100,000 Citi points used to convert to 40,000 SQ points or 50,000 VA points directly (on Premier/Prestige cards).
With a 15% transfer bonus, 100,000 MyCard points convert to 57,500 VA points, which then convert to 37,097 SQ points (at 1.55:1), a 7.25% penalty.
With a 20% transfer bonus...