How Much Are Airline, Hotel, And Credit Card Points Worth?

I often get asked how much I value various miles & points currencies, including those issued with credit cards, airlines, and hotels. The truth is that there’s no valuation for these currencies that everyone will agree on. That’s because the value that you’ll get from rewards points will vary significantly based on how you redeem them, and that’s also largely based on your travel goals.

Nonetheless, I try to use my knowledge of these programs to assign a value to each currency, which can fluctuate over time. Below I’ll share my updated valuations of many major miles & points currencies, and then afterwards I’ll explain my methodology. Note that I’ve adjusted my valuation of many currencies, to reflect the devaluations we’ve seen over time.

Value of bank & credit card points September 2026

To me, transferable credit card points are the gold standard of rewards currencies. They offer a ton of flexibility, since you can transfer them to all kinds of partners. On top of that, there are so many lucrative credit cards that offer generous rewards structures for earning these points.

Personally, I always try to earn transferable points currencies with my credit card spending. Unlike other points currencies, I value these more or less the same, given just how many partners each program has.

Below are my valuations of the major transferable points currencies.

For what it’s worth, these valuations remain unchanged compared to my previous valuations, since transferable points offer such flexibility, so they’re a bit more immune from individual valuations.

Value of airline miles & points September 2026

There are lots of ways to earn airline miles, from actually flying, to using co-branded airline credit cards. The value of airline miles does vary significantly between programs. It’s important to keep in mind that major airlines have lots of partners, so the value of these miles isn’t just based on the ability to redeem for travel on that particular airline, but also based on the ability to redeem for travel on partner airlines.

Below are my valuations of the major airline mileage currencies.

My valuation of rewards currencies are intended to be conservative by design, so that people don’t unnecessarily or unrealistically hoard their points. Here’s how my valuations have changed compared to the previous time I updated this list:

• I’ve decreased my valuation of Air Canada Aeroplan points from 1.5 cents to 1.4 cents each; this is because there’s an ever-decreasing amount of premium cabin award space on partner airlines available through Aeroplan, ranging from Lufthansa first class to United Polaris business class
• I’ve decreased my valuation of Avios currencies from 1.3 cents to 1.2 cents each; this is due to a variety of factors, ranging from the devaluation of short haul awards on partner carriers like American, to Qatar Airways becoming increasingly stingy with releasing business class award seats
• I’ve decreased my valuation of Korean Air SkyPass miles from 1.5 cents to 1.3 cents each; this is because first class awards are basically impossible to snag nowadays
• I’ve decreased my valuation of Singapore KrisFlyer miles from 1.4 cents each to 1.3 cents each; the program has had periodic devaluations over time, so when you factor in pricing and availability, I have a hard time valuing the currency at higher than that
• I’ve increased my valuation of United MileagePlus miles from 1.1 cents to 1.3 cents; this is because United increasingly limits Polaris business class award seats to members of its own program, and has also introduced more attractive pricing for elite members and those with co-branded credit cards

Value of hotel points September 2026

Much like with airline miles, hotel points can be earned either through staying at hotels, or by using co-branded hotel credit cards. Generally, hotel points are easier to redeem than airline miles, given that there aren’t as many capacity controls or restrictions when redeeming them. That’s one of the reasons many prefer to earn hotel points rather than airline miles.

Below are my valuations of the major hotel points currencies.

Here’s how my valuations have changed compared to the previous time I updated this list:

• I’ve decreased my valuation of World of Hyatt points from 1.5 cents to 1.4 cents each; that should be easy enough to make sense of, given the recent devaluation
• I’ve decreased my valuation of Wyndham Rewards points from 0.7 cents to 0.6 cents each; this is also due to the devaluation we’re seeing implemented right now, whereby the cost of top redemptions is increasing

Some people might be surprised that I’m not lowering my valuations more. Why is that? Well, while more points are now needed for many hotel stays, revenue rates have also gone up considerably.

Some might argue “well flight costs have gone up as well.” That’s not untrue in economy, but generally my valuation of miles is based on aspirational redemptions, and the cost of first and business class tickets hasn’t necessarily gone up. Quite to the contrary, they’re largely priced more reasonably than a decade ago.

How to go about valuing miles & points

With the above out of the way, how do I actually go about coming up with a value for miles & points? First of all, let me share that I’ve been obsessed with miles & points for around 20 years. Keeping track of these programs is my passion (and my job), and I’ve also helped people redeem well over a billion miles over the years. I’d like to think I have a bit of experience.

Even so, that’s not to say that you should value miles & points the same way I do. Let me share some basics on how I go about valuing miles & points, and everyone can decide for themselves how they want to go about it.

Miles & points can’t be valued objectively

Miles & points are ultimately a form of currency, so you might be wondering why we can’t value them objectively. After all, there are exchange rates between monetary currencies, even though different factors impact their valuations.

