What Your Miles And Points Are Worth – Average Valuations Per Currency
It can be difficult to know what your miles and points are worth. Many factors go into a valuation of award program currencies, so we will break down each major program for you. In this way, you can know what your points & miles are worth on average. First, we’ll look at how we determined the values. Next, we’ll move through hotel programs, airline programs, and then the transferrable currencies. For each major program, we’ll look at the range of values and an average to understand what a typical value for those points would be. In this way, you can understand what your points and miles should be worth, giving you a good idea of when it’s better to pay cash vs using your points.
How We Arrived At The Numbers
Rather than an opinion, determining what miles and points are worth should be based on real-life redemption opportunities. For the hotel programs, we compared 5 standard bookings to the points required at those properties. This included low season and high season bookings to find a range. For airlines, we started with dummy bookings for economy, premium economy and business class for each airline program. After comparing 5 of these to the points required for the booking, we got a range of points valuations.
We ended with the transferrable currencies. Once we knew the possibilities for the programs you can use them for, it was easy to know what value can be extracted from these. Thus, the transferrable currencies value range is based on the transfer partner values.
What isn’t included
What isn’t included in this valuation should be noted. We didn’t examine less common loyalty programs, including less popular hotel chains and all cruise programs. We also didn’t include internal points programs for banks when these are not transferrable. These retain a fixed value if they can’t be transferred to an airline, hotel, etc.
What Hotel Points Are Worth
To find the value range for what hotel points are worth, we examined the cost of a standard room against the points required for booking that same room. A range of hotels were considered across award categories, locations, and peak / off-peak seasons. We will tell you the range and then the average of what these points are worth. If your redemption is worth more than this, excellent! If it’s much lower than the average, you’re probably better off paying cash and saving your points.
| Hotel Program | Average Value |
|---|---|
| Best Western | 0.785 cents |
| Choice Privileges | 0.6 cents |
| Hilton Honors | 0.5 cents |
| World of Hyatt | 1.7 cents |
| IHG Rewards | 0.58 cents |
| Marriott Bonvoy | 0.67 cents |
| Radisson Rewards | 0.24 cents |
| Wyndham Rewards | 0.8 cents |
Best Western
The Best Western Rewards program is not discussed often but can hold value, especially with the easy points and status provided by their credit cards. We find Best Western points are worth 0.785 cents per point on average.
Point value range: 0.45-1.6 cents per point
Point value average: 0.785 cents per point
Choice
The Choice Privileges program includes obvious hotels like Quality Inn & Comfort Inn. It also covers some unique partnerships and aspirational bookings. The Choice Privileges Credit Card from Barclays also had an increased offer recently. You can transfer points to Choice Privileges from American Express Membership Rewards, though this will probably devalue the points. You also can transfer from Citi ThankYou Points and Capital One. We find Choice Privileges points are worth 0.6 cents per point on average.
Point value range: 0.26-1.06 cents per point
Point value average: 0.6 cents per point
Hilton
Amassing points with the Hilton Honors program is pretty easy, given the number of personal and business credit cards offered via American Express. It is also possible to earn elite status via status match offers or simply by holding the Hilton Aspire Credit Card. You can transfer points to Hilton Honors from American Express Membership Rewards and can create a family sharing pool for your points. We find Hilton Honors points are worth 0.5 cents per point on average.
Point value range: 0.4-0.65 cents per point
Point value average: 0.5 cents per point
World of Hyatt
The World of Hyatt program is popular in this program, due to the perks offered via the World of Hyatt Credit Card from Chase. Read our review of the card here to learn more about it. You can transfer points to World of Hyatt from Chase Ultimate Rewards, Bilt Rewards, and can share your points with others. We find World of Hyatt points are worth 1.7 cents per point on average.
Point value range: 0.96-2.27 cents per point
Point value average: 1.7 cents per point
IHG
The InterContinental Hotels Group, commonly called IHG, runs the IHG Rewards Club. They offer a pair of credit cards from Chase, including the IHG® Rewards Club Premier Credit Card, which had a best-ever welcome offer recently. You can transfer points from Chase Ultimate Rewards, though this is likely a devaluation of your points, plus transfer 1:1 from Bilt Rewards. We find IHG points are worth 0.58 cents per point on average.
