It's true that you earn 1 point per dollar when using a Membership Rewards card versus 3-5 points per dollar when using the HHonors card, but they aren't the same points. Just as countries denominate value in various currencies, each loyalty program invents its own pseudo-currency. American Express purchases points from Hilton and deposits them in your HHonors account. The greater number of points per dollar reflects the lower value of an HHonors point, but also the fact the Hilton has also allowed Citi to offer an HHonors VISA. Competition is a wonderful thing .

You can convert HHonors points to airline miles. 10,000 HHonors points converts to 1,000 or 1,500 miles, depending on the carrier. However, most would agree that HHonors points are more valuable when redeemed for lodging.