American Express Membership Rewards is offering a 33% bonus on transfers to Hilton through January 31.

You shouldn’t do this, though. This offer moves 1000 Amex points into 2000 Hilton points.

Through December 29, American Express is offering a transfer bonus to Virgin Atlantic. And Virgin Atlantic points transfer to Hilton at a ratio of 1:2.

That offer yields 2700 Hilton points for each 1000 American Express points (by transferring American Express to Virgin Atlantic to Hilton).

Even that I don’t consider to be an exceptional use of American Express points. It’s decent and can pay off when redeeming for some of Hilton’s top end properties. But at a minimum it’s more attractive than the straight-up transfer bonus to Hilton.