One of the questions I’m asked most often is, “How much is a point or mile worth?”
The answer varies from point to point and person to person and depends on your travel goals and how well you can maximize a particular loyalty currency. Still, some rewards are clearly worth more than others — my goal is to give you a sense of how they stack up.
Historically, TPG has valued points and miles based on the price at which we would purchase the miles, award costs in the program (factoring in availability and fees) and our own expertise in the inner workings of the programs. However, we are in the process of evolving our valuations to become as data-driven as possible.
Note: These valuations are not provided by card issuers.
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That data-driven process is beginning this month with our four major transferable point currencies — American Express Membership Rewards, Capital One Miles, Chase Ultimate Rewards and Citi ThankYou points. Starting with this month’s valuations, we’re using a mathematical model that takes into account a number of factors specific to transferable points, including:
- Unique transfer partners (not shared by other card issuers)
- The most valuable individual partners in the program
- The base redemption value when you redeem points or miles directly for travel
Based on this rollout, we are now rounding the valuations for our credit card currencies to the nearest five-hundredths of a point in order to better capture the real-world value they offer cardholders. We fully expect these numbers to fluctuate over time as we refine our equations and roll out additional data-backed hotel and airline valuations in the coming months.
| Program | October 2020 (Cents) | September 2021 (Cents) | October 2021 (Cents) | Note |
|---|---|---|---|---|
| Accor Le Club | 2.0 | 2.0 | 2.0 | |
| Aeroplan Loyalty Program | 1.5 | 1.5 | 1.5 |
Capital One transfers now process at a 1:1 transfer ratio. |
| Alaska Mileage Plan | 1.8 | 1.8 | 1.8 |
Announced new MVP Gold 100K status tier. |
| American AAdvantage | 1.4 | 1.4 | 1.4 |
Revamped Business Extra business rewards program, launched promotion to make flight credits easier to use. |
| American Express Membership Rewards | 2.0 | 2.0 | 2.0 |
Transfer points to Hilton Honors and Marriott Bonvoy with a 30% bonus. |
| Amtrak Guest Rewards | 2.5 | 2.5 | 2.5 | |
| ANA Mileage Club | 1.4 | 1.4 | 1.4 | |
| Asia Miles | 1.3 | 1.3 | 1.3 | |
| Avianca LifeMiles | 1.7 | 1.7 | 1.7 |
Capital One transfers now process at a 1:1 transfer ratio. |
| Avios | 1.5 | 1.5 | 1.5 |
Capital One transfers now process at a 1:1 transfer ratio. |
| Bank of America Premium Rewards | 1.0 | 1.0 | 1.0 | |
| Barclaycard Arrival Miles | 1.0 | 1.0 | 1.0 | |
| Best Western Rewards | 0.6 | 0.7 | 0.7 | |
| Brex Exclusive Rewards | 1.7 | 1.7 | 1.7 | |
| Capital One Rewards | 1.4 | 1.7 | 1.85 |
Moved almost all transfer partners to 1:1 transfer tier, running 50% transfer bonus to Etihad Guest through Oct. 31. Dropping JetBlue as a transfer partner on Oct. 24. |
| Chase Ultimate Rewards | 2.0 | 2.0 | 2.0 |
Added new Pay Yourself Back categories, including Airbnb. |
| Choice Privileges | 0.6 | 0.6 | 0.6 | |
| Citi ThankYou Points | 1.7 | 1.7 | 1.7 | |
| Delta SkyMiles | 1.2 | 1.1 | 1.1 | |
| Diners Club Rewards | 2.1 | 2.1 | 2.1 | |
| Discover Rewards | 1.0 | 1.0 | 1.0 | |
| Emirates Skywards | 1.2 | 1.2 | 1.2 |
Capital One transfers now process at a 1:1 transfer ratio. |
| Etihad Guest | 1.4 | 1.4 | 1.4 |
Transfer Capital One points to Etihad Guest with a 50% bonus. |
