Composite = Value 45×.35 + Stability 30×.25 + Liquidity 81×.20 + Consistency 59×.10 + Drag 0×.10 = 45.5.
Audit trail. Median computed from 68 priced corridors across 5 distinct chart cells (a chart cell = one points price × cabin). Pricing basis: dynamic. Value source: v5.3 route database — premium long-haul 5.2¢ on 40 routes (weight 70%) · everyday (economy + short-haul) 1.7¢ on 28 routes (weight 30%). Surcharge drag: 17.2%. Coverage is Thin — rating capped at AA and flagged Under Review: a median built on ≤2 chart cells is one observation, not a distribution.
Still the most fundable currency in the index and the cheapest effective path to European business class — but read the sticker correctly. Business to Europe books from 50,000–60,000 miles one-way at the new Light fare; add ~20–25% for Standard if you need changes, a bag or the lounge. Stack the two structural discounts and the effective cost still collapses: monthly Promo Rewards cut 25% off rotating routes, and transfer bonuses of 25–30% arrive 4–6 times a year from more banks than any other airline. A 60K Light seat funded on a 30% bonus costs ~46K bank points; stack a Promo Reward and it lands near 35K. The value case survives; the trust case is on Negative outlook after two repricings in twenty months.
6 of 6 bank currencies transfer in — Amex MR 1:1 · Chase UR 1:1 · Capital One 1:1 · Citi TY 1:1 · Bilt 1:1 · Wells Fargo 1:1
Amex 1:1 Chase 1:1 CapitalOne 1:1 Citi 1:1 Bilt 1:1 WellsFargo 1:1
Business to Paris/Amsterdam is plentiful — among the best availability of any transatlantic program. Promo Rewards routes rotate monthly and are published at the start of each month; set the alert, wait for your city, strike.
Sept 8, 2026: awards on AF/KL metal split into Light / Standard / Flex bundles. The headline price is now Light — no checked bag, no changes, no lounge in business; Standard runs roughly 20–25% more for the service level the old price included. Platinum/Ultimate elites largely shielded; partner awards untouched. Still fully dynamic — a saver seat today can price 30–50% higher next week; book on sight. Never transfer speculatively.
Effective cost. Headline median 5.2¢. Funded on a typical 27% transfer bonus (5×/yr): 6.6¢ · stacked with the 25% recurring promo: 8.8¢. Bonused by more programs more often than any airline (Amex/Chase/Citi/Cap1/Bilt/WF). 25–30%, 4–6×/yr. Stacks with monthly Promo Rewards (25% off).
| Index | Rating | Score | Median (net) |
|---|---|---|---|
| Master | BB | 45.5 | 4.16¢ |
| Domestic USA | not researched | — | — |
| International | BB | 45.5 | 4.16¢ |