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 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 points or 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 seven 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.
What are credit card points and miles worth?
| Program | October 2025 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | <a href=”https://thepointsguy.com/credit-cards/amex-business-platinum-2025-refresh/” target=”_blank” rel=”noopener”>American Express announced major refreshes</a> of two of its flagship rewards cards.<p></p> <p>Amex introduced Centurion Lounge wait times <a href=”https://thepointsguy.com/credit-cards/amex-centurion-lounge-travel-app/” target=”_blank” rel=”noopener”>as part of an all-new travel app</a>.</p> <p>Get more from your Amex perks with <a href=”https://thepointsguy.com/news/amex-perks-new-peacock-subscription-walmart-plus/” target=”_blank” rel=”noopener”>a new Peacock subscription with Walmart+</a>.</p> |
| Capital One | 1.85 | Capital One <a href=”https://thepointsguy.com/credit-cards/capital-one-adds-transfer-partners/” target=”_blank” rel=”noopener”>added new transfer partners</a>: Japan Airlines, Qatar Airways and I Prefer Hotel Rewards. |
| Chase Ultimate Rewards | 2.05 | Chase’s new dining offer allows <a href=”https://thepointsguy.com/news/new-chase-sapphire-preferred-dining-offer/” target=”_blank” rel=”noopener”>select cardholders to earn statement credits at top-rated restaurants</a>. |
| Citi ThankYou Rewards | 1.9 | |
| Wells Fargo Rewards | 1.6 |
What are Bilt Rewards Points worth?
| Program | October 2025 valuation (cents) | Latest news |
|---|---|---|
| Bilt Rewards | 2.2 | We checked out Bilt’s new Home Away from Home hotel collection — <a href=”https://thepointsguy.com/hotel/reviews/bilt-home-away-from-home/” target=”_blank” rel=”noopener”>here’s what you need to know</a>. |
What are airline points and miles worth?
| Program | October 2025 valuation (cents) | Latest news |
|---|---|---|
| Aeromexico Rewards | 0.8 | <span style=”box-sizing: border-box; margin: 0px; padding: 0px;”>Delta Air Lines and Aeromexico must end their joint venture by January, the <a href=”https://thepointsguy.com/guide/delta-aeromexico-joint-venture-ruling/” target=”_blank” rel=”noopener”>Trump administration ruled</a>.</span> |
| Air Canada Aeroplan | 1.4 | Air Canada is planning U.S. growth in 2026, <a href=”https://thepointsguy.com/news/air-canada-new-us-routes-cleveland-columbus-san-antonio/” target=”_blank” rel=”noopener”>beginning with three new routes</a>. You can earn up to <a href=”https://thepointsguy.com/card-hub/aeroplan-credit-card/” target=”_blank”>100,000 bonus points</a> (75,000 bonus points after spending $4,000 on purchases in the first three months of account opening, plus 25,000 bonus points after spending $20,000 on purchases in the 12 months) and Aeroplan 25K elite status <a href=”https://thepointsguy.com/credit-cards/air-canada-aeroplan-chase-credit-card/” target=”_blank” rel=”noopener”>with the Aeroplan® Credit Card</a>.<p></p> <p>Air Canada will <a href=”https://thepointsguy.com/news/air-canada-airbus-a321xlr-first-route-montreal-mallorca/” target=”_blank” rel=”noopener”>use its new long-range Airbus A321XLR</a> to launch a route to Mallorca, Spain.</p> |
