This article reorganizes the current valuations for commonly used credit card points, airline miles, and hotel points. The values listed here are not the theoretical maximum value you might occasionally get from business class, first class, or luxury hotels during peak season. Instead, they are the average values that I think most people can realistically achieve and use to calculate welcome bonuses and return on spending. If you are interested in specific transfer ratios and partners, see the 2026 Credit Card Transfer Partners Master List.

Points Value Summary

Category Name Value Detailed Guide
Credit card points Membership Rewards (AMEX) 1.5 MR Guide
Credit card points ThankYou Points (Citi) 1.5 TYP Guide
Credit card points Ultimate Rewards (Chase) 1.6 UR Guide
Credit card points Capital One Miles 1.3 Capital One Points Guide
Credit card points Bilt Points 1.6 Bilt Points Guide
Credit card points Wells Fargo Rewards 1.3 Wells Fargo Points Guide
Airline miles Air Canada Aeroplan (AC) 1.5 Aeroplan Miles Guide
Airline miles Atmos Rewards (Alaska Airlines) 1.5 Atmos Rewards Miles Guide
Airline miles All Nippon Airways (ANA) 1.5 ANA Miles Guide
Airline miles American Airlines (AA) 1.5 AA Miles Guide
Airline miles British Airways Avios (BA) 1.3 BA Avios Miles Guide
Airline miles Delta SkyMiles (DL) 1.2 Delta Miles Guide
Airline miles JetBlue TrueBlue 1.3 JetBlue Miles Guide
Airline miles Southwest Rapid Rewards 1.3 Southwest Miles Guide
Airline miles United MileagePlus (UA) 1.5 United Miles Guide
Hotel points Hilton Honors 0.5 Hilton Points Guide
Hotel points World of Hyatt 1.6 Hyatt Points Guide
Hotel points IHG One Rewards 0.5 IHG Points Guide
Hotel points Marriott Bonvoy 0.7 Marriott Points Guide
Hotel points Wyndham Rewards 0.8 Wyndham Points Guide

Notes:

  • All values above are in cents per point. For example, 1.5c means each point is worth 1.5 cents, so 100 points are worth about $1.50.
  • The numbers in the table are average values that I personally consider relatively easy to achieve. They are not the cost of buying points, nor are they the maximum values from extreme redemption examples.
  • These valuations do not factor in personalized benefits such as limited-time transfer bonuses, airline elite status, hotel elite status, or Companion Pass.
  • When calculating the value of an award ticket, you should use the cash price you would actually be willing to pay, not the fare for a business class or first class ticket you would never have bought with cash in the first place.
  • After bank points are transferred into an airline or hotel account, they generally cannot be reversed. Unless you have already found the flight or hotel you plan to book, I do not recommend transferring points speculatively in advance.

Credit Card Points

The strength of credit card points is flexibility. In addition to redeeming them for cash or booking travel, you can transfer them to different airlines or hotel groups based on the needs of each trip. As long as the points remain in your bank account, you do not have to take on the risk of a sudden devaluation from a specific airline or hotel program too early.

Membership Rewards (MR)

AMEX Membership Rewards currently has the broadest coverage of airline transfer partners. Practical partners include Air Canada Aeroplan, ANA, Avianca LifeMiles, British Airways, Delta, Flying Blue, Singapore Airlines, Qatar Airways, and Virgin Atlantic, covering most commonly used redemptions across the three major airline alliances.

The transfer ratios are not exactly the same for every partner. Aeroplan, ANA, Delta, Flying Blue, British Airways, Singapore Airlines, and Virgin Atlantic are usually 1:1; Cathay Pacific, Emirates, and JetBlue are 5:4. Transfers to U.S. airline programs such as Delta and JetBlue may also incur a Federal Excise Tax Offset Fee.

Hotel partners include Hilton, Marriott, Choice, and Leading Hotels of the World. Hilton is usually 1:2, which looks good, but Hilton points themselves have relatively low value; Marriott and Choice are also generally better for topping off a small number of points rather than making large transfers.

Flights purchased through AMEX Travel can usually be booked at 1c per point. Regular statement credit redemptions have a lower redemption rate, while holding the Schwab Platinum allows you to redeem for cash at a higher fixed rate.

I value MR at 1.5c. Its airline partners are indeed very comprehensive, and it is easy to exceed this value when there is a transfer bonus. However, hotel transfers are weak, and ordinary users will also find it difficult to reach 1.5c when directly booking travel or redeeming for cash.

