Editor’s note: This is a recurring post, regularly updated with new information and offers.
One of the questions people often ask me is, “How much is a point or mile worth?”
The true answer varies from point to point and person to person. It also depends on your travel goals and how well you can maximize a particular loyalty currency. Still, some rewards are clearly worth more than others, and my goal is to give you a sense of how they stack up.
Historically, TPG has valued points and miles based on a combination of the price at which we would purchase the miles, award costs in the program (factoring in availability and fees) and our own expertise in the inner workings of the programs.
However, we are in the process of evolving our valuations to become as data-driven as possible.
Looking for a convenient way to see all of your points and miles in one place? Download the free TPG app!
We are currently working with a new provider to expand the data set we use to calculate the most popular individual currencies, so we do expect these to change in the coming months. For now, the numbers below should offer a good estimate of what a savvy traveler can get by leveraging sweet spots, transfer partners and other top redemptions in the individual programs.
Note: These valuations are not provided by card issuers.
Points and miles valuations
|Program||August 2022 (Cents)||July 2023 (Cents)||August 2023 (Cents)||Note|
|Accor Le Club||2.0||2.0||2.0|
|Aeroplan Loyalty Program||1.5||1.5||1.5|
|Alaska Mileage Plan||1.8||1.8||1.8||
You can now redeem Alaska miles on Taiwanese premium carrier Starlux.
|American Express Membership Rewards||2.0||2.0||2.0|
|Amtrak Guest Rewards||2.5||2.5||2.5|
|ANA Mileage Club||1.4||1.4||1.4|
British Airways Executive Club switching to revenue-based Avios earning for paid fares from October
|Best Western Rewards||0.6||0.6||0.6|
|Brex Exclusive Rewards||1.7||1.7||1.7|
|Capital One Rewards||1.85||1.85||1.85|
|Chase Ultimate Rewards||2.0||2.0||2.0|
Radisson Rewards America is now fully integrated into Choice Privileges.
|Citi ThankYou Points||1.8||1.8||1.8|
Delta is transitioning the SkyBonus program in October.
|Diners Club Rewards||2.1||2.1||2.1|
Launching flights between Boston and Abu Dhabi
|IHG Rewards Club||0.5||0.5||0.5|
|JetBlue TrueBlue Rewards Program||1.3||1.3||1.3||
Ending the Northeast Alliance with American Airlines
|Korean Air SkyPass||1.7||1.7||1.7|
|Southwest Rapid Rewards||1.5||1.5||1.5|
|Spirit Airlines Free Spirit||1.1||1.1||1.1|
|Turkish Airlines Miles and Smiles||1.3||1.3||1.3|
|Virgin Atlantic Flying Club||1.5||1.5||1.5||
You can now redeem Virgin points for flights by ITA Airways.
|World of Hyatt Loyalty Program||1.7||1.7||1.7||
Updates Pay My Way to allow more customization
* Calculated using TPG’s revamped data-backed valuations methodology, launched in December 2021.
Points and miles news
We love transferable credit card points here at TPG.
The ability to transfer your rewards to a wide range of airline and hotel loyalty programs at a moment’s notice provides valuable flexibility to maximize your travel. You’re not locked into a single redemption scheme as you plan your trips. If you can’t find the seats available in one program, you can choose another program before transferring any credit card points. If a program devalues without notice, you can simply switch to a different program for your next points transfer.
With dozens of different transfer options, it can be difficult to remember just how many options you have.
Here’s a handy new guide that breaks down which credit card points can be transferred to which airline and hotel programs — including their respective transfer ratios. If you have a favorite airline or hotel loyalty program it may help you focus on which credit card program to focus on. Also, if you have credit card points to use, there may be additional transfer partner options you didn’t know you had access to. Bookmark it for easy future reference!
Did you know that some loyalty programs will allow you to redeem more points and miles to cover the cost of the fees, taxes and surcharges for award tickets? They may also allow you to use even fewer miles than a standard redemption in exchange for a higher cash payment. This can be handy if you have a low mileage balance and cannot book the flight at the standard redemption levels.
Where you are offered a range of payment options, which should you choose? We crunch the numbers with examples from popular programs to help you choose and get the best value from your points and miles.
