You can transfer up to 75K miles year at a cost of 1.5 cents per transferred miles. In other words if you transfer 75K miles you would pay $1,125 and your friend would get 168,750 miles after the 125% transfer bonus. Effectively you will have purchased 93,750 miles at a cost of 1.2 cents per mile (1,125/93,750), which is an great rate for buying miles.
You can also get a 15% bonus when you transfer AMEX points to LifeMiles through 4/1. A transfer of 65K AMEX points would net 74,750 LifeMiles or a transfer to 66K AMEX would net 75,900 LifeMiles to maximize the transfer bonus and generate miles at a cost of just 1.2 cents each.
You can also use a card like the AMEX Platinum card to earn 5 points per dollar on purchased miles or Chase Sapphire Reserve to earn 3 points per dollar or Chase Sapphire Preferred to earn 2 points per dollar.
If you spend $1,125 on a LifeMiles transfer you can earn an extra 5,625 AMEX points on an AMEX Platinum card which could transfer into 6,469 LifeMiles. That means you can actually earn 100,219 LifeMiles (93,750+6,469) for the $1,125 charge, which is a cost of 1.12 cents per mile.
You can see this post for some awesome LifeMiles redemptions on their Star Alliance partner airlines.
Will you take advantage of this promotion?