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In general, Starwood has one of my favorite points earning currency. Not only are SPG points extremely valuable for hotel stays, they also transfer nicely to many partner airline partners. Typically, the points transfer at a 1:1 ratio (for most airlines, but not all), but for a limited time, you can transfer your points to American Airlines with a 20% bonus. This promotion is for all transfers initiated by August 7, 2015.
As always, you’ll receive a 5,000 point bonus for every 20,000 points transferred. The great thing about the 20% bonus is that it is given on that bonus 5,000 points as well. This means that during this promotion for every 20,000 point transferred it will actually net you 30,000 American Airline points! Of course you can transfer less than 20,000 points and still get the 20% bonus, but it will not bring you as much value.
Overall, I probably value 30,000 American Airline miles slightly more than 20,000 SPG points, although it all depends on how you like to redeem your points. Once you transfer though, you’ll no longer be able to transfer back and will be locked into AA.
This is a great opportunity for those looking to redeem for a free flight on American, but I am not sure I would transfer points speculatively.