Summary of Point Values

Category Name Value Notes
Credit card points Membership Rewards (AMEX) 1.6 MR analysis
#rowspan# ThankYou Points (Citi) 1.3 TYP analysis
#rowspan# Ultimate Rewards 1.6 UR analysis
#rowspan# Capital One Rewards 1.2
Airline miles Air Canada (AC) 1.5 AC analysis
#rowspan# Alaska Airlines (AS) 1.6 AS analysis
#rowspan# All Nippon Airways (NH) 1.6 ANA analysis
#rowspan# American Airlines (AA) 1.5 AA analysis
#rowspan# British Airways (BA) 1.3 BA analysis
#rowspan# Delta Air Lines (DL) 1.3 DL analysis
#rowspan# United Airlines (UA) 1.5 UA analysis
Hotel points Hilton 0.5 Hilton analysis
#rowspan# Hyatt 1.6 Hyatt analysis
#rowspan# IHG 0.5 IHG analysis
#rowspan# Marriott 0.8 Marriott analysis

Notes:

  • All values below are in cents per point. For example, 1.6c means each point is worth 1.6 cents, or 100 points = $1.6
  • All of the values above are my personal estimate of a reasonable average value

Credit Card Points

The biggest advantage of these three credit card point currencies is how versatile they are: you can redeem them for cash, pay for flights or hotels, or transfer them to airline or hotel programs. That is why they are usually worth more than ordinary points, and why they tend to hold up better against devaluation.

Membership Rewards (MR)

The most common use for MR is transferring to airline miles, mainly with ANA, Air Canada, Delta, and British Airways. Delta can cover SkyTeam, ANA and AC can selectively cover Star Alliance, and BA can be used for some oneworld tickets. Among them, ANA is especially good for economy, business, and first-class awards between China and the U.S.; AC and Delta are also good for U.S. domestic flights; and BA is a good fit for nonstop domestic U.S. tickets. Hotel transfers are a weak point for MR, since there really isn’t a transfer partner worth using. Booking hotels or flights directly through AMEX Travel usually only gets you 1 cent per point, so that is not recommended either. Cash or gift card redemptions are also capped at 1 cent per point.

  • So the final value is 1.6c, mainly because of the broad airline coverage, near-instant transfers (ANA takes 2-3 days, the others are instant), and the value of these airline miles. The downside is that it is not very useful for hotel redemptions, and direct ticket purchases do not offer much value either.
  • Points Value: The average value is 1.5c/p, so 100 MR = $1.5 (Points Value & Analysis)
  • Direct Redemption: Redeem travel through amextravel.com at 1c/p (without a premium card); redeem eligible flights through amextravel.com at 1.54c/p (with Business Platinum); redeem for cash in an investment account at 1.1c/p (with Schwab Platinum).
  • Points Transfers: Transfer 1:1 to ANA miles (good for round-trip US-China flights and round-the-world tickets); transfer 1:1 to British Airways miles (good for China-Japan routes and short-haul domestic US redemptions); transfer 1:1 to Air Canada miles (good for US-China business class awards and infant tickets); transfer 1:1 to Delta (good for business class, and can also redeem any Delta flight at 1c/p).
  • Points Features: All MR points earned by one person are pooled into a single account and can be used directly. As long as you still have at least one MR-earning card open, all MR points will remain valid; be sure to use them up before closing all of your cards. Nearly all MR-earning cards allow you to transfer MR points to airline miles or hotel points. MR points can be transferred to airline or hotel accounts in an authorized user's name.
  • My Take: The most common use of MR is transferring to airline miles, mainly ANA, Air Canada, Delta, and British Airways. Delta can help cover SkyTeam options; ANA and AC can selectively cover Star Alliance options; BA can be used for some oneworld awards. Among these, ANA is especially valuable for US-China economy, business, and first class awards. AC and Delta are also good for covering domestic US flights, while BA is best for nonstop domestic US flights. Hotel transfers are a weak spot for MR, and none are really worth transferring to. As for booking hotels or flights directly through AMEX Travel, you usually only get 1 cent per point in value, so I generally do not recommend it. Cash back and gift cards also max out at only 1 cent per point. Therefore, the final valuation is 1.7c, mainly considering the broad airline partner coverage, mostly instant transfer times (ANA takes 2-3 days; others are instant), and the value of these airline miles. The weaknesses are that MR is not very useful for hotel redemptions, and direct airfare bookings do not provide strong value either.
  • Detailed Analysis: Membership Rewards Guide >>

ThankYou Points (TYP)

TYP airline partners are generally harder to redeem. Singapore Airlines, Asia Miles, and Flying Blue are probably the easier ones to use, but even those are really just nice bonuses among MR partners, and none are especially beginner-friendly. Hilton, the hotel partner, is not really worth transferring to either. The advantage is that if you hold Citi Premier or Prestige, you can get 1.25c of value when redeeming for flights, hotels, or cruises through Citi Travel. Cash or gift card redemptions are only worth 1 cent per point.

