Matt, before you make the transfer, I thought I might mention another option. Your idea is a good one; it works and it's much better than a direct transfer. It's still better than the promotional exchange that AMEX and HHonors are doing now (the 20% added exchange value for MR points converted to HHonors points). My idea concerns Diners Club points. You said you have some time. In February, Diners Club points can be exchanged at a one-to-one ratio for Delta SkyMiles. It's a pretty big deal. If you have Diners Club points, you might be more willing to part with them at double their normal value. Hope it helps.