Through September 30, 2011 American Express and Delta are offering a voucher worth 20,000 Membership Rewards points for every 50,000 points transferred from Membership Rewards to Delta SkyMiles.
This essentially means that you’re paying 30,000 Membership Rewards points for 50,000 Delta SkyMiles, which is a 67% transfer bonus.
Of course there are a few asterisks. For one, you actually have to have the “full” amount of points in your Membership Rewards account, since the 20,000 point reimbursement takes 6-8 weeks.
Some people will find it incredibly useful, while others will likely prefer the 50% transfer bonus they have through September 30, which posts instantly.
In both cases registration is required and the offers aren’t combinable.
As always, I don’t suggest transferring points to Delta “just because,” given that much of the value in Membership Rewards points comes from the flexibility to move them around. Nonetheless if you have a particular award in mind, this is an opportunity to spend 60,000 Membership Rewards points for an Air France/KLM award to Europe, 100,000 Membership Rewards points for a V Australia award to Australia, or 100,000 Membership Rewards points for an Air France/Air Tahiti Nui award to Tahiti.
(Tip of the hat to The Points Guy)