Here are the countries.

America 

UK

Australia 

Canada

New Zealand

Germany

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I did get inspired by a TPG article a long time ago but that was very flawed so I am going to do a non flawed version. Now here each mile is a currency so what we need to do is convert to USD and compare the rate.

USA

Credit Card Bonus Categories are 3x-5x .

Welcome offers about 100k.

4 “banks” that transfer 1:1.

Currency Conversion is 1:1

Recoup fee

UK

Credit Card Bonus Categories are 1x-2x .

Welcome offers about 100k.

2 “banks” that transfer 1:1-2:1.

Currency Conversion is 1.35 at time so 1.35:1.

Not Recoup Fee

Australia

Credit Card Bonus Categories are 3x-5x .

Welcome offers about 100k.

Was 2 now 1 “banks” that transfer 3:1.

Currency Conversion is 0.66 so 2:1

Almost most cards recoup.

Canada

Credit Card Bonus Categories are 2x-5x .

Welcome offers about 80k.

2 “banks” that transfer 1:0.75 or 1:1.

Currency Conversion is 0.73 so 0.73:0.75 or 0.73:1

Recoup fee

New Zealand 

Credit Card Bonus Categories are 2x all .

Welcome offers about 20k.

1 “banks” that transfer 2:1 or 3:1.

Currency Conversion is 0.58 so 1.16:1 or 1.74:1

Recoup fee

Germany

Credit Card Bonus Categories are 1x all .

Welcome offers are about euro 72.

1 “banks” that transfer 4:3.

Currency Conversion is 1.17 so 4.68:3

Not Recoup fee

Winner is USA or Canada

That is all for today.