Amex UK Launches a 40% Hilton Transfer Bonus: Is It Worth It?

American Express UK has quietly launched a 40% bonus on Membership Rewards transfers to Hilton Honors, running from 29 September until 24 November 2026. You can see the offer and full terms on the Amex Membership Rewards Hilton page.

Amex to Hilton already transfers at 1:2, so with the bonus every 1 Amex point becomes 2.8 Hilton points. For context, American cardholders are currently getting 30% (until 14 October) - so for once, the UK version is the better deal.

As a Hilton Gold member (via my Amex Business Platinum), I have a lot of time for Hilton. But I'm also someone who rarely moves Amex points anywhere other than Avios. So is this bonus good enough to change that? Mostly no - but there are a few cases where it's genuinely good.

In practice, 10,000 Amex points gets you 28,000 Hilton points instead of 20,000.

One catch to note: to get the offer, none of the card accounts linked to your Membership Rewards account can be cancelled, past due or have a returned payment when you transfer. And as always, transfers are one-way - once points are in Hilton, they can't come back.

This is where it gets less exciting. Hilton uses dynamic pricing for reward nights, so the points price moves with the cash price. That tends to keep a Hilton point's value in a narrow band.

My own working valuation is around 0.35p per Hilton point. That's my estimate based on typical redemptions, not an official figure - you can absolutely beat it (more on that below), but it's a fair baseline.

On that basis:

Compare that with Avios, where UK Membership Rewards points transfer 1:1. I'd happily say I get well over 1p per Avios on most redemptions, and much more in premium cabins. So even with a 40% boost, Hilton usually just about draws level with an Avios transfer with no bonus. If you want to see what your Amex points could do as Avios instead, our how many Avios for a flight tool is a good place to start.

There's another way to think about it too. Hilton sells points directly at a base price of $10 per 1,000 (1 US cent each), and it often runs buy-points promotions that bring that price down a lot. If Hilton points can be bought cheaply in a sale, there is a ceiling on how much it makes sense to "pay" in Amex points for them.

This is the sweet spot. Say you're 30,000 Hilton points short of a booking. At the normal rate you'd need 15,000 Amex points. With the bonus, you need 10,750 (giving you 30,100). A small, targeted top-up for a stay you've already priced up is exactly what this offer is best for.

Hilton Silver, Gold and Diamond members get the 5th night free on standard room reward stays of five nights or more. Hilton Gold comes with both the Amex Platinum and Amex Business Platinum in the UK, so a lot of Smart With Points readers will already qualify.

Here's an illustrative example (the room price is hypothetical - Hilton prices change daily):

That's 34,250 Amex points saved. Combine the bonus with the 5th night free and you're effectively getting 3.5 Hilton points' worth of nights per Amex point.

Because Hilton's pricing is dynamic, you'll occasionally find properties where the points price is well below the cash rate - often at peak dates or at some of the pricier resorts. Always check the cash price for your exact dates before deciding; if you're getting more than 0.5p per Hilton point, this bonus starts to look very good.

A practical tip on that last point: transfer early in the offer window and check the price of your stay before you do. If you need the full balance quickly, you might want to transfer a little extra at the start, rather than rely on the bonus showing up in time.

Membership Rewards points are the most flexible currency in the UK, transferring to Avios, Virgin Points, Hilton, Marriott and more. The Amex Gold is the easy starting point, with 20,000 bonus points when you spend £2,000 in your first three months and no annual fee in year one. The Platinum adds Hilton Gold status on top, which is what unlocks that 5th night free.

If you run a business, the Amex Business Gold and Business Platinum also earn Membership Rewards points - I use both, and the Business Platinum is where my own Hilton Gold comes from.

Terms, eligibility and annual fees apply. Sign-up offers change regularly, so check the current terms before applying.

40% is a better-than-usual Hilton bonus, and it's notably better than what US cardholders are getting. But it doesn't change the basic maths: Amex points are usually worth more as airline miles.

Where it shines is a targeted top-up for a Hilton stay you've already found - especially a five-night one where the 5th night is free. If that's you, 24 November gives you plenty of time. If not, I'd leave your points where they are.

Want more on what Amex Platinum gets you? Read our Amex Platinum UK lounge access guide.