Value of Points and Miles
All values are in cents per point (cpp). We have touched on points and miles valuation, objective and subjective, here – in a word, it depends. Some prefer to save all their cash and always use miles for redemptions. Some even redeem points for cash back or merchandise. Then again, some buy miles with cash whenever there is a perceived abritrage opportunity They hoard points until having enough for maximum value first class flights or round the world itineraries for the whole family.
Credit Card Points
Our valuation attempts to account for both use cases and offers some idea of a reasonable median value. More earning opportunities, transfer partners, and more frequent bonuses increase a program’s points value. (And while Hyatt is a favorite hotel transfer partner, best value remains in redeeming long-haul premium cabin flights and monopolized or otherwise expensive short-haul routes.)
| Credit Card Program | Value ¢ pp | Transfer partners | Notes |
|---|---|---|---|
| American Express Membership Rewards (MR) | 2.2 | 18 Airline 3 Hotel | Most options for earn & burn. Transfer bonuses are the most common. Can transfer to authorized users. ANA is a unique partner |
| Bilt Bilt Rewards | 1.9 | 13 Airline 2 Hotel | Can use to pay rent. Hyatt and Turkish are valuable partners |
| Capital One Capital One Miles | 1.9 | 16 Airline 2 Hotel | Fast accumulation with Capital Ones’s 2 mpd everywhere-cards. Occasional transfer bonuses. No special or unique partners |
| Chase Ultimate Rewards (UR) | 2.1 | 11 Airline 3 Hotel | Transfer bonuses are common. Hyatt is a valuable partner. Can transfer to any member of household. Redeem through portal at 1.25/1.5¢ per point |
| Citi ThankYou Points | 2 | 14 Airline 3 Hotel | Uniquely high value in 1:2 ratio to Choice Hotels. Occasional transfer bonuses. Can transfer annually 100K points to any other Citi TYP member. Turkish is a partner |
| HSBC HSBC Rewards | 1.7 | 11 Airline 2 Hotel | Niche. Transfers mostly not 1:1. Monthly rotating transfer bonuses. Turkish is a partner. Redeem through portal at 1.25/1.5¢ per point |
Airline Miles (Frequent Flyer Miles)
Our airline miles valuation focuses on global programs. Value is judged by award chart sweet spots in both economy and premium cabins, general award pricing, surcharges, ease of use (availability, amount of partners, booking methods), and devaluation history.
⇩ Click to see countries that limit or disallow fuel surcharges. Flying from them will reduce your exposure.
- Australia
- Brazil
- China (domestically)
- Hong Kong
- Japan
- Mexico
- New Zealand
- Philippines
- Vietnam
- South Korea
- Thailand
- Turkey
Programs with higher taxes/surcharges eats into value. Some (BA and Emirates’ can reach thousands!) are worse for their own flights than partners. And some don’t pass on surcharges at all.
| Airline Program | Value ¢ pp | Surcharges | Transfer from | Use for |
|---|---|---|---|---|
| Air Canada Aeroplan | 1.5 | None (partners) | Amex, Capital One, Chase, Bilt | Star Alliance premium cabin redemptions without surcharges. |
| Alaska Airlines Mileage Plan | 2 (2023) | None except on BA, Hainan, Icelandair | Co-branded credit cards | Many very generous premium cabin sweet spots. Devalues in March 2024. |
| Air France, KLM Flying Blue | 1.6 | Some | Amex, Bilt, Capital One, Chase, Citi, HSBC | Redeem for Air France First Class (La Premiere) or US-Europe during frequent promos (11K+ economy, 35K+ business); Asia; short regional hops from 5K |
| American Airlines AAdvantage | 1.8 | None except BA | Bilt or co-branded credit cards | Partner premium cabins; South Pacific and Asia redemptions |
| ANA Mileage Club | 1.6 | Mild | Amex | Very generous premium cabin awards. One-way not possible; requires return flight booking. |
| Avianca LifeMiles | 1.4 | None | Amex, Capital One, Citi, HSBC | Long-haul premium cabin redemptions. Occasional availability issues. |
| British Airways (BA), Finnair, Iberia, Qatar Avios | 1.8 | Varies from very high (BA) to mild to zero on partners | Amex, Bilt, Capital One, Chase, HSBC | Award chart and partner arbitrage between members; short hops; distance-based sweet spots such as Koh Samui with Bangkok Airways from 6K Avios through Qatar |
