What are points and miles worth? TPG’s May 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 programs. 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 | May 2024 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | The Amex Business Platinum now has a 150,000-point bonus. You may be targeted for special Amex Platinum or Amex Gold offers through CardMatch. These offers are subject to change at any time. |
| Bilt Rewards | 2.05 | Bilt has apologized after erroneously sending concerning emails to some members. |
| Capital One | 1.85 | |
| Chase Ultimate Rewards | 2.05 | Chase followed Citi to increase Global Entry statement credits to $120 from October. The Chase Sapphire Preferred and Chase Sapphire Reserve now offer bonuses of 75,000 points. |
| Citi ThankYou Rewards | 1.8 | |
| Wells Fargo | 1.6 |
What are airline points and miles worth?
| Program | May 2024 valuation (cents) | Latest news |
|---|---|---|
| Air Canada Aeroplan | 1.5 | |
| Alaska Airlines Mileage Plan | 1.6* | Alaska Mileage Plan elite members won't receive American Airlines systemwide upgrade certificates in 2025. Alaska Airlines boosts its West Coast service. |
| American Airlines AAdvantage | 1.6* | American adds new service to Provo. The airline also unveiled new meals, amenity kits and bedding and introduced its new Flagship Suite Preferred seats. The AAdvantage program changes requiring you to book directly or through an approved travel agency to earn miles are delayed but still coming. |
| All Nippon Airways Mileage Club | 1.4 | |
| Asia Miles | 1.3 | Cathay Pacific unveiled new premium economy seats. |
| Avianca LifeMiles | 1.7 | Earn up to 10,000 extra LifeMiles by joining the waitlist for new Avianca credit cards. |
| Avios | 1.5 | British Airways Executive Club Tier Point collection dates have changed. You can receive Admirals Club lounge access with a new British Airways status match. You can earn up to 10,000 extra Avios by joining the waitlist for new Qatar credit cards. |
| Delta Air Lines SkyMiles | 1.15* | You can earn 1,000 Delta SkyMiles on your next Hilton stay. Delta is emailing trip credits to some cardholders. Delta's expanded Miami Sky Club is now open. Earn a $20 Starbucks gift card with a $300 Delta gift card purchase. Delta has rolled out a new boarding process. |
| Emirates Skywards | 1.2 | |
| Etihad Airways Guest | 1.2 | Etihad's Airbus A380 and exclusive Residence are back in the U.S. |
| Flying Blue | 1.2 | |
| Frontier Airlines Frontier Miles | 1.1 | Frontier adds two more intra-Caribbean routes from its fast-growing Puerto Rico base. |
| Hawaiian Airlines HawaiianMiles | 0.9 | Hawaiian Airlines' first Dreamliner service has launched. |
| JetBlue TrueBlue | 1.35* | |
| Korean Air SkyPass | 1.7 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Airlines Rapid Rewards | 1.35* | |
| Spirit Airlines Free Spirit | 1.1 | Spirit added three new routes and cut one in its latest network adjustment. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United Airlines MileagePlus | 1.35* | United is delaying two high-profile routes. Register for the new United Mile Play promotion. United MileagePlus has devalued first-class partner redemptions and now charges more miles for some business-class partner award flights. |
| Virgin Atlantic Flying Club | 1.5 | Snag a great points deal on a Virgin Voyages cruise. |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | May 2024 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.6 | Hilton Honors' new promo offers double points on every stay this summer. New York is losing one of its best Hilton properties. Here's what TPG learned from Hilton executives about new brands, partnerships and hotel innovations. |
| IHG One Rewards | 0.5 | You can earn and redeem IHG points at the new Six Senses Kyoto in Japan. |
| Marriott Bonvoy | 0.85 | |
| World of Hyatt | 1.7 | Here are new Hyatt hotels where you can get 500 extra points per night. The Grand Hyatt Deer Valley is accepting bookings for stays this winter. Consider the current Hyatt promotions for your upcoming stays. Hyatt proposes the tallest U.S. tower in Oklahoma City. Hyatt will give loyalty members World of Hyatt points for using Peloton. |
| Wyndham Rewards | 1.1 |
Points and miles news
It's no secret that the Chase Sapphire cards are two of our favorite credit cards here at TPG, so we're thrilled that both the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve® currently offer 75,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening.
We often recommend the Chase Sapphire Preferred as an ideal starter card if you want to get into the world of points and miles but don't know where to start. Meanwhile, the Chase Sapphire Reserve is great for frequent travelers seeking to maximize their points.
Along with generous welcome bonuses, both cards earn bonus points for travel and dining. You can access the impressive Chase Sapphire lounges with your complimentary Priority Pass membership if you are a Chase Sapphire Reserve cardholder. Currently, there are six locations open:
- Washington, D.C.'s Dulles International Airport (IAD): Lounge opened March 2024
- New York's John F. Kennedy International Airport (JFK): Lounge opened January 2024
- New York's LaGuardia Airport (LGA): Lounge opened January 2024
- Austin-Bergstrom International Airport (AUS): Terrace opened March 2023
- Boston Logan International Airport (BOS): Lounge opened May 2023
- Hong Kong International Airport (HKG): Lounge opened October 2022
But perhaps the most valuable perk of the Chase Sapphire cards is the Ultimate Rewards points they earn, which we value highly in our monthly valuations because they are so flexible. Whether you want to redeem your points for hotel stays, domestic flights within the U.S. or even business-class flights to Europe, there are many ways to redeem Ultimate Rewards points for maximum value.