Point value range: 0.46-0.75 cents per point
Point value average: 0.58 cents per point
Marriott
The Marriott Bonvoy program boasts an impressive footprint around the world but also numerous changes that have created whiplash between good and bad in their program. They offer credit cards via Chase and American Express, including cards such as the Marriott Bonvoy Business® American Express® Card and the Chase Marriott Bonvoy Boundless. You can transfer points from both American Express and Chase, though these tend to be devaluations. We find Marriott Bonvoy points are worth 0.67 cents per point on average.
Point value range: 0.35-0.97 cents per point
Point value average: 0.67 cents per point
Radisson
The Radisson Rewards program took over from the Club Carlson program. They no longer offer a business credit card but do offer 2 credit cards via US Bank. These tend to have elevated welcome offers semi-regularly, including a best-ever offer earlier this year. We find Radisson Rewards points are worth 0.24 cents per point on average.
Point value range: 0.2-0.28 cents per point
Point value average: 0.24 cents per point
Wyndham
The Wyndham Rewards program covers a massive range in hotel brands–everything from Wyndham Grand to Super 8 and even Caesars Rewards. There are 3 credit cards available to earn Wyndham Rewards: the Wyndham Rewards Earner, Wyndham Rewards Earner+, and the Wyndham Rewards Earner Business. Wyndham Rewards is a transfer parter of Citi ThankYou Points and Capital One miles. We find Wyndham Rewards points are worth 0.8 cents per point on average.
Point value range: 0.41-1.2 cents per point
Point value average: 0.8 cents per point
Hotel Points Valuation – Summary
Strictly comparing 1 point to 1 point, the highest rating for what hotel points are worth goes to Hyatt. Best Western is 2nd, while Radisson is the lowest. Remember to consider how easy it is to amass points with these programs via welcome offers, ongoing credit card spend, points transfers, etc. when deciding which programs you want to pursue.
What Airline Miles Are Worth
To determine what airline miles are worth, we began with dummy bookings. As most people in this hobby are based in the US, our bookings were based on routes starting from the US. However, we also considered things like premium cabin sweet spots to understand the true range of what is really possible in terms of redemption value.
Our bookings compared economy and business class cabins. A mix of dates, destinations, and times of year provided a range of point values, and then the average was taken from these. It is worth remembering that not all flights are available on all dates, and what your points and miles are worth can be skewed by comparing them to an inflated price on a popular day vs a low price on unpopular dates.
| Airline Program | Average Economy Value | Average Business Value |
|---|---|---|
| Aer Lingus | 3.4 cents | 4.4 cents |
| AeroMexico | 0.8 cents | 0.8 cents |
| Aeroplan / Air Canada | 1.6 cents | 4.1 cents |
| Alaska Airlines | 1.8 cents | 2.1 cents |
| American Airlines | 2.1 cents | 2.2 cents |
| Alitalia | 0.9 cents | 3.2 cents |
| ANA | 1.1 cents | 4.0 cents |
| Avianca LifeMiles | 1.8 cents | 3.2 cents |
| British Airways | 2.1 cents | 7.7 cents |
| Cathay Pacific / Asia Miles | 1.2 cents | 3.1 cents |
| Delta SkyMiles | 1.3 cents | 1.9 cents |
| Emirates Skywards | 1.0 cent | 2.6 cents |
| Etihad Guest | 1.2 cents | 1.7 cents |
| EVA | 0.9 cents | 4.1 cents |
| Finnair | 0.9 cents | 3.2 cents |
| Flying Blue | 1.9 cents | 3.1 cents |
| Garuda Indonesia | 1.3 cents | 1.9 cents |
| Hainan Airlines | 1.3 cents | 1.9 cents |
| Hawaiian Airlines | 0.9 cents | 1.8 cents |
| Iberia | 2.5 cents | 2.5 cents |
| JetBlue | 1.1 cents | 1.0 cents |
| Malaysia Airlines | 0.6 cents | 2.1 cents |
| Qantas | 1.1 cents | 2.3 cents |
| Qatar Airways | 1.1 cents | 5.0 cents |
| Singapore Airlines | 1.7 cents | 4.3 cents |
| Southwest Airlines | 1.4 cents | 1.3 cents |
| Thai Airways | 1.0 cent | 3.4 cents |
| Turkish Airlines | 2.0 cents | 5.7 cents |
| United Airlines | 1.9 cents | 4.0 cents |
| Virgin Atlantic | 1.7 cents | 6.3 cents |
Aer Lingus
The Aer Lingus program uses Avios, which can be transferred / shared with British Airways and Iberia. Aer Lingus is a member of oneworld and is a transfer partner of Chase Ultimate Rewards and American Express Membership Rewards. Additionally, there is the Aer Lingus Visa Signature Card from Chase. We find Aer Lingus Avios are worth 3.4 cents (economy) / 4.4 cents (business) per mile on average.
