So I was thinking of transferring some American Express Miles into Asia Miles. At a minimum, I would think it would help Cathay because as I understand it Amex buys the miles from them, so it would give Cathay some cash.

I want to have Asia miles there, ready to use once we are able to get back to Hong Kong / China. (Assuming the USA ever gets itself together with COVID!).

Then I started thinking about potential risk. Not of devaluation... that risk is always there. It's more about Cathay stability. Is there much of a chance that Cathay could go bankrupt, and my miles vanish? I'm thinking there are too many stakeholders that would stop that from happening, but is that naive to think?

I would suppose the other risk is that Cathay decides to offer some incentive to transfer miles, and I'd miss out.

Thoughts?