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AMEX Membership Rewards has launched a new transfer promotion: until Dec. 31, transfers to Hilton get a 30% bonus. The standard transfer ratio is 1:2, so with the bonus the effective ratio becomes 1:2.6. If you value Hilton points at about 0.5 cents each, this can make your MR points worth about 1.3 cents each.

If you already have hotel reservations to make—especially if you’re trying to qualify for Hilton’s “stay 4, get 1” offer—transferring points is still worthwhile. But it’s not a good idea to hoard a huge amount of Hilton points just for this promotion.