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How Much Are Travel Points and Miles Worth in 2024?

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Table of Contents

How points and miles valuations work

Airline miles values, hotel point values, credit card point values, how points valuations have changed over time, research methodology.

Making the most of travel rewards requires some understanding of how much each reward currency is worth. Earning 100,000 points sounds great, but what does that mean in terms of dollars?

To find out, NerdWallet performed a comprehensive, data-driven analysis of dozens of airline, hotel programs and general credit card rewards programs. We compared cash and award bookings across many dates and cities to determine how much actual value you can expect to get from any given points or miles.

In essence, valuations approximate how much your points and miles might be worth in terms of dollars and cents when redeemed for travel.

Unlike many point and mile valuations, ours are drawn from real-world data. They are not hypothetical or maximized values based on idealized conditions, but actual estimates of how many cents per point or mile you can expect to get when making award bookings.

Basically, we looked up hundreds of travel bookings using either cash or miles, and directly calculated the results.

For determining the value of airline miles and hotel points, we picked the 75th percentile value rather than the average or median. This means that for every four searches, we picked the one that offered the highest value. We believe this reflects how travelers shop for award bookings — by comparing cash and point redemptions across several dates.

» Learn more: What are travel points worth and why do they matter?

How much are airline miles worth?

Here's what we found in our latest analysis:

Keep in mind that the airline points values are based on main cabin economy tickets and exclude premium cabin redemptions.

Hyatt has the most valuable hotel points at 2.2 cents apiece, more than 4x the value of the lowest hotel reward currency on the rung, IHG.

Because transferable credit card points offer more complexity and value range than standard travel rewards from hotels and airlines, we offer two separate values for each program or card:

Baseline value. This is the promised value from the issuer when using the points to book travel directly with their internal tools, such as using Chase Ultimate Rewards® points to book travel through the Chase travel portal.

NerdWallet value. This is a combination of the baseline value and the value of each programs’ highest-value transfer partner (per the table above).

A few notable trends emerged since the pandemic.

Overall, the value of airline miles have increased in the past few years. In 2020, only one airline — Southwest — had miles worth 1.5 cents or more. Now, four airlines have reached that threshold: Southwest, American Airlines, Frontier Airlines and JetBlue. American Airlines leads the way among all domestic airlines we analyzed, with AAdvantage miles worth 1.6 cents each.

Frontier Airlines and Spirit Airlines miles have also increased significantly in value, climbing to 1.5 cents and 1.3 cents respectively this year, up from less than 1 cent just two years ago.

The Department of Transportation is looking into airline frequent flyer programs with new scrutiny. In a frequent flyer program inquiry announced in September 2024, Transportation Secretary Pete Buttigieg is requesting data from airlines to find out whether devaluations of miles and dynamic pricing are unfair to consumers. The findings could inform future policies.

Hotels have been a mixed bag over the last few years. After some dramatic changes during the pandemic, most hotel points are still worth about as much as they were five years ago.

World of Hyatt points is still in a league of its own , with a valuation that’s more than double most of its other competitors’. 

Marriott and Hilton points inched up a smidge, which means members of the two popular hotel loyalty programs can make their points go a little farther this year compared to last year.

Choice Hotels , NerdWallet’s surprise winner for Best Hotels in 2024 , had a lackluster performance in this analysis, with their valuation falling to 0.8 cent.

IHG had the biggest drop, with its IHG One Rewards points decreasing from 0.8 cent to 0.5 cent in value. Its points are now worth even less than Hilton’s.

on American Express' website

on Chase's website

on Citibank's application

We collected real-world data on thousands of flights and hotel stays to determine these values.

We compared cash prices to award redemptions for the same flights and rooms. For example, we cross-referenced the cost of flying round-trip from New York to Los Angeles using either cash or award miles. Then, we divided the cost of the cash tickets by the cost of the award tickets to determine a “cent per mile” value for each flight.

These searches were made in August 2024.

Airline valuation methodology

Fare classes.

We compared main cabin fares across all airlines. We did not include basic economy fares.

Three of the busiest routes from the airline’s hub.

Three short routes (under 650 miles).

Three midlength routes (651-1,500 miles).

Two transcontinental routes (over 1,500 miles).

One route from a hub to a small airport.

10 international routes.

For each airline, we chose three dates for comparison:

Within 15 days of departure.

Six months out.

During peak winter holiday travel (Dec. 22-29, 2024).

Hotel valuation methodology

Rates and rooms.

For both cash and reward bookings, we selected the lowest-priced refundable room.

Destinations

We chose five major cities and five midsize cities:

Los Angeles.

Philadelphia.

Akron, Ohio.

Scottsdale, Arizona.

Tampa Bay, Florida.

Buffalo, New York.

Modesto, California.

For each hotel chain, we selected brands from three categories: budget, midtier and luxury (as determined by our in-house experts). We selected individual hotels from each category in each city, when available.

We selected two timeframes for both cash and reward bookings:

Within 15 days of travel.

Four months out.

Credit card valuation methodology

To determine the value of credit card points, we considered:

The value of these points when used to book travel directly with the credit card’s travel portal.

The value of the airline and hotel points to which these points can be transferred, when applicable (based on the separate analyses above).

The number of top-tier travel transfer partners, as determined by our expert panel.

The overall value is determined as: A weighted average between (1) and (2), with the weight determined by (3). The program with the largest number of high-value partners receives a 100% weight on (2), and a program with zero high-value partners receives a 50% weight on (2).

Data analysis

We selected the 75th percentile value for all data analysis.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2024 :

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Wells Fargo Autograph℠ Card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

On a similar note...

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What are points and miles worth? TPG’s October 2024 monthly valuations

Editor's Note

One of the questions people often ask us 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 much you maximize a particular loyalty currency. Still, some rewards credit cards are worth more than others, and our goal is to give you a sense of how they stack up.

Historically, TPG has valued points and miles based on a combination of factors: the price at which we would purchase the miles, award costs in the program (factoring in availability and fees) and our expertise in the program's inner workings. However, we now use extensive data for the top six U.S. airline loyalty programs to better estimate the value you should aim to get from your rewards. Read our explainer post on our data-driven valuations for a full methodology breakdown.

Note: These valuations are not provided by card issuers.

What are credit card points and miles worth?

What are airline points and miles worth.

*Calculated using TPG's data-backed valuations methodology launched in September 2023.

The information for the Virgin Red Rewards Mastercard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

What are hotel points worth?

News highlight of the month.

The biggest news highlight in the last month for award travelers was the Alaska Airlines and Hawaiian Airlines merger. The U.S. Department of Justice opted not to block the merger in August, and the U.S. Department of Transportation approved the merger in September. Soon after, we learned details of what the merged Alaska-Hawaiian loyalty program may look like.