In addition, there are a handful of ongoing transfer bonuses to be aware of:
- American Express Membership Rewards: 30% transfer bonus to both British Airways Executive Club and Iberia Plus, 25% bonus to Hilton Honors and 15% bonus to Avianca Lifemiles until Aug. 31.
- Chase Ultimate Rewards: 50% transfer bonus to Marriott Bonvoy until Sep. 30.
Travel credit card offers
There is no shortage of incredible new welcome bonuses on many popular cards — here are a few of our favorites this month.
Chase Sapphire Preferred Card
Right now, the Chase Sapphire Preferred Card is offering a welcome bonus of 60,000 bonus points after you spend $4,000 in the first three months of account opening. Per TPG’s valuation, that’s worth $1,200 when you leverage transfer partners or $750 if you redeem through the Chase travel portal at 1.25 cents per point.
The card comes with a manageable $95 annual fee, along with a variety of travel protections and additional perks — like a $50 annual hotel credit for reservations made through the Chase travel portal and a 10% anniversary points bonus based on your previous year’s spending.
Of course, you may want to spring for the Chase Sapphire Reserve instead. While the card has a hefty $550 annual fee, it includes perks like Priority Pass lounge access, an annual $300 travel credit and a Global Entry or TSA PreCheck credit, among other benefits. Plus, you’ll earn 3 points per dollar on all travel and dining expenses, so you can quickly rack up rewards for your next big trip.
For more details, check out our full review of the Chase Sapphire Preferred card.
Official application: Chase Sapphire Preferred
Capital One Venture X Rewards Credit Card
On the higher end of the spectrum is the Capital One Venture X Rewards Credit Card (see rates and fees), one of the most exciting travel credit cards on the market, thanks to great earning rates and included perks.
The card is currently offering a welcome bonus of 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening — worth $1,388 according to our valuations, thanks to Capital One’s excellent airline and hotel transfer partners.
For more details, check out our full review of the Capital One Venture X Rewards Credit Card.
Official application link: Capital One Venture X Rewards Credit Card
Capital One Venture Rewards Credit Card
The standard Capital One Venture Rewards Credit Card (see rates and fees) is currently offering the same welcome bonus as the Venture X. You can earn 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Like the Venture X, the Venture card earns 2 miles per dollar on everything.
For more details, check out our full review of the Capital One Venture Rewards Credit Card.
Official application link: Capital One Venture Rewards Credit Card
The Platinum Card® from American Express
With the current welcome offer on the Amex Platinum, you’ll earn 80,000 points after you spend $6,000 on purchases in the first six months of card membership — though you may be targeted for a higher offer through the CardMatch tool (offer subject to change at any time).
Of course, the card is jam-packed with benefits like airport lounge access, hotel elite status and more. These benefits can make your travel experience smoother and more luxurious than ever before — especially with the most recent additions. The card has a $695 annual fee (see rates and fees). Enrollment is required for select benefits.
For more details, check out our full review of the Amex Platinum Card.
Official application link: The Platinum Card from American Express
American Express® Gold Card
One of the most popular cards with TPG staffers, the Amex Gold offers 60,000 Membership Rewards points after you spend $4,000 on eligible purchases on your new card within the first six months of card membership. This welcome offer is worth $1,200 based on our valuations — but be sure to check the CardMatch tool to see if you’re targeted for an even higher offer (offer subject to change at any time).
The card is great for many everyday purchases. You’ll earn 4 points per dollar at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar) and 4 points per dollar on dining at restaurants. The card has a $250 annual fee (see rates and fees).
For more details, check out our full review of the Amex Gold Card.
Official application link: American Express Gold Card
American Express® Green Card
Earlier this year, the American Express Green Card launched a best-ever welcome bonus, awarding 60,000 Membership Rewards points after you spend $3,000 on purchases on the card in the first six months of card membership. You’ll also earn 20% back on eligible travel and transit purchases in the first six months (up to $200 back). The 60,000 points are worth $1,200 based on TPG’s valuation, and if you max out the $200 in statement credits, that’s a total value of $1,400.
