What Are Points and Miles Worth this Spring?

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Airline miles and hotel points can be extremely valuable for travelers. If you collect frequent flyer miles or hotel rewards, it’s important to know the value of each company’s rewards. Airline and hotel rewards have different values, and knowing those values will help you to choose the best credit cards for your needs. Knowing your rewards' value can also help you figure out the best time to redeem them, transfer them or if you should pay cash now and save your points and miles for another time.

The value of rewards can change from time to time, and below we dive into our valuations for some of the most popular points and miles programs around.

What Are Points and Miles Worth?

What's New This Season?

Credit Cards

When it comes to credit cards, the Bilt Card 2.0 continues to be the big story. While the updated suite of cards launched to great fanfare, the incredible complexity of its rewards program, which changed repeatedly following the initial launch, has staggered credit card and travel rewards experts. Furthermore, reported difficulties with paying rent and mortgages have caused further issues for this program. Based on recent events, I'm keeping the valuation high, but the Buy/Sell recommendation remains on hold. Even though its transferable points are among the most valuable offered (and it added Wyndham Rewards as a transfer partner), its hard to overlook the challenges this program has faced since launch.

American Express currently doesn’t have any transfer bonuses, and is losing the ability to transfer points to Etihad Guest miles at the end of June, so it remains with a Hold recommendation as well. Chase has a great 20% transfer bonus to Air Canada Aeroplan in April, but that doesn’t move the needle by itself.  It also offers a 70% transfer bonus to IHG, but few would consider even that a reason to transfer points to a relatively low-value currency. Nevertheless, Chase Sapphire Reserve® Card cardholders continue to enjoy receiving two cents per point in value for airline and hotel reservations that are part of the Chase Travel^SM Points Boost program. And when you consider that airline tickets booked through Chase Travel will also earn miles, it all adds up to a great deal. 

Airlines

It’s getting very hard to find low-priced award space, but the shining example is Alaska, which frequently offers flights on its partner American for as little as 4,500 miles in economy and 9,000 in first class. These awards are so plentiful, that I’ve upgraded the value of Alaska MIleagePlan points.

Southwest has implemented its assigned seating, which went fairly smoothly. But otherwise the value of its fixed priced awards hasn’t changed at all. 

United just implemented several new initiatives to encourage passengers to become cardholders, including offering 10% off of its awards for cardholders, and 15% off if you are both a cardholder and a Premier member. It also promises cardholders increased access to business class awards at saver prices. This was enough to increase the value of its miles. Delta and American made no significant changes recently. 

Hotels

Hyatt announced a big change: starting in May the hotel chain which will change its pricing from a 3-tiered system to 5-tiered system. This creates what is essentially a dynamic pricing system (although Hyatt denies it). Fans of the World of Hyatt program are apoplectic, as the cost of award night stays is set to rise dramatically. At least we have some chance to take advantage of the old chart before the new system starts up. If you have any Hyatt stays scheduled for the next year, book them now!

The other featured brands had no major changes.

Reading the Points Valuation Chart

The value of each point or mile is based on an average or typical redemption value, and I’ve evaluated the top airline, hotel and credit card rewards programs. These valuations take into account any taxes or fees you might pay.

For example, a hotel may initially quote you a price of $200 a night, or 10,000 points, making it appear as if you’re getting 2.0 cents in value per point redeemed. But if paying in cash requires another $100 in taxes and resort fees which aren’t imposed on award bookings, you’re actually receiving 3.0 cents in value per point redeemed. Point valuations are also shown for the previous month, so you can learn if there's been a recent change.

But the current value of a point or mile doesn’t tell the whole story. Because people choose to participate in a program, and possibly apply for a credit card based on the future of a program, I’ve also included my evaluation of its prospects. And like a stock recommendation, I’ve used the simple labels of Buy, Sell and Hold:

• A Buy recommendation: This program has been trending upward and is becoming increasingly more valuable compared to its competitors.
• A Hold recommendation: There’s been few significant changes to it recently.
• A Sell recommendation: I've seen devaluation and other negative changes to their terms and conditions.

Finally, I’ve included notes on each program that shine some light on the factors that lead me to arrive at each value.

Complexity of Determining Rewards Points Value

When you exchange currencies, you can look up the value of each, down to the smallest fraction of a penny. But when it comes to airline miles and hotel points, there’s rarely a fixed value. Instead, the value of your points and miles will reflect the ever-changing value of whatever you can redeem them for.

Sometimes, these programs can offer fantastic deals, such as luxury hotel stays or business class flight that offers you several cents in value per point or mile redeemed. But other options could require redeeming several points or miles for every penny you receive in value.

Methodology: What Are Points and Miles Worth?

One way to come up with values is to shop for flights and hotels, and simply divide the number of points or miles by the cost. This sounds objective, but it would really just be based on which awards were chosen.

So while I look at the value of multiple redemptions, it's also necessary to incorporate my judgment and experience. I’ve been collecting credit card rewards and airline miles since I was a teenager in the 1980s (yes, I’m that old), and I’ve been studying the field and writing about it professionally since 2008. Over this time, I estimate I’ve earned and spent over 10 million points and miles. I’ve also booked hundreds of award flights and hotel stays on behalf of myself, my family and friends.

Southwest Companion Pass Value

The Companion Pass® from Southwest is one of the best deals you can find when it comes to travel perks, assuming you don't have to spend a fortune to acquire it. From time to time, Southwest offers this perk as part of the sign-up bonus for new card members. To put a dollar value on it is tricky, because it really comes down to how much you use it and where you fly.