Economy class point value range: 2.7-4.4 cents per mile
Economy class point value average: 3.4 cents per mile
Business class point value range: 2.2-6.9 cents per mile
Business class point value average: 4.4 cents per mile
AeroMexico
The AeroMexico Club Premier program is a transfer partner of American Express Membership Rewards, Brex, and Capital One. They are a SkyTeam member. We find AeroMexico miles are worth 0.8 cents per mile on average.
Economy class point value range: 0.3-1.1 cents per mile
Economy class point value average: 0.8 cents per mile
Business class point value range: 0.4-1.2 cents per mile
Business class point value average: 0.8 cents per mile
Aeroplan / Air Canada
Air Canada’s Aeroplan program will undergo a massive overhaul next month. There is more information about these big changes in this article. The Aeroplan program is a transfer partner of American Express Membership Rewards, Bilt Rewards, Capital One, Chase Ultimate Rewards, and they are a Star Alliance member. Our calculations are based on current bookings, not the upcoming changes. We find Aeroplan miles are worth 1.6 cents (economy) / 4.1 cents (business) per mile on average.
Economy class point value range: 0.7-2.4 cents per mile
Economy class point value average: 1.6 cents per mile
Business class point value range: 1.6-8.1 cents per mile
Business class point value average: 4.1 cents per mile
Alaska Airlines
Mileage Plan, the award program from Alaska Airlines, has personal and business credit cards issued by Bank of America. Mileage Plan is a transfer partner of Marriott (3:1 transfer ratio). We find Alaska miles are worth 1.8 cents (economy) / 2.1 cents (business) per mile on average.
Economy class point value range: 0.7-2.4 cents per mile
Economy class point value average: 1.8 cents per mile
Business class point value range: 0.8-2.9 cents per mile
Business class point value average: 2.1 cents per mile
American Airlines
AAdvantage, the award program from American Airlines, has multiple co-branded credit cards from Barclays and Citi. AA is a member of oneworld. It is also a transfer partner of Marriott (3:1 transfer ratio) and Bilt Rewards (1:1 transfers). We find AAdvantage miles are worth 2.1 cents (economy) / 2.2 cents (business) per mile on average.
Economy class point value range: 1.2-3.2 cents per mile
Economy class point value average: 2.1 cents per mile
Business class point value range: 1.4-2.8 cents per mile
Business class point value average: 2.2 cents per mile
Alitalia Millemiglia
Millemiglia is the award program from Italy’s Alitalia, a SkyTeam member. Remember that this airline has ceased operations, so be careful with using this partner. It is a transfer partner of American Express Membership Rewards (1:1 transfers) and Marriott Bonvoy (3:1 transfer ratio). We find Millemiglia miles are worth 0.9 cents (economy) / 3.2 cents (business) per mile on average.
Economy class point value range: 0.8-1 cent per mile
Economy class point value average: 0.9 cents per mile
Business class point value range: 2.4-4.5 cents per mile
Business class point value average: 3.2 cents per mile
ANA (All Nippon Airways)
The ANA Mileage Club program requires round-trip bookings for awards, which is important to know. It is a transfer partner of American Express Membership Rewards, and they are a Star Alliance member. We find ANA miles are worth 1.1 cents (economy) / 4 cents (business) per mile on average.
Economy class point value range: 0.9-2.5 cents per mile
Economy class point value average: 1.1 cents per mile
Business class point value range: 2.3-10.6 cents per mile
Business class point value average: 4 cents per mile
Avianca LifeMiles
The Avianca LifeMiles program is a transfer partner of American Express Membership Rewards, Brex, Citi ThankYou Points and Capital One at 1:1 transfers, plus 3:1 from Marriott Bonvoy. Avianca is a Star Alliance member. They also have co-branded credit cards from Banco Popular. We find LifeMiles are worth 1.8 cents (economy) / 3.2 cents (business) per mile on average.
