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 | October 2024 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | |
| Bilt Rewards | 2.05 | |
| Capital One | 1.85 | |
| Chase Ultimate Rewards | 2.05 | There is a best-ever offer on the Chase Ink Business Unlimited® Credit Card with a new $900 bonus after spending $6,000 on purchases in the first three months of account opening. You can earn up to $300 cash back with these Chase Freedom welcome bonuses after meeting a minimum spend requirement.
Chase Freedom fourth-quarter categories are now live. |
| Citi ThankYou Rewards | 1.8 | |
| Wells Fargo Rewards | 1.6 | You can now transfer Wells Fargo Rewards points to Virgin Atlantic Flying Club and Virgin Red at a 1:1 ratio. |
What 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.
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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.
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. Redeem with any Amex card. 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 new cardholders the ability to earn 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.