Many travelers wonder, “What’s a point or mile actually worth?” It’s a fair question, but the answer isn’t the same for everyone.
The value depends on the type of rewards you’re earning, how you use them, and your overall travel strategy. Some programs offer significantly better returns than others, and we’re here to help you make sense of it all.
We’ve spent years evaluating points and miles, considering multiple factors, what we’d personally pay for them, how much they’re worth within different loyalty programs (factoring in fees and availability), and our expertise in optimizing redemptions.
More recently, we’ve refined our approach by analyzing comprehensive data from the six largest U.S. airline loyalty programs. This gives us a more accurate benchmark for what you should aim to get from your rewards.
If you want a detailed breakdown of our valuation process, take a look at our full methodology.
Understanding the Value of Credit Card Points and Miles
| Program | February 2025 Valuation (Cents) | Latest Credit Card Updates |
| Chase Ultimate Rewards | 2.05 | |
| Citi ThankYou Rewards | 1.8 | |
| American Express Membership Rewards | 2.0 | A new Amex Centurion Lounge is set to open in Boston. |
| Capital One Miles | 1.85 | |
| Bilt Rewards | 2.05 | |
| Wells Fargo Rewards | 1.6 |
Since valuations fluctuate based on transfer partners, redemption options, and ongoing promotions, keeping an eye on these changes ensures you get the best possible value from your rewards
How Much Are Airline Points and Miles Worth?
| Program | February 2025 Valuation (Cents) | Latest Airline Updates |
| Korean Air SkyPass | 1.7 | |
| Avianca LifeMiles | 1.6 | |
| American Airlines AAdvantage | 1.65 | American Airlines has expanded its route network into a key Delta-dominated hub. Boeing delays also forced the airline to suspend three European routes and postpone the launch of its Flagship Suite. |
| Air Canada Aeroplan | 1.5 | |
| Virgin Atlantic Flying Club | 1.4 | |
| Flying Blue | 1.3 | The program increased award prices but committed to improving availability. |
| United Airlines MileagePlus | 1.3 (down from 1.35) | United Airlines has shut down a Houston lounge to prepare for a larger club opening in 2026. The airline also introduced six inflight entertainment upgrades and a new status match offer. |
| Cathay Asia Miles | 1.3 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Airlines Rapid Rewards | 1.35 | The Department of Transportation filed a lawsuit against Southwest Airlines over repeated flight delays. Meanwhile, the carrier announced two new international gateway cities as part of its Icelandair partnership. |
| JetBlue TrueBlue | 1.35 (up from 1.3) | JetBlue now allows points redemptions for TAP Air Portugal flights and has expanded its summer schedule with 16 new routes and five additional cities. |
| Alaska Airlines Mileage Plan | 1.45 | Alaska Airlines introduced several new routes, including its longest Embraer jet flight and three Oregon connections. |
| All Nippon Airways Mileage Club | 1.4 | |
| Avios (British Airways, Iberia, Aer Lingus, Qatar Airways) | 1.4 | British Airways made minor improvements to its elite status qualification system. |
| Hawaiian Airlines HawaiianMiles | 1.2 | Hawaiian Airlines, in collaboration with Alaska Airlines, revealed plans for a new lounge in Honolulu. The airline also announced that its flagship aircraft will begin serving New York. |
| Delta Air Lines SkyMiles | 1.2 | Delta plans to open eight new or expanded lounges in 2025, including a fourth premium space. Meanwhile, the airline is pulling out of two Alaskan cities but launching flights to Melbourne, Australia. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| Emirates Skywards | 1.2 | |
| Etihad Airways Guest | 1.2 | |
| Spirit Airlines Free Spirit | 1.1 | Spirit Airlines is eliminating 12 routes in its latest network restructuring. |
| Frontier Airlines Frontier Miles | 1.1 |
Evaluating the Value of Hotel Points
| Program | February 2025 Valuation (Cents) | Latest Hotel Updates |
| World of Hyatt | 1.7 | Hyatt has introduced suite upgrade bidding for select reservations. Additionally, the Andaz Mayakoba is closing for a full-year renovation starting in March and will reopen as an Alila property. |
| Accor Live Limitless | 2.0 | Sofitel’s CEO has spearheaded a stylish transformation of one of Accor’s legacy brands. |
| Marriott Bonvoy | 0.85 | Marriott Bonvoy raised award rates at several properties. Travelers can now register for a promotion offering 1,000 bonus points per night and double elite night credits. Meanwhile, a new residential-style Autograph Collection hotel is set to open in Spokane, Washington, and the first St. Regis with a casino has launched in Aruba. |
| Wyndham Rewards | 1.1 | |
| Hilton Honors | 0.6 | Hilton is expanding in Breckenridge with the addition of a new Curio Collection hotel. |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | Recent changes to the Choice Privileges award booking system are now in effect. |
| IHG One Rewards | 0.5 |
Key Loyalty Program Updates
The year began on a disappointing note for many travelers, as two major loyalty programs introduced significant devaluations.
Flying Blue Increases Award Rates Without Warning
Air France-KLM’s Flying Blue program raised the cost of its saver-level awards, making it more expensive to redeem miles for flights to Europe. Business-class redemptions that once required 50,000 miles each way have now jumped to 60,000 miles, while economy and premium economy awards saw similar increases—rising from 20,000 to 25,000 miles and 35,000 to 40,000 miles, respectively.