| Alaska Airlines Atmos Rewards | 1.5* | Alaska Airlines’ valuable points — and award chart — <a href=”https://thepointsguy.com/news/alaska-airlines-award-chart-atmos-rewards/” target=”_blank” rel=”noopener”>have survived Atmos Rewards</a>, but the airline is in the process of <a href=”https://thepointsguy.com/news/alaska-airlines-latam-singapore-partnership-changes/” target=”_blank” rel=”noopener”>ending its earning and redeeming partnership with LATAM</a> and scaling back its partnership with Singapore Airlines.<p></p> <p>Select Atmos Rewards cardholders <a href=”https://thepointsguy.com/airline/atmos-rewards-summit-perk-alaska-airlines-lounges/” target=”_blank” rel=”noopener”>now get complimentary cocktails at some Alaska Airlines lounges</a>.</p> |
| American Airlines AAdvantage | 1.55* | American Airlines is <a href=”https://thepointsguy.com/news/american-airlines-partnership-porter-airlines/” target=”_blank” rel=”noopener”>partnering with Canada’s Porter Airlines</a>, letting AAdvantage members earn miles and Loyalty Points. The airline is adding a new, rare Boston route <a href=”https://thepointsguy.com/airline/american-airlines-boston-buffalo-nonstop-flights/” target=”_blank” rel=”noopener”>while making cuts in Miami</a>, but it’s also <a href=”https://thepointsguy.com/news/american-airlines-adds-vero-beach-florida-nonstop-flights/” target=”_blank” rel=”noopener”>adding fast-growing Vero Beach, Florida</a>, to its expanding route map.<p></p> <p>Highest offer: <a href=”https://thepointsguy.com/credit-cards/citi-aadvantage-current-offers/” target=”_blank” rel=”noopener”>Earn 75,000 AAdvantage miles</a> with the <a href=”https://thepointsguy.com/oc/22146206?pid=22146206&name=Citi%C2%AE%E2%80%AF%2F%20AAdvantage%20Business%E2%84%A2%E2%80%AFWorld%20Elite%20Mastercard%C2%AE&issuer=Citi” target=”_blank”>Citi® / AAdvantage Business™ World Elite Mastercard®</a> after spending $5,000 within the first five months of account opening (see <a href=”/tc/22146206?pid=22146206&name=Citi%C2%AE%E2%80%AF%2F%20AAdvantage%20Business%E2%84%A2%E2%80%AFWorld%20Elite%20Mastercard%C2%AE&data-testid=ratesFees” target=”_blank”>rates and fees</a>).</p> <p>Here’s why American Airlines flyers <a href=”https://thepointsguy.com/airline/book-american-airlines-flights-using-atmos-rewards-points/” target=”_blank” rel=”noopener”>should pay attention to Alaska Airlines Atmos Rewards</a>.</p> |
| ANA Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.4 | |
| Avios | 1.4 | This <a href=”https://thepointsguy.com/news/new-transfer-avios-tool/” target=”_blank” rel=”noopener”>new user-friendly tool</a> lets you easily transfer Avios between all seven airline programs.<p></p> <p>Aer Lingus is <a href=”https://thepointsguy.com/news/aer-lingus-new-raleigh-durham-dublin-route/” target=”_blank” rel=”noopener”>adding Raleigh-Durham, North Carolina, flights to Ireland</a> in its latest U.S. expansion.</p> |
| Cathay Asia Miles | 1.3 | Cathay Pacific is bringing back Seattle flights, <a href=”https://thepointsguy.com/news/cathay-pacific-to-launch-seattle-hong-kong-service/” target=”_blank” rel=”noopener”>starting at 70,000 miles in business class</a>. |
| Delta SkyMiles | <strong>1.2 (up from 1.15)*</strong> | Delta is <a href=”https://thepointsguy.com/news/delta-air-lines-new-route-porto-portugal/” target=”_blank” rel=”noopener”>launching Porto, Portugal, flights</a> in 2026 — its seventh new European route — while <a href=”https://thepointsguy.com/news/delta-air-lines-ending-geneva-switzerland-flights/” target=”_blank” rel=”noopener”>dropping flights to Geneva</a> as transatlantic travel shifts.<p></p> <p>The airline <a href=”https://thepointsguy.com/news/delta-air-lines-skymiles-promo-12status/” target=”_blank” rel=”noopener”>brought back 12Status</a>, where you can score Delta SkyMiles each time the Seattle Seahawks throw a pass.</p> <p>Delta’s wild new <a href=”https://thepointsguy.com/airline/delta-air-lines-wild-new-airbus-a321neo-configuration/” target=”_blank” rel=”noopener”>Airbus A321neo configuration is official</a>, with a whopping 44 first-class seats.</p> |
