This month Capital One is running (3) transfer bonus promotions. They’re offering 1.2 miles per Capital One mile when trasferring by March 31 into:

• AeroMexico Club Premier
  
• Avianca LifeMiles
  
• Wyndham Rewards

While there are occasional outlier use cases for the Aeromexico program (which I can be too quick to discount) in general awards are too expensive and customer service too challenging to make this a useful program, even with a transfer bonus.

Wyndham can be especially useful for its Vacasa home rental redemptions, where at most properties you’ll pay 15,000 points per bedroom per night. This can be a much better value, for instance, than redeeming Marriott Bonvoy points for Marriott Homes & Villas (and many of those are sourced through Vacasa in the first place).

However LifeMiles offers a reasonable award chart and no fuel surcharges redeeming on Star Alliance partners, and a number of sweet spots (like discounting an award when a segment of a business class redemption is in coach) The only thing that holds me back from transfers is that they so often sell miles inexpensively that I can buy miles from them rather than transferring. For most, though, this is the best of the three transfer promotions.