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Chief
Definitely up front. You usually can’t upgrade points bookings and if you pay for the ticket, it’s usually a select fare code that can be upgraded.
So yes, transfer points and book business is going to give you the best bang for your buck.
I just did this. Transfer points to ANA, then book business class to Europe for 88k points round trip for a Star Alliance partner. Look up available flights in United, then call the ANA call centre to book.
Availability is not great, so have to book well in advance and be super flexible with everything.