| Emirates Skywards | 1.2 | Emirates said <a href=”https://thepointsguy.com/loyalty-programs/emirates-no-young-kids-first-class-using-miles/” target=”_blank” rel=”noopener”>no kids in first class</a> (at least, when using miles). |
| Etihad Guest | 1.2 | |
| Flying Blue | 1.3 | |
| Frontier Miles | <strong>1.15 (up from 1.1)*</strong> | Frontier <a href=”https://thepointsguy.com/news/frontier-airlines-22-route-expansion/” target=”_blank” rel=”noopener”>announced a 22-route expansion</a> with a big focus on Mexico, the Caribbean and Central America. |
| HawaiianMiles (legacy) | 1.5 | HawaiianMiles converted to Atmos Rewards on Oct. 1 — <a href=”https://thepointsguy.com/news/hawaiianmiles-transfer-atmos-rewards/” target=”_blank” rel=”noopener”>here’s what you need to know</a>. |
| JetBlue TrueBlue | 1.45* | JetBlue is <a href=”https://thepointsguy.com/news/jetblue-makes-big-bet-fort-lauderdale-spirit-struggles/” target=”_blank” rel=”noopener”>making a “big bet” on Fort Lauderdale</a> as Spirit Airlines faces a cloudy future, and JetBlue <a href=”https://thepointsguy.com/news/jetblue-fort-lauderdale-expansion/” target=”_blank” rel=”noopener”>added flights to Cali, Colombia</a>.<p></p> <p>JetBlue <a href=”https://thepointsguy.com/news/jetblue-retires-smallest-most-outdated-plane/” target=”_blank” rel=”noopener”>retired its smallest, most outdated plane</a> and <a href=”https://thepointsguy.com/news/jetblue-wifi-upgrade-amazon-project-kuiper/” target=”_blank” rel=”noopener”>will upgrade Wi-Fi</a> with fast, new Amazon-powered satellite service.</p> |
| Qantas Frequent Flyer | 1.3 | |
| Singapore KrisFlyer | 1.3 | Singapore KrisFlyer <a href=”https://thepointsguy.com/news/singapore-airlines-krisflyer-changes-dynamic-option/” target=”_blank” rel=”noopener”>will raise award rates</a> and add dynamic pricing options. |
| Southwest Rapid Rewards | <strong>1.4 (up from 1.35)</strong>* | Southwest Airlines launched its best-ever offer on its top business card — <a href=”https://thepointsguy.com/credit-cards/southwest-performance-business-card-earn-companion-pass/” target=”_blank” rel=”noopener”>but here’s why you should wait to apply</a>. The airline <a href=”https://thepointsguy.com/guide/southwest-airlines-extra-legroom-update-hawaii-flights/” target=”_blank” rel=”noopener”>soft-launched extra-legroom seats</a> on all Hawaii flights and nearly half of its planes.<p></p> <p>If you fly Southwest at least twice a year, <a href=”https://thepointsguy.com/credit-cards/fly-southwest-twice-a-year-why-southwest-plus-makes-sense/” target=”_blank” rel=”noopener”>here’s why</a> the <a href=”https://thepointsguy.com/oc/22125792?pid=22125792&name=Southwest%20Rapid%20Rewards%C2%AE%20Plus%20Credit%20Card%20PID&issuer=Chase” target=”_blank”>Southwest Rapid Rewards® Plus Credit Card</a> (see <a href=”/tc/22125792?pid=22125792&name=Southwest%20Rapid%20Rewards%C2%AE%20Plus%20Credit%20Card%20PID&data-testid=ratesFees” target=”_blank”>rates and fees</a>) makes sense for you.</p> <p>Southwest is <a href=”https://thepointsguy.com/news/southwest-airlines-sonoma-county-santa-rose-california-nonstop-flights/” target=”_blank” rel=”noopener”>adding flights to Santa Rosa, California</a>, and <a href=”https://thepointsguy.com/news/southwest-airlines-announces-free-wifi/” target=”_blank” rel=”noopener”>will launch free Wi-Fi</a> starting in October.</p> |