The DOT requires the airlines to preserve their current Essential Air Service routes, current levels of service within the Hawaiian Islands, and current levels of service between Hawaii and the continental U.S. However, the DOT also requires the airlines to guarantee that families with children can sit together without added fees, that the airlines won't devalue frequent flyer rewards as part of the merger and that the airlines won't remove any benefits from each elite status tier while combining the programs.

You can now transfer Hawaiian miles to Alaska Airlines at a 1:1 ratio, making it easier than ever to earn Alaska miles . We increased our valuation of Hawaiian miles to 1.2 cents each because of the ability to transfer Hawaiian miles to Alaska at a 1:1 ratio and the requirement that the airlines will not devalue frequent flyer rewards as part of the merger.

Now is a good time to earn more Hawaiian miles, especially if you've struggled to earn enough Alaska miles to make your desired award bookings. For example, TPG Managing Editor Clint Henderson recently applied for two Hawaiian Airlines cards to secure rewards he'll later transfer to Alaska Mileage Plan. However, you may not want to earn more rewards than you plan to use within the next few years. After all, the DOT only required that the airlines not devalue frequent flyer rewards as part of the merger.

Related: Capitalize on Alaska-Hawaiian merger: Potential strategies to maximize your miles, elite status and more

Travel credit card offers

Here are some of the best options if you're looking for a new travel rewards card that earns transferable points.

Chase Sapphire Preferred Card

The Chase Sapphire Preferred® Card is one of our favorite travel rewards cards, especially if you're just getting started with points and miles. The Chase Sapphire Preferred currently offers a welcome bonus of 60,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening, plus a $300 statement credit on Chase Travel℠ purchases within the first year. Per our valuations, this welcome bonus is worth up to $1,530 if you leverage the Ultimate Rewards transfer partners or $1,050 if you redeem through Chase Travel℠ at 1.25 cents per point.

The card comes with a $95 annual fee but offers many perks, including a $50 annual hotel credit for reservations made through Chase Travel and a 10% anniversary points bonus based on your previous year's spending. For more details, check out our Chase Sapphire Preferred Card review .

Official application link: Chase Sapphire Preferred Card

Capital One Venture X Rewards Credit Card

The Capital One Venture X Rewards Credit Card is a compelling option due to its great earning rates and included perks. The card currently offers a welcome bonus of 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Due to the value you can get when redeeming with the Capital One transfer partners , our valuations peg the value of this welcome bonus at $1,388.

You'll earn at least 2 miles per dollar spent on purchases and get access to a variety of useful benefits, including a $300 annual credit for bookings through Capital One Travel , 10,000 bonus miles each account anniversary and unlimited complimentary access to Capital One airport lounges for you and up to two guests per visit. Check out our Capital One Venture X card review for more details.

Learn more: Capital One Venture X Rewards Credit Card

Capital One Venture Rewards Credit Card

The Capital One Venture Rewards Credit Card has a welcome offer of 75,000 bonus miles when you spend $4,000 on purchases within the first three months from account opening.

If you plan to transfer your miles to Capital One's hotel or airline partners, this welcome offer is worth around $1,388. The annual fee for the Capital One Venture card is $95 — a reasonable amount for a card with such a generous welcome offer. See our Capital One Venture card review for more details.

Learn more: Capital One Venture Rewards Credit Card

The Platinum Card from American Express

With the current welcome offer on The Platinum Card® from American Express , you'll earn 80,000 Membership Rewards points after you spend $8,000 on purchases in the first six months of card membership. However, you may be targeted for a higher offer through the CardMatch tool . (This offer is subject to change at any time.)

Our valuations peg 80,000 Membership Rewards points at $1,600 based on the value you can get when leveraging the Membership Rewards transfer partners . The Amex Platinum Card is packed with benefits (enrollment is required for select benefits), so read our Amex Platinum review for all the details. The Amex Platinum Card has a $695 annual fee (see rates and fees ).

Official application link: The Platinum Card from American Express

American Express Gold Card

One of the most popular cards with TPG staffers, the American Express® Gold Card offers 60,000 bonus points after you spend $6,000 on purchases in the first six months of card membership. Plus, receive 20% back in statement credits on eligible restaurant purchases (up to $100 back) within the first six months of card membership. Based on our valuations, this welcome offer is worth $1,300. But check the CardMatch tool to see if you're targeted for an even higher offer. (This offer is subject to change at any time.)

The Amex Gold Card is great for many everyday purchases. You'll earn 4 points per dollar spent at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar) and 4 points per dollar spent at restaurants (on up to $50,000 in purchases per calendar year, then 1 point per dollar). The card has a $325 annual fee (see rates and fees ) but offers dining credits (enrollment required) and Uber Cash each month on U.S. purchases. You must add your Amex Gold to the Uber app to receive this benefit. Terms apply. For more details, check out our Amex Gold review .

Official application link: American Express Gold Card

The Business Platinum Card from American Express

The Business Platinum Card® from American Express offers 150,000 Membership Rewards points after you spend $20,000 on eligible purchases with your card in the first three months of card membership. Per our valuations, this welcome offer is worth $3,000.

You'll find many lesser-known Amex Business Platinum perks similar to (but slightly different from) those of the personal version. For more details, check out our Amex Business Platinum review . Then, check out our comparison of the Amex Platinum and the Business Platinum to see which card better fits your wallet.

Official application link: The Business Platinum Card from American Express

Capital One Venture X Business

The Capital One Venture X Business card offers a welcome bonus of 150,000 miles after you spend $30,000 in the first three months from account opening. While that's a large spending requirement, those rewards can go a long way toward your next trip. Our valuations peg the value of this welcome bonus at $2,775.

The Venture X Business features perks that are nearly identical to those on the personal version of the card — including a $300 annual credit for bookings through Capital One Travel, extensive airport lounge access and 10,000 bonus miles each year after your cardholder anniversary. For more details, check out our Capital One Venture X Business review .

Learn more: Capital One Venture X Business

Ink Business Preferred Credit Card

The Ink Business Preferred® Credit Card offers a welcome bonus of 90,000 bonus points after you spend $8,000 on purchases in the first three months from card opening. Based on our current valuation of Chase Ultimate Rewards points, this welcome bonus is worth $1,845.

The Ink Business Preferred can be a great option for business owners who want to benefit from a generous welcome bonus but might not meet higher spending requirements. Business owners may also appreciate that the Ink Business Preferred offers 3 points per dollar on the first $150,000 in combined purchases each account anniversary year on travel; shipping purchases; advertising purchases with social media sites and search engines; and internet, cable and phone services. For more details, check out our Ink Business Preferred Credit Card review .

Official application link: Ink Business Preferred Credit Card

For rates and fees of the Amex Platinum Card, click here . For rates and fees of the Amex Gold Card, click here .