| Flying Blue | 1.2 | 1.2 | 1.2 |
Capital One transfers now process at a 1:1 transfer ratio. |
| Frontier Miles | 1.1 | 1.1 | 1.1 | |
| HawaiianMiles | 0.9 | 0.9 | 0.9 | |
| Hilton Honors | 0.6 | 0.6 | 0.6 |
Transfer Membership Rewards points to Hilton with a 30% bonus through Oct. 31. |
| IHG Rewards Club | 0.5 | 0.5 | 0.5 | |
| JetBlue TrueBlue Rewards Program | 1.3 | 1.3 | 1.3 |
Capital One dropping JetBlue as a transfer partner on Oct. 24. |
| Korean Air SkyPass | 1.7 | 1.7 | 1.7 | |
| Marriott Bonvoy | 0.8 | 0.8 | 0.8 |
Launched Week of Wonders promotion, transfer Membership Rewards with a 30% bonus through Oct. 31. |
| Miles & More | 1.4 | 1.4 | 1.4 | |
| Qatar Airways Qmiles | 0.8 | 0.8 | 0.8 | |
| Radisson Rewards | 0.4 | 0.4 | 0.4 |
Earn 7,000 bonus points per night through Dec 12, 2021. |
| Singapore Krisflyer | 1.3 | 1.3 | 1.3 |
Capital One transfers now process at a 1:1 transfer ratio. |
| Southwest Rapid Rewards | 1.5 | 1.5 | 1.5 | |
| Spirit Airlines Free Spirit | 0.4 | 1.1 | 1.1 | |
| Turkish Airlines Miles and Smiles | 1.3 | 1.3 | 1.3 |
Capital One transfers now process at a 1:1 transfer ratio. |
| U.S. Bank FlexPerks | 1.5 | 1.5 | 1.5 | |
| United MileagePlus | 1.3 | 1.3 | 1.3 | |
| Virgin Atlantic Flying Club | 1.6 | 1.5 | 1.5 | |
| Wells Fargo Go Far Rewards | 1.5 | 1.5 | 1.5 | |
| WestJet Rewards | - | - | - | |
| World of Hyatt Loyalty Program | 1.7 | 1.7 | 1.7 | |
| Wyndham Rewards | 1.1 | 1.1 | 1.1 |
Related: Beyond coronavirus — what the future of travel will look like for all of us
Key points and miles news
So far, October’s biggest news is Capital One’s reshuffling of transfer partners.
The program has moved the majority of its transfer partners to its 1:1 transfer tier. All partners now transfer at this level except EVA Infinity MileageLands and Accor Le Club (and JetBlue, which is exiting the program later this month), making the program significantly more valuable as a result.
The program is also running a 50% transfer bonus to Etihad Guest through Oct. 31, 2021. You can leverage this bonus to book everything from cheap American Airlines business and first class tickets to transatlantic business class hops with Brussels Airlines and Royal Air Maroc.
However, as mentioned, Capital One is losing JetBlue TrueBlue as a transfer partner on Oct. 24, 2021. This is Capital One’s sole domestic transfer partner, but transfers are rarely worth it as JetBlue awards are priced on the cost of a cash flight. These redemptions generally yield 1.3 cents per point in value and Capital One points transfer at a 2:1.5 ratio, making the transfer almost never worth it.
In other news we saw Alaska Airlines officially announce a new top-tier status level, MVP Gold 100K. This will roll out in 2022 and provides Alaska’s most frequent flyers with more benefits, like extra American Airlines upgrades, higher upgrade priority and increased points earning.
Additionally, Marriott launched its annual Week of Wonders promotion. You can use this promo to score up to 33% off standard award prices, so consider booking (or rebooking) award nights before Oct. 14 when the promotion ends.
And finally, last month we saw American Express unveil a handful of transfer bonuses to partners like Air Canada Aeroplan, Avianca LifeMiles and others. These airline bonuses have since ended, but you can continue to get a 30% bonus when you transfer Membership Rewards points to Hilton Honors and Marriott Bonvoy through Oct. 31, 2021. That said, you only come out ahead on these transfers when you’re eyeing outsized redemptions, so do the math.