| Spirit Airlines Free Spirit | 1.1 | Spirit is <a href=”https://thepointsguy.com/news/spirit-airlines-begins-bankruptcy-route-cuts/” target=”_blank” rel=”noopener”>pulling out of 11 cities</a> and cutting dozens of routes amid financial woes, and its CEO has <a href=”https://thepointsguy.com/news/spirit-airlines-more-bankruptcy-cuts-november/” target=”_blank” rel=”noopener”>warned of deep schedule cuts in November</a>. As a perk, the airline will <a href=”https://thepointsguy.com/news/spirit-airlines-two-free-checked-bags/” target=”_blank” rel=”noopener”>offer cardholders two free checked bags</a>.<p></p> <p>Here’s how Spirit Airlines’ <a href=”https://thepointsguy.com/news/spirit-airlines-bankruptcy-faq/” target=”_blank” rel=”noopener”>bankruptcy might affect your travel</a>.</p> |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United MileagePlus | 1.3* | United Airlines launched a <a href=”https://thepointsguy.com/news/united-airlines-remote-baggage-screening-sydney-san-francisco/” target=”_blank” rel=”noopener”>bag-transfer initiative for connecting flyers</a> and will <a href=”https://thepointsguy.com/news/united-airlines-starlink-wifi-installation-update/” target=”_blank” rel=”noopener”>deploy Starlink Wi-Fi</a> on its first mainline jet in October.<p></p> <p>Traveling to Greenland on United Airlines? <a href=”https://thepointsguy.com/travel/visiting-greenland-what-to-expect/” target=”_blank” rel=”noopener”>Here’s what to expect</a> and what to do once you’re there.</p> <p>United and Italy’s ITA Airways will <a href=”https://thepointsguy.com/news/united-airlines-ita-codeshare-loyalty-partnership/” target=”_blank” rel=”noopener”>start a loyalty partnership ahead of the Star Alliance move</a>.</p> <p>United is adding flights <a href=”https://thepointsguy.com/news/united-airlines-new-routes-spirit-bankruptcy/” target=”_blank” rel=”noopener”>in case Spirit “suddenly goes out of business.”</a></p> |
| Virgin Atlantic Flying Club | 1.3 |
*Calculated using TPG’s data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | October 2025 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.5 | The Waldorf Astoria Los Cabos Pedregal’s multiyear remodel is finally complete — <a href=”https://thepointsguy.com/news/waldorf-astoria-los-cabos-pedregal-remodel/” target=”_blank” rel=”noopener”>here’s what it looks like</a>.<p></p> <p>A Hilton Honors devaluation <a href=”https://thepointsguy.com/news/hilton-devaluation-250k-points/” target=”_blank” rel=”noopener”>saw award redemptions skyrocket up to 250,000 points</a> per night, <a href=”https://thepointsguy.com/credit-cards/hilton-recent-devaluations-workarounds/” target=”_blank” rel=”noopener”>but here’s how to avoid them</a> and book top-tier luxury properties.</p> |
| IHG One Rewards | 0.5 | You can earn up to triple points through the end of 2025 <a href=”https://thepointsguy.com/news/ihg-bonus-points-promotion/” target=”_blank” rel=”noopener”>with IHG’s new promotion</a>. |
| Marriott Bonvoy | 0.7 | Marriott is <span style=”box-sizing: border-box; margin: 0px; padding: 0px;”>embracing the great outdoors with a <a href=”https://thepointsguy.com/news/marriott-bonvoy-outdoor-collection/” target=”_blank” rel=”noopener”>new hotel collection and booking platform</a> and is</span> <a href=”https://thepointsguy.com/news/marriott-executive-lounge-filter/” target=”_blank” rel=”noopener”>adding a lounge filter</a> to the booking process.<p></p> <p>Earn up to 125,000 points and a free night certificate <a href=”https://thepointsguy.com/credit-cards/marriott-bonvoy-current-offers/” target=”_blank” rel=”noopener”>with limited-time Marriott Bonvoy card offers</a>. New York City’s W Union Square <a href=”https://thepointsguy.com/news/w-union-square-remodel/” target=”_blank” rel=”noopener”>just got a $100 million renovation</a> — and a swanky rooftop bar.