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I currently have a Rewards account and my wife is considering getting her own Rewards Card with points going into her account. Can we transfer points between the two accounts?
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It's possible but I personally wouldn't do it as there is a cost to transfer points.
You can redeem your points for travel for anyone so there is nothing that prevents you from redeeming your points to book travel for your wife or that prevents her from using her points to book travel for you.
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She can certainly get a Rapid rewards Credit card and get points from that or her own rapid rewards account. but as SWDigits said I would not transfer points as it cost money (last time I checked it cost $10 per 1000 points with a 2k minimum to transfer points and even more expensive to buy points) but you can use the points in your account or hers to book flights for anyone you want.
-Blake