How To Value Elite Qualifying Miles Earned Through Credit Card Spend?

In the interest of full disclosure, One Mile At A Time earns a referral bonus for anyone that’s approved through some of the below links. These are the best publicly available offers that we have found for each card. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. Please check out my advertiser policy for further details about our partners, including American Express, Capital One, Chase, and Citi, and thanks for your support!

Update: These offers for the Citi Premier℠ Card, the Citi Prestige® Card, the Starwood Preferred Guest® Credit Card from American Express and the Premier Rewards Gold Card from American Express have expired. Learn more about the current offers here.

The value of miles is highly subjective. For programs with revenue based redemptions there are generally agreed upon values (given that each point can be redeemed for X cents towards the cost of a ticket), but otherwise it gets trickier. That’s because the value of points really depends on what your redemption patterns are.

Nonetheless I’d like to think we’re all at least in a similar range. That’s to say that I think most of us value redeemable miles an average of anywhere between 1.0 and 2.5 cents each. That’s a big range, but at least most people will be somewhere in there.

What gets a bit trickier, in my opinion, is valuing elite qualifying miles. As a reminder, redeemable miles can be redeemed towards award tickets, while elite qualifying miles are those which count towards status, and they typically reset each calendar year.

So when credit cards offer elite qualifying miles for reaching certain spending thresholds, how do you value them? For example, I recently wrote about the Citi AAdvantage Executive World Elite Mastercard, which often offers an increased sign up bonus.

The card does have a $450 annual fee, but comes with several perks which help offset that, like an Admirals Club membership, a Global Entry fee credit, priority services when flying American, etc.


On the surface the Citi AAdvantage Executive World Elite Mastercard doesn’t seem very lucrative for everyday spend. It offers:

  • 2x AAdvantage miles per dollar spent on American/US Airways ticket purchases
  • 1x AAdvantage mile per dollar spent on everything else

There are other cards where you can achieve a better return than that. The American Express® Premier Rewards Gold CardCiti Prestige® Card, and Citi Premier℠ Card all offer triple points on airfare, while the Starwood Preferred Guest® Credit Card from American Express offers one Starpoint per dollar spent, which can be transferred to American, and on top of that you get a 5,000 point bonus for every 20,000 points transferred (that means you’re essentially earning 1.25 AAdvantage miles per dollar spent).

But the Citi AAdvantage Executive World Elite Mastercard has one other spending bonus which is worth talking about. Specifically, it offers 10,000 bonus AAdvantage elite qualifying miles when you spend $40,000 on the card in a calendar year.

So what are American AAdvantage elite qualifying miles worth, and how do you decide whether to spend $40,000 on the card to earn those elite qualifying miles?

The value of EQMs is even more subjective than the value of RDMs. The only value you’ll get out of EQMs is if they help you achieve a higher status level.

For example, I’ve already requalified for Executive Platinum with American this year. An extra 10,000 elite qualifying miles would be worth exactly zero to me, since it wouldn’t get me anything I don’t already have.


On the other hand, if you would have otherwise ended the year with 90,000 elite qualifying miles, the 10,000 EQMs you would have earned through the Citi AAdvantage Executive World Elite Mastercard are the difference between earning Executive Platinum status and not.

If that were the case, how much would I value those 10,000 EQMs at?

As a general rule of thumb, I’d say you should expect to pay 4-5 cents per elite qualifying mile nowadays. Can you do better sometimes? Yes. But I’d say that’s a “fair” number. That’s to say that if you were to go for Executive Platinum from scratch, you should expect to pay $4,000-5,000. By that valuation, 10,000 EQMs would be worth $400-500.

That means that $40,000 of spend would earn you 40,000 AAdvantage redeemable miles (which I value at 1.8 cents each, or $720) and 10,000 AAdvantage elite qualifying miles (which I conservatively value at $400). That’s a return of ~$1,120, or ~2.8%. For everyday, non-bonused spend, that’s pretty good.

Bottom line

Ultimately there’s no way I can come up with an “objective” valuation of elite qualifying miles. Everyone has to crunch the numbers for themselves, and even then it can be really tough to do so.

That’s because you may pick up the Citi AAdvantage Executive World Elite Mastercard early in the year without knowing the full extent of your travel plans. If you knew with 100% certainty that you’d end the year 10,000 miles short of the threshold you’re aiming for, I’d say it’s totally worth putting $40,000 of spend on it. However, most people don’t iron out their travel schedule quite that well.

