All the cards I have are points or status earning

AMEX is an easy decision for Hilton as it is their only cobranded card. I have Hilton AMEX cards for
- diamond status
- spend that earns free night certificates at their highest redemption properties

Setting the Hilton cards aside, I am looking at earning Ultimate Rewards (Chase) or Membership Reward points (AMEX). It then becomes an issue as to where I want to use those points. I mildly value Ultimate Reward points more highly than Membership Reward points, but I woulidn't want to be without either. I transfer membership reward points to:

- Singapore Airlines - my go to for business class travel to asia
- Flying Blue (Air France and KLM) - I sometimes score a good flight to Europe
- Delta - I use for domestic coach (There is a modest charge to move points to Delta)
- now dead - Hawaiian Airlines - I moved 6 figures of points which I was then able to move on to Alaska Airlines

If you have no interest in where you can use Membership Reward points, then AMEX is not for you.