Related: Tips and tricks to get maximum value from your Capital One miles
New travel credit card offers
During the pandemic, we saw several credit card issuers struggle with assessing creditworthiness amidst a world with so many new variables. We also saw various bonuses and new perks launch for existing cardholders aimed at keeping them engaged. Now, as we move into a travel recovery, we’ve seen some incredible new welcome bonuses on many popular cards.
However, in recent weeks, some of those 100,000+ bonuses have started to retreat for now. That tells us, it’s time to act if the one you want is still available.
Some good options include:
The Platinum Card® from American Express
(Photo by Wyatt Smith/The Points Guy)
You’ll earn a 100,000-point welcome offer after you spend $6,000 in the first six months of card membership. Plus, you’ll also earn 10x on eligible purchases made at restaurants worldwide and when you Shop Small® in the U.S., on up to $25,000 in combined spending during the first six months of card membership. That’s equivalent to a 20% return (based on TPG valuations) at restaurants, which is hard to beat.
Of course, the card is jam-packed with benefits like airport lounge access, hotel elite status and more. These benefits can make your post-pandemic travel experience smoother and more luxurious than ever before — especially with the most recent additions. The card has a $695 annual fee (see rates and fees). Enrollment is required for select benefits.
For more details, check out our full review of the Amex Platinum card.
American Express® Gold Card
One of the most popular cards for TPG staffers during the pandemic, the Amex Gold offers 60,000 Membership Rewards points after spending $4,000 on eligible purchases on your new card within the first six months of card membership. This bonus is worth $1,200 based on our valuations, but be sure to check the CardMatch Tool to see if you’re targeted for an even higher offer (subject to change at any time).
The card is also great for many everyday purchases. You’ll earn 4x points at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1x) and 4x points on dining at restaurants. The card has a $250 annual fee (see rates and fees).
For more details, check out our full review of the Amex Gold card.
The Business Platinum Card® from American Express
The Business Platinum card also offers 100,000 Membership Rewards points after you spend $15,000 on eligible purchases with your card in the first three months of card membership.
The card also provides a slew of additional perks similar to (but slightly different from) the personal version — you can compare the two cards in this guide to see which one would be a better fit for your wallet.
For more details, check out our full review of the Amex Business Platinum card.
Citi Premier® Card
The Citi Premier card is an excellent choice for frequent travelers, road trippers and foodies alike. The card earns 3 Citi ThankYou points per dollar spent at restaurants, supermarkets, gas stations, on air travel and hotels. You can transfer these points to top-notch transfer partners like Avianca LifeMiles, Turkish Airlines Miles & Smiles and others.
The card is currently offering its best-ever welcome bonus of 80,000 ThankYou Points after you spend $4,000 in purchases within the first three months of account opening.
For more details, check out our full review of the Citi Premier card.
Related: 4 reasons the Citi Premier Card should be on your short list
Airline credit cards
Airline credit cards let you earn airline miles and give you perks with their respective airlines, like free checked bags. If you’re a Delta loyalist, you might want to consider one of its cobranded cards to earn bonus SkyMiles and take advantage of added perks.
- Delta SkyMiles® Gold American Express Card: Earn 70,000 bonus miles after you spend $2,000 in purchases on your new card in your first three months card membership. Offer ends 11/10/2021
- Delta SkyMiles® Platinum American Express Card: Earn 90,000 bonus miles and 10,000 Medallion® Qualification Miles (MQMs) after you spend $3,000 in purchases on your new card in your first three months of card membership. Offer ends 11/10/2021
- Delta SkyMiles® Reserve American Express Card: Earn 80,000 bonus miles and 20,000 Medallion® Qualification Miles (MQMs) after you spend $5,000 in purchases on your new card in your first three months of card membership. Offer ends 11/10/2021
- Delta SkyMiles® Gold Business American Express Card: Earn 70,000 bonus miles, and a $50 statement credit after spending $2,000 in purchases the first three months of card membership. Offer ends 11/10/2021.
