LH isn't showing up as a participant for me, even if all you want to do is show current balances in your loyalty wallet. (I'm in the USA, might be different elsewhere)

For the programs that do fully participate, there is a 'trade' option which has fees associated with it, and an 'exchange' option which has no fees. And yeah, both of those are hugely bad deals, and are only really worth it if you're wanting to get some value out of a largely unused program where you don't have enough points to get anything out of it in its native form.