Regardless, I definitely think the card is worth picking up for the sign-up bonus. And I’d say it’s worth putting $40,000 of spend on the card if you’re fairly certain you’ll end the year just short of the next threshold without much time to take extra trips.

If that’s not the case, I’d probably focus most of my credit card spend on cards which offer lucrative category bonuses, like the Citi Premier℠ CardChase Sapphire Preferred® CardAmex EveryDay® Preferred Credit Card, etc. Nowadays you should be earning more than a point per dollar on a vast majority of spend categories.

How do you value elite qualifying miles earned through credit card spend?

Regarding Comments: The comments on this page have not been provided, reviewed, approved or otherwise endorsed by any advertiser, and it is not an advertiser's responsibility to ensure posts and/or questions are answered.


  1. If you had asked me what I value an EQM/MQM/PQM at, I don’t think I would have come up with as high a value as you quote, but thinking about it I can see a certain reasonableness to your logic — I guess this valuation essentially assumes you clearly value the higher status level, and presumably would have done a mileage run for the next status level if you hadn’t gotten the credit card bonus, which many people here probably would.

    The bonus is also arguably worth a lot more if it is taking you from 90K EQMs to 100K than if it is taking you from 15K EQMs to 25K, though that also depends on your travel patterns (if you check a bag a lot domestically, 25K can be great).

    It does make me feel a bit better about putting $25K on my Delta Platinum Amex, since that earns a better return than this even if the currency is worth less (10K MQMs for $25K instead of $40K, and 10K bonus RDMs to boot), and Delta has the big advantage of MQM rollover, so you know the MQMs are never going to waste as long as you make at least Silver.

  2. This is exactly how I value the miles earned from DL AMEX Reserve card spending, If I spend exactly $30,000 on non-Delta purchases, I will earn 1.5 SkyMiles per dollar plus 0.5 MQM per dollar. Using a valuation of 1cpSM and 5cpMQM, that’s a return of 4.0%, which is excellent. It was even better before last week’s devaluation.

  3. I figure it would cost $400 for 10K EQM on a mileage run, plus whatever your time is worth. So I would say (to me) it is worth much more than $400 due to the saved time/hassle of a mileage run. Of course it only has a value, like you said, if you were going to try to obtain the next elite level.

  4. There’s a small problem here. We still don’t know why do you valuate MR points and AAdvantage miles at 1.8 cents each, Citi Thank You points at 1.6 cents each, etc.

    Anyways, for me MR points, Thank You points and Ultimate Rewards points worth absolutely the same and this valuation is the only correct valuation. Why? Dead simple. Because you can transfer any of these points to a wide range of airlines and hotels then sometimes you get a good and sometimes a bad redemption value with that specific program. It depends on the circumstances like the route you wanna fly, the cabin class, date and time, number of connections, etc. There are times when I get as much as 10% return rate considering the ticket prices for that actual ticket and there are times when I get as low as 3%.

    So in my opinion it’s not just hard but simply impossible and meaningless to say that MR points or Thank You points worth 1.8 or 1.6 respectively because it’s even worse than saying that it varies between 3% to 10%.

    One thing is sure though. You must select the card that earns you the most transferable points. It’s only possible to valuate the earned miles with those cards that earns non-transferable points like the BofA Travel Rewards card, Barclays Arrival Plus or Capital One Venture card since these are basically cash-back cards with the restriction that you can redeem your points for travel related expenses only.

    I don’t even understand why did you try to valuate the transferable points.

  5. @ 31583 — Have a post scheduled for tomorrow explaining my valuation of transferrable points. Stay tuned!

  6. Lucky, I’m curious to know whether the 10k AA EQMs you earn after 40k of spend also count as EQPs. The reason I ask is that I travel on premium fares somewhat frequently, and I very rarely travel on fares where you only get 0.5 EQPs. Premium fares are a large component of how I reach/maintain elite status.

  7. My experience with citi AAwards mastercard is the point system is academic because its impossible to spend at a rate to qualify. I have close to $8K in payments made, over half of which cleared “pending” status a full week ago and yet $0 available credit. They claim this is due to some federal bottleneck but Ive never seen this in hsbc. Furthermore, purchases are also flagged pending for several days beyond any previous experience. With some 14 weeks left in the year it becomes next to impossible to qualify. Bottom line.. points are worthless.

Leave a Reply

Your email address will not be published. Required fields are marked *