Cobranded Cards vs Transferable Points

Two different earning engines

On the co-branded side the earn structure follows the partner. The United Explorer Card earns 3 miles per $1 on purchases from United, including United tickets, seat upgrades, Economy Plus, inflight food, drinks and Wi-Fi, and baggage or other United fees; 2 miles per $1 on dining, including eligible delivery, and on hotel stays booked directly with the hotel; and 1 mile per $1 on all other purchases [4]. On United flights the airline side and card side stack: 6 miles per $1 from United as a MileagePlus member on the primary cardmember's fare, plus 3 miles per $1 from the card on the whole United purchase, with different earning on Basic Economy or base option tickets [4].

On the transferable side the base rate covers general spending and bonuses sit in merchant categories. Membership Rewards card members earn one point for every dollar of eligible spend on an enrolled card [1], and the Ink Business Preferred earns 1 point per $1, with 3 points per $1 on combined purchases in shipping, social media and search engine advertising, travel, and internet, cable and phone services each account anniversary year [2]. Both agreements exclude the same broad groups from earning, including balance transfers, cash advances, cash-like transactions, fees and interest [1] [2].

Not every mile counts the same towards status. American Airlines splits AAdvantage miles into Base Miles, which earn Loyalty Points, and Bonus Miles, which do not, with Bonus Miles typically coming from promotions and from Buy, Gift and Transfer Miles transactions; both are treated the same for redemption [5]. The United Explorer Card adds 1 Premier qualifying point for every $20 spent, up to 1,000 PQP a calendar year [4].

Where the currency can go

A transferable balance is only useful if it reaches the programmes you fly. American Express says card members may be able to transfer points to participating partner loyalty programmes, such as those offered by airlines and hotels [1], and Chase lists transfer of points to participating frequent travel programmes as one redemption option alongside cash, gift cards, travel and paying with points [2]. Chase also lets a cardholder move points to another Chase card with Ultimate Rewards belonging to them or to one member of their household [2].

A co-branded balance stays inside one programme. United transfers miles earned on the card to MileagePlus automatically after each billing cycle [4], and AAdvantage miles cannot be transferred to another loyalty programme, nor can miles from another programme be transferred into AAdvantage [5].

What the co-branded route adds is partner-side treatment. On United, eligible primary cardmembers without Premier status can book award flights on United and United Express with at least 10% fewer miles than the base price paid by members without an eligible card, rising to at least 15% for cardmembers with Premier status [4]. MileagePlus members can use miles to book any United-operated flight at any time, with no restrictions or blackout dates [4]. On American, flight awards on American and American Eagle may be used for any available seat including the last seat, though the miles required may be higher depending on availability, and awards on partner airlines carry special limits on seating availability [5].

Transfer limits, fees and timing

Both issuers set minimum transfer sizes and restrict who can receive points. American Express says that in most cases a minimum of 1,000 points must be transferred, in multiples of 1,000, and that the partner account must be in the card member's name or the name of an Additional Card Member, with the Additional Card issued at least 90 days before linking [1]. Chase transfers in 1,000-point increments, only to participating frequent travel programme accounts belonging to the cardholder or to an owner of the company listed as an authorized user [2].

Fees and timing differ by issuer. American Express charges an excise tax offset fee per point, up to $99, for points transferred to a U.S. airline frequent flyer programme, and says transfers typically take 48 hours to process, though some programmes delay posting [1]. Chase says a point transfer fee may be charged and will be disclosed before the transfer, and that most requests process by the next business day but may take up to 7 business days depending on the programme [2]. Both issuers treat the transfer as final: transferred points cannot be converted back or refunded, and the partner programme's terms then govern them [1] [2].

One further cap appears in the American Express terms: if an airline loyalty programme stops participating, American Express may limit transfers to that programme before participation ends, at not less than 100,000 points [1]. Chase says participating frequent travel programmes are subject to change without notice [2].

Opportunity cost of each route

Cash-out floor. Chase publishes a fixed redemption rate for some options: when points are used for cash, gift cards or travel, each point is worth a set amount, and other options may be worth more or less [2]. American Express states no single rate in these terms, only that the value of points varies according to how they are used [1].

Card benefits you give up. American Express notes that a flight booked with frequent flyer miles is not charged to the Card Account, so the insurance and other benefits that apply when a flight is charged to the card do not apply [1]. Moving points out therefore trades card-linked protections for the partner's award rules.

Account dependence. Both bank currencies depend on the card account staying open. American Express says a card member loses all points in the Rewards Account when a Product is cancelled for any reason, with 90 days to use points if a card account is cancelled for inactivity and immediate loss if the member cancels or unenrolls their last linked Product [1]. Chase says points do not expire while the account is open, that all points are lost immediately if the account is closed for misuse or fraud, and that at least 30 days are given to use points if the account is closed for another reason [2]. Miles already credited to MileagePlus are subject to MileagePlus programme rules rather than the card agreement [4].

Fee drag. Both agreements state that fees of any kind, including an annual fee, do not earn points or miles, so the cost of holding the card earns nothing on either route [1] [4].

Exceptions and conditions

• Market and product scope. These rules come from US programme documents: the American Express US Membership Rewards agreement [1], the Ink Business Preferred agreement for Chase Ultimate Rewards [2], United's cardmember page [4] and the AAdvantage terms effective 1 March 2026 [5]. American Express states that the transfer rate varies by partner [1], and Chase states that participating programmes can change without notice [2], so terms, partner lists and ratios should be read for the specific issuer, card and market.
• Business-card restriction. The Chase document is a business card agreement and requires all points to be used for the company's business purposes only, to benefit only the company and not for the personal benefit of any individual [2].
• Legacy products. American Express says the transfer option is not available if the only card product linked to the Rewards Account is a Legacy Card [1].
• Programme changes. American Express may change earn rates and redemption levels, impose caps or fees on earning and using points, increase fees, and cancel the programme with at least 90 days' notice [1]. Chase gives notice of changes as required by law but does not give prior notice when the selection of items within a redemption option changes [2]. United may change MileagePlus rules, travel awards and special offers, or terminate the programme, at any time and without notice [4].
• No double-dipping. AAdvantage says miles and Loyalty Points cannot be earned for the same flight, hotel stay or car rental under both AAdvantage and any other loyalty programme in which American Airlines participates [5].
• Card holding and account status. American Airlines lists not holding an AAdvantage co-branded credit card open and in good standing as one of the conditions under which an account may be deemed inactive and terminated, alongside 36 months without mileage earning or redeeming activity, a zero balance, and no lifetime benefits or active status [5].

Related pages

Programme explainers: American Express Membership Rewards and Chase Ultimate Rewards. Terms: flexible points, fixed-value points, transfer ratio, transfer time, card annual fee, and the full glossary.

Sources

Sources checked on 18 October 2026. It draws on American Express Membership Rewards, Chase Ultimate Rewards as set out in the Ink Business Preferred agreement, the United Explorer Card page and the AAdvantage terms. Other co-branded programmes, including hotel cards, and other transferable currencies are not covered here.

1. Membership Rewards program terms and conditions (American Express, US), checked 18 October 2026
2. Ink Business Preferred with Ultimate Rewards program agreement (Chase), checked 18 October 2026
3. United Explorer Card benefits and terms (United MileagePlus), checked 18 October 2026
4. AAdvantage terms and conditions, effective 1 March 2026 (American Airlines), checked 18 October 2026