</p> <p>The first Series by Marriott hotels are coming to the U.S. — <a href=”https://thepointsguy.com/news/series-by-marriott-found-hotels/” target=”_blank” rel=”noopener”>here’s why it’s good news</a>. Additionally, St. Regis is <a href=”https://thepointsguy.com/hotel/st-regis-papayago-resort-costa-rica/” target=”_blank” rel=”noopener”>heading to Costa Rica in 2027</a>.</p> |
| World of Hyatt | 1.7 | You can now <a href=”https://thepointsguy.com/news/park-hyatt-tokyo-with-points/” target=”_blank” rel=”noopener”>book the legendary Park Hyatt Tokyo</a> with points. |
| Wyndham Rewards | 1.1 |
Top points and miles news
American Express refreshed two of its most popular cards in September, the Platinum Card® from American Express and The Business Platinum Card® from American Express.
The annual fee for the Platinum Card increased from $695 to $895 (see rates and fees). The card currently allows new cardmembers to find out their offer and see if they’re eligible for as high as 175,000 Membership Rewards points after spending $8,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
There are a host of new benefits for the Platinum Card as part of the refresh, including the following new statement credits:
- Up to $75 quarterly Lululemon statement credit for purchases made at U.S. stores (excluding outlets) and online**
- Up to $200 annual Oura Ring statement credit (for hardware purchases only; not for memberships)**
- Up to $100 quarterly statement credit for U.S. Resy restaurant purchases**
- Up to $120 statement credit for Uber One membership (subject to auto-renewal)**
The card’s hotel statement credit increases to up to $300 biannually (every six months) when you book prepaid American Express Fine Hotels + Resorts or The Hotel Collection stays via American Express Travel®**, and the digital entertainment credit has been raised to up to $25 per month, with Paramount+, YouTube Premium and YouTube TV added.**
**Enrollment is required for select benefits.
To learn more about all the refresh changes, including new hotel status and dining perks, check out our full review of the American Express Platinum Card.
The Business Platinum Card also saw its annual fee increase from $695 to $895 (see rates and fees). New applicants can earn 200,000 Membership Rewards points after spending $20,000 on eligible purchases within the first three months of card membership. This card is also receiving the following new statement credits:
- Up to a $300 biannual statement credit (every six months) for prepaid Fine Hotels + Resorts or The Hotel Collection stays via Amex Travel***
- Up to $1,200 for American Express Travel flights and up to $2,400 in statement credits for American Express One AP payments after spending at least $250,000 on eligible purchases in a calendar year to unlock for use in the following calendar year***
Changes to Adobe and Dell credits already came into effect in July.***
***Enrollment is required for select benefits.
Note a give‑and‑take here: Announced earlier in June, the 35% Pay with Points rebate on the Business Platinum now applies only to flights with your selected U.S. airline (up to 1 million points back per year), rather than on any airline in first or business class as before.
Check out our full review of the Amex Business Platinum for more details of the refresh, including new hotel status, dining perks and improved earning rates in select categories.