Advertiser Disclosure

Many of the credit card offers that appear on this site are from credit card companies from which we receive financial compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). However, the credit card information that we publish has been written and evaluated by experts who know these products inside out. We only recommend products we either use ourselves or endorse. This site does not include all credit card companies or all available credit card offers that are on the market.  See our advertising policy here where we list advertisers that we work with, and how we make money. You can also review our  credit card rating methodology .

Travel Points & Miles Valuations — How Much Are They Actually Worth? [October 2024]

Jarrod West

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Table of Contents

Key takeaways, upgraded points’ october 2024 points and miles valuations, upgraded points’ highest-valued points, movers and news, final thoughts.

We may be compensated when you click on product links, such as credit cards, from one or more of our advertising partners. Terms apply to the offers below. See our  Advertising Policy for more about our partners, how we make money, and our rating methodology. Opinions and recommendations are ours alone.

• Points and miles valuations vary by program, with flexible points like Chase Ultimate Rewards and American Express Membership Rewards often valued higher.
• Alaska Airlines Mileage Plan miles offers great redemption rates and many transfer partners.
• World of Hyatt points offers reasonable redemption rates with all hotels using a standard award chart.

Credit cards, airlines, and hotels don’t publish points and miles valuations, so there are no official answers on what points and miles are worth. It’s up to you to come to your conclusions on that value.

But we’re here to help.

Many factors come into play when determining this metric. Below are questions you should ask yourself when evaluating the value of points, and we’ve taken them all into account to create our point and mile valuations:

• How valuable are these points?
• How flexible are these points, and how many transfer partners are there?
• What are your redemption options?
• How much would you buy points and miles for?
• What’s the average redemption value from 3 different bookings?
• How abundant is award availability?

Flexible Points Programs

Use our dedicated transfer partner tool calculator to review transfer ratios, times, and bonuses for all major flexible point programs.

Airline Loyalty Programs

Hotel loyalty programs.

Not all miles and points are created equal, so naturally, each category has its own winner with the most valued points. Here’s what we ranked as the highest-valued points and why:

Transferable Points: American Express Membership Rewards Points

American Express Membership Rewards continues to be the king of transferable points. Amex partners with all 3 major alliances ( SkyTeam , Star Alliance , and Oneworld ) and many non-alliance partners, so finding award space with them is easier than with other transferable points. Amex transfer partners include Qantas , Air Canada , and Emirates .

It is no secret that transferable points are our favorite rewards, thanks to their flexibility and the powerful redemptions they offer. If you’d like more information on the major transferable point currencies, we’ve compiled complete guides on how we value Amex Membership Rewards points , Chase Ultimate Rewards points , Capital One miles , and Citi ThankYou Points .

Airline Miles: Alaska Airlines Mileage Plan Miles

Alaska Airlines has the best of both worlds: a variety of partners and solid redemption rates . Some of Alaska’s Oneworld partners include American and Japan Airlines, and the airline’s non-alliance partners include Emirates, Korean Air, and Singapore Airlines.

Hotel Points: World of Hyatt Points

World of Hyatt has the most reasonable redemption rates of all the major hotel chains. Further, we’ve found that there are virtually no blackout dates and that all hotels are on a standard award chart, so you always pay the same price for a room at any hotel. This allows you to explore fantastic Hyatt redemption opportunities , ensuring maximum value.

It was a busy month in the world of points and miles. Here is what made waves last month:

Alaska Airlines and Hawaiian Airlines Complete Merger — Launch 1:1 Point Transfers, Reciprocal Benefits, and Plans for Hawaiian to Join Oneworld

Now that the FAA and the USDOT have approved the merger between Alaska Airlines and Hawaiian Airlines, the programs have been busy ironing out the details of the merger.

As of September 18, 2024,  reciprocal benefits from Alaska Airlines Mileage Plan and Hawaiian Airlines HawaiianMiles are starting to roll out . First, miles in both programs are retaining their value and won’t be devalued, as the airlines promised the DOT.

You are now able to  move your miles between Alaska Mileage Plan and HawaiianMiles  seamlessly . Not only that, but you’d also be able to do so at a  1:1 ratio .

Additionally,  Alaska Lounge  members can access these lounges when flying on Hawaiian Airlines. Hawaiian’s Million Milers will also enjoy elevated perks when flying with Alaska Airlines.

Other benefits aren’t launching just yet, and they may take time to roll out. This includes the ability to  earn miles on paid flights with the other airline , starting “in the coming months.” In 2025, the airlines plan to  merge their loyalty programs into a single, unified program . We’ll also see the ability to redeem Alaska Airlines miles for Hawaiian Airlines flights or combined Hawaiian-Alaska itineraries.

Lastly, Alaska Airlines has now confirmed that the plan is for Hawaiian Airlines to become a Oneworld member in 2026.

JetBlue To Open Lounges in Boston and New York

JetBlue  has announced that it will open 2 lounges on the East Coast: 1 in  Boston (BOS)  and 1 in  New York (JFK) .

The Boston lounge will span  11,000 square feet , while the lounge at New York-JFK will be  8,000 total square feet.

Amenities will include a  full-service bar with alcoholic and nonalcoholic cocktails, private workspaces, and food and beverage options.

The lounge at JFK will open inside  Terminal 5  (home to the airline’s operations) in late 2025. The Boston lounge will open in  Terminal C  “soon after,” though JetBlue didn’t list an exact timing for that location.

Here’s what you need to get into the JetBlue lounges:

• A new premium JetBlue credit card (JetBlue says it will announce more details soon)
• TrueBlue Mosaic 4 membership
• Transatlantic Mint ticket

New ‘Protect Your Points Act’ Aims To Prevent No-Notice Devaluations

Senator Dick Durbin (D-IL) announced a new proposal, the Protect Your Points Act, which seeks to prevent airlines from enacting no-notice devaluations and other similar measures.

This new act, if passed, prevent airlines from changing the cost of award tickets overnight, including:

• Require  1 year’s notice  for any changes to terms of service for either airline reward programs or co-branded credit cards.
• Require airlines to  display the value of their rewards on every page  of their website.
• Require airlines to  display both cash and points pricing simultaneously .
• Prohibit airlines from charging fees to  transfer airline miles to others .
• Prohibit airlines from  capping how many miles can be transferred  to another account each year.
• Prohibit airline miles from  expiring .

There’s a lot to chew on in this piece of legislation — and we’re in favor of parts of it. After all, it would be nice to  transfer and combine your miles without being charged to do so or being subject to limitations about their use once you do. It’d also be great to  never worry about when your miles will expire , especially if you need to take some time off from traveling.

However, at this point, there’s  so much unknown  — and so many factors at play here — that it’s simply  impossible to tell whether this will be a net positive or a net negative  for travelers right now.