Related: Chase Sapphire Preferred vs. Sapphire Reserve: Should you go mid-tier or premium?
Travel credit card offers
There is no shortage of cards offering great welcome bonuses; here are a few of our favorites this month.
Chase Sapphire Preferred® Card
Although we discussed this card above, it's great, so we'll cover its benefits in more detail here. After all, the Chase Sapphire Preferred® Card is currently offering 75,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening. Per our valuations, that's worth $1,537 when you leverage transfer partners or $937 if you redeem through Chase Travel℠ at 1.25 cents per point.
The card comes with a $95 annual fee, travel protections and additional perks — like a $50 annual hotel credit for reservations made through the Chase Travel portal and a 10% anniversary points bonus based on your previous year's spending. For more details, check out our Chase Sapphire Preferred Card review.
Of course, you may want to spring for the Chase Sapphire Reserve® instead. While the card has a higher $550 annual fee, it includes perks like Priority Pass lounge access, a $300 annual travel credit and a Global Entry or TSA PreCheck credit.
Official application link: Chase Sapphire Preferred Card
Capital One Venture X Rewards Credit Card
On the higher end of the spectrum is the Capital One Venture X Rewards Credit Card, one of the market's most exciting travel credit cards, thanks to 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 — worth $1,387, according to our valuations, thanks to Capital One's excellent airline and hotel transfer partners.
Check out our Capital One Venture X Rewards Credit Card review for more details.
Official application link: Capital One Venture X Rewards Credit Card
Capital One Venture Rewards Credit Card
The standard Capital One Venture Rewards Credit Card offers the same welcome bonus as the Venture X. You can earn 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Like the Venture X, the Venture card earns at least 2 miles per dollar on everything you purchase.
Check out our Capital One Venture Rewards Credit Card review for more details.
Official application link: Capital One Venture 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 — though you may be targeted for a higher offer through the CardMatch tool. (This offer is subject to change at any time.)
Of course, the Amex Platinum Card is jam-packed with benefits like airport lounge access and hotel elite status. The card has a $695 annual fee (see rates and fees). Enrollment is required for select benefits.
For more details, check out our Amex Platinum review.
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. This welcome offer is worth $1,200 based on our valuations, but be sure to 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 on dining at restaurants. The card has a $250 annual fee (see rates and fees).
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 at least $3,000, but you can get even more value when redeeming for high-end airfare.
You'll find many lesser-known Amex Business Platinum perks similar to (but slightly different from) the personal version. Check out our comparison of the Amex Platinum and the Business Platinum to see which card fits your wallet better.
For more details, check out our Amex Business Platinum review.
Official application link: The Business Platinum Card from American Express
Capital One Venture X Business
The Capital One Venture X Business card launched in September 2023. The card currently 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.
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 100,000 Ultimate Rewards points after you spend $8,000 in the first three months after card opening. This is worth over $2,000, based on our current valuation. It could be a great option for business owners looking to benefit from a six-figure welcome bonus who might not reach the higher spending requirements of the Capital One Venture X Business welcome offer.
This card also offers 3 points per dollar on the first $150,000 in combined purchases each year on travel; shipping; internet, cable and phone services; and advertising purchases made with social media sites and search engines.
For more details, check out our Ink Business Preferred Credit Card review.
Official application link: Ink Business Preferred Credit Card
Airline credit cards
Delta and Amex announced changes to the Delta Amex cards in February. Here are the current welcome offers:
| Card | Welcome offer | Annual fee | Bonus value* |
|---|---|---|---|
| Delta SkyMiles® Gold American Express Card | Earn 40,000 bonus miles after you spend $2,000 in purchases on your new card in your first six months. | $0 introductory fee for the first year, then $150 (see rates and fees) | $460 |
| Delta SkyMiles® Platinum American Express Card | Earn 50,000 bonus miles after you spend $3,000 in purchases on your new card in your first six months. | $350 (see rates and fees) | $575 |
| Delta SkyMiles® Reserve American Express Card | Earn 60,000 bonus miles after you spend $5,000 in purchases on your new card in your first six months. | $650 (see rates and fees) | $690 |
| Delta SkyMiles® Gold Business American Express Card | Earn 55,000 bonus miles after $4,000 in spending in the first six months of card membership. | $0 introductory fee for the first year, then $150 (see rates and fees) | $632 |
| Delta SkyMiles® Platinum Business American Express Card | Earn 65,000 bonus miles after $6,000 in spending in the first six months of card membership. | $350 (see rates and fees) | $747 |
| Delta SkyMiles® Reserve Business American Express Card | Earn 75,000 bonus miles after $10,000 in spending in the first six months of card membership. | $650 (see rates and fees) | $862 |
*Bonus value is based on TPG valuations and is not provided or reviewed by the issuer.
Check out our list of the best travel credit cards for other options that could fit your wallet.
Related: How to choose the best credit card for you
For rates and fees of the Amex Platinum Card, click here.
For rates and fees of the Amex Gold Card, click here.
For rates and fees of the Delta Gold Card, click here.
For rates and fees of the Delta Gold Business Card, click here.
For rates and fees of the Delta Platinum Card, click here.
For rates and fees of the Delta Platinum Business Card, click here.
For rates and fees of the Delta Reserve Card, click here.
For rates and fees of the Delta Reserve Business Card, click here.