Are these cards now overall better or worse than before?
Well, that depends on how you use the benefits.
If you can use most or all of the new and improved benefits, you may come out well ahead, even when paying an increased annual fee. The hotel credits on both cards are especially generous and can allow you to recoup much of the annual fee each year if you can book two eligible stays.
It can be tricky to manage so many statement credits, each with its own unique quirks, but fortunately, Amex has improved its mobile app with a new benefits enrollment flow.
Related: My take on the $895 Amex Platinum: Is the price hike worth the added perks?
Top offers for earning points and miles in October
Here are some of the other best options this month if you’re looking for a new travel rewards card that earns transferable points or miles.
Chase Sapphire Reserve
The Chase Sapphire Reserve® (see rates and fees) currently offers 125,000 bonus points after spending $6,000 on purchases in the first three months from account opening.
The recently refreshed card has updated earning rates, including 8 points per dollar spent on purchases made through Chase Travel℠ (including The Edit hotel bookings), 4 points per dollar spent on flights booked directly and 4 points per dollar spent on hotels booked directly. The new annual fee is $795, but cardholders will get up to $500 in statement credits for hotel bookings made with The Edit each calendar year ($250 in credits biannually on prepaid bookings with The Edit of two or more nights), up to $300 in statement credits each calendar year for dining at restaurants that are part of Sapphire Reserve Exclusive Tables ($150 in credits biannually) and more.
Note the flexible hotel credits for cardholders starting Jan. 1, 2026.
Check out our Chase Sapphire Reserve card review to learn more.
Official application link: Chase Sapphire Reserve
Chase Sapphire Reserve for Business
Chase recently unveiled a brand-new business card, the Chase Sapphire Reserve for Business℠ (see rates and fees). This card has a massive welcome offer of 200,000 bonus points after spending $30,000 on purchases in the first six months from account opening.
This product earns 8 points per dollar spent on purchases through Chase Travel (including The Edit), 4 points per dollar spent on flights and hotels booked directly, and 3 points per dollar spent on social media and search engine advertising. It comes with multiple flexible statement credits but has a $795 annual fee.
See our Sapphire Reserve for Business card review for more information.
Official application link: Chase Sapphire Reserve for Business
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 has a welcome offer of 75,000 bonus miles after spending $4,000 on purchases within the first three months from account opening.
You’ll earn at least 2 miles per dollar spent on purchases and get access to various useful benefits, including a $300 annual credit for bookings through Capital One Travel, 10,000 bonus miles each account anniversary and complimentary access to Capital One airport lounges.
Check out our Capital One Venture X Rewards 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 offers 75,000 bonus miles after spending $4,000 on purchases within the first three months from account opening. 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 Rewards card review for more details.
Learn more: Capital One Venture Rewards Credit Card
American Express Gold Card
One of the most popular cards with TPG staffers, the American Express® Gold Card lets new cardholders find out their offer and see if they are eligible for as high as 100,000 Membership Rewards points after they spend $6,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
The Amex Gold 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 spent) and 4 points per dollar spent at restaurants worldwide (on up to $50,000 in purchases per calendar year, then 1 point per dollar spent).
The card has a $325 annual fee (see rates and fees), so check out our Amex Gold review to see whether it makes sense.
Official application link: American Express Gold Card
Ink Business Preferred Credit Card
The Ink Business Preferred® Credit Card has a welcome offer of 90,000 bonus points after spending $8,000 on purchases in the first three months after card opening.
The Ink Business Preferred offers 3 points per dollar spent on the first $150,000 spent on travel and select business categories each account anniversary year.
For more details, check out our Ink Business Preferred Credit Card review.
Learn more: Ink Business Preferred Credit Card
The information for the Ink Business Preferred has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
For rates and fees of the Amex Platinum, click here.
For rates and fees of the Amex Business Platinum, click here.
For rates and fees of the Amex Gold, click here.
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