New Welcome Bonus on Chase Sapphire Preferred Card [60K Points and $300 Travel Credit]

One of our favorite travel rewards cards, the  Chase Sapphire Preferred ®  Card ,  has a new and improved welcome bonus offer. In fact, this popular credit card has  never offered such a unique combination of bonus points  and  a travel credit before.

• Earn 60,000 points after $4,000 in purchases in your first 3 months; plus, get up to $300 in statement credits on Chase Travel purchases within your first year.

The previous welcome bonus offered just 60,000 bonus points, and now, you’ll receive an additional $300 credit for any purchases made through  Chase Travel   for the same minimum spend requirement .

We value Chase Ultimate Rewards points at 2.0 cents per point, giving this  welcome bonus an incredible value of $1,500 when you combine the points’ value with the travel credit.

Southwest Unveils Details on Assigned Seating, Premium Cabin, and Its First Partner

Southwest Airlines revealed the first details about its plans to sell assigned seats and introduce “premium” extra-legroom seats to its planes in 2025 during its “Investor Day” to improve the customer experience and improve financial performance.

Southwest plans to begin selling assigned seating in the “second half of 2025,” which is a sharp departure from its current open-seating policy.

In the future, guests will continue to board using position numbers and following gate signage. However, Southwest’s most loyal customers and those who purchase premium seating will be assigned to a higher boarding group, allowing them to board earlier.

In addition to assigning seats, Southwest will also introduce premium, extended-legroom seats that will account for roughly 33% of seats across its fleet.

Finally, beginning in 2025, Southwest will partner with Icelandair , marking Southwest’s first partnership with another carrier. The initiative aims to link Southwest customers with a broader range of global destinations while also fostering increased travel demand throughout the Southwest network.

Virgin Makes Every Seat Bookable With Points, Introduces Dynamic Pricing

Virgin Atlantic is making big changes to its Flying Club program, including new earning rates and the opportunity to book any Virgin seat with points. However, these seats (and the new Saver award seats) will be sold using a  dynamic pricing model.

Virgin Atlantic announced that starting October 30, 2024,  every seat onboard Virgin flights will be bookable with Virgin Points.  Currently, only a fixed number of award seats are available per flight at fixed rates. The quantity is changing, and time will tell about the pricing.

In addition, Virgin Atlantic Flying Club will introduce Saver award seats, which will be sold at the lowest rates possible, some starting even  cheaper than the current fixed rates  — which is good news.

However, the rest of the seats will “vary in line with demand, in a similar way to standard tickets.” In other words, if the seat is expensive in cash,  it will be expensive in points.

And let’s not forget that Virgin award tickets often come with eye-watering taxes and fees.

New Opportunities To Purchase Points

If you need to boost your mileage balances but aren’t in the market for a new credit card, here are the latest opportunities to purchase points with a bonus:

• Air Canada Aeroplan — Up to 85% Bonus
• Alaska Airlines MileagePlan — Up to 60% Bonus
• American Airlines AAdvantage — Up to 35% Discount
• Amtrak Guest Rewards — Up to 30% Bonus
• Choice Privileges — Up to a 60% Bonus
• Hilton Honors — 100% Bonus
• Spirit Airlines Free Spirit — Up to 60% Bonus
• United MileagePlus — Up to a 100% Bonus
• World of Hyatt — Up to a 20% Discount

Track the latest point purchase promotions and discounts on our dedicated page, which we update each time a new promotion launches. 

New Airline Route Changes

Here are the airlines that announced last month that they were adding, removing, or relaunching routes:

U.S. Airlines

• American Airlines Announces New European Routes for Summer 2025
• Breeze Airways Expands to Washington Dulles, Gets First Essential Air Service Contract
• Delta Boosts Nonstop Service From Austin to 5 Cities [Starting This Spring]
• Delta Connects Salt Lake City and Seoul With First-Ever Nonstop Service
• United Airlines To Launch New Route From Newark to Dominica

International Airlines

• Aeromexico Adding New Flights to 5 U.S. Cities This Winter
• Air Canada Adds Flights to 2 More U.S. Cities
• Cathay Pacific Announces Nonstop Service Between Hong Kong and Dallas-Fort Worth
• Icelandair To Launch Nonstop Flights to Nashville Next Year
• Qantas Adding New Route From Honolulu to Melbourne
• SAS Adds New Routes to North America for Summer 2025
• SAS Announces New Seattle Route for Summer 2025

New Hotel Openings

Here’s the latest on hotel openings:

• Graduate by Hilton Opens Hotel Near Auburn University
• Hilton Completes Onboarding of Small Luxury Hotels of the World
• Hilton Opens 2 New Hotels in Dubai [From 50k Points]
• Hyatt’s Thompson Palm Springs Hotel Is Now Open
• Hyatt Will Open the First Andaz in Australia in 2025, Coming to the Gold Coast
• Now Open: Le Méridien Delfina Santa Monica Rebrands as a Hyatt Centric
• IHG Expands in Spain With 4 New Hotels
• IHG’s Midscale Garner Brand Opening at Istanbul Airport in 2025
• IHG’s Vignette Collection Coming to Mallorca in 2025
• InterContinental Chantilly Château Mont Royal Opens in a Forest Near Paris
• Kimpton Rockefeller Center Coming to NYC Next Year
• New Vignette Collection Hotel With 80+ Stories To Open in Dubai Next Year
• Vignette Collection Hotel Opening on Abu Dhabi’s Yas Island, Combining 6 Existing Hotels
• All-New Ritz-Carlton, Bangkok, Accepting Reservations From January
• Marriott Opens The Westin Bora Bora Resort & Spa in French Polynesia
• Marriott To Debut Its Luxury Collection Brand in Macau in 2025
• Moxy Opens First North Carolina Hotel in Asheville [And How To Book]
• Renaissance Orlando Resort and Spa Now Open [From 30k Points]
• The Belgrove, Autograph Collection Opens in Florida This Fall
• The Ritz-Carlton Rabat, Dar Es Salam Opens in Morocco
• The St. Regis Cap Cana Resort Is Now Accepting Reservations

Boutique and Luxury Properties

• Accor Opens Its First 5-Star Hotel in West Africa’s Benin

The value of points and miles can vary, but you should always ensure you get great value when redeeming those hard-earned points.

When it comes to flexible points, Amex Membership Rewards points are valued the highest on a cent-per-point basis. With many Amex airline and hotel partners, these points are highly flexible. Membership Rewards also offers good transfer rates with many redemption options, ensuring you can get the most out of your points.

Related Posts

UP's Bonus Valuation

This bonus value is an estimated valuation  calculated by UP after analyzing redemption options, transfer partners, award availability and how much UP would pay to buy these points.

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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How much are points and miles worth in 2024?

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Table of contents

What do these valuations mean?

How to calculate rewards values, airline rewards values, hotel rewards values.

