Avion 1:1 to Avios and Asia Miles. Scene+ has no airline partners.

Aeroplan is home: 60,000 to Europe, 55,000 Vancouver to Tokyo, stopovers for 5,000, no surcharges. A Cobalt-weighted household earns 6,000 to 8,000 a month, so 9 to 14 months unaided; Platinum plus Aeroplan Reserve bonuses give about 195,000 within six months, two one-ways. The 2026 change: the June Aeroplan repricing of long transpacific and Europe to Asia awards.

Australia

Amex Membership Rewards on the Platinum Charge converts 2:1 to Velocity and Qantas and, since July 2026, 3:1 to KrisFlyer and Asia Miles. Velocity converts on to KrisFlyer at 1.55:1, so during a Velocity transfer bonus that route can beat the direct one. Bank points (ANZ, Westpac, NAB, CommBank) convert at roughly 2:1 to 3:1.

Targets: KrisFlyer (Sydney to Singapore to Europe 100,000 or more Saver), Velocity for Qatar and Singapore, Qatar Avios for Europe at 90,000. Qantas Points are the last resort for Qantas international business (Sydney to LAX 130,100 plus carrier charges, versus 85,000 on Alaska). The Platinum earns about 10,000 points a month at AUD 4,500, which is about 5,000 Velocity points or 3,300 KrisFlyer miles: 15 to 20 months to a 75,000 to 100,000 point award unaided, and the 300,000 bonus funds one to two business one-ways (150,000 Velocity or 100,000 KrisFlyer). The 2026 changes: the Qantas cut in December 2025, the KrisFlyer and Asia Miles cut to 3:1 in July, and NAB’s fee rise with a lower earn rate from 1 October.

Germany, Switzerland and Austria

Lufthansa country, with Amex ratios already worse than 1:1. Germany: Amex earns 1 point per EUR (1.5 with the EUR 15 Turbo); BA, Iberia, Flying Blue and SAS 5:4; Qatar, Singapore and Cathay 3:2; Emirates 2:1; Etihad removed 15 June 2026. Payback converts to Miles & More 1:1 with 20 to 30 percent bonuses, so Amex to Payback to Miles & More costs 3 points a mile. Switzerland’s Amex converts to Miles & More at 2:1, so the SWISS or Cornèrcard co-brands are the direct route. Austria has Amex Gold (EUR 192) and Platinum (EUR 690) and no Payback route.

Targets: Flying Blue and Avios at 5:4, Qatar and KrisFlyer at 3:2, Miles & More only for Allegris First (business via Miles & More carries EUR 750 to 925 in surcharges). A German Platinum with Turbo yields about 3,200 Avios or Flying Blue a month: 16 to 22 months unaided; the 85,000 bonus is 68,000 Avios, one one-way. Swiss and Austrian co-brand earners need 20 to 36 months unaided. The 2026 change: Etihad gone, Accor added, Miles & More cards moved to Deutsche Bank.

Netherlands and France

Flying Blue home markets where the co-brand beats the flexible card. In the Netherlands the Flying Blue Amex Platinum (EUR 55 a month) earns 1.5 miles per EUR, 2 on KLM, Air France and Hertz. Amex Membership Rewards to Flying Blue fell from 1:0.8 to 1:0.5 on 1 July 2026, a 37.5 percent cut, so the co-brand is now the only sensible Flying Blue earner. In France the Carte Air France KLM Amex Platinum (EUR 792) earns 3 miles per EUR with the airlines and 1.3 elsewhere; the Gold (about EUR 252) ran 25,000-mile promotions to June 2026. Targets: Flying Blue to North America at 60,000 Light or 75,000 Standard, Promo Rewards at 25 to 50 percent off, Air Europa to South America at 43,000. The Dutch card earns 4,000 to 4,500 miles a month (12 to 16 months unaided), the French about 3,500 (16 to 18). The 2026 changes: the Dutch ratio cut and the September Light, Standard and Flex restructure.

Singapore

The deepest bank-points market in Asia, with one casualty. Amex devalued on 23 February 2026: Platinum Charge conversions to KrisFlyer, Asia Miles, Qantas and Emirates went from 400:250 to 600:250, Avios to 500:250. HSBC Rewards (TravelOne) now leads with 20-plus partners and no transfer fee at 2.5:1; UOB UNI$ and DBS Points convert 1:2; Citi Miles 1:1.

Targets: KrisFlyer (Singapore to Tokyo 61,000 Saver, to London 108,500), Qatar Qsuite Singapore to Europe 75,000 on Avios, Asia Miles, Turkish. Blended earning of about 1.5 miles per SGD gives 6,000 to 9,000 a month: 8 to 14 months unaided. Bonuses are small (20,000 to 45,000), so category stacking matters. The 2026 change: the Amex devaluation, which moved Amex from first choice to niche.