There are a few reasons miles & points (at least for non-revenue based programs) can’t be valued objectively in a useful way:

• There are so many different ways to redeem miles & points, which will give you vastly different valuations
• There’s typically not a way to “cash out” your miles & points, and when there is, that’s generally not the most efficient way to use them
• Everyone has different travel goals, and you’ll get different value depending on whether your priority is taking the family to Disney World, or flying first class to Singapore
• Miles & points can be devalued over time, and are generally the property of the loyalty program rather than the member, so really we’re just playing by the programs’ games

Let me give a concrete example of why there’s no correct objective valuation of rewards points. Let’s say you have Capital One miles, which I value at 1.7 cents each, and you transfer those to Air Canada Aeroplan. You could redeem 120,000 points for a one-way ticket in ANA first class from Tokyo to London (availability is very hard to come by, but it’s possible!).

Meanwhile if paying cash, that ticket would cost over $16,000.

Alternatively, you could redeem a similar number of points for a one-way ticket in Air Canada business class from Miami to Toronto.

Meanwhile if paying cash, that ticket would cost under $1,600

As you can see, you can redeem a similar number of points for a ticket that would cost more than 10x as much when paying cash. This is purely intended to be an example, but hopefully at least demonstrates the complexity of valuing these currencies, because both of those scenarios represent the ways some people redeem their points.

Be conservative when valuing miles & points

For a variety of reasons, I try to be conservative when it comes to valuing miles & points:

• Miles & points can be devalued by programs at any time, so you have to apply some sort of a discount to them to account for that; in general there’s much more of a risk of devaluation for an individual airline or hotel currency, rather than a transferable points currency
• With most programs, you don’t actually own your miles & points; they belong to the program, and you’re just allowed to use them as long as you have an account in good standing
• People should be encouraged to earn and burn, and creating an artificially high value for points discourages that

As you can see, I value credit card rewards points more than a vast majority of individual airline currencies, even though those are the best ways to redeem them. That’s because I’m willing to value the points at a premium for the added flexibility that they offer, in addition to the fact that we often see transfer bonuses, which can stretch your points even more.

Valuing miles & points is both absolute & relative

Coming up with a valuation of a mile or point is both an absolute and relative exercise:

• The valuation should be absolute in the sense that a currency should be valued somewhere between the typical acquisition cost and the typical redemption cost; at the end of the day, this is why I value most of these currencies at somewhere around one to two cents each
• It’s relative because the way I come up with differing valuations between currencies is based on the pros and cons of redeeming with each program in terms of redemption rates, routing rules, and more

How you’ll get the most value with your miles & points

Generally speaking, if you want to get the most value from miles & points, there are two key aspects to that:

• You should spend some time studying these programs, because the deals to be had are in some cases amazing
• In general you’ll get the most value from points if you’re looking for aspirational redemptions, like staying at five star hotels, or booking international first and business class flights, where the cash value would be disproportionately high

Admittedly that’s not how everyone wants to redeem, and that’s totally fine:

• If you don’t have a lot of points, it’s probably not worth investing the time to study these programs all that carefully
• If you have a family with toddlers, then understandably your priority might be traveling to somewhere close by and having a room with a lot of space, rather than flying halfway around the world to stay at a five star hotel

Don’t fall for the retail cost fallacy

I think it’s important not to get too carried away with points valuations. For example, above I showed a $16,000+ one-way first class ticket from Tokyo to London in ANA first class that could be booked with 120,000 Aeroplan points.

Yes, on the surface I suppose you are getting over 13 cents of value per point. However, don’t focus on that too much. For mental accounting purposes, personally I value redemptions based on how much I’d otherwise actually be willing to pay for that experience. I would never, ever drop that kind of cash on a one-way first class ticket.

So while on paper that might be the valuation, I always ask myself how much I’d be willing to pay for a first class ticket like that. Personally I’d estimate that I’d probably actually value that flight at $2,000-2,500 or so, in terms of what I’d otherwise be willing to pay.

I’m not looking to get into a huge debate here about perceived value rather than retail value, but my point is that it’s important to consider how much you value these premium experiences, rather than just how much they cost.

Don’t take a trip just because it would cost a lot when paying cash, but rather do what you want to do, and try to maximize value along the way. At least that’s my take.

Don’t value miles & points based on one redemption

Another thing I consider with each points currency is how many good redemption options there are. The more flexibility and more options there are, the more I value those currencies. Don’t just value a points currency based on a single award ticket sweet spot.

For example, redeeming Virgin Atlantic Flying Club points on All Nippon Airways is a phenomenal value. However, we’ve seen these redemptions devalued multiple times over the years, and on top of that, first and business class award availability can be really tough to come by.

So while you could get a ton of value from Virgin Atlantic Flying Club points if you manage to find availability, you don’t want to value a currency exclusively based on one redemption. I try to factor in these sweet spot redemptions while acknowledging that they provide limited flexibility.

Value of miles & points frequently asked questions

Bottom line

Hopefully the above is a useful rundown of the value of various credit card, airline, and hotel points currencies. There’s no absolute right or wrong way to value points, and it’s totally reasonable if your valuation is different than mine. My goal is just to share my take, and provide a general framework for valuing these currencies.

I’ll keep my valuations updated over time, to reflect changes with these various points currencies.

How do you go about valuing miles & points, and are your valuations substantially different than any of mine?