/SHANGRI-LA

The 40% conversion bonus between Singapore Airlines KrisFlyer and Shangri-La Circle points sounds generous, but the base ratios are terrible. Converting KrisFlyer miles to Shangri-La points yields 12 miles for 1.3 points - that's under 0.11 points per mile. Going the other way, 1 Shangri-La point becomes 1.625 KrisFlyer miles, a rate that values a hotel point at less than 2 miles. With a 180,000-mile annual cap and a minimum of 20,000 miles per conversion, this is only for members who already have a specific use for Shangri-La points. The top 10 converters get an extra 10%, but that's a lottery, not a strategy.