May 2026 is shaping up to be a transfer bonus month with a split personality. Chase is throwing a 65% bonus at Marriott Bonvoy — just shy of the all-time high — while Amex is finally back from a months-long drought with a Hilton promo. Capital One is offering 20% to Qantas, Citi is bonusing Leading Hotels of the World at 25%, and Bilt and Wells Fargo are sitting this month out entirely. Below: every active offer, expiration dates, and whether the math actually works.
ElevateMiles Verdict
Two bonuses are genuinely worth your points this month: Chase to Flying Blue (20% — pairs beautifully with monthly Promo Awards for cheap business class to Europe) and Capital One to Qantas (20% — niche but powerful for Emirates and oneworld awards). The 65% Chase-to-Marriott bonus sounds huge but the math still favors keeping points in Chase. Skip the Amex-to-Hilton and Amex-to-JetBlue offers unless you’re topping off for a specific redemption.
May 2026 Transfer Bonuses at a Glance
Here’s every active transfer bonus across Amex Membership Rewards, Chase Ultimate Rewards, Capital One, Citi ThankYou, Bilt, and Wells Fargo as of May 6, 2026. Bonuses are sometimes targeted, so always log in and confirm the offer is loading on your account before transferring.
| From → To | Bonus | Boosted Ratio | Expires | Verdict |
|---|---|---|---|---|
| Chase UR → Marriott Bonvoy | 65% | 1,000 : 1,650 | May 15, 2026 | Skip (top-off only) |
| Chase UR → Marriott Bonvoy (Phase 2) | 55% | 1,000 : 1,550 | June 30, 2026 | Skip |
| Chase UR → Air France-KLM Flying Blue | 20% | 1,000 : 1,200 | May 27, 2026 | Top Pick |
| Amex MR → Hilton Honors | 20% | 1,000 : 2,400 | May 30, 2026 | Skip (top-off only) |
| Amex MR → JetBlue TrueBlue | 10% | 250 : 220 | May 11, 2026 | Skip |
| Capital One → Qantas Frequent Flyer | 20% | 1,000 : 1,200 | May 31, 2026 | Worth It |
| Citi ThankYou → Leaders Club (LHW) | 25% | 1,000 : 250 | May 16, 2026 | Worth It (luxury hotels) |
| Bilt Rewards | None active | — | — | Wait |
| Wells Fargo Rewards | None active | — | — | Wait |
Chase Ultimate Rewards Bonuses
Chase → Marriott Bonvoy: 65% (Through May 15)
This is the headline-grabber of the month.
Verdict: Skip — unless you’re topping off. A 65% bonus sounds enormous, but you’re trading a stronger currency for a weaker one.
The one exception: if you have a high-value Marriott stay locked in (think a 5th-night-free award at a Category 7 St. Regis) and need a few thousand more points to cover it, this bonus saves you Chase points on the top-off. There’s also a creative play through Marriott’s airline partners — — but the resulting Chase-to-airline ratio still isn’t competitive with Chase’s direct 1:1 partners.
Chase → Air France-KLM Flying Blue: 20% (Through May 27)
This is the bonus to act on.
Verdict: Top Pick. Flying Blue routinely runs Promo Rewards on top of base award pricing, and stacking the 20% transfer bonus with a Promo Award is one of the best moves in points right now.
One operational tip: Flying Blue transfers are immediate, so wait until you’ve confirmed award space before pulling the trigger. And remember the 1,000-point minimum — useful since Flying Blue’s Promo Awards sometimes price below that floor after the bonus.
Amex Membership Rewards Bonuses
After what felt like a near-total freeze on Amex transfer bonuses to start the year — — Amex finally moved at the end of April with two underwhelming offers.
Amex → Hilton Honors: 20% (Through May 30)
Since Amex-to-Hilton is normally 1:2, the elevated ratio is 1:2.4 — meaning 1,000 MR becomes 2,400 Hilton points.
