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This is only personal opinion. Loss of Hilton Honor conversion greatly reduce the value of AVC. I used total purchase price plus the total maintenance fee to estimate the value of 1AVC point costed me around HK$1. But currently, I don’t see any existing conversion will provide great value. The value of conversion to airline mileage nor to Travily usually is less than cost involved. I really cannot find any good conversion. If one day, AVC converted to Hyatt points or Marriott points, then may be it can create or increase the value of AVC points holders. But at present, I cannot find any good conversion can greatly exceed the cost of buying AVC points. This is sad to me.