Composite = Value 58×.35 + Stability 35×.25 + Liquidity 72×.20 + Consistency 67×.10 + Drag 89×.10 = 59.1.
Audit trail. Median computed from 22 priced corridors across 10 distinct chart cells (a chart cell = one points price × cabin). Pricing basis: chart. Value source: v5.3 route database — premium long-haul 6.4¢ on 17 routes (weight 70%) · everyday (economy + short-haul) 1.9¢ on 5 routes (weight 30%). Surcharge drag: 1.6%.
No-surcharge Lufthansa First/Business when buy-miles promos put entry cost under ~2¢ — execute and exit
5 of 6 bank currencies transfer in — Amex MR 1:1 · Capital One 1:1 · Citi TY 1:1 · Bilt 1:1 · Wells Fargo 1:1
Amex 1:1 CapitalOne 1:1 Citi 1:1 Bilt 1:1 WellsFargo 1:1
Sees the same Star space as United/Aeroplan but adds no fuel surcharges; frequent buy-miles sales
Three devaluations in fourteen months — transfer in only against a named booking, never park balances
Effective cost. Headline median 6.4¢. Funded on a typical 20% transfer bonus (6×/yr): 7.7¢. The most frequently bonused program tracked (≈12 Amex bonuses in the period). Typically 15–25%.
| Index | Rating | Score | Median (net) |
|---|---|---|---|
| Master | BBB | 59.1 | 5.06¢ |
| Domestic USA | NR | — | — |
| International | BBB | 58.2 | 5.06¢ |