Verdict: Skip unless topping off. The optics look great — 2,400 of anything for 1,000 of something else! — but Hilton points are weak. If you have a Hilton Aspire or Surpass redemption planned and need to round out a stay, fine. Otherwise, hold for a transfer to Air Canada, ANA, or Avianca.
Amex → JetBlue TrueBlue: 10% (Through May 11)
This one’s a head-scratcher. The base ratio is already brutal —
Verdict: Skip. per AwardWallet’s reporting, so confirm any JAL-via-JetBlue plans are still bookable before you transfer.
Capital One → Qantas Frequent Flyer: 20% (Through May 31)
The boosted ratio is 1:1.2 — every 1,000 Capital One miles becomes 1,200 Qantas points.
Verdict: Worth It (with a specific use). Qantas isn’t a sexy headline program, but it has some genuine sweet spots, and the 20% bonus pushes the math into “go” territory. The big ones:
- Emirates partner awards. After the 20% bonus, that 90K Qantas business class redemption is just 75,000 Capital One miles.
Caveats: Qantas charges hefty change and cancellation fees (5,000 and 6,000 points respectively), and award space can take a bit to confirm — Confirm award availability before you transfer.
Citi ThankYou → Leaders Club: 25% (Through May 16)
Important nuance: the bonus ratio depends on which Citi card you hold.
Verdict: Worth It if you stay at LHW properties. Leaders Club uses dynamic, revenue-based pricing, and at the right property the math is excellent. Two notes before you transfer: LHW points expire after 24 months without activity, and booking through Leaders Club means giving up the property credits and breakfast you’d typically get through a Virtuoso travel advisor — though Leaders Club status itself does deliver complimentary breakfast and room upgrades at participating hotels. If LHW isn’t your speed, you can also compare cash rates on Expedia before pulling the transfer trigger.
Bilt and Wells Fargo: Quiet Month
Bilt’s Avios partner blitz wrapped up at the start of the month — — and nothing new has launched. With the program still settling into its post-Wells Fargo era after the Bilt 2.0 transition completed in February, expect lighter promotional activity for a while. Wells Fargo Rewards has no active transfer bonuses either.
If you’re sitting on Bilt points, the once-monthly Rent Day double-dip on transfers to Hyatt and Air France-KLM (on the 1st of every month) remains the most reliable way to extract value — even without a stacked bonus.
How to Decide When to Pull the Trigger
The single biggest mistake I see readers make: speculatively transferring during a bonus without award space confirmed. Transfers are one-way. If KLM business class to Paris isn’t open on the dates you need, those Chase points are now Flying Blue miles forever. A few rules I follow:
- Confirm award availability first. Use ExpertFlyer, seats.aero, or the airline’s own calendar before initiating any transfer. For Flying Blue specifically, log in and complete a dummy booking up to the payment screen.
- Hold any non-immediate transfer for a better bonus. Chase has run a 70% Marriott bonus before, and If you don’t need points this month, wait.
- Math the cents-per-point both ways. Multiply the number of points you’re transferring by your “from” valuation, then by your “to” valuation × the bonus ratio. If the second number isn’t bigger, the bonus is a trap.
- Mind the deadline window. The Amex-to-JetBlue bonus ends May 11; Chase-to-Marriott ends May 15; Citi-to-LHW ends May 16. Don’t get caught initiating on the last day if your transfer is one of the few that’s not instant.
For deeper context on how this month stacks up against past Chase, Amex, and Citi promos, our historical transfer bonus tracker shows when each program typically runs its richest offers. And if you missed earlier rounds, our best transfer bonuses archive documents how the patterns repeat year over year — extremely useful for timing speculative card sign-ups.
Best Credit Cards to Earn Transferable Points
ElevateMiles picks — updated May 2026
Chase Sapphire Preferred · Chase
⭐ 60,000 pts after $4k spend in 3 mo
Annual fee: $95 · The default card for accessing Chase’s Marriott and Flying Blue transfer bonuses without paying for a Reserve.