ThankYou Points (TYP)

Notable Citi ThankYou Points partners include American Airlines, EVA Air, Turkish Airlines, Cathay Pacific, and Qatar Airways. Citi can transfer directly to AA at 1:1, which is very convenient for redeeming Japan Airlines, Qatar Airways, Cathay Pacific, and AA’s own flights.

There are also several hotel partner uses worth paying attention to:

  • Choice Privileges: 1:1.5;
  • I Prefer Hotel Rewards: 1:2;
  • Wyndham Rewards: 1:1;
  • Accor ALL: 2:1;
  • Leading Hotels of the World: 5:1.

In general, you need to hold a Citi Strata Premier, Strata Elite, or an eligible legacy Prestige card to access the full set of transfer partners and the best ratios. If you only have no-annual-fee cards such as Double Cash or Custom Cash, some partners may be unavailable or may transfer at a lower ratio.

Booking travel through Citi Travel and redeeming directly for cash can usually both get you 1c per point in value.

TYP’s airline partners are already complete enough, and AA is an extremely useful exclusive partner. Together with hotel uses such as Choice, I Prefer, and LHW, I think 1.5c is a reasonable average valuation.

Ultimate Rewards (UR)

Chase Ultimate Rewards does not have the largest number of partners, but it is very practical for everyday use. Airline partners include United, Southwest, Aeroplan, British Airways, Flying Blue, Singapore Airlines, JetBlue, and Virgin Atlantic; hotel partners include Hyatt, IHG, Marriott, and Wyndham.

Hyatt is still the most important hotel partner for UR, but the transfer ratio depends on the specific credit card:

  • New Chase Sapphire Preferred applications after June 15, 2026: 4:3;
  • Earlier Sapphire Preferred applications, as well as Ink Preferred, Ink Plus, and certain business cards: 4:3 starting October 1, 2026;
  • Sapphire Reserve and Sapphire Reserve Business: still 1:1 for now.

Before making an actual transfer, it is best to check the ratio shown in your own Chase account again.

UR points are usually worth 1c each when redeemed directly for cash. When booking regular travel through Chase Travel, the base value is also usually 1c; certain flights and hotels that qualify for Points Boost can get a higher redemption rate. With some premium cards, bookings for select luxury hotels or business- and first-class flights may reach as high as 1.75c or 2c.

I still value UR at 1.6c. United and Southwest are good for domestic U.S. travel, Aeroplan is good for international flights, and Hyatt remains very useful when you are eligible for 1:1 transfers. Even if you are not traveling for the time being, you can redeem for cash at 1c, so you are less likely to be forced into a low-value liquidation.

Capital One Miles

The strength of Capital One Miles is that they are easy to earn. Venture, Venture X, and some business cards can earn 2x on everyday spending without having to study bonus categories.

Most major airline partners are currently 1:1, including:

  • Air Canada Aeroplan;
  • Avianca LifeMiles;
  • British Airways;
  • Cathay Pacific Asia Miles;
  • Etihad Guest;
  • Flying Blue;
  • Qantas Frequent Flyer;
  • Qatar Airways Privilege Club;
  • Singapore Airlines KrisFlyer;
  • TAP Miles&Go;
  • Turkish Airlines Miles&Smiles;
  • Virgin Red.

The following partners use other ratios:

  • Emirates Skywards: 4:3;
  • EVA Air: 4:3;
  • Japan Airlines JAL: 4:3;
  • JetBlue TrueBlue: 5:3.

Hotel partners include Choice, Wyndham, Accor, and I Prefer. Choice and Wyndham are 1:1, Accor is 2:1, and I Prefer is 1:2.

Capital One Miles can be used through Capital One Travel to book travel at 1c per mile, and they can also be used to offset eligible travel purchases. The rate for direct redemptions as regular cash back is usually lower.

Capital One does not have a standout partner like Hyatt or AA, but its airline partner coverage is very complete, and earning 2x on everyday spending is also very convenient. Overall, I value it at 1.3c.

Bilt Points

Bilt Points are not earned especially quickly, but the quality of the transfer partners is very high. Notable partners include:

  • Alaska Atmos Rewards: 1:1;
  • Japan Airlines JAL: 1:1;
  • United MileagePlus: 1:1;
  • Southwest Rapid Rewards: 1:1;
  • World of Hyatt: 1:1;
  • Emirates Skywards: 1:1.

Among major bank points programs, Bilt is currently the only one that can transfer directly to Alaska Atmos Rewards at 1:1. JAL can also receive transfers from Capital One, but Bilt at 1:1 is clearly better than Capital One at 4:3. Hyatt also remains 1:1, which is especially attractive for users who hold certain Chase credit cards.

