Flat-rate earning with a partner list good enough to clear 1.6¢ on a normal booking. Turkish and Avianca carry the upside.
Where owners lose value
Straight cash-back redemption pays half a cent. Erasing a travel charge pays a full cent — never take the cash option when the travel eraser is sitting there.
Where the peak number comes from
Turkish Miles&Smiles Star Alliance awards at chart prices
Avianca LifeMiles with no fuel surcharges
Aeroplan business class with generous routing rules
Business cards that earn Capital One Miles
Capital One Spark Miles — Flat 2x on everything, transferable — the simplest points engine on this list.