Economy class point value range: 0.6-3.3 cents per mile
Economy class point value average: 1.8 cents per mile
Business class point value range: 1.3-6 cents per mile
Business class point value average: 3.2 cents per mile
British Airways
Executive Club from British Airways is a transfer partner of Chase Ultimate Rewards and American Express Membership Rewards. Marriott Bonvoy transfers are possible, as well, at 3:1. Chase also offers the British Airways Visa, and BA is a oneworld member. We find British Airways miles are worth 2.1 cents (economy) / 7.7 cents (business) per mile on average.
Economy class point value range: 0.6-4.4 cents per mile
Economy class point value average: 2.1 cents per mile
Business class point value range: 1-23.7 cents per mile
Business class point value average: 7.7 cents per mile
Cathay Pacific / Asia Miles
Asia Miles is the award program from Cathay Pacific, a oneworld member. It is a transfer partner of American Express Membership Rewards, Brex, Capital One, and Citi ThankYou Points. There are also transfers at 3:1 from Marriott Bonvoy. We find Asia Miles are worth 1.2 cents (economy) / 3.1 cents (business) per mile on average.
Economy class point value range: 0.3-1.6 cents per mile
Economy class point value average: 1.2 cents per mile
Business class point value range: 1.7-4.7 cents per mile
Business class point value average: 3.1 cents per mile
Delta SkyMiles
SkyMiles from Delta has numerous credit cards from American Express, such as the Delta Platinum Card. Delta is a SkyTeam member and is a transfer partner of American Express Membership Rewards. There are also 3:1 transfers from Marriott Bonvoy. We find Delta SkyMiles are worth 1.3 cents (economy) / 1.9 cents (business) per mile on average.
Economy class point value range: 1-1.7 cents per mile
Economy class point value average: 1.3 cents per mile
Business class point value range: 0.9-4.7 cents per mile
Business class point value average: 1.9 cents per mile
Emirates Skywards
The Emirates Skywards program includes numerous partners and is not a full member of any alliance. Because of their varied partnerships, points valuations are extremely varied. Skywards is a transfer partner of American Express Membership Rewards, Bilt Rewards, Chase Ultimate Rewards, Capital One, and Citi ThankYou Points. You can transfer from Marriott Bonvoy at 3:1 also. We find Skywards miles are worth 1 cent (economy) / 2.6 cents (business) per mile on average.
Economy class point value range: 0.4-1.7 cents per mile
Economy class point value average: 1 cent per mile
Business class point value range: 1.2-4.4 cents per mile
Business class point value average: 2.6 cents per mile
Etihad Guest
Another program with various non-alliance partnerships is Etihad Guest. Because of their varied partnerships, points valuations are extremely varied. Etihad Guest is a transfer partner of American Express Membership Rewards, Citi ThankYou Points, and Capital One. You can transfer from Marriott Bonvoy at 3:1 also. We find Etihad Guest miles are worth 1.2 cents (economy) / 1.7 cents (business) per mile on average.
Economy class point value range: 0.7-1.8 cents per mile
Economy class point value average: 1.2 cents per mile
Business class point value range: 0.5-3.2 cents per mile
Business class point value average: 1.7 cents per mile
EVA Infinity MileageLands
Taiwan’s EVA Air offers the Infinity MileageLands program and is a member of Star Alliance. Infinity MileageLands is a transfer partner of Citi ThankYou Points and Capital One. We find Etihad Guest miles are worth 0.9 cents (economy) / 4.1 cents (business) per mile on average.
Economy class point value range: 0.7-1.2 cents per mile
Economy class point value average: 0.9 cents per mile
Business class point value range: 1.1-8 cents per mile
Business class point value average: 4.1 cents per mile
Finnair
The Finnair Plus program is a member of oneworld. It is a transfer partner of Capital One. We find Finnair Plus miles are worth 0.9 cents (economy) / 3.2 cents (business) per mile on average.
