What are points and miles worth? TPG’s September 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?
| Program | September 2024 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | Amex increased its Clear Plus credit to $199 on some cards. |
| Bilt Rewards | 2.05 | Bilt Rewards expanded into health care with new Walgreens partnership. |
| Capital One | 1.85 | Capital One increased its Global Entry credit on some cards to $120 (beginning October 1). |
| Chase Ultimate Rewards | 2.05 | Chase extended its DoorDash partnership through Dec. 31, 2207. |
| Citi ThankYou Rewards | 1.8 | Citi changed the Avis-Budget car rental credit on one of its AAdvantage cards. |
| Wells Fargo | 1.6 |
What are airline points and miles worth?
| Program | September 2024 valuation (cents) | Latest news |
|---|---|---|
| Air Canada Aeroplan | 1.5 | |
| Alaska Airlines Mileage Plan | 1.5 (down from 1.55)* | The merger of Alaska Airlines and Hawaiian Airlines cleared antitrust concerns.
You can now earn and redeem Alaska miles on hotel stays through a new Expedia partnership. |
| American Airlines AAdvantage | 1.6 (down from 1.7)* | You can finally earn miles and Loyalty Points on paid American Airlines upgrades.
You can earn up to 25 AAdvantage miles per dollar on donations to Stand Up to Cancer (the promotion maximum for earning up to 50 miles per dollar has been reached). |
| All Nippon Airways Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.6 (down from 1.7) | Avianca LifeMiles increased award prices to Europe by up to 50%. |
| Avios | 1.4 | Qatar Airways now serves caviar to Qsuite passengers, but its Privilege Club devalued award prices for short-haul flights operated by American Airlines and Alaska Airlines. |
| Cathay Asia Miles | 1.3 | |
| Delta Air Lines SkyMiles | 1.2 (up from 1.15)* | Delta is reissuing companion certificates to some passengers affected by its IT meltdown. |
| Emirates Skywards | 1.2 | |
| Etihad Airways Guest | 1.2 | |
| Flying Blue | 1.3 | |
| Frontier Airlines Frontier Miles | 1.1 | Frontier slashed midweek flying and delayed new jets. However, the airline is offering free checked bags for cardholders. |
| Hawaiian Airlines HawaiianMiles | 0.9 | The merger of Alaska Airlines and Hawaiian Airlines cleared antitrust concerns. |
| JetBlue TrueBlue | 1.3* | JetBlue is partnering with Vrbo and offering a new status match to some elite members of other airlines. |
| Korean Air SkyPass | 1.7 | |
| Singapore Airlines KrisFlyer | 1.3 | Singapore Airlines opened beautiful refurbished first- and business-class lounges in London.
After 16 years, Singapore Airlines will exit Houston and end its unusual Texas-U.K. route. |
| Southwest Airlines Rapid Rewards | 1.4* | Southwest flights now appear on Kayak. |
| Spirit Airlines Free Spirit | 1.1 | Spirit has rolled out sweeping changes to its booking channels and is now offering several straightforward fare options. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United Airlines MileagePlus | 1.35* | United basic economy passengers can now check in for flights online or on the mobile app before arriving at the airport.
United will overhaul its Chicago Polaris Lounge. The airline is also adding some nonstop flights for college football season. |
| Virgin Atlantic Flying Club | 1.4 | Air France and KLM award seats are bookable again through Virgin Atlantic Flying Club.
Virgin launched a waitlist for its new credit card. |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | September 2024 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | Accor's first Orient Express train through Italy is now open for reservations. |
| Best Western Rewards | 0.6 | You can earn double points on Best Western stays worldwide. |
| Choice Privileges | 0.6 | Redeem Choice points for college football experiences this fall. |
| Hilton Honors | 0.6 | Hilton's Graduate brand opened a location near Princeton University.
You can earn 2,500 points per stay with Hilton from September until the end of the year. |
| IHG One Rewards | 0.5 | Earn up to 15,000 bonus AAdvantage miles through an IHG and American Airlines promotion. |
| Marriott Bonvoy | 0.85 | Marriott launched a new partnership with vacation rental platform Sonder.
You can earn up to 6,000 bonus points per two-night stay this fall. |
| World of Hyatt | 1.7 | Hyatt leaders touted new partnerships amid massive loyalty program growth. Hyatt will buy growing lifestyle hotel giant Standard International. |
| Wyndham Rewards | 1.1 |
News highlight of the month
One of the best ways to fly first class to Europe has become much more expensive. Last month, the Avianca LifeMiles program increased award rates on most partner flights between the U.S. and Europe.
While one-way economy-class award prices rose only 17% to 35,000 miles and business-class rates increased by 11% to 70,000 miles (which still represents good value), the first-class increase was brutal. Previously, you could book one-way first-class award flights between North America and Europe for 87,000 LifeMiles. Now, without notice, the rate is a whopping 130,000 miles each way, an increase of approximately 50%.
Of the handful of Star Alliance airlines that operate international first class across the Atlantic, Swiss and Singapore Airlines do not offer first-class seats to partner programs like LifeMiles. However, German carrier Lufthansa has consistently offered last-minute unsold first-class seats to LifeMiles in the days leading up to departure. So, if you were happy to book at the last minute, it was a terrific way to redeem your points and miles.
If you want to book Lufthansa's first class to experience the famous first-class terminal in Frankfurt, your best option now is to book through Air Canada's Aeroplan program. Aeroplan charges 90,000 to 100,000 points each way, depending on where in the U.S. you originate or terminate.
This LifeMiles devaluation is the latest in a series of no-notice price increases. Devaluations are an unfortunate reality in the points and miles world and reinforce the value of collecting transferable credit card points. You can protect yourself from devaluations by only transferring credit card rewards to a partner program when you are ready to book and are certain the price won't rise.
Related: Why points and miles are a bad long-term investment
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. Per our valuations, this welcome bonus is worth $1,230 if you leverage the Ultimate Rewards transfer partners or $750 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 after you spend $4,000 on purchases within the first three months of account opening, plus a $250 Capital One Travel credit to use in your first cardholder year. However, this offer ends Sept. 9.
If you plan to transfer your miles to Capital One's hotel or airline partners, this welcome offer is worth around $1,638 (combining the value of the miles and the $250 Capital One Travel credit). The annual fee for the Capital One Venture card is $95, a reasonable fee 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 on groceries 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 and Uber Cash each month on U.S. purchases. To receive this benefit, you must add your Amex Gold to the Uber app. 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 the higher spending requirements of the Capital One Venture X Business welcome offer. 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.