- Delta SkyMiles® Platinum Business American Express Card: Earn 90,000 bonus miles, 10,000 Medallion® Qualification Miles (MQMs), and a $100 statement credit after spending $3,000 in purchases in the first three months of card membership. Offer ends 11/10/21.
- Delta SkyMiles® Reserve Business American Express Card: Earn 80,000 bonus miles, 20,000 Medallion® Qualification Miles (MQMs), and a $200 statement credit after spending $5,000 on purchases in the first three months of card membership. Offer ends 11/10/21.
Hotel credit cards
Several hotel credit card welcome bonuses provide a simple way to boost your point balances. Marriott is currently offering heightened welcome bonuses on its cobranded credit cards, including:
- Marriott Bonvoy Bold Credit Card: Earn 60,000 bonus points after you spend $2,000 on purchases in the first three months from account opening.
- Marriott Bonvoy Boundless Credit Card: Earn 125,000 bonus points + 1 free night (valued up to 50,000 points) after you spend $5,000 in the first three months from account opening (total of up to 175,000 bonus points).
- Marriott Bonvoy Brilliant™ American Express® Card: Earn 150,000 Marriott Bonvoy bonus points and a bonus free night award (redemption level worth up to 85,000 Marriott points) after you use your new card to make $5,000 in eligible purchases within the first three months of card membership. Resort fees may apply. Offer expires 11/3/2021.
- Marriott Bonvoy Business™ American Express® Card: Earn 125,000 Marriott bonus points & two bonus free night awards (each worth up to 50,000 points) after you use your new card to make $5,000 in eligible purchases within the first three months of card membership. Certain hotels have resort fees. Offer ends 11/3/21.
Other hotel credit cards to consider include:
- IHG Rewards Club Premier Credit Card: Earn 150,000 bonus points after spending $3,000 on purchases within the first three months of account opening.
- Hilton Honors American Express Card: Earn 80,000 Hilton Honors bonus points after you spend $1,000 in purchases on the card in the first three months of card membership. Plus, you can earn an additional 50,000 Hilton Honors bonus points after you spend a total of $5,000 in purchases on the card in the first six months.
- Hilton Honors American Express Surpass® Card: Earn 130,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Hilton Honors American Express Surpass Card in the first three months of card membership. Plus, you can earn an additional 50,000 Hilton Honors Bonus Points after you spend a total of $10,000 in purchases on the card in the first 6 months.
- Hilton Honors American Express Aspire Card: Earn 150,000 bonus points after you spend $4,000 in purchases on the card within your first three months of card membership.
- The Hilton Honors American Express Business Card: Earn up to 180,000 Hilton Honors Bonus Points. Earn 130,000 Bonus Points after you spend $2,000 in purchases on the Hilton Honors Business Card in the first three months of card membership. Plus, you can earn an additional 50,000 Hilton Honors Bonus Points after you spend a total of $10,000 in purchases on the card in the first six months.
The information for the Hilton Aspire Amex Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
All of these new offers put you in a great position to earn a ton of bonus points or miles as you get ready to travel again, and there may be more to come. If you haven’t already, be sure to sign-up for our daily newsletter. You can also bookmark our coronavirus hub page for up-to-date information on the pandemic and its impact on the travel industry.
Related: Beginner’s Guide to Award Searches on ExpertFlyer
The future: New methodology
As the travel industry continues to rebound from the coronavirus outbreak, our team is already diving into the data in greater depth for all airline and hotel programs. Expect future adjustments to our valuations for several popular currencies in the coming months as the variables shift for the programs — and TPG rolls out even more data-backed ways to get at exactly what your points and miles are worth.
For rates and fees of the Amex Gold card, click here.
For rates and fees of the Amex Platinum card, click here.
For rates and fees of the Amex Business Platinum card, click here.
Featured illustration by The Points Guy
This is The Points Guy’s permanent page for the most up-to-date valuations, so you can bookmark it and check back each month for updates.