  • The final value is 1.3c, mainly reflecting the uplift from Citi premium cards, plus the fact that some of the less common airline partners still have some useful redemption options.
  • Point value: Average value is 1.5c/p, 100 TYP = $1.5 (Point value and analysis)
  • Direct redemption: Redeem at 1c/p for Statement Credit
  • Point transfers: 1:1 transfer to AA (good for U.S.-China and U.S.-Europe redemptions, especially premium cabins); 1:1 transfer to Virgin Atlantic miles (good for Delta One nonstop awards and ANA round-trip first class between the U.S. and Japan); 1:1 transfer to Avianca miles (good for U.S.-China business class, ANA and Asiana first class between the U.S. and China, with no YQ on ticketing); 1:1 transfer to Qantas Airways (QF) miles (good for nonstop U.S. domestic awards and U.S. East Coast to Western Europe). You need to hold the ThankYou Premier or Prestige to transfer TYP to airline and hotel points.
  • Program features: You can pool all TYP points into one account and use them together. TYP points on each card expire separately, so it’s best to use up the TYP from a card before closing it. You can transfer up to 100k TYP per year to a friend’s account.
  • My quick take: For TYP airline partners, just keep AA, AV, and VS straight. Hilton as a hotel partner is also not really worth transferring to. Redeeming for cash/gift cards is only worth 1 cent per point. So the value is about 1.3c, and a few of the more niche airline partners still make it interesting.
  • Detailed analysis: ThankYou Points guide>>

Ultimate Rewards (UR)

UR’s main airline transfer partners are United Airlines, British Airways, and Korean Air. UA can book most Star Alliance awards, BA covers some domestic AA flights within the U.S., and KE is decent for some China-U.S. Korean Air awards. For premium-cabin awards, UA and BA are both somewhat weak, and KE is fairly limited in its options. On the hotel side, Hyatt is the best choice; redeeming for Hyatt stays can get you around 1.6c of value, but Hyatt’s footprint in the U.S. is relatively small, so availability is not great. If you have Sapphire Preferred or Sapphire Reserve, booking flights, hotels, and activities through Chase Travel can get you 1.25c/1.5c of value, which is one of the best high-value uses for beginners. Cash or gift card redemptions are worth 1 cent per point.

  • The final value is 1.6c, mainly because of CSR’s 1.5c redemption rate, the usefulness of the airline partners, and Hyatt’s point value. The downside is that UR does not have many good options for premium-cabin redemptions.
  • Point value: The average value is 1.6c/p, so 100 UR = $1.6 (Point Values and Analysis)
  • Direct redemption: Cash redemptions are worth 1c; travel redemptions are worth 1c (without a premium card). Premium hotel redemptions or business/first class flights can yield 1.75c (with Ink Preferred or Sapphire Preferred), and 2c with the Sapphire Reserve.
  • Point transfers: Transfer 1:1 to United miles (good for China–US economy, domestic US economy, and one-way tickets); transfer 1:1 to British Airways miles (good for China–Japan and short-distance domestic US redemptions); transfer 1:1 to Hyatt points (great for Hyatt hotel stays, with value up to 1.8 cents per point).
  • Point features: Ultimate Rewards points can be freely moved among your own cards. They can also be transferred to one designated spouse or partner. To transfer points to airline miles or hotel points, you need support from Ink Preferred, Sapphire Preferred, or Sapphire Reserve. You can also transfer to the mileage or points account of an authorized user.
  • My take: UR’s main airline transfer partners are United Airlines, British Airways, Aeroplan, and Air France. UA can book most Star Alliance award tickets, while BA covers some domestic US AA flights. On the hotel side, Hyatt is the best option and can often deliver about 1.6c in value per point, but Hyatt has a relatively small footprint in the US, so your choices may be limited. If you have the Sapphire Preferred or Sapphire Reserve, booking flights, hotels, and activities through Chase Travel can get you 1.25c/1.5c in value, which is one of the best high-value options for beginners. Cash/gift card redemptions are worth 1 cent.
  • Detailed analysis: Ultimate Rewards Guide >>

Airline Miles

Airline miles are basically only useful for redeeming flights on the airline itself or its alliance partners; other redemption options are usually pretty bad. In general, premium-cabin awards are where you can get the best value, and special itineraries like Stopovers, Open Jaws, and one-way tickets can also be cheaper.

