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American Express is offering targeted members (targeted Amex Platinum card members) the opportunity to transfer their Membership Rewards points SPG with a 50% bonus. Typically, the transfer rate is 3:1 (meaning every 3 Membership Reward points = 1 SPG point) which is not a good deal! With the current bonus, that means you can transfer at a 3:2 ratio which is slightly better, but still not a ratio that I would personally transfer at. I believe you will get more value by transferring those Membership Reward points to an airline partner, but it all depends on where you are looking to go.
Remember, SPG now also transfers to Marriott points, so if you were looking to redeem your Membership Reward points at Marriott properties you can now do so. Since SPG transfers to Marriott at 1:3, with this current promotion, you are ultimately transferring your Membership Reward points to Marriott points at a 2:3 ratio. Again, not typically a ratio I’d recommend, but it is better then the Chase to Marriott transfer rate which is always 1:1.
Thanks to Point Me to the Plane for letting me know of this offer!