To make it simple, we looked at the average price of domestic roundtrip flights in the US (~$300 in September 2023, according to Consumer Price Index data) and made the assumption that people will use it at least two times. That puts the value of the Southwest Companion Pass at $600. However, it can easily be worth thousands if you fly with a partner frequently while you have it.

Travel Credit Card Offers

A popular way rewards travel aficionados earn large sums of points and miles in a short amount of time is through credit card sign-up bonuses. Essentially, card issuers offer new customers a welcome bonus as an incentive for opening an account. If you're interested in earning rewards that you can put toward travel, here are some options you may want to look into.

Recommended Travel Credit Cards

Credit Card	Intro Bonus	Annual Fee	Rewards Rate	Learn More
Chase Sapphire Preferred® Card Apply Now	75,000Chase Ultimate Rewards Points More Info Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $1,500 (75,000 Chase Ultimate Rewards Points * 0.020 base)	$95	1x- 5xPoints More Info Enjoy benefits such as 5x on travel purchased through Chase TravelSM, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases	Apply Now
Wells Fargo Autograph Journey℠ Card Apply Now Rates & Fees	60,000 More Info Earn 60,000 bonus points when you spend $4,000 in purchases in the first 3 months – that’s $600 toward your next trip.	$95	1x - 5xPoints More Info Earn unlimited 5X points with hotels, 4X points with airlines, 3X points on restaurants and other travel, and 1X points on other purchases.	Apply Now Rates & Fees
Southwest Rapid Rewards® Plus Credit Card Apply Now	50,000Southwest Rapid Rewards Points More Info Earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $600 (50,000 Southwest Rapid Rewards Points * 0.012 base)	$99	1x - 2xPoints More Info Earn 2X points on Southwest Airlines® purchases. Earn 2X points at Gas stations and Grocery stores on first $5,000 in combined purchases per year. Earn 1X points on all other purchases.	Apply Now
Citi Strata Premier® Card Apply Now Rates & Fees	60,000Citi ThankYou® Points More Info Earn 60,000 bonus ThankYou® Points after spending $4,000 in the first 3 months of account opening, redeemable for $600 in gift cards or travel rewards at thankyou.com. Dollar Equivalent: $1,140 (60,000 Citi ThankYou® Points * 0.019 base)	$95	1X-10XPoints More Info 10x on Hotels, Car Rentals, and Attractions booked through CitiTravel.com 3x -- Earn 3 Points per $1 spent on Air Travel and Other Hotel Purchases 3x -- Earn 3 Points per $1 spent on Restaurants 3x -- Earn 3 Points per $1 spent on Supermarkets 3x -- Earn 3 Points per $1 spent on Gas and EV Charging Stations 1x -- Earn 1 Point per $1 spent on All Other Purchases	Apply Now Rates & Fees

Airline Cards

Co-branded airline credit cards offer large sign-up bonuses to new cardholders, in addition to perks like upgraded boardings, free checked bags, discounts on in-flight purchases and more.

Credit Card	Intro Bonus	Annual Fee	Rewards Rate	Learn More
Southwest Rapid Rewards® Plus Credit Card Apply Now	50,000Southwest Rapid Rewards Points More Info Earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $600 (50,000 Southwest Rapid Rewards Points * 0.012 base)	$99	1x - 2xPoints More Info Earn 2X points on Southwest Airlines® purchases. Earn 2X points at Gas stations and Grocery stores on first $5,000 in combined purchases per year. Earn 1X points on all other purchases.	Apply Now
Southwest Rapid Rewards® Priority Credit Card Apply Now	50,000Southwest Rapid Rewards Points More Info Earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $600 (50,000 Southwest Rapid Rewards Points * 0.012 base)	$229	1x - 4xPoints More Info Earn 4X points on Southwest Airlines® purchases. Earn 2X points at gas stations and restaurants. Earn 1X points on all other purchases.	Apply Now

Hotel Cards

In addition to generous welcome bonuses to new cardholders, hotel credit cards offer continuing value to members in the form of late check outs, access to status programs and perks like outsized points earning on purchases made directly with the brand.

Credit Card	Intro Bonus	Annual Fee	Rewards Rate	Learn More
IHG One Rewards Premier Credit Card Apply Now	140,000IHG One Rewards Points More Info Earn 140,000 Bonus Points after spending $3,000 on purchases in the first 3 months from account opening Dollar Equivalent: $840 (140,000 IHG One Rewards Points * 0.006 base)	$99	3x - 26xPoints More Info Earn up to 26 total points per $1 spent when you stay at IHG Hotels & Resorts. Earn 5 points per $1 spent on purchases on travel, at gas stations, and restaurants. Earn 3 points per $1 spent on all other purchases.	Apply Now
IHG One Rewards Traveler Credit Card Apply Now	80,000IHG One Rewards Points More Info Earn 80,000 Bonus Points after spending $2,000 on purchases within the first 3 months of account opening. Dollar Equivalent: $480 (80,000 IHG One Rewards Points * 0.006 base)	$0	2x - 17xPoints More Info Earn up to 17 total points per $1 spent when you stay at IHG Hotels & Resorts. Earn 3 points per $1 spent on purchases on monthly bills, at gas stations, and restaurants. Earn 2 points per $1 spent on all other purchases.	Apply Now

Bottom Line

While it can be a complicated endeavor, understanding how much your rewards points and miles are worth will help you maximize the value you get from your travel redemptions. Plus, if you're interested in applying for a new travel credit card, knowing the value of the rewards program's points or miles will help you decide on the most valuable option.