Economy class point value range: 0.7-1 cent per mile
Economy class point value average: 0.9 cents per mile
Business class point value range: 1.2.-7.1 cents per mile
Business class point value average: 3.2 cents per mile
Flying Blue – Air France & KLM
The Flying Blue program is operated by SkyTeam members Air France & KLM. It is a transfer partner of is transfer partner of Chase Ultimate Rewards, American Express Membership Rewards, Bilt Rewards, Brex, Capital One, and Citi ThankYou Points. We find Flying Blue miles are worth 1.9 cents (economy) / 3.1 cents (business) per mile on average.
Economy class point value range: 0.5-4.3 cents per mile
Economy class point value average: 1.9 cents per mile
Business class point value range: 0.8-6.2 cents per mile
Business class point value average: 3.1 cents per mile
Garuda Indonesia
SkyTeam member Garuda Indonesia has the Garuda Miles award program. It is a transfer partner of is transfer partner of Citi ThankYou Points. We find Garuda Miles are worth 1.3 cents (economy) / 1.9 cents (business) per mile on average.
Economy class point value range: 0.4-2.6 cents per mile
Economy class point value average: 1.3 cents per mile
Business class point value range: 0.6-3.1 cents per mile
Business class point value average: 1.9 cents per mile
Hainan Airlines
China’s Hainan Airlines is not a member of any alliance. Its Fortune Wings program allows for redemptions on numerous different partners, which creates a wide range in points & miles values. Fortune Wings is a transfer partner of Marriott Bonvoy at 3:1. We find Garuda Miles are worth 1.3 cents (economy) / 1.9 cents (business) per mile on average.
Economy class point value range: 0.4-2.6 cents per mile
Economy class point value average: 1.3 cents per mile
Business class point value range: 0.6-3.1 cents per mile
Business class point value average: 1.9 cents per mile
Hawaiian Airlines
Another airline that is not an alliance member is Hawaiian Airlines, which offers inter-island flights, flights from Hawaii to other destinations, and flights on a handful of partners. Hawaiian Miles is a transfer partner of American Express Membership Rewards, Bilt Rewards, and 3:1 from Marriott Bonvoy. Barclays also offers the Hawaiian Airlines World Elite Mastercard. We find Hawaiian Miles are worth 0.9 cents (economy) / 1.8 cents (business) per mile on average.
Economy class point value range: 0.4-1.3 cents per mile
Economy class point value average: 0.9 cents per mile
Business class point value range: 0.8-2.8 cents per mile
Business class point value average: 1.8 cents per mile
Iberia
Spain’s Iberia is a member of oneworld and is transfer partner of Chase Ultimate Rewards and American Express Membership Rewards, plus 3:1 transfers from Marriott Bonvoy. Additionally, there is the Iberia Visa Signature Card from Chase. We find Iberia Avios are worth 2.5 cents per mile on average.
Economy class point value range: 1.1-4.2 cents per mile
Economy class point value average: 2.5 cents per mile
Business class point value range: 0.8-2.8 cents per mile
Business class point value average: 2.5 cents per mile
JetBlue
JetBlue’s TrueBlue is not an alliance member but does have airline partners. is a member of oneworld and is transfer partner of Chase Ultimate Rewards, American Express Membership Rewards, and Citi ThankYou Points. They also have transfers at 6:1 from Marriott Bonvoy. Barclays also offers both personal and business credit cards for JetBlue. We find TrueBlue miles are worth 1.1 cents (economy) / 1 cents (business) per mile on average. The average value of economy bookings has a higher return than business class for this program.
Economy class point value range: 1.1-1.4 cents per mile
Economy class point value average: 1.1 cents per mile
Business class point value range: 1-1.1 cents per mile
Business class point value average: 1 cent per mile
Malaysia Airlines
Oneworld member Malaysia Airlines offers the Enrich Miles program. It is a transfer partner of Citi ThankYou Points. We find Enrich Miles are worth 0.6 cents (economy) / 2.1 cents (business) per mile on average.
Economy class point value range: 0.4-0.9 cents per mile
Economy class point value average: 0.6 cents per mile
Business class point value range: 0.5-4.1 cents per mile
Business class point value average: 2.1 cents per mile
Qantas
Australia’s Qantas is a member of oneworld. Qantas Frequent Flyer is transfer partner of Brex, Citi ThankYou Points, and Capital One, plus Marriott Bonvoy at 3:1. We find Qantas miles are worth 1.1 cents (economy) / 2.3 cents (business) per mile on average.