The card also features some decent benefits, including up to $100 in annual statement credits for LougeBuddy purchases and a yearly statement credit to cover the cost of a Clear Plus membership (up to $189). You’ll also earn 3 points per dollar spent on travel, transit and dining purchases, all for a relatively low $150 annual fee (see rates and fees).
For more details, check out our full review of the Amex Green Card.
Official application link: American Express Green Card
The Business Platinum Card® from American Express
The Business Platinum Card offers 120,000 Membership Rewards points after you spend $15,000 on eligible purchases with your card in the first three months of card membership. Per our valuations, this welcome offer is worth at least $2,400, but you can get even more value when redeeming for high-end airfare.
The card also provides a slew of additional perks similar to (but slightly different from) the personal version — you can compare the two cards in this guide to see which one would be a better fit for your wallet.
For more details, check out our full review of the Amex Business Platinum Card.
Official application: The Business Platinum Card from American Express
Airline and hotel credit cards
As summer travel gets into full swing, a handful of top airline credit cards launched limited-time welcome bonuses over the last couple of months. Most notably, the Citi® / AAdvantage® Executive World Elite Mastercard® (see rates and fees) launched a new offer of 100,000 American miles after spending $10,000 within the first three months of account opening. It now features a higher annual fee of $595 but added new perks, including statement credits for Lyft rides, GrubHub purchases, and Avis and Budget car rentals.
Meanwhile, several solid hotel credit cards have great offers right now — including those from Hilton Honors, Marriott Bonvoy and IHG One Rewards. However, the Marriott ones are set to end in just a few days. Here are some of those options:
- Marriott Bonvoy Brilliant® American Express® Card: Earn 150,000 Marriott Bonvoy bonus points after using your card to spend $6,000 on eligible purchases in the first six months of card membership. Plus, earn 50,000 bonus points after you stay six eligible paid nights at Marriott hotels through Jan. 31, 2024. Offer ends Aug. 9.
- Marriott Bonvoy Bevy™ American Express® Card: Earn 125,000 Marriott Bonvoy bonus points after using your card to spend $5,000 on eligible purchases in the first six months. Plus, earn 50,000 bonus points after you stay six eligible paid nights at Marriott hotels through Jan. 31, 2024. Offer ends Aug. 9.
- IHG One Rewards Premier Credit Card: Earn 140,000 bonus points after spending $3,000 on purchases within three months of account opening. Plus, earn up to $100 in statement credits on purchases at IHG properties during the first 12 months from account opening. Offer ends Sept. 27.
- IHG One Rewards Traveler Credit Card: Earn 80,000 bonus points after spending $2,000 on purchases within three months of account opening. Plus, earn up to $50 in statement credits on purchases at IHG properties during the first 12 months from account opening. Offer ends Sept. 27.
The two Marriott offers above represent best-ever welcome bonuses, though any of these offers can go a long way toward savings on your upcoming stays.
Data-backed valuations update
Finally, we wanted to share an update on our increasing use of data to drive these valuations. This process began in November 2021 with our four major transferable currencies — American Express Membership Rewards points, Chase Ultimate Rewards points, Citi ThankYou Rewards points and Capital One miles.
As a result of these efforts, the above valuations use a mathematical model that takes into account a number of factors specific to transferable points, including:
- Unique transfer partners (not shared by other card issuers).
- The most valuable individual partners in the program.
- The base redemption value when you redeem points or miles directly for travel.
Based on this rollout, the valuations for our credit card currencies are rounded to the nearest five-hundredths of a point in order to better capture the real-world value they offer cardholders.
We fully expect these numbers to fluctuate over time as we refine our equations and roll out additional data-backed hotel and airline valuations in the coming months.
Likewise, we moved three airline currencies — American AAdvantage, Delta SkyMiles and United MileagePlus miles — to a data-backed model late in 2021. However, we have put these valuations on pause while we work out an issue with our data provider, and United’s devaluation led us to update its value this month. We’re excited to have data-backed valuations updated in the coming months with even more loyalty programs included.
Additional reporting by Ben Smithson and Nick Ewen.
This is The Points Guy’s permanent page for the most up-to-date valuations, so you can bookmark it and check back each month for updates.