What are points and miles worth? TPG’s July 2024 monthly valuations
Editor's Note
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 inner workings of the program. 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 | July 2024 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | |
| Bilt Rewards | 2.05 | |
| Capital One | 1.85 | Capital One plans to open a lounge at John F. Kennedy International Airport. |
| Chase Ultimate Rewards | 2.05 | Chase plans to open a Sapphire Lounge at Los Angeles International Airport. |
| Citi ThankYou Rewards | 1.8 | |
| Wells Fargo | 1.6 |
What are airline points and miles worth?
| Program | July 2024 valuation (cents) | Latest news |
|---|---|---|
| Air Canada Aeroplan | 1.5 | |
| Alaska Airlines Mileage Plan | 1.5* | Alaska Airlines adds a seasonal route from Portland, Oregon, to New Orleans. |
| American Airlines AAdvantage | 1.55* | Citi's top-tier American Airlines cobranded card is back with a 100,000-mile welcome offer. American plans to open new lounges in Philadephia next year and is adding four new routes from LaGuardia Airport. Fiji Airways will adopt AAdvantage as its loyalty program. |
| All Nippon Airways Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.7 | Avianca LifeMiles award sale promo offers 2-for-1 tickets to South and Central America and 20% off flights to Europe. |
| Avios | 1.5 | Finnair will open a new Schengen Lounge in Helsinki Airport on July 9. |
| Cathay Asia Miles | 1.3 | Cathay Pacific will move to John F. Kennedy International Airport's Terminal 6 in 2026 and open a lounge. |
| Delta Air Lines SkyMiles | 1.15* | Delta is launching premium economy between New York and Los Angeles. The airline restarted flights to Israel on June 7 and is launching a seasonal nonstop route from Orlando to London this winter.
You can earn up to 110,000 bonus SkyMiles with new Delta credit card welcome offers. The airline is changing how you earn SkyMiles on Starbucks purchases. |
| Emirates Skywards | 1.2 | |
| Etihad Airways Guest | 1.2 | Etihad Guest changes to award redemptions, elite status and more are now live. |
| Flying Blue | 1.2 | Air France has opened a new lounge at Los Angeles International Airport with a spa and first-class area. U.S. travelers can access a paid status match to Flying Blue. KLM will take over Delta's nonstop route from Portland, Oregon, to Amsterdam this fall. |
| Frontier Airlines Frontier Miles | 1.1 | Frontier is adding seven new routes, including a second from John F. Kennedy International Airport. |
| Hawaiian Airlines HawaiianMiles | 0.9 | |
| JetBlue TrueBlue | 1.35* | JetBlue will launch service from Long Island MacArthur Airport in Islip, New York. JetBlue won't be opening Mint lounges anytime soon. |
| Korean Air SkyPass | 1.7 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Airlines Rapid Rewards | 1.4* | |
| Spirit Airlines Free Spirit | 1.1 | Spirit Airlines cut six more routes while improving baggage weight policies and travel voucher expiration dates. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United Airlines MileagePlus | 1.35* | You can earn up to 90,000 MileagePlus miles with new United credit card welcome offers. United has also restarted flights to Israel. |
| Virgin Atlantic Flying Club | 1.5 |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | July 2024 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | Accor's Ennismore lifestyle arm is partnering with the Our Habitas resort brand. |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | Choice Privileges award nights no longer top out at 35,000 points. Stays at Preferred Hotels & Resorts now cost up to 87,000 Choice points per night. |
| Hilton Honors | 0.6 | Hilton has rolled out a three-hotel test phase for its new Small Luxury Hotels of the World partnership. The group is planning a lifestyle hotel expansion in Iceland. The Arizona Biltmore is now an LXR hotel. |
| IHG One Rewards | 0.5 | Joining IHG One Rewards and staying within 21 days can earn you 5,000 bonus points. Kimpton is taking over a historic resort in Hawaii. |
| Marriott Bonvoy | 0.85 | The Conrad New York Midtown left Hilton and is now known as Marriott's The Luxury Collection Hotel Manhattan Midtown. Marriott is planning a major expansion in France, and Marriott's Luxury Collection opened its first hotel in Germany.
Marriott is launching another brand targeting affordable hotel stays. Starbucks and Marriott have launched a new partnership. |
| World of Hyatt | 1.7 | Hyatt Studios now participates in Hyatt Brand Explorer. Current Hyatt promotions let you earn double night credits in Florida and at Thompson and Dream hotels. |
| Wyndham Rewards | 1.1 |
News highlight of the month
The airline lounge scene is heating up with the opening of Delta's first-ever Delta One lounge last month. While Delta has long prided itself on being a premium airline, it has lagged behind American and United in a key experience for premium-cabin passengers — dedicated business-class lounges that offer an elevated experience beyond your standard airline club lounge.
Delta has started to level the field against American Flagship and United Polaris lounges by opening its new Delta One lounge in John F. Kennedy International Airport's Terminal 4. With room for 515 passengers, the new lounge includes an art deco-inspired sports bar, an outdoor terrace and a 140-seat Brasserie restaurant serving complimentary three-course a la carte meals.
The airline plans to open Delta One Lounge locations at Los Angeles International Airport in October and Boston Logan International Airport in November.
Entry requirements are understandably strict. You can get access when traveling on a same-day departing, connecting or arriving Delta One flight, and Delta 360 members get access when traveling on a same-day departing, connecting or arriving first-class ticket.
However, you can also get access in first or business class when traveling on a same-day departing or connecting flight operated by one of Delta's select partners — including Air France, LATAM, KLM, Korean Air and Virgin Atlantic. So, if you want to try out the new Delta One lounge, booking a long-haul business- or first-class award from John F. Kennedy International Airport's Terminal 4 on one of these airlines might be your best bet.
Related: The biggest news about the new Delta One Lounge may surprise you, and more tidbits
Travel credit card offers
If you're looking for a new travel rewards card that earns transferable points, here are some of the best options to consider.
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. Per our valuations, this welcome bonus is worth $1,230 if you leverage the Ultimate Rewards transfer partners or $750 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 $1,387.
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.
Official application link: Capital One Venture X 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 the value of 80,000 Membership Rewards points at around $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 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 Membership Rewards points after you spend $6,000 on eligible purchases on your new card within the first six months of card membership. Based on our valuations, this welcome offer is worth $1,200. 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 on groceries 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. The card has a $250 annual fee (see rates and fees) but offers dining credits and Uber Cash each month on U.S. purchases. The Amex Gold must be added to the Uber app to receive this benefit. 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 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.
Official application link: Capital One Venture X Business
Ink Business Preferred Credit Card
The Ink Business Preferred® Credit Card offers a generous welcome bonus of 120,000 bonus points after spending $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 $2,460.
The Ink Business Preferred can be a great option for business owners who want to benefit from a six-figure welcome bonus but might not meet the higher spending requirements of the Capital One Venture X Business welcome offer. 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.