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 the value of credit card points, there have been some minor changes. American Express continues to offer very valuable point transfer bonuses, including an outstanding  (now expired) 40% bonus for transfers to Virgin Atlantic, which is now part of the SkyTeam Alliance. However, many of Amex’s top transfer partners have experienced serious devaluations, including Flying Blue, British Airways, Turkish and Choice hotels. Thankfully, the merger of Alaska and Hawaiian now allows you to access award flights on Alaska and their numerous partners by transferring your rewards to Hawaiian Airlines, and combining them with Alaska miles. For these reasons, the valuation of American Express Membership Rewards points have been reduced incrementally. from 1.9 cents to 1.8 cents each. 

The other major credit card rewards programs haven’t added or removed any major partners, and are all suffering from the devaluation of many of the same airline partners. But the rating on Chase Ultimate Rewards switches from a Hold to a Buy because its top three partners, Hyatt, United and Southwest haven’t significantly devalued recently, and aren’t featured by its other credit card rewards programs. By holding its value in a field where others are losing value, it now makes more sense than ever to focus on earning Chase Ultimate Rewards points. 

Airlines

The airlines seem to have gotten the message that they can’t continuously devalue their programs without  incurring the ire of their frequent travelers, especially as business travel still hasn’t recovered to pre-pandemic levels. The biggest changes came to Southwest, but it only affects its in-flight services, as it announced major changes to its business model, coming in late 2025 and early 2026. The changes will include assigned seats, an extra legroom section and international partners. However, it’s too early to tell how this will affect the value of the Southwest Rapid Rewards program.

Hotels

With hotels, devaluations are happening at a slow, but steady pace as companies like Hyatt continue to reclassify their properties into higher categories. That was enough to downgrade their points value from 1.8 to 1.7 cents each. Others like Hilton, IHG  and Marriott held their values, albeit at lower levels than Hyatt. But while their points are worth less than Hyatt’s, they are far easier to acquire, making the differences much more nuanced than they might appear. 

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® Apply Now Rates and Fees	100,000Chase Ultimate Rewards Points More Info Earn 100,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $2,300 (100,000 Chase Ultimate Rewards Points * 0.023 base)	$95	1x- 5xPoints More Info Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.	Apply Now Rates and Fees
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 on hotels, 4X points on airlines, 3X points on other travel and restaurants, and 1X points on other purchases.	Apply Now Rates & Fees
Southwest Rapid Rewards® Plus Credit Card Apply Now Rates and Fees	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: $700 (50,000 Southwest Rapid Rewards Points * 0.014 base)	$69	1x - 2xPoints More Info Receive 3,000 anniversary points each year. Enjoy benefits including 2X points on local transit and commuting, including rideshare, 2X points on internet, cable, and phone services; select streaming, 2 EarlyBird Check-In® each year, 10,000 Companion Pass® qualifying points boost each year, and more.	Apply Now Rates and Fees
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: $1,080 (60,000 Citi ThankYou® Points * 0.018 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 Rates and Fees	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: $700 (50,000 Southwest Rapid Rewards Points * 0.014 base)	$69	1x - 2xPoints More Info Receive 3,000 anniversary points each year. Enjoy benefits including 2X points on local transit and commuting, including rideshare, 2X points on internet, cable, and phone services; select streaming, 2 EarlyBird Check-In® each year, 10,000 Companion Pass® qualifying points boost each year, and more.	Apply Now Rates and Fees
Southwest Rapid Rewards® Priority Credit Card Apply Now Rates and Fees	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: $700 (50,000 Southwest Rapid Rewards Points * 0.014 base)	$149	1x - 3xPoints More Info Receive 7,500 anniversary points, 4 upgraded boardings per year when available, and a $75 Southwest® travel credit each year. Enjoy benefits including 3X points on Southwest purchases, 2X points on local transit and commuting, including rideshare, 2X points on internet, cable, and phone services; select streaming, 10,000 Companion Pass® qualifying points boost each year, and more.	Apply Now Rates and Fees

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 Rates and Fees	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 Rates and Fees
IHG One Rewards Traveler Credit Card Apply Now Rates and Fees	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 Rates and Fees

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.