What is the value of points and miles? Check out TPG’s monthly assessments for October 2024.
A common question we receive is, "What’s the worth of a point or mile?"
The actual value differs based on the type of point and the individual's preferences. It hinges on your travel aspirations and how effectively you utilize a specific loyalty currency. Nonetheless, some rewards credit cards offer greater value than others, and our aim is to provide insight into their comparative worth.
Traditionally, TPG has determined the value of points and miles using various criteria: the cost at which we might buy the miles, award pricing within the program (considering availability and fees), and our understanding of the program's specifics. Currently, we analyze comprehensive data from the top six U.S. airline loyalty programs to give a more accurate estimate of the value you should seek from your rewards. Explore our detailed methodology in our data-driven valuations post.
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Important: These valuations are not sourced from card issuers.
How much are credit card points and miles valued at?
| Program | October 2024 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | |
| Bilt Rewards | 2.05 | |
| Capital One | 1.85 | |
| Chase Ultimate Rewards | 2.05 | There is a best-ever offer on the Chase Ink Business Unlimited® Credit Card with a new $900 bonus after spending $6,000 on purchases in the first three months of account opening. You can earn up to $300 cash back with these Chase Freedom welcome bonuses after meeting a minimum spend requirement.
Chase Freedom fourth-quarter categories are now live. |
| Citi ThankYou Rewards | 1.8 | |
| Wells Fargo Rewards | 1.6 | You can now transfer Wells Fargo Rewards points to Virgin Atlantic Flying Club and Virgin Red at a 1:1 ratio. |
What is the value of airline points and miles?
| Program | October 2024 valuation (cents) | Latest news |
|---|---|---|
| Air Canada Aeroplan | 1.5 | Aeroplan elite members can transfer points to Marriott Bonvoy at a 1:1 ratio.
Air Canada and its pilots averted strikes with a midnight deal. |
| Alaska Airlines Mileage Plan | 1.45 (down from 1.5)* | The Alaska-Hawaiian Airlines merger will protect frequent flyer miles as part of a major Department of Transportation agreement. |
| American Airlines AAdvantage | 1.6* | Targeted members can earn Loyalty Points on award flights.
AAdvantage is now JetSmart's loyalty program. American is adding five new European routes, boosting 10 flights for summer 2025, cutting four more Austin routes and adding new international destinations. American revealed details of upcoming Boeing 777 retrofits and new Airbus A321XLR routes. |
| All Nippon Airways Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.6 | |
| Avios | 1.4 | Qatar Airways increased the cash surcharge on award redemptions.
Avios credit cards currently have welcome offers of 85,000 Avios. |
| Cathay Asia Miles | 1.3 | Cathay Pacific will begin flights between Dallas and Hong Kong in April. |
| Delta Air Lines SkyMiles | 1.2* | Delta is cutting its convenient daytime flight from New York to Paris.
Delta unveiled 12 new and expanded transatlantic routes as part of its largest-ever 2025 summer schedule. In the latest network shake-up, the airline cut another U.S. destination, added new Boston routes and added five new Austin routes. With these best-ever Delta credit card offers, you can earn up to 110,000 SkyMiles after meeting a minimum spend requirement. |
| Emirates Skywards | 1.2 | |
| Etihad Airways Guest | 1.2 | |
| Flying Blue | 1.3 | |
| Frontier Airlines Frontier Miles | 1.1 | |
| Hawaiian Airlines HawaiianMiles | 1.2 (up from 0.9) | You can now transfer Hawaiian miles to Alaska Airlines.
Here are potential strategies to maximize your miles, elite status and more with the Alaska-Hawaiian merger. |
| JetBlue TrueBlue | 1.35 (up from 1.3)* | JetBlue will enter the lounge space with New York and Boston clubs planned for 2025. |
| Korean Air SkyPass | 1.7 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Airlines Rapid Rewards | 1.4* | Southwest will launch assigned seats in 2026 and partner with international airlines.
We now know the 20 Southwest routes that will get red-eye flights. Southwest made it easier to change your Companion Pass online. The airline cut 15 destinations from Atlanta and added six new Nashville routes. |
| Spirit Airlines Free Spirit | 1.1 | |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United Airlines MileagePlus | 1.3 (down from 1.35)* | United CEO Scott Kirby pushed back against new credit card and frequent flyer regulations.
United will add free Starlink Wi-Fi across its entire fleet. |
| Virgin Atlantic Flying Club | 1.4 | Virgin Atlantic announced plans to shift to dynamic pricing.