Air Canada (AC)

AC miles are good for booking UA domestic U.S. flights and partner one-way economy awards between China and the U.S. Air Canada has a large Star Alliance network and plenty of capacity; for example, UA, AC, and CA can all be used for China-U.S. flights, making it possible to route from a small U.S. city to a small Chinese city. There is no close-in booking fee, so it is a good option for urgent travel. Infant tickets only incur a fixed $50/$100 surcharge, which makes it very good for adding an infant ticket, especially on premium-cabin awards. The downside is that premium-cabin awards require a lot of miles, and there may also be substantial fuel surcharges.

The value is set at 1.5c, mainly because of Star Alliance’s strong capacity and relatively low surcharges on special awards. The downside is that premium-cabin awards require a lot of miles, which lowers the maximum possible value.

Alaska Airlines (AS)

AS miles can mainly be used for AS, AA, JAL (JL), and Hainan Airlines (HU). AS and AA are suitable for U.S. domestic flights, while AA, Hainan, and JAL can all be used for China-U.S. flights. AS premium-cabin awards between China and the U.S. require very few miles and have low taxes and fees, making them the best choice for booking. AS’s free one-way Stopover is also a major highlight, since you can add a side trip along the way. The downside is that there are many restrictions when booking China-U.S. flights, and it is hard to find small-city-to-small-city awards.

The value is set at 1.6c, mainly because premium-cabin redemptions are very attractive and there are many usable flights.

All Nippon Airways (NH)

ANA miles are mainly used for Star Alliance partner awards, and are most often used for China-U.S. flights. Economy round trips require only 60,000 miles, and business class only 95,000, which is a breath of fresh air in the miles world. In terms of capacity, Star Alliance makes it relatively easy to book small-city-to-small-city flights between the U.S. and China, usually using UA for the U.S. domestic leg and CA for the China domestic leg, with ANA/UA/CA/OZ available for the transpacific segment, so it is quite convenient. The downside is that fuel surcharges can be relatively high if you book ANA/OZ.

The value is set at 1.6c, mainly because premium-cabin awards are a great deal and Star Alliance has plenty of capacity.

American Airlines (AA)

AA miles are mainly used to book oneworld awards. Within the U.S., you can book AA-operated flights; between the U.S. and China, you can book AA, Cathay Pacific (CX), Japan Airlines (JL), and some mixed itineraries, and you can even make small-city-to-small-city awards happen. CX and JL flight quality is still pretty good. After AA’s devaluation, the miles required for business class and first class both went up quite a bit, but 70,000 miles one-way in business class is still acceptable. Compared with Star Alliance, oneworld award space is relatively limited, and booking partner airlines still requires calling in, which is a bit of a hassle. The lack of fuel surcharges is also a big plus.

I value it at 1.5¢, mainly because the premium cabins are still decent, there are no fuel surcharges, and award availability is still acceptable.

British Airways (BA)

BA miles are mainly used to book oneworld awards. Within the U.S., you can book AA-operated flights; between the U.S. and China, you can book Cathay Pacific, AA, and Japan Airlines. The downside is very obvious: if the itinerary has a connection, the required miles are added segment by segment, so it’s extremely inefficient. In addition, business and first class cost 2x and 3x the economy award price, so they are almost never a good use of miles. The upside is that nonstop flights within the U.S. and short nonstop flights between the U.S. and Japan are very good value, the change/cancellation/redeposit fees are very low, and there is also no close-in booking fee.

I value it at 1.3¢, mainly because the booking range is limited and premium-cabin redemptions are not a good deal.

Delta Air Lines (DL)

DL miles can be used for SkyTeam awards. Within the U.S., you can book DL-operated flights; between the U.S. and China, you can book flights on DL, Korean Air, China Southern, and China Eastern. For domestic U.S. awards, DL is still fairly good value. For U.S.-China itineraries, Delta often uses a dynamic award chart, and you may run into extremely high mileage requirements. Even though these miles are often considered worthless, DL still has one big advantage: you can use 1 cent per mile to buy Delta tickets directly. So at least the floor value is 1¢.

I value it at 1.3¢, mainly because the redemption chart is unstable, but overall seat availability is still decent, and discounted award deals are often available.

United Airlines (UA)

UA miles can be used for Star Alliance awards. Within the U.S., you can book UA-operated flights; between the U.S. and China, you can book flights on ANA, UA, OZ, AC, and CA. In other words, availability is very plentiful, and it can even support small-city-to-small-city award itineraries. UA awards have no fuel surcharges, which is also excellent. However, UA premium cabins require a lot of miles, so they are not especially attractive redemptions. UA awards also come with a close-in booking fee, which is hard to avoid. UA miles can be converted into gift cards through the MPX app, but the value is only around 0.6¢, so that’s not very good.