Capital One Venture X · Capital One
⭐ 75,000 miles after $4k spend in 3 mo
Annual fee: $395 · The cleanest path to Qantas miles — and the $300 travel credit + 10K anniversary miles offset most of the fee.
Amex Gold · American Express
⭐ 60,000 pts after $6k spend in 6 mo
Annual fee: $325 · 4x at restaurants and U.S. supermarkets is the fastest way to stockpile MR for when Amex actually runs a real transfer bonus.
Chase Sapphire Reserve · Chase
⭐ 60,000 pts after $4k spend in 3 mo
Annual fee: $550 · Same Chase transfer access as the Preferred, but with a $300 travel credit and Priority Pass that justify the higher fee for frequent travelers.
Which Bonus Should You Actually Use?
- Use Chase → Flying Blue if you’re booking transatlantic business class — especially when stacked with a Promo Reward
- Use Capital One → Qantas if you have a specific Emirates, El Al, or short-haul AA award lined up
- Use Citi → LHW if you’d otherwise pay cash for a Leading Hotels of the World property
- Skip Chase → Marriott unless you need to top off a specific Marriott award (the math still doesn’t favor the transfer)
- Skip the Amex bonuses unless you’re a few hundred points short of a redemption you’ve already priced out
Frequently Asked Questions
Are these transfer bonuses targeted or available to everyone?
Most are public and apply automatically when you initiate the transfer, but a few may be account-specific. Per The Points Guy, Always confirm the bonus appears in the transfer ratio on the issuer’s website before you commit.
Can I undo a transfer if I change my mind?
No. Every major issuer treats transfers as final. Confirm award availability first.
How long do transfers take to process?
It varies by partner. Chase to Flying Blue is immediate. Chase to Marriott is around 2 days. Capital One to Qantas can take up to 24 hours. Most Amex transfers to airlines are instant; transfers to hotel partners like Hilton are usually immediate as well. Always plan a buffer if you’re booking close-in.
Why is Amex running so few transfer bonuses in 2026?
It’s a real shift, not just a slow month. Per Thrifty Traveler’s analysis, The April 28 launch of the Hilton bonus is the first meaningful Amex promo of the year.
What’s the minimum amount I can transfer with a bonus?
It depends on the program. Chase requires 1,000 points minimum. for Amex to JetBlue, which is unusually low. Citi requires 1,000 points to LHW. Capital One typically allows 1,000-mile increments. Always confirm in the issuer’s transfer portal.
Will Chase run another Marriott bonus higher than 65% later this year?
Possibly. The all-time peak was 70% (run in November 2025 and August 2024 per historical data). Chase typically runs Marriott bonuses 2–3 times per year. If you don’t have a specific stay in mind, waiting for a 70% offer — or skipping Marriott entirely and transferring to Hyatt at 1:1 — is usually the smarter play.
Are there any Bilt or Wells Fargo bonuses expected this month?
Nothing announced as of May 6. Bilt’s last bonus run (40-100% to the Avios family) wrapped on May 2, and Wells Fargo Rewards has been quiet since the Bilt 2.0 transition. Expect Bilt to focus on Rent Day promotions on the 1st of each month rather than partner-specific transfer bonuses for now.
Bottom Line
Two clear winners this month: Chase to Flying Blue (20% — book European business class for as little as 50,000 Chase points one-way after the bonus) and Capital One to Qantas (20% — niche but powerful for Emirates partner awards and short-haul AA flights). The 65% Chase-to-Marriott bonus grabs headlines but doesn’t actually beat keeping points in Chase, and the Amex offers are top-off material at best. If you’re sitting on Citi ThankYou points and have a luxury hotel stay coming up, the 25% LHW bonus is the dark-horse pick of the month.
The bigger story underneath all of this: Amex’s near-disappearance from the transfer bonus game has put a crack in what used to be Membership Rewards’ biggest selling point. Chase, Capital One, and Citi are all running multiple bonuses per month right now. If you’re choosing your next earning card, that’s worth weighing.
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