Virgin Atlantic will fly to Canada for the first time in 10 years as part of a broader three-route expansion. You can now transfer Wells Fargo points to Flying Club. The new Virgin Red Rewards Mastercard® is now available. Virgin Atlantic will open a Clubhouse lounge at Los Angeles International Airport (LAX). |
*Calculated using TPG's data-driven valuation methodology introduced in September 2023.
The details for the Virgin Red Rewards Mastercard have been gathered independently by Dinogo. The information on this page has not been evaluated or endorsed by the card issuer.
How much are hotel points valued at?
| Program | October 2024 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.6 | Hilton added another 100-plus hotels thanks to its Small Luxury Hotels of the World partnership.
Hilton's largest hotel is affected as U.S. hotel strikes return to Hawaii. Graduate Hotels officially joined Hilton Honors. |
| IHG One Rewards | 0.5 | New York City is getting a new Kimpton near Rockefeller Center.
Kimpton's first all-inclusive resort is taking reservations. |
| Marriott Bonvoy | 0.85 | The Westin Bora Bora opened with over 100 overwater bungalows.
A new Ritz-Carlton is open in Morocco. You can now transfer 10 MGM Rewards points for 8 Marriott Bonvoy points and transfer your Marriott Bonvoy points to Starbucks Rewards. |
| World of Hyatt | 1.7 | The long-awaited Thompson Palm Springs is now taking reservations. |
| Wyndham Rewards | 1.1 | Wyndham's newest luxury brand, Registry Collection, made its U.S. debut.
There's finally a Hyatt in Santa Monica, California. |
Monthly news highlights
The most significant news for award travelers in the past month was the merger between Alaska Airlines and Hawaiian Airlines. The U.S. Department of Justice chose not to intervene in the merger in August, followed by the U.S. Department of Transportation granting approval in September. Shortly after, we received insights into what the combined Alaska-Hawaiian loyalty program could entail.
The DOT mandates that the airlines maintain their existing Essential Air Service routes, sustain current service levels within the Hawaiian Islands, and keep the same service levels between Hawaii and the continental U.S. Additionally, the DOT stipulates that families with children must be seated together without extra charges, that frequent flyer rewards will not lose value as a result of the merger, and that no benefits from elite status tiers will be removed during the program integration.
ERIC THAYER/BLOOMBERG/GETTY IMAGESYou can now transfer Hawaiian miles to Alaska Airlines at a 1:1 rate, making it easier than ever to accrue Alaska miles. We've raised our valuation of Hawaiian miles to 1.2 cents each due to this transfer ability and the assurance that frequent flyer rewards won't be devalued as part of the merger.
This is an excellent time to accumulate more Hawaiian miles, particularly if you've found it challenging to earn enough Alaska miles for your desired award bookings. For instance, TPG Managing Editor Clint Henderson recently applied for two Hawaiian Airlines cards to gather rewards he plans to transfer to the Alaska Mileage Plan. However, be cautious about earning more rewards than you can utilize within the next few years, as the DOT only ensured that frequent flyer rewards would remain unchanged after the merger.
Travel credit card promotions
Here are some of the top choices if you're in the market for a new travel rewards card that offers transferable points.
Chase Sapphire Preferred Card
The Chase Sapphire Preferred® Card is among our top picks for travel rewards, particularly for those new to points and miles. Currently, the Chase Sapphire Preferred offers a sign-up bonus of 60,000 Chase Ultimate Rewards points after you spend $4,000 within the first three months of opening your account, along with a $300 statement credit on Chase Travel℠ purchases made in the first year. According to our assessments, this bonus could be valued at up to $1,530 if you utilize the Ultimate Rewards transfer partners or $1,050 if redeemed through Chase Travel℠ at a rate of 1.25 cents per point.
With a $95 annual fee, the card provides numerous benefits, including a $50 annual hotel credit for bookings made via Chase Travel and a 10% anniversary bonus on points based on your spending from the previous year. For additional information, refer to our Chase Sapphire Preferred Card review.
Official application link: Chase Sapphire Preferred Card
MILORAD KRAVIC/GETTY IMAGESCapital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card stands out for its impressive earning rates and valuable benefits. Currently, the card offers a sign-up bonus of 75,000 bonus miles after you spend $4,000 within the first three months of account opening. Given the value available through Capital One transfer partners, our estimates suggest this welcome bonus is worth approximately $1,388.
