Jet Privilege offers up to 30% bonus on conversion from partner loyalty programs

Jet Airways / Jet Privilege has, in the last couple of years, run offers for converting reward points from other programs to JP miles. These offers came with a bonus, subject to certain conditions. Initially, it was a straight 20% bonus, and a subsequent offer gave a 20% or 30% bonus depending on how many JP miles the conversion resulted in. Similar to this last offer, JP is now running a promotion for converting loyalty points into JP miles, valid till 31 March 2016.


This current promotion isn't conceptually different from the previous one. In principle, you will receive a 20% bonus if your conversion results in 5,000-19,999 JP miles, and a 30% bonus if the conversion results in 20,000 JP miles or more. Here are the conversion partners, from whose programs you can transfer to JP:


Registration by 31 March 2016 is necessary, to transfer points (also by 31 March 2016). Ideally, you should have received an email for this promotion. If not, or if you've deleted that mail, you can try and access the promotion at this link [Just replace XXXXXXXXX with your 9-digit JP number]

http://social.jetprivilege.com/conversion_generic/index.php?mem_no=XXXXXXXXX#

Once you register, you can select the transfering program and figure out the exact conversion into JP miles, as well as any bonus. The screen will also direct you to a link through which you can execute the request for the conversion (this will take you to the relevant page of the transferring program).


Also, keep in mind that the following variables do exist:
  • The conversion rate for each partner is variable, ie, 10,000 Indianoil XTRA Power points won't yield the same number of JP miles as 10,000 HSBC credit card points. In fact, here's a quick table on what you can expect to earn, as a % of the number of points from the transferring program to JP.
  • There are minimum transfer thresholds, depending on the source / transferring program, below which you cannot transfer points to JP.
  • The bonus you earn will depend on how many JP miles the conversion results in. Remember, if your conversion yields less than 5,000 JP miles, no bonus applies.
  • The bonus applies for each transfer separately. So if you have to transfers, each yielding 3,000 JP miles, there's no bonus even though you end up receiving 6,000 JP miles. 
  • If you already have a credit card that earns JP miles instead of that credit card issuer's points, then those are not covered by this promotion.

There's also a further 5% bonus (if you're eligible for the 20% or 30% bonus first), for transfers from Payback. Citibank Premier Miles India cards are not covered under this promotion.

The converted miles should ideally reflect in your JP account by 16 April 2016. You can read the full T&Cs here.

Analysis

According to my January 2016 valuations, I value
  • JP miles at Rs 0.72 a mile, 
  • SPG Starpoints at Rs 1.67
  • Marriott Rewards points at Rs 0.53
  • Hyatt Gold Passport points at Rs 0.70, and
  • IHG Rewards Club points at Rs 0.26.


Based on the transfer ratios under this promotion, generally speaking, you will be out of the money if you converted any of those 4 hotel rewards points into JP miles, even assuming a 30% bonus. You can see this if you apply the math based on the above valuations and the conversion rates in the previous section.

For instance, at a base level, each Starpoint (valued at Rs 1.67) converted will yield 1 JP mile (valued at Rs 0.72) - hat's a 57% loss in value. Even if you consider in the 30% bonus JP miles upon conversion and SPG's 25% bonus when you transfer out in multiples of 20,000 Starpoints, there's still a 30% loss in value.

The least loss in value (amongst these 4 programs) is if you convert IHG Rewards Club points with a 30% bonus, to JP miles. In that case, you still lose value, but the loss is a relatively lower at 28%.

Conclusion

I for one wouldn't convert points to JP miles under this promotion, on a speculative basis. However, this promotion could be useful to marginally top up your JP account, with points from other programs that are expiring soon, or you have no value for otherwise (say, some points in a program you see no future use for). You could also do this to top up your JP miles balances towards marginal points (which always have a greater value than normally) for an impending award ticket.

Would you transfer points to JP miles under this promotion? If yes, why?

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