• Credit card rewards program values

Credit card rewards vs. airline and hotel rewards

Research methodology, key takeaways.

• The value of airline and hotel rewards can vary dramatically depending on the rewards program and booking details.
• Credit card rewards programs typically offer more dependable value than airline and hotel rewards programs, plus more redemption flexibility. With a general travel credit card, you can use your rewards for travel or non-travel redemptions or transfer your rewards to a high-value travel partner to maximize rewards value.
• To see how much value you can get out of your rewards on an individual flight or hotel stay, divide the cost of a booking in cash by its cost in points or miles. Then, compare that value to our estimated values to see if it’s worth using your rewards for travel or if you should consider cash or another booking instead.

Whether you’re new to travel rewards or have been scoring free trips for years, the world of points and miles can be confusing. Not only are there dozens of airline, hotel and credit card rewards programs to sort through, but each one comes with its own rewards currency, transfer partners and other redemption quirks.

Add to this that not all points and miles carry the same value. That means that 50,000 points from one program could end up being more valuable than 100,000 points from another program. With so many variables at play, how can you determine your points to miles value and how to best use the points you have?

That’s where we come in. We collected data on hundreds of flights and hotel bookings from over 50 of the most popular airline, hotel and credit card rewards programs to show you how far your points and miles can take you . These are Bankrate’s latest points and miles valuations.

The value of airline and hotel rewards vary dramatically between rewards programs and booking details, ranging in value from roughly 0.4 cents per point or mile to 3 cents per point or mile. This can make it tough to judge how far your rewards will take you when planning a trip.

These points and miles valuations should give you an idea of what each program’s rewards are worth on average, making it easier to decide what sort of rewards you want to earn and see whether you’re getting good value for your redemptions.

Meanwhile, many general travel credit cards earn rewards that can be redeemed at one value for travel with the issuer or transferred to an airline or hotel program and redeemed at another (potentially higher) value.

For example, with the right credit card, Chase Ultimate Rewards points are worth 1.25 cents per point when redeemed for travel through the issuer’s booking portal. But transferring those same points to an airline or hotel partner could stretch your rewards value to 1.5 cents per point on average (as we estimate with the Southwest Rapid Rewards program) — or even over 2.3 cents on average (as we estimate with the World of Hyatt program).

These valuations can help you decide when it makes sense to redeem rewards through your card issuer and when it makes sense to transfer them to an airline or hotel loyalty program (based on the value you’ll get with that redemption).

To see how much value you can get out of your rewards on an individual flight or hotel stay, divide the cost of a booking in cash by its cost in points or miles.

For example, a flight that costs $139 or 21,500 points will offer about 0.6 cents per point in value ($139 / 21,500 points = ~$0.006). If the same flight costs $250, you’d get about 1.2 cents per point in value ($250 / 21,500 points = ~$0.012).

Once you’ve calculated your potential rewards value, compare it to the estimated average value listed here. If the value you get matches or exceeds our estimated average value, it’s smart to use your rewards to pay for travel . If the value you get falls short of our estimated average value, consider using cash instead or trying another booking.

Keep in mind that the value you can get out of your rewards will depend not only on the program but also the details of your booking. Some airline and hotel rewards carry a better point value than others on average, but your experience may vary based on when and where you travel, as well as whether you opt for a luxury or budget fare class or hotel tier.

Note: These valuations are not provided by card issuers.

We calculated the average airline miles to dollars values of these 29 popular airline loyalty programs by comparing the cost of dozens of bookings in cash with their cost in rewards. We weighted economy airfare bookings more heavily to give you the best sense of how much value you can get from your rewards for a typical flight.

*Based on weighted average of median point/mile values across economy and first/business class fares.

More information on airline rewards

• A guide to earning and redeeming frequent flyer miles

We calculated the average rewards values of these seven popular hotel loyalty programs by comparing the cost of dozens of bookings in cash with their cost in rewards. We considered a mix of budget, mid-tier and luxury properties across several U.S. and international cities to find a median point value for each program.

*Based on median point values across budget, mid-tier and luxury hotel bookings.

More information on hotel rewards

• Earn more with airline and hotel rewards program special offers and promotions

Credit card program rewards values

To give you a sense of the best way to redeem your rewards , we’ve listed the “baseline credit card points value” of each credit card issuer’s points or miles (for travel bookings made through the issuer) as well as our estimate of how much value you can get by redeeming with some of the issuer’s best transfer partners (if available).

When researching travel, you can use your issuer’s portal to see how many points or miles you’ll get if you transfer your credit card rewards to an airline or hotel partner. Based on this transfer ratio, you might find that the value of your points is higher when you move them to one partner over another.

*Based on an average of the issuer’s five highest-value transfer partners (if available).

More information on credit card rewards programs

• Credit card rewards program guides
• Credit card rewards advice

Credit card issuer rewards programs — like Chase Ultimate Rewards or Amex Membership Rewards — typically offer more dependable value than points and miles tied to a specific airline or hotel program. These programs also stand out for their unmatched flexibility.

Instead of being stuck redeeming your rewards with a specific airline or hotel (and taking whatever value you can get), the best general travel rewards cards give you the flexibility to move your points/miles between programs to find the one that offers the best value. You can redeem rewards through the issuer’s travel portal or transfer to an airline or hotel program if that gets you more value for your rewards.

Plus, with many credit card rewards programs, you may not have to redeem for travel at all. Many issuer programs let you redeem rewards for cash back, gift cards, merchandise and even purchases through Amazon.com or PayPal. That said, to maximize the value of your credit card rewards , you’ll most likely want to redeem for travel through the issuer or leverage the card’s top transfer partners.

To estimate the average value of airline and hotel rewards, we collected pricing data on hundreds of flights and hotel stays using an array of different routes, hotel locations and fare and hotel tier classes.

For each airline, we researched a mix of short, mid-length and transcontinental routes, domestic and international routes and routes from an airline’s hub to a small airport. We considered both economy and business or first-class fares for each route and compared costs in cash and points/miles based on how far ahead of departure the travel was booked.

For each hotel, we researched stays in major, midsize and international locations at budget, mid-tier and luxury properties, again comparing costs in cash and points based on how far ahead the stay was booked.

We then divided the monetary cost of each of these bookings (minus taxes and fees) by its cost in rewards to determine the cash value of a single point/mile for a given flight or hotel stay. For example, a flight that cost $2,000 or 100,000 points would yield a valuation of 2 cents per point.

Once we determined the value of a single point/mile for each booking, we found the median point value offered across all bookings. This ensured our overall program point valuation was not skewed by outlying high- or low-value redemptions.

In the case of hotel programs, this median value is our final point valuation. In the case of airline programs, we determined our final point/mile valuation using a weighted average of economy and business/first-class point values, favoring economy values. This is designed to reflect the value a program’s points offer on typical rewards bookings.

