There could be a variety of reasons. For example, the loyalty program that you're looking at:
- May not currently participate in the some of the sections on Points Loyalty Wallet (Exchange or Redeem);
- May not allow Exchanges with some programs;
- May require a minimum number of miles/points for a Exchange (and your current balance is under the minimum);
- May have an annual limit to the number of miles/points that can be exchanged (and you have exceeded the limit already);
- You may not have your program/s fully registered on the Points Loyalty Wallet.
These loyalty program restrictions are displayed when you start an Exchange or try to Redeem. If you require additional information, please contact Customer Support.