The Amex Membership Rewards program has just introduced its latest transfer bonus, as you can earn a 20% bonus when moving points to Aeromexico Rewards. While the transfer ratio might sound appealing, personally this isn’t an offer I’d recommend taking advantage of.

Between October 1 and October 31, 2026, the American Express Membership Rewards program in the United States is offering a 20% bonus on points transfers to Aeromexico Rewards.

Ordinarily points transfer at a 1:1.6 ratio (in 1,000 point increments), as Aeromexico points are more like “kilometers” than “miles.” So during this promotion you’ll get 1,920 Aeromexico points for every 1,000 Amex points. In other words, you’re looking at a 1:1.92 transfer ratio. The bonus is hard coded into the transfer ratio, so you can take advantage of this as often as you’d like.

Let me cut to the chase — unless you know exactly what you’re doing and have a specific redemption in mind, I’d avoid transferring Amex points to Aeromexico Rewards. While redemption rates are potentially okay, the program passes on carrier-imposed surcharges on awards; changes and cancellations to awards aren’t cheap, and customer service can be a challenge to deal with.

So, what are redemption rates like with Aeromexico Rewards? Aeromexico has both low season and high season award pricing. Just to give some examples of one-way redemption rates:

Redemption rates on SkyTeam partners aren’t much more inspiring. If I wanted to redeem on a SkyTeam airline (whether it’s Aeromexico or another airline), personally I’d rather earn rewards with Air France-KLM Flying Blue or Virgin Atlantic Flying Club , both of which frequently have transfer bonuses, and offer more solid redemption opportunities.

Through October 31, 2026, you can receive a 20% bonus when you transfer Amex Membership Rewards points to Aeromexico Rewards. Ordinarily the transfer ratio is 1:1.6, so with this offer, the transfer ratio becomes 1:1.92. Personally this isn’t an offer I’d take advantage of, but maybe others will feel differently.

Anyone plan on taking advantage of this Amex transfer bonus to Aeromexico?