Hong Kong

Asia Miles territory, priced in HKD per mile. HSBC Reward+ converts HKD 1 RewardCash to 10 miles across Asia Miles, KrisFlyer, Avios, Qatar and Flying Blue; Citi converts to 12 programs.

Targets: Cathay business Hong Kong to Sydney 60,000 and to London 91,000 under the May 2026 charts, Qatar Qsuite via Avios, KrisFlyer. At about HKD 23,500 a month and HKD 3 to 4 per mile you earn 6,000 to 8,000: 8 to 15 months unaided depending on the route, 2 to 5 months with a 40,000 to 80,000 bonus. The 2026 change: Cathay’s 1 May distance charts.

Japan

Two co-brand ecosystems plus Marriott. Amex Membership Rewards earns 1 point per JPY 100; the Platinum (JPY 165,000) includes Membership Rewards Plus, which converts to ANA 1:1. JAL is not an Amex partner. The Marriott Bonvoy Amex Premium (JPY 49,500) earns 3 points per JPY 100 and transfers 3:1 with 5,000 bonus miles per 60,000 into both ANA and JAL, about 1.25 miles per JPY 100. ANA Amex Gold costs JPY 42,900 from 2 September 2026 (up from 34,100) and converts 1:1 with no fee; JAL CLUB-A Gold fees were revised on 1 March 2026 to JPY 20,900. ANA prices its own long-haul awards round trip only, 100,000 low season to North America in business. At JPY 450,000 a month you earn 4,500 to 5,600 miles: 20 to 30 months for that round trip unaided, under a year with a 50,000 to 100,000 Amex bonus. The 2026 changes: both co-brand fee rises.

Thailand

No true flexible currency. Bank points convert at fixed ratios to Royal Orchid Plus, KrisFlyer, Asia Miles, Avios, Skywards and Flying Blue, usually with a conversion fee of about THB 200 to 300 per transfer (reported, varies by bank). Royal Orchid Plus partners include Amex, Bangkok Bank, KBank, Krungsri, KTC, SCB and UOB. The benchmarks: UOB KrisFlyer Elite at THB 12.50 per mile on Singapore Airlines spend and 20 in general; KTC Royal Orchid Plus Infinite at THB 16.67 on dining, travel and foreign spend, 50 otherwise; UOB Zenith at 16.67 on foreign spend and 25 in general. Targets: KrisFlyer, Avios for Qatar Qsuite from Bangkok, Asia Miles, Royal Orchid Plus itself. At THB 100,000 a month and THB 20 per mile you earn about 5,000: 15 to 20 months unaided, under 12 on the THB 12.50 category cards. The 2026 change: ratios stable, but every bank’s table needs checking before you commit.

India

A serious market now, despite the April 2026 cuts. HDFC Reward Points (Infinia, Diners Club Black) convert through SmartBuy at 1:1 to KrisFlyer, Flying Blue and Finnair Plus, and 2:1 to Avios, Qatar, Aeroplan, Turkish and LifeMiles (the last two cut from 1:1). Axis EDGE Miles convert 1:2 to KrisFlyer, Aeroplan, JAL, Flying Blue and Air India, with annual caps; Axis removed Marriott, Accor and Qatar on 2 April 2026 without notice. Amex India converts 2:1 to airlines and 1:1 to Marriott.

The trick worth knowing: HDFC to Finnair Plus 1:1, then Finnair Avios to Qatar Avios 1:1, which reaches Qsuite at 1:1 instead of the direct 2:1. With SmartBuy weighting, 10,000 to 15,000 miles a month: 5 to 8 months unaided; without it, about two years. The 2026 changes: the Axis removals and HDFC’s Turkish and LifeMiles cuts.

United Arab Emirates

Co-brands dominate: Emirates Skywards (Emirates NBD, HSBC, Emirates Islamic) and Etihad Guest (FAB, ADIB). The flexible options are Citi Ultima at 5 Citi Miles per USD into 11 partners including Turkish, Qatar, Avios and Flying Blue, and Amex Platinum UAE at 3:2 into Skywards.

Targets: Emirates business Dubai to Europe at 70,000 to 85,000 Saver (surcharges high), Etihad business Abu Dhabi to Europe 50,000 to 70,000, Citi Miles to Qatar or Turkish for cheaper seats. At AED 11,000 a month and 2 miles per USD you earn about 6,000 Skywards: 12 to 14 months unaided, 7 on the Emirates Islamic Black, immediate with a 35,000 to 100,000 bonus. The 2026 change: ADCB dropped all Etihad co-brands on 30 November 2025, and Etihad cut status thresholds 25 percent through March 2027.

