The best transfer offer that I know of is Hyatt to Southwest. You can transfer 50,000 Hyatt to get 30,000 Southwest points. This means you'd have to transfer 200,000 to get 120,000. That's is quite a big loss. Of course there is the Marriott hotel vacation package but that requires even more points. All that said I still think there is a place for the Southwest cards. Even if it means it's nothing more than a churn and burn card. Only question is how long will Chase and Southwest allow it.