What are points and miles worth? TPG’s June 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 | June 2024 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | The Platinum Card® from American Express has turned 40 and has offers with selected retailers to celebrate. Your Amex Platinum's up to $50 Saks credit resets July 1. U.S. Open ticket presale for American Express cardholders has begun. |
| Bilt Rewards | 2.05 | Bilt Rewards added Hilton Honors as a new transfer partner. The American AAdvantage and Bilt Rewards transfer partnership will end June 24. |
| Capital One | 1.85 | |
| Chase Ultimate Rewards | 2.05 | If you're new to Chase Ultimate Rewards, here are three easy ways to redeem Chase points. If you're looking for something more challenging, here's how TPG's experts maximize their Ultimate Rewards. |
| Citi ThankYou Rewards | 1.8 | Citi Premier (no longer available) has rebranded as Citi Strata Premier℠ Card and increased the welcome bonus. |
| Wells Fargo | 1.6 |
The information for the Citi Premier card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
What are airline points and miles worth?
| Program | June 2024 valuation (cents) | Latest news |
|---|---|---|
| Air Canada Aeroplan | 1.5 | |
| Alaska Airlines Mileage Plan | 1.55* | You can now earn Alaska status by buying sustainable aviation fuel credits. |
| American Airlines AAdvantage | 1.7* | New perks for earning Loyalty Points are now live. American has added new routes to the Caribbean and Latin America and new Landline bus routes at its Philadelphia hub. The airline is backtracking on changes to how passengers earn miles and Loyalty Points. |
| All Nippon Airways Mileage Club | 1.4 | |
| Asia Miles | 1.3 | |
| Avianca LifeMiles | 1.7 | Cardless launched two new Avianca LifeMiles credit cards. We consider whether the Avianca LifeMiles+ subscription is worth it. |
| Avios | 1.5 | British Airways allows you to book a flight for less than $2 with Avios but here's why it's not a good idea. New Qatar Airways credit cards are now available. Aer Lingus is launching a Dublin-to-Las Vegas route this fall. You can now transfer Avios to and from Finnair Plus, and there are some great sweet spots. |
| Delta Air Lines SkyMiles | 1.15* | Delta joined United in debuting a special CRJ-550 regional jet with a walk-up bar. You can earn Medallion Qualification Dollars on hotel stays and rental cars when you book through Delta by the end of June. Delta has unveiled more than 50 special nonstop flights for college football season. The airline has upgraded some SkyMiles members to Silver status for 6 months. |
| Emirates Skywards | 1.2 | Emirates will makeover 110 Airbus A380s and 81 Boeing 777s. |
| Etihad Airways Guest | 1.2 | Etihad has debuted a new free stopover program in Abu Dhabi. |
| Flying Blue | 1.2 | |
| Frontier Airlines Frontier Miles | 1.1 | Frontier overhauled its pricing structure and will now offer bundled fares upfront. Frontier is returning to San Jose, California, with five new routes launching this summer. |
| Hawaiian Airlines HawaiianMiles | 0.9 | |
| JetBlue TrueBlue | 1.35* | JetBlue is reducing services to London and Paris this winter. JetBlue and British Airways are planning a codeshare partnership. |
| Korean Air SkyPass | 1.7 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Airlines Rapid Rewards | 1.3* | Southwest wants to operate long-distance routes from Ronald Reagan Washington National Airport (DCA). The airline has raised EarlyBird check-in and Upgraded Boarding fees. |
| Spirit Airlines Free Spirit | 1.1 | Spirit followed Frontier in becoming the latest budget airline to drop change and cancellation fees. Spirit is adding new flights but cutting international service from Houston earlier than planned. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United Airlines MileagePlus | 1.35* | United is cutting some Australia and New Zealand routes. |
| Virgin Atlantic Flying Club | 1.5 | Virgin Atlantic Flying Club devalued ANA business-class redemptions without warning. |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
The information for the Avianca and Qatar cards has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
What are hotel points worth?
| Program | June 2024 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.6 | You can currently snag excellent new Hilton credit card offers. |
| IHG One Rewards | 0.5 | |
| Marriott Bonvoy | 0.85 | Marriott is bringing its new affordable brand to Japan. The Ritz-Carlton brand is taking over a famed resort on the North Shore of Oahu. |
| World of Hyatt | 1.7 | |
| Wyndham Rewards | 1.1 | Wyndham added some new all-inclusive resorts to its program. |
Points and miles news
The elevated welcome offers for the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve® are ending soon. Don't miss out on earning 75,000 bonus points after you spend $4,000 on purchases in the first three months from account opening.
Based on this month's valuation of Chase Ultimate Rewards points, we value the welcome bonus offered by each of these cards at an impressive $1,537.
With so many Ultimate Rewards points on offer through these welcome bonuses, you may wonder how best to use them. We value Ultimate Rewards highly for a few reasons. First, you can redeem them in many different ways, whether you're looking to travel in luxury halfway around the world or want to save money on your everyday purchases.
Secondly, these points are hugely flexible. You're not locked into one specific way of using them; you can chop and change as often as you want, whenever you want. You might want to keep them in your Ultimate Rewards account until a juicy transfer bonus comes around or redeem a welcome bonus as soon as you earn it—the choice is yours.
With so many ways to use Ultimate Rewards, we have prepared a list of easy ways to redeem Chase points that's perfect for beginners and casual points and miles collectors. TPG's points and miles experts explain how to get the maximum value from their Ultimate Rewards; not to mention, TPG let three staffers redeem 75,000 Ultimate Rewards points for last-minute trips that included a couples getaway to Mexico, a trip to Greece and a business-class flight to New Zealand.
The elevated welcome bonus for these cards ends soon, so don't miss out on this great offer.
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
We discussed this card above, but it's so great that 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 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.
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
The Capital One Venture X Rewards Credit Card is one of the market's most exciting travel credit cards 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 Capital One's excellent airline and hotel transfer partners, our valuations peg the value of this welcome bonus at $1,388.
Check out our Capital One Venture X 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 every purchase.
Check out our Capital One Venture 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. Although, you may be targeted for a higher offer through the CardMatch tool. (This offer is subject to change at any time.)
The Amex Platinum Card is 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. Based on our valuations, this welcome offer is worth $1,200, 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 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 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 better fits your wallet.
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 offers a welcome bonus of 150,000 miles after spending $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. Based on our current valuation, this welcome bonus is worth more than $2,000. 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.
The Ink Business Preferred also offers 3 points per dollar on the first $150,000 in combined purchases each year on travel, shipping, internet, cable and phone services as well as 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
For rates and fees of the Amex Platinum Card, click here.
For rates and fees of the Amex Gold Card, click here.