The US American Express Membership Rewards program is offering a 40% bonus on points transfers to Alitalia’s frequent flyer program through December 31, 2016.
The transfer ratio is usually 1,000:1,000, so through this promotion you’ll instead get 1,400 Alitalia miles for every 1,000 Amex points. Since the bonus is hard coded into the transfer ratio, the bonus should post instantly, and you can take advantage of the offer as often as you’d like. On the surface this is even better than the 25% bonus that Alitalia offered on points transfers in October.
However, Alitalia also made some major no-notice changes to their program in mid-October. The good news is that the best use of Alitalia miles is for redemptions on their own flights (either for outright award tickets or for upgrades), and the value of that didn’t change with the recent devaluation.