Economy class point value range: 0.6-2 cents per mile
Economy class point value average: 1.1 cents per mile
Business class point value range: 1-7.2 cents per mile
Business class point value average: 2.3 cents per mile
Qatar Airways
Oneworld member Qatar Airways has the Privilege Club program. It is a transfer partner of Citi ThankYou Points and Marriott Bonvoy (at 3:1). We find Privilege Club miles are worth 1.1 cents (economy) / 5 cents (business) per mile on average.
Economy class point value range: 0.8-1.5 cents per mile
Economy class point value average: 1.1 cents per mile
Business class point value range: 4.7-5.5 cents per mile
Business class point value average: 5 cents per mile
Singapore Airlines
Star Alliance member Singapore Airlines operates the KrisFlyer program. It is a transfer partner of Brex, Chase Ultimate Rewards, American Express Membership Rewards, Citi ThankYou Points, and Capital One, plus Marriott Bonvoy transfers at 3:1. We find KrisFlyer miles are worth 1.7 cents (economy) / 4.3 cents (business) per mile on average.
Economy class point value range: 1-5.6 cents per mile
Economy class point value average: 1.7 cents per mile
Business class point value range: 1.6-13.1 cents per mile
Business class point value average: 4.3 cents per mile
Southwest Airlines
Rapid Rewards from Southwest Airlines is not a member of any alliance. It is famous for its Companion Pass earned from signing up for a business SW card and a personal card like the Southwest Rapid Rewards Premier Credit Card from Chase. It is a transfer partner of Chase Ultimate Rewards and Marriott Bonvoy (though only at 3:1). We find Rapid Rewards miles are worth 1.4 cents (economy) / 1.3 cents (business) per mile on average. Our bookings found economy points values higher than business class values.
Economy class point value range: 1.3-1.4 cents per mile
Economy class point value average: 1.4 cents per mile
Business class point value range: 1.3-1.4 cents per mile
Business class point value average: 1.3 cents per mile
Thai Airways
Star Alliance member Thai Airways has the Royal Orchid Plus program. It is a transfer partner of Citi ThankYou Points (1:1) and Marriott Bonvoy (3:1). We find Thai Airways miles are worth 1 cent (economy) / 3.4 cents (business) per mile on average. Our bookings found economy points values higher than business class values.
Economy class point value range: 0.6-1.5 cents per mile
Economy class point value average: 1 cent per mile
Business class point value range: 2.5-4.3 cents per mile
Business class point value average: 3.4 cents per mile
Turkish Airlines
Star Alliance member Turkish Airlines has the Miles & Smiles program. It is a transfer partner of Bilt Rewards, Citi ThankYou Points, and a 3:1 transfer partner of Marriott Bonvoy. We find Turkish Airlines miles are worth 2 cents (economy) / 5.7 cents (business) per mile on average. Our bookings found economy points values higher than business class values.
Economy class point value range: 0.7-3.4 cents per mile
Economy class point value average: 2 cents per mile
Business class point value range: 2.8-8.5 cents per mile
Business class point value average: 5.7 cents per mile
United Airlines
MileagePlus from United Airlines is a Star Alliance member. It is a transfer partner of Chase Ultimate Rewards, plus 3:1 transfers from Marriott Bonvoy. United also offers numerous personal and business credit cards, such as the new United Gateway Card. We find United Airlines miles are worth 1.9 cents (economy) / 4 cents (business) per mile on average. Our bookings found economy points values higher than business class values.
Economy class point value range: 1.2-3.3 cents per mile
Economy class point value average: 1.9 cents per mile
Business class point value range: 1.7-5.2 cents per mile
Business class point value average: 4 cents per mile
Virgin Atlantic
Flying Club from Virgin Atlantic has multiple partners but is not a member of an alliance. It is a transfer partner of Chase Ultimate Rewards, Bilt Rewards, and Citi ThankYou Points at 1:1 transfers, plus 3:1 from Marriott Bonvoy. We find Virgin Atlantic miles are worth 1.7 cents (economy) / 6.3 cents (business) per mile on average. Our bookings found economy points values higher than business class values.