Since this change came without prior notice, it has frustrated many travelers. Even so, Flying Blue miles remain valuable, thanks to frequent transfer bonuses and partnerships with multiple transferable points programs. Additionally, Flying Blue has committed to expanding saver-level award availability, which helps soften the impact of these pricing adjustments. Given these factors, we’ve decided to maintain our valuation of Flying Blue miles at 1.3 cents each.
Marriott Bonvoy Raises Redemption Costs at Luxury Hotels
Marriott’s Bonvoy program also increased the maximum redemption rates at several of its most exclusive hotels. In the past, luxury properties—including Ritz-Carlton, St. Regis, and Edition locations in major cities like New York, Tokyo, and the Maldives—had an unofficial cap of 150,000 points per night. Now, some of these hotels have significantly higher rates, with examples including:
- The St. Regis Maldives Vommuli Resort: 198,000 points per night
- JW Marriott Masai Mara Lodge: 236,000 points per night
- North Island, a Luxury Collection Resort (Seychelles): 605,000 points per night
These increases could make certain high-end redemptions unattainable for many Bonvoy members. However, the majority of Marriott’s portfolio remains unchanged, meaning travelers can still find solid value when using their points at thousands of properties worldwide. For now, we are keeping our Bonvoy point valuation at 0.85 cents each.
Sudden changes like these highlight the risks of hoarding points and miles. Since loyalty programs can adjust their redemption rates at any time, it’s often better to earn transferable points that give you flexibility across multiple programs.
Top Travel Credit Card Picks for Earning Transferable Points
If you’re looking for a new rewards card that offers flexible redemption options, here’s one of the best choices available right now:
Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card is a solid option for travelers, particularly those new to earning points and miles. Right now, new cardholders can earn a 60,000-point welcome bonus after spending $4,000 within the first three months.
While the card comes with a $95 annual fee, it offers plenty of perks, including:
- A $50 annual hotel credit when booking through Chase Travel℠
- A 10% anniversary points bonus based on your yearly spending
Capital One Venture X Rewards Credit Card
For those who want a straightforward earning structure with premium travel benefits, the Capital One Venture X Rewards Credit Card is a strong contender. Right now, new cardholders can earn 75,000 bonus miles after spending $4,000 within the first three months.
With this card, you’ll earn at least 2 miles per dollar on every purchase and gain access to valuable perks, including:
- A $300 annual travel credit for bookings through Capital One Travel
- 10,000 bonus miles every year on your account anniversary
- Complimentary access to Capital One airport lounges for you and up to two guests per visit
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card is a solid choice for travelers looking for flexibility in redeeming miles. Like the Venture X, it currently offers 75,000 bonus miles after spending $4,000 in the first three months.
If you transfer these miles to Capital One’s airline and hotel partners, this welcome offer is worth approximately $1,388. With an annual fee of $95, it’s a compelling option for those who want a high-value card without a hefty price tag.
The Platinum Card® from American Express
For those who prioritize luxury travel perks, The Platinum Card® from American Express stands out. The current welcome offer provides 80,000 Membership Rewards points after spending $8,000 in the first six months. Some applicants may qualify for an even higher bonus through the CardMatch tool (availability varies).
We estimate the value of this welcome bonus at $1,600 when redeemed through Amex’s transfer partners. While the $695 annual fee is steep, the premium benefits—including extensive lounge access, travel credits, and elite status with select hotel and car rental programs—make it a top-tier choice for frequent travelers.
American Express® Gold Card
A favorite among food lovers and frequent diners, the American Express® Gold Card offers new cardholders 60,000 Membership Rewards points after spending $6,000 in the first six months. This bonus is worth an estimated $1,200, with potential for even higher targeted offers through CardMatch.
Beyond the welcome offer, this card is a strong everyday earner, providing:
- 4 points per dollar at U.S. supermarkets (on up to $25,000 in purchases per year, then 1 point per dollar)
- 4 points per dollar at restaurants (on up to $50,000 in purchases per year, then 1 point per dollar)
With an annual fee of $325, it’s a great option for those who want to maximize rewards on groceries and dining.
The Business Platinum Card® from American Express
For business owners looking for high-end travel perks, The Business Platinum Card® from American Express is a compelling option. The card’s welcome offer provides 150,000 Membership Rewards points after spending $20,000 within the first three months—a bonus worth $3,000 based on our estimates.
In addition to its robust rewards program, the Business Platinum offers exclusive benefits, some of which differ from the personal version of the card.
Ink Business Preferred® Credit Card
The Ink Business Preferred® Credit Card is an excellent choice for entrepreneurs who want a valuable welcome bonus with strong earning potential. Right now, new cardholders can earn 90,000 Chase Ultimate Rewards points after spending $8,000 in the first three months. Based on our valuation, that bonus is worth approximately $1,845.
This card is particularly useful for businesses that spend on travel, shipping, advertising, and telecommunications, offering 3 points per dollar on the first $150,000 spent annually in these categories.
Whether you’re looking for premium perks, flexible redemption options, or everyday earning potential, these travel rewards cards offer a range of benefits to suit different spending habits. Before choosing a card, consider how it aligns with your travel goals and spending patterns to maximize its value.
