U.S. Bank Finally Gets Transfer Partners - And Ethiopian's 15k Business Class Is the Hidden Gem

Something quietly shifted in the loyalty world yesterday - and it flew under the radar for most people.

U.S. Bank, which has been dangling the promise of transfer partners for the Altitude Reserve card since its revamp, finally made it real. Airline partners. Hotel partners. Actual 1:1 transfers. After years of 'coming soon' messaging, this is live now. And buried in the fine print is one of the more surprising business class sweet spots I've seen in a while.

We've got that, plus a meaningful Amex update that affects both Platinum and Gold cardholders. Let's get into it.

How many airline loyalty programs use Avios as their rewards currency?

The answer is chilling near the bottom of today's newsletter - keep scrolling. 👇

For years, the U.S. Bank Altitude Reserve Visa Infinite has been a card with great potential and frustrating limitations. It earned 3x on travel and mobile wallet purchases, but points could only be redeemed at 1.5 cents each toward travel - no transfers, no partners, no flexibility. That just changed.

U.S. Bank has officially launched transfer partners for the Altitude Reserve, with Flying Blue (Air France/KLM), Qantas, Accor Live Limitless, and Ethiopian ShebaMiles as the inaugural lineup. Transfers are 1:1 across the board. It's a modest but genuinely useful starting set - Flying Blue in particular is one of the most flexible programs in the world for booking SkyTeam partners.

Here's where things get interesting. Ethiopian ShebaMiles has long been a sleeper program, and it unlocks some genuinely unusual sweet spots through fifth-freedom routes - flights operated by one airline in a market between two countries that aren't its home base. View from the Wing flagged that certain business class redemptions through Ethiopian are available for as few as 15,000 miles on select routes. That's not a typo.

The big catch: the Altitude Reserve is no longer open to new applicants. So if you already hold the card, this is a meaningful upgrade to your options. If you don't, you can't get it. Still, for existing cardholders sitting on a pile of Altitude Reserve points wondering what to do with them, this is the answer.

If you hold the Altitude Reserve, log in and check your points balance today. Flying Blue and Qantas are the most immediately useful partners for most travelers, but Ethiopian deserves a closer look for anyone hunting premium cabin value on specific routes. Transfer partner programs always have learning curves - get familiar with these before you actually need to book.

American Express Travel is celebrating 35 years of Fine Hotels + Resorts by adding more than 350 new properties to its FHR and The Hotel Collection programs. Combined, the two collections now cover more than 3,400 properties across 116 countries - including new options in Japan, South America, and across Africa.

For Amex Platinum cardholders, this matters directly. Bookings through Fine Hotels + Resorts include daily breakfast for two, a $100 property credit, room upgrades when available, and guaranteed 4pm late checkout. These aren't soft benefits - on a 3-night stay, the breakfast and credit alone can easily clear $300 in real value, often at properties that don't discount through other channels.

If you've been booking luxury hotels through third-party sites or directly, check the FHR portal first - the new additions include properties in markets where the perks were previously thin. Platinum cardholders who aren't using FHR consistently are leaving meaningful value on the table.

Amex acquired dining platform Tock back in 2024, and it's been sitting separate from the Resy ecosystem ever since. That's changing. Amex is now expanding the monthly Resy dining credit on both the Platinum and Gold cards to cover Tock restaurants as well.

This is a bigger deal than it sounds. Tock is home to many of the harder-to-get restaurant reservations in the US - tasting menus, chef's counter experiences, and high-demand spots that aren't on Resy at all. For cardholders who've struggled to find Resy-eligible restaurants they actually want to go to, this opens up a whole new category of options.

If you hold the Amex Gold or Platinum and haven't been consistently using your Resy credit, this expansion makes it easier. Check Tock for local options and set a reminder to use the credit before it resets each month. Easy, incremental wins add up.

View from the Wing made an argument worth sharing: you do not need a $395, $495, or $895 annual fee card to earn serious travel rewards. Mid-tier cards around $95 per year can still deliver strong returns through transferable points, solid category bonuses, and travel partners - especially if you're not someone who naturally uses all the credits stacked onto premium cards.

This connects to something Greg Schmidt broke down this week: Amex claims the Platinum card delivers $3,500+ in annual value, but he counted only the credits a real family actually captures and landed at $2,494. Still nearly 3x the $895 fee - but only if you actually use Equinox, Saks, and Centurion Lounge access regularly. For many cardholders, those credits go partially or fully unused.

The right card is the one that fits your actual spending and travel patterns, not the one with the most impressive annual fee. Our Award vs Cash Calculator can help you model whether the premium is worth it for your situation - and if you're in the $95 range, Chase Sapphire Preferred and Capital One Venture remain genuinely excellent cards.

Not sure which Amex welcome bonus you're still eligible for? Our eligibility checker walks you through it so you don't apply for a card you won't get a bonus on.

With Amex running a 30% transfer bonus to British Airways, Aer Lingus, and Iberia Avios right now through September 27, it's worth revisiting just how flexible the Avios ecosystem actually is. There are now 7 airline programs using Avios as their currency: British Airways, Iberia, Aer Lingus, Qatar Airways Privilege Club, Finnair Plus, Vueling Club, and Loganair Loyalty.