Economy class point value range: 1.1-8.8 cents per mile
Economy class point value average: 1.7 cents per mile
Business class point value range: 1.6-10.9 cents per mile
Business class point value average: 6.3 cents per mile
What Airline Miles Are Worth – Summary
Some of these numbers can look like they offer incredible value, but 2 things should be kept in mind. First, these are averages built from a range of test bookings. Values can go up and down as availability is/isn’t found and travel plans are shifted. You may not always achieve these values; on the other hand, you may exceed them on your next booking. Second, values are over-inflated when airlines over-price their flights. A perfect example is the 10.9 cents per mile value on using Virgin Atlantic miles to book a Virgin Atlantic flight. That flight costs 2-3 times what other competitors are charging on the same route on the same day. Are my miles really more valuable just because they over-estimate/over-charge on the flight? These things to keep in mind when it’s time to actually use your miles and points.
What Transferrable Currencies Are Worth
As stated above, once we know what miles and points are worth in the individual programs, this was the basis for transferrable currency values. “Transferrable currencies” refers to points programs in which you can transfer them to numerous other programs. You can find the master list here of all transferrable programs and their partners. The value of each of these programs is based on the range and the average value of the programs they can be transferred to for redemptions of hotels or flights.
| Points Program | Average Value |
|---|---|
| American Express Membership Rewards | 0.5-7.7 cents per point |
| Capital One | 0.8-5 cents per point |
| Chase Ultimate Rewards | 0.58-7.7 cents per point |
| Citi ThankYou Points | 0.6-6.3 cents per point |
American Express Membership Rewards
Another popular currency, Membership Rewards can be used for numerous airline and hotel programs. They often have transfer bonuses, as well, which add extra value.
Point value range: 0.5-7.7 cents per point
Point value average: 2.4 cents per point
Capital One
What Capital One points are worth is based off the redemption value of the miles and points programs they can be transferred to for use. The full list of transfer partners helps us determine the range and average value for using Capital One points. Capital One points can be earned from their various credit cards, such as Capital One Venture Rewards and the Capital One Spark Miles Business Credit Card.
Point value range: 0.4-5 cents per point
Point value average: 2.2 cents per point
Chase Ultimate Rewards
The currency most people start with in this hobby, Chase Ultimate Rewards can be used for numerous airline and hotel programs, as well as things like “Pay Yourself Back“. Taking these into consideration tells us what the UR points are worth based on the miles and points redemptions available.
Point value range: 0.58-7.7 cents per point
Point value average: 2.9 cents per point
Citi ThankYou Points
You can earn ThankYou Points from a variety of Citi credit cards, such as the Citi Prestige or Citi Premier. It is also possible to change personal credit cards from Citi into a totally different card, which you can learn about here. From the various transfer partner options, here are the redemption values for ThankYou Points.
Point value range: 0.6-6.3 cents per point
Point value average: 2.6 cents per point
What Are Miles & Points Worth? Final Thoughts
We hope this breakdown of what miles and points are worth is useful. Let’s break down what we learned. First, we looked at the various programs you can transfer your points and miles to, and then we looked at a range and average of redemption values in these programs. From that base, we determined a range and average value for the points programs themselves, since we know what we can use them for on average.
Remember that your experiences can vary. If you redeem for a flight that’s really expensive, your “cents per point” value on what your points and miles are worth will be much higher. If the flight goes on sale, the redemption value is deflated. When you should and shouldn’t use your points and miles is a personal decision, not only based on what they’re worth and the redemption value but also what you are and aren’t willing to pay for in cash. We hope this can be a guide to knowing the typical value of what points and miles are worth, so you can get a base value for what to expect in your redemptions.
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[…] The King Bed room cash rate was $410 for the Saturday night that we stayed. The award rate was only 20,000 points which meant that each point was worth just over 2 cents each. That’s better than the 1.7 cents average value that Miles To Memories says you should get for Hyatt points. […]
Recheck the end of the Wyndham paragraph. Copy paste gotcha again.