Brazil and Mexico

Brazil runs on bank points converted during bonus windows. Livelo (Bradesco, Banco do Brasil) and Esfera (Santander) convert to Smiles, Latam Pass, Azul, TAP, Flying Blue and Iberia Avios with frequent 50 to 100 percent bonuses (up to 80 percent to Smiles in August 2026 for club members); premium cards earn 2 to 5 points per USD. The method: earn Livelo or Esfera, wait for a 70 to 100 percent bonus, transfer; 6 to 10 months to a business one-way. In Mexico, Amex Membership Rewards converts to Aeromexico Rewards at 1:1.6 and to Avios and Flying Blue; the Platinum fee is reported at MXN 14,500 to 16,000 (not confirmed). Aeromexico business US to Mexico prices from 17,500 at the floor, 36,000 commonly. Amex to Aeromexico bonuses have averaged about 23 percent, usually in September, April or May.

Earning without a card

Shopping portals. In the US, Rakuten pays in Amex points instead of cash (1 point per 1 percent cashback dollar, with regular 10 to 15x days at travel sites). Every big airline runs a portal (Avios eStore, Qantas Shopping, KrisFlyer Spree, Aeroplan eStore, Skywards Miles Mall, Asia Miles iShop), typically 1 to 5 miles per dollar with 10 to 20x promotions around Black Friday. In the UK, Topcashback converts to Avios and Virgin Points with a 5 to 10 percent uplift; in Germany, Payback to Miles & More.

Marriott as a universal currency. Marriott Bonvoy transfers 3:1 to about 40 airlines with 5,000 bonus miles per 60,000, so 60,000 Bonvoy is 25,000 miles in Alaska, ANA, JAL, Cathay, Qatar, Thai, Korean Air, Etihad, Emirates or Aeroplan. It fills the gaps when a program has no bank partner in your country; the Marriott Amex in Japan is the clearest example. Buying hotel points to make airline miles rarely beats buying the miles directly (see Buying points).

Dining programs. AAdvantage, MileagePlus, SkyMiles and Alaska dining pay 1 to 5 miles per dollar on linked cards in the US; Avios and Virgin Red in the UK; Aeroplan via partner apps in Canada. Small, free, cumulative.

Rent, tax and bills. Bilt in the US earns on rent at 0 to 1.25x on a scale tied to your other spending, and added mortgages in 2026; Chexy in Canada charges about 1.75 percent; UK rent routes cost 1.5 to 2 percent, more than the points are worth. US federal taxes go through two processors in 2026, Pay1040 at 1.75 percent and ACI at 1.85 percent, which only pays off to hit a welcome bonus minimum or when your points are worth more than about 1.9 cents each. Bill intermediaries run 2.5 to 3 percent (Billhop UK about 2.95, CardUp Singapore 1.9 to 2.6, Sniip Australia 1 to 1.5 with Amex). The rule: pay a fee only to reach a welcome bonus, or when the fee is 1.5 percent or less and you value the mile at 1.5 cents or more.

Manufactured spending. Gift-card-to-money-order cycles, buying groups and bank-funding plays still exist and are increasingly dead-ended. Issuers code gift cards as cash-like, Amex and Chase close accounts and claw back points for “abuse”, Capital One and Bilt run spend-pattern analytics, and Bilt’s 2026 tiers are explicitly designed against it. Add tax exposure on buying-group resales and fraud exposure on gift cards. Welcome bonuses plus organic spend plus transfer bonuses beat it on risk-adjusted terms, which is why this paragraph is the whole treatment.

Pooling points as a family

Bank points mostly cannot cross accounts (Chase allows one household member; Amex only pools authorized users into the primary). Airline programs can, so earn into one that pools at the redemption end.

For a couple, the practical version: both earn, both transfer into one Avios, Etihad, Emirates or Flying Blue account, one person books. The chapter Transfer bonuses shows how to make that transfer 20 to 40 percent cheaper.

Sources checked

• NAB, Qantas Rewards Signature offer and 1 Oct 2026 changes, Oct 2026
• Prince of Travel, Amex Membership Rewards Canada guide, Sep 2026
• Head for Points, what is the best Avios credit card, 3 Aug 2026
• Platinum Flyer, Amex Netherlands devalues Flying Blue transfers, Jul 2026
• Rivo, Axis Bank rewards and miles guide 2026, Apr 2026
• Mainly Miles, Amex Singapore devalues points-to-miles by up to 50 percent, 23 Jan 2026