Originally Posted by GotCalcio4
I wouldn't recommend points.com if you really value your miles. The exchange rates are horrific.
Not in this case. The exchange rate is 1:1.
Presumably, HP/US management has set this up as a convenient way for members of their programs to move miles from one program to the other until they effect balance consolidation into DM early next year.
So, for example, if you are a HP Flight Fund member and want to redeem your HP miles for a Star Alliance award, you can't currently do that via Flight Fund. So, HP FF is having you set up a DM account (if you don't already have one) and then go to points.com to transfer the number of miles you need for the award from Flight Fund to Dividend Miles. As mentioned above, the conversion is 1:1. (Plus points.com will give you 50 HP miles just for signing up.)