If you have an American Express Membership Rewards credit card, British Airways is offering a 20% transfer bonus at the moment. I’m not sure if this is for anyone with a Membership Rewards card or just Platinum and Centurion members, but it will show up on your Membership Rewards online page if you’re eligible.
This isn’t really a reason to just transfer points without a specific goal, but this is a great time to top off an account for those of you that got the British Airways credit card with the 100,000 mile sign-up offer last year. In some cases it even might make sense to transfer even if you don’t already have a sizable balance. British Airways has decent redemption rates if you stick to just one partner. For example, flying Cathay Pacific business class from the US to Asia with a stopover in Hong Kong is 100,000 miles, so take 20% off of that, and you’re looking at a pretty good deal.