Updated – Thanks
Always love these posts. One of the most difficult decisions we all have is deciding whether to pay cash or points for specific hotel or airline bookings. While that choice may sometimes rest on price or cash flow (eg I would never pay $5k for a biz class flight or $1k per night for a room) I will always calculate the value of the points to see if I am getting a good deal. For hotels you also have to consider resort fees, points and high taxes which are often avoided on award bookings.
Wyndham is missing
I find the BA miles to be drastically inflated, especially when you consider the huge taxes and fees.
We talk about it in the podcast. That it seems that BA overprices their flights which inflates the price of their bookings. This is more meant as a guideline offering a range of where the valuations can fall. You then can check your redemptions against it to see where on the spectrum it is falling. Is it near the bottom end or towards the top end etc.
Nevsky, I’m with you. As with most airlines, the valuation will be route-dependent. And, as Mark said, each person has to do one’s own calculation. Typically, irrespective of the program, my target is 3.5 cents per point or better.
If one is talking about the most likely BA routes between the US and UK, I think 2 to 3 cents per point in business class might be achieved. If one is talking about intra-Europe, it will be less than 2 cents. If one is talking about LHR to an exotic destination, one has a chance at a real score. Another consideration is whether the calculation is done based on skewed prices on one-way fares.
A very nice piece. I do think that there are some considerations worth mentioning though. First off, the global pandemic has skewed redemption values to differing degrees. Some programs have lowered award prices to align with lower cash prices while others price awards at business-as-usual rates. This makes for a particularly tough landscape for valuing programs. Another thing to consider is what specific samples were used to generate these values. In my world, Virgin miles are in no way worth three times Alaska miles. Just for fun, I just checked the price for a one way in business class JFK-HKG on Cathay and it’s $5,000. Since the award costs 50,000 miles, that’s ten cents a mile. We all want to maximize our points and miles, so I think that using some of the more realistic high value redemptions might better reflect actual value. I generally only try to redeem Radisson points at half a cent each or better for stays in Europe. Anyway, well done. I just think it’s more of an advanced tool than for newcomers.
Thanks Christian. We will be updating it semi annually so it will adjust as things change with the pandemic and travel etc. I will have Ryan answer the specifics on the routes etc. he used since he did all of the booking legwork.
Christian – I agree. It’s super complex. This is actually something Mark and I talked about when working on the dummy bookings. Virgin Atlantic (as well as BA) is a great example, because of the fees/taxes associated with UK flights, plus the prices they charge. Do I really believe a Virgin Atlantic biz class flight is worth 2-3x the price of another airline on the same route? Not really. However, that skews the cpp BIG TIME. It could come down to overvaluing/overcharging the price in the first place, as you pointed out. I think that is why the Virgin miles values came out so high, which shocked me. I think it’s just an inflated value from them overcharging for their products, not really “extreme value”. Also, for Alaska, I think the values were driven down because of domestic redemptions on Alaska’s own metal. Using miles for a $400 domestic biz class booking isn’t really a great redemption–you and I both would avoid that 99% of the time. However, when considering the spectrum of Alaska bookings I can make with miles, it’s part of the whole picture. You’re right, it’s super complex. I was surprised by some of the numbers we saw when working through these, because what I try to get out of my miles didn’t always match. Emotionally (detached from the pure science of the numbers from the bookings) I think I will still demand better than these on some of my bookings, and I think that’s the sentiment of your comment also. Certain programs, I save my miles for certain things–AS won’t be used for a domestic booking on AS metal but for more extreme valuations, just like you pointed out. And the value of that and VS get skewed by redemption-vs-cash ratios on both of those–one because of over-inflating a price, one because of a cheap cash price devaluing the redemption.
Interesting article and well thought out. You value Hilton and Marriott a little lower than I do but IHG higher. You also value airline and transferable currencies higher than I do (I’m lazy and use TPG values). May need to upgrade my values (will keep my Hilton at .06 and Marriott at .08) since if I don’t get value for using points/miles I just pay for the hotel or flight and this would raise the bar for me to get better value
Thanks AA. Everyone will have their own valuations for sure and should make their decisions based on their booking trends and personal experience. I am glad the article has you reconsidering some things, that was one of our main reasons for doing it :).
Bingo. Getting everyone to think a litter deeper about their game. Asking “what if . . .”
Recheck your Radison paragraphm, copy & paste got ya. 🙂
Updated – thanks Mike