American Express Membership Rewards points have historically transferred to Hilton at a rate of 1000 -> 1500. So 1 Amex point was worth 1.5 Hilton points.

That’s not a rate I’d want to transfer at. I value Hilton points at 4/10ths of a cent and Amex points at 1.8 cents apiece.

Sometimes they’d run bonuses where 1 Amex point would yield 2 Hilton, still not a great deal but better of course.

Hilton Bora Bora Nui

Over the summer American Express scored an exclusive deal with Hilton. Citibank lost their Hilton card portfolio, and lost Hilton as a ThankYou Rewards transfer partner.

This month we’ll be seeing a new slate of Hilton American Express cards with some cool benefits.

And it appears there’s an improvement with Membership Rewards as well, transfers to Hilton now appear to have a 1:2 ratio and there’s no language suggesting this is a limited-time offer. (HT: Emily McNutt)

I’m still not interested in this deal, that’s cutting the value of my Membership Rewards points in half in my opinion, but it’s a better deal than it used to be.