But if the points per dollar earned is higher, it all comes out in the wash.
Take the example of AmEx Membership Rewards points. Yes, generally the transfer ratio is 2:1 for most programmes including Velocity and Qatar. This ratio is not "very poor" if you consider that with my AmEx Platinum I'm getting 2.25 MR points per $, and with my Platinum Edge I'm getting 3 MR points per $ (where I use it at supermarkets and petrol stations). So I'm getting more than 1 FF point (with the Platinum Edge, 1.5 FF points) per dollar spent. How can you say that the transfer ratio is "very poor"? What card do you use that earns more points than that?
As I wrote in Post #5 above, that statement is probably true when it comes to Qantas and Velocity points. It's demonstrably not true when it comes to KrisFlyer Miles, Asia Miles, Avios, etc.
... which gives all the more reason to prioritise flexible points currencies!
