i'm sure this has been discussed elsewhere but i cannot seem to find it, so please bear with me.

if i am trading my amex membership rewards points for hilton hhonors points, i get 1.3 hh points per amex point, so 10,000 amex points would translate into 13,000 hh points. but i can also turn those 10,000 amex points into 10,000 united miles, which would then translate into 20,000 hh points. it seems to me that i am better off by 7,000 hh points to make that "extra" trade through united.

can anyone find a flaw with my logic, or should i proceed as planned?

thanks,
mike