Through March 25, 2012, American Express Membership Rewards is offering a 30% bonus on transfers to Virgin America’s Elevate program. The transfer ratio is usually 2:1, so through this promotion you can convert 200 Membership Rewards points into 130 Elevate points. In my experience Elevate points can be used towards the cost of airfare at a value of 2.15 cents per point. In other words, you can buy a $215 ticket for roughly 10,000 Elevate points.
That means typically when you’re converting Membership Rewards points into Elevate points you’re basically getting about 1.075 cents per point in value. Through this promotion, however, you’d be getting ~1.34 cents per point of value. It’s definitely not a great deal, though I guess if you have more miles than money this is still a better way to fly Virgin America than the American Express “Pay with Points” option.