Not sure about hotel programs, looking at earn/burn ratios in airline programs Virgin Atlantic is the standout. Requires 1:1 to transfer from Amex (as does QF), but some big discrepancies in the points required for award flights. In some instances (eg AUS-NZ in J) the burn rate on QF is 2.4 times that of VS but generally the burn rate on QF is about 1.2 - 1.7 times that of VS.