For credit card rewards programs, our final point/mile valuation is an average of each issuer’s five highest-value transfer partners (assuming these values are greater than the issuer’s baseline point redemption value). This assumes rewards-savvy travelers will mostly transfer points/miles from a credit card rewards program to a travel partner in order to increase the value of their rewards, and they’ll opt for a partner that offers high value relative to others.

All data was collected in September 2023.

More details

Airline rewards methodology.

• 2 short routes (under 650 miles)
• 2 mid-length routes (650–1,500 miles)
• 2 transcontinental routes (over 1,500 miles)
• 2 international routes
• 2 flights from an airline hub to a small airport
• Found costs in cash and points/miles for each flight for bookings made 30 days prior to departure and six months prior to departure
• Found costs in cash and points/miles for each flight for economy and business/first class fares (based on availability)
• Divided each flight’s cash cost by its cost in points/miles to determine the cash value of a single point/mile
• Found the median per-cent point/mile value across all flights
• Calculated a weighted average of the median economy fare point/mile value (80 percent weighting) and the median business/first class fare point/mile value (20 percent weighting) to determine a final program point/mile value

Hotel rewards methodology

• Major: New York, Los Angeles, Chicago, Dallas
• Midsize: Charlotte, Phoenix, Seattle, Tampa
• International: London, Paris, Dubai, Bangkok
• Budget (rooms typically costing under $150 per night)
• Mid-tier (rooms typically costing $150–$275 per night)
• Luxury (rooms typically cost over $275 per night)
• Found costs in cash and points for each hotel stay for bookings made 15 days prior to arrival, four months prior to arrival and 11 months prior to arrival
• Divided each stay’s cash cost by its cost in points to determine the cash value of a single point
• Found the median per-cent point/mile value across all stays to determine a final program point value

Credit card rewards methodology

• Listed each issuer’s hotel and airline transfer partners
• Adjusted our airline/hotel point/mile valuations for each transfer partner based on transfer ratios (assuming ratio was not 1:1)
• Calculated the average of each issuer’s five highest-value transfer partners (post-transfer) to determine a final program point/mile value

8 of the best ways to use points and miles for travel

Why you should use your issuer’s travel portal

How to earn elite airline status with credit cards

Annoying travel fees you can avoid with the right card lineup

9 major hotel chains with free breakfast

Traveler’s guide to the best frequent flyer programs

Traveling around the world with credit card points

Bankrate's Travel Toolkit

• Credit Card and Bank Rewards
• Amex Membership Rewards
• Bank of America Premium Rewards
• Bilt Rewards
• Capital One Miles
• Chase Ultimate Rewards
• Citi ThankYou Rewards
• Discover Miles
• U.S. Bank Altitude and FlexPerks Rewards
• Wells Fargo Rewards
• Airline Miles
• Air Canada Aeroplan
• Alaska Airlines Mileage Plan
• American Airlines AAdvantage
• British Airways Executive Club
• Delta Air Lines SkyMiles
• Frontier Airlines Frontier Miles
• Hawaiian Airlines Hawaiian Miles
• JetBlue TrueBlue
• Singapore Airlines KrisFlyer
• Southwest Rapid Rewards
• Spirit Airlines Free Spirit
• United Airlines Mileage Plus
• Virgin Atlantic Flying Club
• Hotel Points
• Best Western Rewards
• Choice Privileges
• Hilton Honors
• Hyatt (World of Hyatt)
• IHG One Rewards
• Marriott Bonvoy
• Wyndham Rewards
• Points and Miles Valuations
• Methodology

How much are credit card rewards, airline miles, and hotel points worth? Business Insider's 2024 Valuations

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews .

The information for the following product(s) has been collected independently by Business Insider: Chase Freedom Flex®, Citi Strata Premier℠ Card, Citi Prestige® Card, Alaska Airlines Visa Signature® credit card, Alaska Airlines Business Credit Card, JetBlue Plus Card. The details for these products have not been reviewed or provided by the issuer.

• Knowing the cash value of points and miles can help you make better decisions when you redeem them.
• We've developed a set of valuations for airline, hotel, and bank loyalty programs to guide you.
• The value (in cents) per point or mile depends on factors including program policies.

One of the keys to making the most of your points and miles is knowing what they are worth. That way, when it comes time to redeem them for travel, you'll know whether you're getting a great deal or just a so-so redemption. However, all points and miles aren't worth the same amount — it varies by program and by how you use them.

To make things clearer, we've developed a set of valuations that factor in the strengths, weaknesses, and idiosyncrasies of 30 popular loyalty programs, including a variety of airline, hotel, and credit card rewards.

Each valuation assigns a cash value to each mile or point (in cents) and consists of three numbers:

• The lowest represents a minimum threshold, and we advise against redeeming for anything less.
• The middle number represents a reasonable average, and you should feel comfortable redeeming for any amount in that ballpark.
• The highest number represents an aspirational (but attainable) value, and any redemption yielding over that amount is a great deal.

Value is subjective and depends on where and how you redeem your rewards — for example, JetBlue points are worth more to someone in Boston, one of JetBlue's main hub airports, than they are to someone in Boise, which has limited JetBlue service.

Loyalty programs also change with time, so the numbers below aren't set in stone. Instead, we hope they help you use your rewards wisely by guiding you toward redemptions that offer a good return and away from those that don't.

What are credit card and bank rewards points worth?

American Express Membership Rewards offers 18 airline and three hotel transfer partners . Most transfers occur instantaneously at a 1:1 ratio (meaning 1,000 Amex points would equal 1,000 miles). One great feature of the program is that all points are equal, so any account that earns Membership Rewards points has access to transfer partners.

Booking directly through Amex Travel (as opposed to transferring points) offers a decent return for some business cardholders, but otherwise, it's a low-value option, since your points are capped at 1 cent apiece in value.

Bank of America Premium Rewards is a no-frills cash-back program that offers a flat value of 1 cent per point. You can redeem points as a statement credit to one of the best Bank of America credit cards or a deposit to a linked bank account, with a minimum redemption threshold of 2,500 points ($25).

You can also redeem for travel and gift cards at the same rate, but there's no incentive to do that when you can get cash instead. 

Bilt Rewards is new to the award travel space, but has earned a spot among the most valuable programs. Bilt offers 14 airline and two hotel transfer partners , with none of the throwaway options that clutter the rosters of some transferable points programs.

The Bilt Rewards travel portal provides a solid value floor with the option to redeem points for travel directly at 1.25 cents per point. The ability to earn 1 point per dollar for rental payments presents a unique opportunity for renters.

Capital One miles used to be worth a flat 1 cent apiece as statement credits to cover travel purchases, but the program now also offers 15 airline and three hotel transfer partners , including several on this list.

