The reason I love points in credit card programs that transfer to frequent flyer miles is flexibility. I don’t know which airline is going to offer the award that I want when I want it. When I can transfer to airlines in all of the different alliances, and to airlines that offer more availability to their own members to partners, I really multiply the chances of getting the saver award I’m looking for. And I make my miles go a lot farther.
What’s more, several foreign frequent flyer programs will give you the same awards that a US airline will — for fewer miles. They partner with the US airline, but have a more favorable award chart.