I completely understand your frustration, but you mean completely worthless to you. For someone looking for a different Swiss award, well, they may feel differently about dropping Swiss off the list. AmEx isn't offering the award ticket, they are offering us the ability to transfer any number of points to miles. The airline establishes the value of the miles, and we determine individually whether it's of value to us, and at what level. There are okay deals, there are good deals, there are great deals...and there are bad deals as you have discovered.