Here’s a decision I see Cloud9Club members wrestling with constantly: you’ve got a pile of Rakuten points sitting there, and both American Express and Bilt are offering transfer bonuses. Which partner should get your points?

The answer isn’t as straightforward. But the most important this to know is that you can change your selection whenever you want. So your cash out option can (and should) change according to your upcoming travel goals.

The Catch With Bilt Transfers

Before we get into strategy, you need to know this: Bilt’s current Rakuten conversion ratio is introductory and is dropping to 1:0.5 for most users. That means you’ll get half the Bilt points per Rakuten dollar compared to what early adopters locked in.

The exception: if you have Bilt Silver status or above, you keep the 1:1 ratio. So your Bilt status level now directly impacts whether Rakuten-to-Bilt transfers are even worth considering.

At 1:0.5, the math falls apart for casual users. You’d need to earn twice as much Rakuten cash back to hit the same Bilt redemptions. Unless you’re already earning Bilt points through rent or the credit card and have Silver status or higher, Amex is the straightforward default.

One thing worth noting: you don’t need a Bilt credit card or even an Amex to earn points through Rakuten. If you don’t have an eligible Amex Membership Rewards card, transferring to Bilt is your default path — and it’s a good one. You can sign up for Bilt for free and start building a balance through Rakuten alone, then transfer to partners like Hyatt, United, or JAL when you’re ready.

Important Consideration: Transfer Partners

Amex does have some exclusive airline partners Bilt can’t match directly. ANA Mileage Club is the headliner — one of the best sweet spots in points and miles for premium cabin travel to Japan.

Singapore Airlines KrisFlyer opens up some of the most coveted first and business class products in the world. Qantas and JetBlue round out the Amex exclusives, though they’re more situational.

But Bilt’s network is broader than most people realize. Across alliances, Bilt covers Oneworld through British Airways, Cathay Pacific, Iberia, Japan Airlines, Qatar Airways, and Alaska Airlines. Star Alliance is covered through Air Canada Aeroplan, Avianca LifeMiles, TAP Air Portugal, Turkish Airlines, and United. SkyTeam access comes through Air France/KLM Flying Blue and Virgin Atlantic, with indirect Delta availability through Virgin and Aeromexico. Add in Southwest, Hawaiian, Emirates, Etihad, and Spirit, and Bilt actually has four more airline partners than Amex.

On the hotel side, the gap is even clearer. Bilt transfers to five hotel programs — World of Hyatt (1:1), Hilton Honors (1:1), IHG One Rewards (1:1), Marriott Bonvoy (1:1), and Accor Live Limitless (3:2). Amex only covers three: Hilton (1:2), Marriott (1:1), and Choice Privileges (1:1). The big difference is Hyatt — the single most valuable hotel transfer partner in the game — which is Bilt exclusive. And while Amex beats Bilt on Hilton with that 1:2 ratio, Bilt gives you IHG and Accor access that Amex simply doesn’t have.

Both programs share a strong core including Aeroplan, Virgin Atlantic, British Airways, Cathay Pacific, Turkish, Air France/KLM, Emirates, Etihad, and the full Avios family. So the real question is whether you need Amex’s exclusive access to ANA and Singapore, or Bilt’s exclusive access to JAL, United, Alaska, Hyatt, and the broader hotel network.

Bilt also transfers to Emirates at a full 1:1 versus Amex’s 1:0.8, so if Emirates redemptions are on your radar, Bilt gets you more miles per point.

My Strategic Framework

Default to Amex unless all three of these are true: you have Bilt Silver status or above (which keeps the 1:1 Rakuten conversion ratio), you have a specific Bilt redemption in mind (especially Hyatt), and you’re already earning Bilt points through rent or the credit card.

Choose Amex if you want access to ANA or Singapore Airlines for premium international cabins, you need the broadest airline partner selection, you don’t have Bilt Silver status, or you don’t have an existing Bilt points balance to build on.

Choose Bilt if you have Silver status or higher and want to maintain the 1:1 conversion ratio, you’re topping off your balance for a Hyatt or JAL redemption, or you need a Bilt-exclusive partner like United, Alaska, or Southwest.

Bottom Line

For most Rakuten earners without an existing Bilt relationship, Amex Membership Rewards is the more reliable choice. You get broader airline access, premium cabin availability, and a transfer ecosystem that isn’t subject to introductory pricing changes.

Bilt makes sense as a targeted play for people already earning Bilt points who want Hyatt access or need to round out a specific redemption. But banking on Bilt’s current Rakuten ratio staying the same isn’t a strategy — it’s a gamble.

Map out your next two trips, then pick the program that gets you there. Don’t transfer points because there’s a bonus. Transfer them because you have a redemption in mind.

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