| Cathay Pacific Asia Miles | 1.8 | Some | Amex, Bilt, Capital One, Citi | Business class on some partners is cheaper than Cathay’s own flights after recent devaluation; Cathay economy; short hops; round-the-world in business for 210K miles |
| Delta SkyMiles | 1 | None | Amex | Flash sales, especially short hops from 2.5K; niche intra-Asian SkyTeam redemptions |
| Emirates Skywards | 1 | Very high | Amex, Bilt, Capital One, Chase, Citi, HSBC | Emirates, including First Class, but dynamic pricing, constant devaluations and fees make Emirates inadvisable as of 2024. |
| Etihad Airways Guest | 1 | Some | Amex, Bilt, Capital One, Chase, Citi | Redeem for Etihad First Class (Etihad Residences) |
| Japan Airlines JAL Mileage Bank | 1.1 | Some | Jal USA Card, foreign programs | JAL First Class; domestic hops at 6K; economy; Emirates |
| Qantas Frequent Flyer | 1.2 | Mild | Amex, Capital One, Citi, HSBC | Distance-based sweets spots; unique high value partners, including Emirates and Bangkok Airways |
| Singapore Airlines Krisflyer | 1.4 | None (own) Some (partners) | Amex, Capital One, Chase, Citi | Singapore Airlines Suites/First Class; Spontanoues Escapes award sales; short hops |
| Thai Airways Royal Orchid Plus | 1 | High | Citi, foreign programs | Short regional hops; Thai-China 30K in business, Thai-Australia 27.5K in economy, Thai-Japan in first class for 60K miles or Thai-Europe F for 125K miles |
| Turkish Airlines Miles&Smiles | 1.8 | Some | Bilt, Capital One, Citi, HSBC | Amazing sweet spots such as 7.5K/15K Economy/Business for anywhere in US-Hawaii. Frequent long-haul award sales, also in business class. |
| United MileagePlus | 1.5 | None | Chase | Star alliance without surcharges; short hops; excursion perk (regional segment free) |
| Virgin Atlantic Flying Club | 1.3 | High (own) Some (partners) | Amex, Bilt, Capital One, Chase | Attractive ANA First Class pricing; Delta One to Europe; short regional hops |
| Virgin Australia Velocity | 1.4 | Some | Australia & NZ programs | Short hops; attractive distance-based pricing for partner business class (United, Qatar, Etihad, Virgin Atlantic). Points are very easy to collect in Australia. |
What about hotel points?
Most hotel loyalty programs have ditched their award charts in favor of dynamic pricing. Hyatt continues to feature an award chart (we don’t know for how long) while experiencing occasional devaluations as hotels move between up categories.
⇩ Click to see Hyatt’s award chart
Marriott’s properties are very broadly following the old award chart, now closer to the ‘standard’ level, with no more upper (peak) bound. This is why Marriott’s properties in remote areas, with less demand, tend to be much cheaper than in major cities to redeem by points. The same tends to apply to other programs.
⇩ Click to see Marriott’s old award chart
Other programs are less predictable. Choice Hotels, with some unique partner properties, can offer great value (even besting Hyatt) e.g. in Scandinavia and Japan. We would rarely transfer valuable points to hotel programs, but many of these programs feature co-branded credit cards with attractive earnings structures and benefits, such as the Amex Aspire that’s easy to turn into a net profit (our referral link).
Our hotel value chart is thus prioritizing benefits such as fourth/fifth night free when booking with points, and elite benefits.
| Hotel Program | Value ¢ pp | Transfer from | Value in… |
|---|---|---|---|
| Accor ALL | 2 | Capital One 2:1, HSBC 2:1 | Sales or currency fluctuations. Points value is pegged to 2 euro cents |
| Choice Privileges | 0.9 | Amex 1:1, Citi 1:2 | Redeem for partner properties in Scandinavia, Japan, and during award sales |
| Hilton Honors | 0.5 | Amex 1:2 | Transfer bonuses, fifth night free on points, international luxury and tier 3 city redemptions |
| Hyatt World of Hyatt | 1.8 | Chase | Fixed award chart and sweet spots |
| IHG One Rewards | 0.7 | Chase (don’t) | Fourth night free on points, inclusive resorts |
| Marriott Bonvoy | 0.8 | Amex 1:1 | Transfer bonuses, fifth night free on points, international tier 2-3 cities |
| Wyndham Rewards | 0.8 | Capital One 1:1, HSBC 1.25:1 | Fixed three-level award chart (7.5K, 15K, 30K), with Vacasa holiday house partner redemptions from 15K |