I value it at 1.5¢, mainly because availability is strong and bookings are relatively easy, but premium-cabin redemptions are not very good value.

Hotel Points

Hotel points are mainly for hotel stays, of course, though a few programs also allow flexible transfers.

Hilton

Use them to book Hilton hotels. The average value is around 0.4¢, and you can combine that with the fifth-night-free benefit. Hilton has a household-pooling feature, so everyone’s points can be used together. To get outsized value, it’s better to target tourist destinations or special travel periods. The strength of Hilton points is that Hilton properties are very widely distributed across the U.S., and there are a lot of them, so it’s easy to spend the points.

Hyatt

Use them to book Hyatt hotels. The average value is around 1.6¢. However, Hyatt properties are not nearly as widespread, and there aren’t that many promotions either.

Marriott

For hotel stays alone, you can redeem Marriott points for Marriott award nights, or transfer them at a 3:1 ratio to SPG points and redeem SPG award nights. In addition, once you have accumulated enough Marriott points, you can redeem the most valuable Marriott package, getting a certain number of miles plus 7 nights’ stay. That’s probably the best use of Marriott points.

  • Point value: Average value is 0.8 c/p, 100 Marriott points = $0.80 (Point value and analysis)
  • Hotel redemptions: Marriott points can be redeemed for stays at Marriott hotels, Ritz-Carlton, and hotels that were previously part of SPG. Marriott now uses dynamic pricing, so the number of points required depends on the room rate. You can also redeem using cash+points. All-points bookings qualify for a stay 5, pay for 4 offer.
  • Point transfers: Marriott points can be transferred to the following airline miles at a 3:1 ratio, with an additional 10% bonus when transferring to UA. In addition, every 60,000 points transferred earns an extra 5,000-mile bonus, which means a maximum transfer ratio of 3:1.25 for miles (eligible miles only). Air Canada Aeroplan (AC) miles (domestic U.S. flights, one-way economy tickets between the U.S. and China, emergency flights, and infant tickets on two-cabin itineraries); Alaska Airlines (AS) miles (domestic U.S. flights, U.S.-China flights, U.S.-China two-cabin itineraries, free one-way Stop Over); ANA miles (U.S.-China flights, round-trip economy for just 60,000, business class for 95,000); AA miles (U.S.-China CX and JL two-cabin itineraries, no fuel surcharges); BA miles (domestic U.S. flights and short nonstop flights between China and Japan, very low change/cancellation fees, emergency tickets); Delta miles (domestic U.S. flights, U.S.-China flights, can be redeemed at 1 c/p); UA miles (U.S.-China economy, domestic U.S.)
  • Point characteristics: Points can be transferred between different accounts, with an annual limit of 100,000 points. When booking rooms, you can combine your family members' points with no limit. Points expire after 24 months with no activity.
  • My quick take: Marriott inherited SPG's extremely strong flexibility and can be transferred to many very useful airline miles, with pretty good transfer ratios as well. Point value for hotel redemptions is not as high as Hyatt points, but it is still decent. The ability to pool points for the whole family is also a big plus.
  • Detailed analysis: Marriott points guide

SPG

For hotel stays alone, you can redeem SPG points for SPG award nights, or transfer them at a 1:3 ratio to Marriott points and redeem Marriott award nights. In addition, once you have accumulated enough SPG points and then transfer them to Marriott points, you can redeem the most valuable Marriott package, getting a certain number of miles plus 7 nights’ stay, which is probably the best use. SPG points can also be transferred directly to airline miles at a 1:1 ratio, with an extra 5,000 miles for every 20,000 transferred. Airline partners include AA, AC, BA, JL, ANA, DL, and AS, which basically covers the major airlines we use.

I value it at 2.4, mainly because it can transfer to Marriott at 1:3 and can be exchanged at 1:1.25 for miles with several major airlines, while its direct hotel redemption value is also very high.

Conclusion

Honestly, before writing this article, I was quite uneasy. The value of points depends greatly on the person using them and on when they’re used. With the same points, one person can get $1,000 of value out of something worth $300, while another person can get only $100 of value out of the same $300. The goal of this article is simply to give everyone a rough sense of what these points are worth, so that you have a reference point when redeeming them. I also hope that the methods mentioned here for maximizing point value will help you get the most out of the points you have.

The most important sentence: points only have value when you actually use them!