Composite = Value 45×.35 + Stability 68×.25 + Liquidity 44×.20 + Consistency 48×.10 + Drag 58×.10 = 52.1.
Audit trail. Median computed from 27 priced corridors across 6 distinct chart cells (a chart cell = one points price × cabin). Pricing basis: verified. Value source: v5.3 route database — premium long-haul 4.2¢ on 16 routes (weight 70%) · everyday (economy + short-haul) 2.3¢ on 11 routes (weight 30%). Surcharge drag: 6.3%.
Multi-city distance-chart routings through HKG; under the May 2026 chart, business is 91K (5,001–7,500 mi) or 119K (7,501+ mi) one-way, First 125K / 160K.
4 of 6 bank currencies transfer in — Amex MR 5:4 · Capital One 1:1 · Citi TY 1:1 · Bilt 1:1
Amex 1:1 CapitalOne 1:1 Citi 1:1 Bilt 1:1
Hong Kong business at range is workable; First remains limited post-restructure
May 1, 2026 repricing raised long-haul premium awards (short-haul business slightly cheaper) — unlogged at Q3, now in the Stability pillar. Amex transfers cut to 5:4 in March; Capital One, Citi and Bilt remain 1:1.
Effective cost. Headline median 5.4¢. Funded on a typical 25% transfer bonus (2×/yr): 6.7¢. Marriott/Amex periodic.
| Index | Rating | Score | Median (net) |
|---|---|---|---|
| Master | BBB | 52.1 | 3.62¢ |
| Domestic USA | not researched | — | — |
| International | BBB | 52.1 | 3.62¢ |