Originally Posted by
Kacee
Um, you might want to rethink that analysis. There's been no dilution at all in SPG airline point transfers. They still transfer at the same ratio, with the same 25% bonus if redeemed in blocks of 60k (i.e., 20k SPG). That transfer opportunity has substantial value, particularly since you can no longer transfer UR to KE, which means that Marriott points are now the only currencies that transfer to LH and KE.
Actually Marriott points now are more valuable (than before, when they weren't transferable to SPG). The only prior way of getting a good value on transferring points was to get a travel package, now you can just transfer.