Amex Is Offering a 20% Transfer Bonus to Aeromexico Rewards — but Is It Actually Worth Taking?

American Express has rolled out a new transfer promo for points collectors: a 20% bonus when moving Membership Rewards points to Aeromexico Rewards. Running through October 31, 2026, the deal boosts the usual 1:1.6 transfer ratio (yes, Aeromexico counts its currency in kilometers, not miles) up to 1:1.92. That means 1,000 Amex points becomes 1,920 Aeromexico points, and the bonus rate is hard-coded into transfers, so there's no cap on how often you can use it.

On paper that sounds generous. The catch, argues One Mile at a Time, is everything that comes after the transfer. Aeromexico Rewards passes carrier-imposed surcharges onto award tickets, changes and cancellations aren't cheap, and customer service has a reputation for being difficult. Once points leave Amex, they can't come back — so a transfer should only happen when you have a specific flight booked or in your sights.

So what do award rates look like? On Aeromexico metal, one-way business class between Mexico and North America runs 36,000-52,000 points in low season and 43,000-72,000 in high season. Mexico to Europe business class is 150,000 points low season, 180,000 high season. Long-haul Asia routes are steep: 230,000 points low season, up to 326,000 in high season, for a one-way business ticket. Redemption rates on SkyTeam partners don't offer much improvement either.

The alternative most loyalty watchers would point to: if you specifically want to redeem on SkyTeam airlines, programs like Air France-KLM Flying Blue or Virgin Atlantic Flying Club tend to be friendlier. Both run their own transfer bonuses regularly and generally offer better award availability and more workable booking experiences. Your Amex points can reach those programs too, so there's rarely a reason to funnel them through Aeromexico unless the math on a particular ticket clearly wins.

For everyday travellers, the takeaway is simple: a bonus on a transfer doesn't make a weak program strong. If you've already priced out an Aeromexico award where the 1:1.92 rate gets you over the finish line for fewer Amex points, it can still be a legitimately useful tool. For everyone else, the flexible Membership Rewards points are worth more sitting still — or moved to a program you know you'll use.

Full analysis at One Mile at a Time.