I'm in technology consulting and based out of SFO. So I'm loyal to United (which happens to be a CSR partner) and Marriott/SPG (again a CSR partner, but not a good transfer value).

Since I fly United so much for work I get a decent amount of points (typically fly mid-tier coach fares). I also rack up the Marriott points.

When redeeming my Chase UR points, I want to travel in international premium cabins. I normally transfer to Singapore or Korean Airlines to book one way to/from my destination. I then use my United miles to book the other direction. All these programs let you book one ways when flying on their own metal (UA can even be partners). This way I never completely deplete any single currency.

I even have the AMEX Platinum which provides 5x on airfare (aka 5x Singapore points).

Tip: UA MP has a devaluation coming up on Nov 1. A sweet spot currently is Southeast Asia to Australia in First for 40K miles one way. I booked HKG-BKK-SYD in Thai First for Sept 2018 at this rate. Book now!