Capital One offers a 1:1 transfer ratio for almost all partners, and revamped the Capital One Travel Portal with new features. While Capital One doesn't have any US airlines as transfer partners, the other transfer options and improved ratios are enough to vault this program well above its pure cash-back competitors. Capital One also has no minimum redemption threshold and lets you pool unlimited miles with other members at no cost.

Chase offers 11 airline and three hotel transfer partners , with most transfers occurring instantaneously at a 1:1 ratio. Not all Chase Ultimate Rewards ® credit cards earn transferable points , but Chase offers a bonus to many cardholders when redeeming for travel directly through the Chase Travel SM Portal .

You can also redeem Chase points toward eligible purchases via the Pay Yourself Back feature. Because redemption options differ widely based on which card you have, Chase Ultimate Rewards has a wider valuation spread than other programs.

Citi ThankYou Rewards offers 14 airline and four hotel transfer partners, with most transfers occurring instantaneously at a 1:1 ratio. However, many of Citi's airline transfer partners are unlikely to be of much use to the average award traveler (most of Citi's partner airlines aren't based in the US). Not all ThankYou Rewards credit cards earn transferable points, and Citi offers a fixed rate of 1 cent per point when redeeming for travel directly through the Citi ThankYou portal.

While the program offers some high upside redemption options, these points are less versatile and less valuable than Chase and Amex counterparts.

Discover miles from the Discover it® Miles card are worth 1 cent each when redeemed as a statement credit on your Discover card or a deposit to a linked bank account. You can also redeem miles for gift cards with up to 20% added value, which may make sense if you have an impending purchase.

One great feature is that Discover has no minimum redemption threshold, so you can redeem any amount you choose from a single point to your entire balance.

FlexPerks and Altitude Rewards are functionally the same: Both offer a return of 1.5 cents per point when you redeem toward travel purchases. The major downside is that you have to book through the U.S. Bank travel portal to redeem points online.

Otherwise, you must use the inconsistent Real-Time Rewards program to redeem by text for purchases made directly with travel providers.

Wells Fargo introduced five airline and hotel transfer partners in March 2024, upgrading its current loyalty program from pure cash-back to one with greater potential upside. The Points Transfer program goes live on April 4, 2024, and will be open to all Wells Fargo-branded cardholders who earn cash rewards or points. 

More travel partners will be added throughout 2024, and the Points Transfer program offers both prompt transfers and uncapped points sharing with other members, according to the issuer. 

Customers with any Wells Fargo-branded consumer card can combine their points with those earned from the Wells Fargo Autograph℠ Card and the Wells Fargo Autograph Journey℠ Card. Cardholders with cash-back cards can also convert those rewards into transferrable points.

Unfortunately, Wells Fargo's inaugural roster of transfer partners is neither unique nor particularly inspiring. The four airline partners are all based outside the U.S., and their loyalty programs have quirks that make them unwieldy to inexperienced award travelers.

The lone hotel program transfer partner, Choice Privileges, offers the most consistent value thanks to a favorable 1:2 transfer ratio. That being said, Business Insider values Choice Privileges points between 0.5 to 1 cent apiece, averaging a mere 0.7 cents on average; even at a 2x transfer ratio, you'll have to have a specific and lucrative Choice redemption in mind in order to maximize the value of your Wells Fargo transfer points. 

The Wells Fargo Rewards Points Transfer program is still a clear step down from the other major transferable points programs, but it appears to be ascending. 

What are airline miles worth?

The Aeroplan program was overhauled a couple of years ago, replacing hefty surcharges with a more modest flat fee on partner awards, and adding stopovers on international awards for just 5,000 points.

You can redeem Aeroplan points (formerly called miles) for flights on Air Canada, as well as Star Alliance and other partners that offer huge upside on long-haul premium flights. Aeroplan has a friendly points-sharing policy, and partners with most of the major transferable rewards programs, providing a variety of earning options.

*Marriott transfers receive a 5,000-mile bonus for every increment of 60,000 Marriott points transferred

The upside of Alaska Mileage Plan comes from its roster of international airline partners, but it offers an above-average return on domestic awards too. Mileage Plan members still earn miles based on flight distance (instead of the cash price of a ticket) and can take advantage of a free stopover when redeeming.

Alaska Airlines has joined the Oneworld airline alliance, so Mileage Plan should be on your radar even if you rarely fly this Seattle-based carrier.

The American Airlines AAdvantage program uses dynamic award pricing for American Airlines flights — meaning the award cost varies depending on demand, seasonality, and other factors — but still publishes an award chart with ample sweet spots for flights on Oneworld and non-alliance partners. 

While American is the largest airline in the world by many measures, the AAdvantage program does not partner with any of the major transferable bank points programs like Amex Membership Rewards and Chase Ultimate Rewards. However, it does partner with Bilt and Marriott Bonvoy.

British Airways Executive Club adds high surcharges to awards on its own flights, but you can avoid those fees by using British Airways Avios points to book Oneworld and non-alliance partners — those flights don't have the same charges added to them.

Thanks to distance-based award pricing, British Airways Avios points are great for short-haul flights outside North America, medium-distance flights within North America, and trips between the West Coast and Hawaii.

Awards are priced per segment (point A to point B with no stops), so Avios are best suited for non-stop itineraries.

Dynamic award pricing (where the number of miles required depends on the cash price and demand for a ticket) generally limits the upside of the SkyMiles program , though a few sweet spots remain when redeeming for international premium seats. That lack of upside means there's less incentive to milk every fraction of a cent from your SkyMiles.

You get a flat rate per mile from the Pay With Miles feature (for Delta Amex cardholders ) and the option to redeem for Delta gift cards, but Delta has a massive route network and many partners, so it's not hard to find a use for SkyMiles even if the return is uninspiring.

For those who travel along Frontier's route map regularly, the simplicity of the Frontier Miles program may be appealing despite its lackluster value and fees for awards booked less than 180 days from departure.

For infrequent Frontier passengers, however, the program's expiration policy is cumbersome enough to make these miles nearly useless.

The HawaiianMiles award chart is devoid of true sweet spots, but you can get a decent return on Hawaiian Airlines flights when dynamic pricing works in your favor — that is, when paid tickets are cheap.

The greater problem is that you can generally book those flights at equal or lower rates through other frequent flyer programs, so HawaiianMiles is not a program to target for earning rewards.

Unless you're flying between Hawaii and the mainland routinely, you're not likely to accrue enough miles to be of much use anyway, so look to burn these miles at any reasonable opportunity.

JetBlue's revenue-based frequent flyer program is easy to understand and use — the number of points required depends on the cash price of a ticket — making it a great option for flyers who value simplicity. TrueBlue also offers a first-rate points pooling feature, adding value for those who travel often with friends and family.

Points never expire, and you have plenty of opportunities to earn more, as JetBlue is the only domestic airline to partner with three of the major transferable points programs.