You’ll earn a minimum of 2 miles for every dollar spent and gain access to a range of valuable perks, including a $300 annual credit for bookings made via Capital One Travel, 10,000 bonus miles each year on your account anniversary, and unlimited free access to Capital One airport lounges for you and two guests per visit. For further details, take a look at our Capital One Venture X card review.
Discover more: Capital One Venture X Rewards Credit Card
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card offers a welcome bonus of 75,000 bonus miles when you spend $4,000 within the first three months of opening your account.
If you intend to transfer your miles to Capital One's hotel or airline partners, this welcome bonus is valued at approximately $1,388. The annual fee for the Capital One Venture card is $95, which is reasonable considering the generous welcome offer. For further information, check out our Capital One Venture card review.
Find out more: Capital One Venture Rewards Credit Card
MLADENBALINOVAC/GETTY IMAGESThe Platinum Card from American Express
With the current welcome offer on The Platinum Card® from American Express, you can earn 80,000 Membership Rewards points after spending $8,000 within the first six months of card membership. However, you might qualify for a better offer through the CardMatch tool. (Please note that this offer may change at any time.)
Our valuations estimate that 80,000 Membership Rewards points are worth $1,600, based on the potential value when utilizing the Membership Rewards transfer partners. The Amex Platinum Card is filled with perks (enrollment is required for certain benefits), so be sure to read our Amex Platinum review for all the specifics. The card has an annual fee of $695 (see rates and fees).
Official application link: The Platinum Card from American Express
American Express Gold Card
A favorite among TPG staff, the American Express® Gold Card provides 60,000 bonus points after spending $6,000 within the first six months of card membership. Additionally, you'll earn 20% back in statement credits on eligible restaurant purchases (up to $100 back) during the first six months. Our valuations indicate that this welcome offer is worth $1,300. Check the CardMatch tool to see if you're eligible for a better offer. (This offer may change at any time.)
The Amex Gold Card is excellent for various everyday spending. You’ll earn 4 points per dollar at U.S. supermarkets (on up to $25,000 in purchases each calendar year, then 1 point per dollar) and 4 points per dollar at restaurants (on up to $50,000 in purchases each calendar year, then 1 point per dollar). The card has an annual fee of $325 (see rates and fees) but comes with dining credits (enrollment required) and Uber Cash each month for U.S. purchases. To access this benefit, add your Amex Gold to the Uber app. You can redeem with any Amex card. Terms apply. For more information, see our Amex Gold review.
Official application link: American Express Gold Card
ANDRESWD/GETTY IMAGESThe Business Platinum Card from American Express
The Business Platinum Card® from American Express grants you 150,000 Membership Rewards points after you spend $20,000 on qualifying purchases within the first three months of card membership. According to our assessments, this welcome bonus is valued at $3,000.
You'll discover numerous lesser-known benefits with the Amex Business Platinum that are similar to (though slightly different from) those of the personal card. For more information, see our Amex Business Platinum review. Additionally, check our comparison between the Amex Platinum and the Business Platinum to determine which card suits your needs best.
Official application link: The Business Platinum Card from American Express
Capital One Venture X Business
The Capital One Venture X Business card offers a sign-up bonus of 150,000 miles after you spend $30,000 within the first three months of opening your account. Although that’s a significant spending requirement, those rewards can significantly enhance your next travel experience. Our assessments value this welcome bonus at $2,775.
The Venture X Business provides benefits that closely resemble those of the personal version of the card — including a $300 annual credit for bookings made through Capital One Travel, extensive airport lounge access, and 10,000 bonus miles each year following your cardholder anniversary. For further information, check out our Capital One Venture X Business review.
Discover more: Capital One Venture X Business
MILAN2099/GETTY IMAGESInk Business Preferred Credit Card
The Ink Business Preferred® Credit Card provides a welcome bonus of 90,000 bonus points after you spend $8,000 on purchases within the first three months of opening your account. According to our current valuation of Chase Ultimate Rewards points, this bonus is valued at $1,845.
The Ink Business Preferred is an excellent choice for business owners looking to take advantage of a generous welcome bonus without needing to meet higher spending thresholds. Business owners may also find value in the 3 points per dollar earned on the first $150,000 in combined purchases each account anniversary year across categories like travel, shipping, advertising with social media and search engines, as well as internet, cable, and phone services. For more information, check out our Ink Business Preferred Credit Card review.
Official application link: Ink Business Preferred Credit Card
Evaluation :
5/5