Amex Membership Rewards Sweetspots in First Class

Most people use their American Express Membership Rewards points wrong. They cash them out for statement credits (0.6 cents per point) or transfer them to Delta for domestic economy flights (1.2 cents per point).

That is financial negligence.

If you treat your points portfolio like an investment, First Class international redemptions are the only asset class that matters. We aren’t talking about “extra legroom.” We are talking about $20,000 tickets booked for the cost of a sign-up bonus.

I have spent years analyzing award charts, devaluations, and partner inventory. The strategies below are not theoretical. They are the mathematical “sweet spots” where the spread between the cash price and the mileage cost is at its absolute widest.

What Is a “Sweet Spot”?

In the travel hacking world, a “sweet spot” occurs when a partner airline’s award chart prices a flight significantly lower than the operating carrier would price it themselves, or when a program ignores market rates in favor of a fixed distance-based or zone-based chart.

For Amex holders, the power lies in transferable currency. You don’t hold miles with an airline; you hold options.

To maximize the value of Amex Membership Rewards points, you must transfer them to the right partner at the right time. Do not transfer a single point until you have found award availability.

1. The Holy Grail: ANA First Class via ANA Mileage Club

The Route: North America to Tokyo (HND/NRT)
The Cost: ~150,000 – 165,000 Points (Round Trip)
The Value: ~14.0 Cents Per Point

For years, the standard advice was to book ANA via Virgin Atlantic. That died in 2024 with a massive devaluation. The new strategy is to go direct.

Amex transfers 1:1 to ANA Mileage Club. ANA’s own award chart is zone-based and seasonally adjusted. While you must book a round-trip ticket (one-way is not allowed), the pricing is absurdly low compared to industry standards.

The Math

• Cash Price: A round-trip First Class ticket from JFK or LAX to Tokyo often retails for $22,000.
• Points Cost: In “Regular Season,” this costs 150,000 miles.
• Taxes/Fees: Expect to pay ~$400–$800 in fuel surcharges.
• Calculation: ($22,000 – $600 fees) ÷ 150,000 points = 14.2 cents per point.

This return is nearly 14x higher than using points for Amazon purchases.

Pro Tip: ANA releases availability roughly 355 days in advance. Competition is fierce. If you can’t find round-trip First Class, mix classes: fly First Class there and Business Class back to secure the itinerary.

2. Lufthansa First Class via Avianca LifeMiles

The Route: USA to Frankfurt/Munich
The Cost: ~87,000 Points (One-Way)
The Value: ~9.0 Cents Per Point

Lufthansa First Class is legendary for its dedicated First Class Terminal in Frankfurt and Porsche tarmac transfers. However, Lufthansa charges massive fuel surcharges if you book directly.

The solution is Avianca LifeMiles.

Avianca is a Star Alliance member and an Amex transfer partner. They do not pass on carrier-imposed fuel surcharges. You will pay the mileage cost plus a nominal booking fee (usually under $50).

The Catch: The T-14 Rule

Lufthansa restricts First Class award space to partners. They usually only release these seats to partners like Avianca 14 days (or less) before departure.

This sweet spot is for the flexible traveler. If you see a seat open up 3 days before you want to fly to Europe, transfer your Amex points instantly to LifeMiles and book. It is the ultimate spontaneous luxury.

3. Singapore Airlines Suites via KrisFlyer

The Route: New York (JFK) to Frankfurt (FRA)
The Cost: ~97,000 Points (Saver Level)
The Value: ~6.0 Cents Per Point

Singapore Airlines operates a “Fifth Freedom” route between New York and Frankfurt. This means you can fly the Airbus A380 Suites Class without going all the way to Singapore.

Singapore Airlines almost never releases premium cabin space to partners. To book the Suites, you must transfer Amex points directly to Singapore Airlines KrisFlyer.

Why It’s Worth It

The “New Suite” on the A380 is essentially a flying hotel room with a separate bed and swivel chair. The double suites can even combine into a double bed for couples.

At 97,000 points for a ~8 hour flight, the cost per hour is high, but the “Saver” availability is the only way to experience this product without paying $8,000+ cash.

Warning: KrisFlyer transfers are not always instant. They can take 12–48 hours. I recommend calling Singapore Airlines to hold the award ticket while the transfer processes, though their willingness to do this varies by agent.

4. Emirates First Class via Emirates Skywards

The Route: JFK/EWR to Dubai (DXB)
The Cost: ~163,500 Points (One-Way)
The Value: ~5.0 Cents Per Point

This is not the cheapest redemption, but it is the most consistent.

Emirates severed ties with many partners for First Class bookings. Now, transferring Amex points directly to Emirates Skywards is the primary way to secure the suite with the closing doors and the onboard shower.

You can read my detailed breakdown of the experience in Inside Emirates First Class: Showers, Suites & Caviar.

The Math Breakdown

• Cash Price: One-way usually costs around $10,000 – $12,000.
• Points Cost: 163,500 Miles.
• Surcharges: High. Expect to pay ~$800+ in taxes/fees.
• Value: Even with high fees, you are getting ~5 to 6 cents per point.

While the surcharges hurt, the availability is generally better than ANA or Lufthansa. If you have a massive stash of Amex points and want a guaranteed experience, this is the play.

Comparison: Direct Transfer vs. Partner Booking

Understanding when to transfer directly to the operating airline versus a partner is crucial. This table breaks down the optimal strategy for 2025.

Methodology: How We Calculate Value

I determine “value” using a Cent Per Point (CPP) calculation. The formula is:

(Cash Price of Ticket - Taxes/Fees Paid) ÷ Points Used = Value

I only use this metric for aspirational travel. If you would never pay $20,000 for a First Class ticket, the “value” is theoretical. However, even if you value the flight at a modest $3,000 (what you might pay for Economy + hotels + stress), redeeming 87,000 points still yields over 3.0 CPP, which beats any cashback card on the market.