With separate award charts for flights on Singapore Airlines, Star Alliance partners, and non-alliance partners, the KrisFlyer program may overwhelm inexperienced award travelers. Nonetheless, it offers sweet spots like opportunities to book first-class seats on Singapore Airlines or discounted awards on United and Alaska Airlines.

KrisFlyer partners with most of the major transferable points programs, so you have abundant options for earning miles. However, those miles expire after 36 months regardless of your account activity, so only transfer miles when you have immediate plans to redeem them.

The Southwest Rapid Rewards program isn't glamorous, but it offers consistent value with minimal hassle, making it one of the most reliable and useful programs out there for North American flyers.

You can book any available seat with points, and the number of points required is directly tied to the price of a paid ticket. Plus, Southwest's flexible change and cancellation policies extend to award bookings.

If you tend to travel with others, you can stretch your points even further by earning the coveted Southwest Companion Pass , and points earned with Southwest credit cards count toward qualification. 

The Spirit Airlines Free Spirit loyalty program got a major overhaul in 2021, shifting to a revenue-based system (meaning points earning and redemption are based on the cash price of a ticket) and updating elite status levels, points expiration, and the ability to pool points with others.

Award flights start at 2,500 points for the cheapest flights, and the cost goes up (usually in 500-point increments) as the regular ticket price increases.

One major drawback of the Free Spirit program is the $50 service charge added to award tickets booked within 28 days of departure (waived for Spirit credit card and elite status holders). The value you'll get per point significantly decreases if you're paying this close-in booking fee; in fact, for cheap tickets (under $50) you'll get no value from your points at all when you factor in the fee, so it's better to pay cash.

The United MileagePlus program uses dynamic pricing for all awards, including flights on Star Alliance and other partners. You can still find opportunities to book at rates offered by the old award chart, but beware that United may show phantom award space (seats that show up in search but that you can't book).

On the positive side, United miles no longer expire, and the airline eliminated change fees on most award flights. The Excursionist Perk allows you to add a stop on itineraries between different MileagePlus regions, adding value to many international awards.

*Marriott transfers receive a 10,000-mile bonus for every increment of 60,000 Marriott points transferred

While Virgin Atlantic is based in the UK, you should get familiar with the Flying Club program if you're based in North America. The abundance of transfer partners (with occasional bonuses) means you can earn these miles quickly, and then use them to book flights on Delta (and other partners).

A program update in 2021 eliminated many of the most favorable award rates, but you'll still get a reasonable award change and cancellation policy, and Flying Club miles no longer expire. Just beware of egregious surcharges on flights operated by Virgin Atlantic.

What are hotel points worth?

Much like Best Western's hotel portfolio, Best Western Rewards is light on high-end opportunities. However, since Best Western lets you pay with points directly at 0.5 cents apiece, the program offers a stable floor of value.

One place Best Western Rewards shines is its expiration policy; points don't expire regardless of activity in your account, so you can earn a useful amount over time even if you're an infrequent guest.

Choice Hotels' already massive global portfolio grew even larger with its recent acquisition of Radisson Hotels Americas, but Choice Privileges gets overlooked by many award travelers due to the scarcity of high-end properties.

The program has its quirks — awards can only be booked up to 100 days from checkout, and there are no pooling or sharing options of any kind — but it's a good fit for frequent travelers who care more about convenience than luxury.

Hilton Honors uses dynamic award pricing, so it's hard to get outsized value when redeeming points. 

On the plus side, Hilton waives resort fees on award stays, and offers a fifth night free on standard awards for anyone with elite status, adding value to longer stays. Hilton boasts a large and diverse portfolio, so there are ample opportunities to use these points.

Hyatt has a smaller portfolio than other major hotel chains, but offers a higher average return on award redemptions. World of Hyatt lets you book both standard rooms and suites, or redeem points for as much as 1.54 cents apiece toward dining, spa, and other on-property credits.

The program also waives resort fees on award stays and offers a relatively friendly expiration policy. Unfortunately, some Hyatt properties don't always release standard room availability, and peak award pricing makes World of Hyatt points less valuable than they would be otherwise.

IHG One Rewards adopted dynamic award pricing in 2020, but that hasn't substantially devalued these points so far. You can still get a fairly consistent return for free nights and Points & Cash awards, and IHG One Rewards Premier Credit Card , IHG One Rewards Premier Business Credit Card , and IHG One Rewards Traveler Credit Card cardholders can get a fourth reward night free on award stays of three or more nights.

On the downside, IHG Rewards charges a prohibitive amount to transfer points to other members, and the once-lucrative PointBreaks promotion has been discontinued.

Marriott Bonvoy switched to dynamic award pricing in 2022, but the program still offers a fifth night free on award stays, mixed Cash + Points awards, and a massive global footprint with a wide range of brands to suit all needs

What sets Bonvoy apart from other hotel programs is the ability to transfer points at a viable rate to over 35 airline partners . That gives these points a respectable value floor even if you don't book hotels often.

Wyndham is the largest hotel chain in the world (by number of properties), yet Wyndham Rewards offers just three award tiers. The result is that some properties offer great value for points bookings, but more commonly the opposite is true.

Look for Go Fast points and cash awards to stretch your points and get more consistent value. One major negative of this program: Points expire after four years even with qualifying activity in your account, so use them or lose them.

How we determined our points and miles valuations

Figuring out how much your points, miles, and credit card rewards are worth isn't an exact science. In a few cases, rewards have a fixed value when redeemed in a certain way (for example, Capital One miles are worth 1 cent apiece when used to "erase" travel purchases made on your card), but otherwise, your rate of return will depend on how, where, and even when you redeem.

Because there are so many variables, we've come up with low, average, and high cash values per point or mile in each program by taking sample award searches and typical redemptions into account.

It's certainly possible to achieve a return that's much greater than even our high-end numbers, but that involves cherry-picking the most aspirational redemptions (very expensive international first-class flights, for example) that don't reflect the average reader's experience.

Here are the factors we considered in determining how much each program's points and miles are worth:

• Rate of return
• Quantity and quality of redemption options
• Award availability and ease of redemption
• Expiration policies
• Sharing and pooling policies
• Ease of accumulation
• Miscellaneous factors (like devaluation history, sweet spots, and credit card perks)

With few exceptions, there's plenty of room for disagreement over how much points or miles are worth. We recommend you use these valuations as a point of reference, and then tweak them as you see fit to suit your needs.

For rates and fees of the American Express® Business Gold Card, please click here.

For rates and fees of The Platinum Card® from American Express, please click here.

For rates and fees of The Business Platinum Card® from American Express, please click here.

For a guide to the benefits of the Bilt Mastercard, please click here.

For rewards and benefits of the Bilt Mastercard, please click here.

For rates and fees of Discover it® Miles, please click here.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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