Via One Mile at a Time, there’s a new, higher transfer rate for moving points to Hilton Honors. Previously you could get 1.5 Hilton points per Membership Rewards point (more specifically, an exchange of 1,500:1,000). Now you get 2 Hilton points per Membership Rewards point.
This is still not a sign that you should consider moving your Membership Rewards to the Hilton Honors program. I value Membership Rewards at between 1.4 and 1.7 cents each, while Hilton Honors points are worth about 0.5 to 0.6 cents each. You’d still be losing value at the new transfer rate.
Much better, I think, to take advantage of other Membership Rewards partners like Singapore’s KrisFlyer program or Air Canada’s Aeroplan. These two programs usually have 1:1 transfer rates, with occasional promotions that push it higher, but the key issue is that their points are also more valuable. I’ve taken advantage of Aeroplan for some great awards on Star Alliance partners, though you do need to watch out for high fuel surcharges on certain routes.
For now the best way to earn Hilton Honors points is simply to stay at Hilton. I have not found a single transfer partner that I like, because I can always find a better partner. I feel the same way about transferring Ultimate Rewards to Marriott or IHG and Membership Rewards to Starwood Preferred Guest (they’re all bad ideas, but Marriott is slightly less bad). As a general rule I suggest you stick with airlines when trying to move your bank rewards points to another loyalty program.