The key detail most people miss: you can transfer Avios between all 7 programs at 1:1, in any direction, at no cost. That means points you earn into British Airways Executive Club can move to Qatar Privilege Club before booking Qsuites - or to Iberia to take advantage of their own award pricing on long-haul routes. The flexibility compounds significantly.

UK readers - Smart With Points has a detailed breakdown of how to work the Avios ecosystem from the British side, including which program to land your Amex transfer into depending on what you're booking.

If you have Amex Membership Rewards points and even a passing interest in Avios programs, the 30% transfer bonus running through September 27 is one of the better opportunities available right now. Our British Airways Avios Calculator can help you figure out exactly how many points you need for a specific route before you commit.

If you hold Rove Miles and have been eyeing a Qantas redemption, tomorrow is your last chance to move those points with a 50% bonus. Rove Miles is a Middle East-based loyalty currency that transfers to Qantas Frequent Flyer - and at 50% on top, every 100 Rove Miles becomes 150 Qantas points on arrival. This bonus ends Friday, August 14.

Award Travel Finder is currently showing solid business class availability to Australia on Qantas metal for anyone with a stash of Qantas points looking for a redemption target. If the transfer bonus is the missing piece to push you over the threshold you need, move quickly.

A few other bonuses worth knowing about right now - all verified live as of today. Citi ThankYou to Turkish Airlines Miles and Smiles is running a 40% bonus through August 31. Chase Ultimate Rewards to IHG is at a massive 70% bonus, also through August 31 - if you've been thinking about IHG points for a specific redemption, this is the most generous rate we've seen in a while. And Capital One to Avianca LifeMiles sits at 15% through August 31 as well.

The full list of live transfer bonuses is tracked on our Transfer Bonuses page if you want the complete picture before deciding where to move points.

The answer: 7 programs use Avios as their loyalty currency - British Airways Executive Club, Iberia Plus, Aer Lingus AerClub, Qatar Airways Privilege Club, Finnair Plus, Vueling Club, and Loganair Loyalty. And as we covered above, they all transfer between each other at 1:1, for free, in any direction. One of the most flexible ecosystems in travel rewards.

The U.S. Bank Altitude Reserve story today got me thinking - are you currently sitting on points in a program that doesn't have the transfer partners you actually want? Which loyalty currency feels most 'trapped' to you right now? Hit reply and let me know - I read every response and this one genuinely interests me.

That's it for today. The U.S. Bank news is genuinely one of those quiet moments in the loyalty world that most people will miss - but for Altitude Reserve cardholders, it changes the math on a card they've probably been underutilizing for a while. Keep an eye on the Ethiopian sweet spots specifically - that's where the real value is hiding.

- Jack

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These are the top credit card welcome bonuses we're tracking. Offers change frequently - see all cards.

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Whether you're spending hotel points or airline miles, these are the standout deals right now via Award Travel Finder:

Hotels:

• The St. Regis New York - New York, NY, US | 2.3cpp value | 128,000 pts/night

• JW Marriott Miami Turnberry Resort & Spa - Aventura, FL, US | 8.4cpp value | 65,000 pts/night

• Waldorf Astoria Park City - Park City, UT, US | 2.1cpp value | 110,000 pts/night

• Conrad Tokyo - Tokyo, 13, JP | 1.7cpp value | 100,000 pts/night

• InterContinental Hotels Yokohama Pier 8 - Yokohama, 14, JP | 1.1cpp value | 50,000 pts/night

Status Matches & Challenges:

• Flying Blue Status Match - Air France / KLM | SkyTeam

• Flying Blue (New Markets) - Air France / KLM | SkyTeam

• Flying Blue UK (BA Status Holders) - Air France / KLM | SkyTeam

Live Transfer Bonuses:

• Amex Membership Rewards → Aer Lingus Avios: +30% bonus - ends September 27 (in 45 days)

• Amex Membership Rewards → British Airways Avios: +30% bonus - ends September 27 (in 45 days)

• Amex Membership Rewards → Iberia Avios: +30% bonus - ends September 27 (in 45 days)

• Capital One Miles → Avianca LifeMiles: +15% bonus - ends August 31 (in 18 days)

• Chase Ultimate Rewards → Air Canada Aeroplan: +20% bonus - ends September 30 (in 48 days)

• Chase Ultimate Rewards → IHG: +70% bonus - ends August 31 (in 18 days)

Buy Points & Miles Deals:

• Alaska Airlines (Atmos Rewards): 100% bonus at - ends Thursday August 20 (in 7 days)

• American Airlines (AAdvantage): 40% discount at - ends September 12 (in 30 days)

• Breeze Airways (Breezy Rewards): 50% discount at - ends August 27 (in 14 days)

• Copa Airlines (ConnectMiles): 45% discount at - ends August 31 (in 18 days)

• Emirates (Skywards & Business Rewards): 25% bonus at - ends Saturday August 22 (in 9 days)

• Etihad Airways (Etihad Guest): 25% bonus at - ends September 12 (in 30 days)

Full live tracker → milesandpointsdaily.com/buy-points-promotions

Browse every award deal we track at AwardTravelFinder.com →

Friday Flight Deals finds the best flight deals when paying cash beats using points.

Browse all deals at FridayFlightDeals.com →