Bilt can also transfer to Hilton, IHG, Marriott, Wyndham, Accor, and I Prefer. Regular Blue members usually need to transfer at least 2,000 points, while higher-tier members can usually start transfers from 1,000 points.

I value Bilt Points at 1.6c. Alaska, JAL, United, and Hyatt are all very useful, but Bilt does not have a stable 1c cash-out option, so it is not suitable for stockpiling too much without a travel need.

Wells Fargo Rewards

Wells Fargo Rewards airline partners include Aer Lingus, Flying Blue, Avianca LifeMiles, British Airways, Cathay Pacific, Iberia, JetBlue, and Virgin Atlantic.

Its hotel transfer ratios are actually more distinctive:

  • Choice Privileges: 1:2;
  • Wyndham Rewards: 1:2.

In other words, 10,000 Wells Fargo Points can be converted into 20,000 Choice or Wyndham points. Wells Fargo also allows transfers in 1-point increments, which is very convenient when you need to top off a mileage balance by a few dozen or a few hundred points.

As long as you hold an Autograph or Autograph Journey that supports transfers, you can usually combine rewards earned from cards such as Active Cash into that account and then transfer them out. Direct cash and travel redemptions are generally worth 1c per point.

Wells Fargo’s airline partners are still not comprehensive enough, but the 1c cash floor and the 1:2 hotel transfers to two programs are both very practical, so I value it at 1.3c.

Airline Miles

The value of airline miles usually varies more than credit card points. The same miles might be worth only around 1c when redeemed for domestic U.S. economy class, but more than 3c when redeemed for last-minute international flights or business class.

The valuations below do not require finding the absolute best sweet spot every time. Instead, they take into account award availability, booking difficulty, taxes and fees, change and cancellation policies, and routes that ordinary users can realistically use.

Air Canada Aeroplan (AC)

Aeroplan can redeem for Air Canada and a large number of Star Alliance partners, making it useful for domestic U.S. travel, travel between the U.S. and Asia, and itineraries involving small cities that require multiple connections.

Redemption pricing is calculated based on a combination of region, flight distance, and operating carrier. Some eligible one-way itineraries can add one stopover for an additional 5,000 points. International infant tickets can also be booked with a fixed cash amount or a small number of points, which is especially good value when traveling with an infant in business class.

Booking partner-airline awards usually incurs a C$39 partner booking fee per ticket, and some airlines may also impose fuel surcharges.

Aeroplan’s strengths are its many Star Alliance routes, the ability to build complex itineraries, and the fact that partner awards can often be found even for last-minute travel. I value it at 1.5c.

Atmos Rewards (Alaska Airlines)

Atmos Rewards can be redeemed for Alaska, Hawaiian, and partners such as American Airlines, Japan Airlines, Cathay Pacific, and Starlux. Business- and first-class awards on some international partners remain the most attractive ways to use these points.

Atmos Rewards prices partner awards based on region, distance, and operating carrier. High-value international award space is limited, especially for popular business-class awards on carriers such as Japan Airlines and Cathay Pacific, so you usually need to plan ahead and keep your dates flexible.

This program has very high-quality partners, and there are quite a few worthwhile international premium-cabin routes to redeem for. Considering that award seats are not easy to find, I set the average value at 1.5c.

All Nippon Airways (ANA)

ANA miles can be redeemed for ANA and Star Alliance partner flights. Award charts are based on region, season, and cabin, and business-class redemptions from North America to Japan, Asia, Europe, and Oceania are all relatively competitive. One-way awards can also currently be booked, making the program much more flexible than when only round trips were allowed.

ANA’s advantage is the ample Star Alliance capacity. You can combine multiple partners on the same ticket, and complex itineraries do not require an unlimited mileage increase simply because you add connections. Some round-trip itineraries can also include a stopover or an open jaw.

Note that ANA miles expire after three years and cannot be extended through account activity. Transfers from AMEX MR may also not post instantly, and some airlines charge relatively high fuel surcharges.

If you are willing to study award charts and fuel surcharges, ANA can still deliver excellent value for international business class awards. Considering booking difficulty and usage restrictions, I value it at 1.5c.

American Airlines (AA)

AA uses dynamic pricing for its own flights, so the mileage required for the same route can vary significantly across different dates. Within the U.S., you may occasionally find very cheap Web Specials, while peak-season or last-minute bookings may require a large number of miles.

Partner airlines remain the most valuable use of AA miles. International business class on Japan Airlines, Qatar Airways, and Cathay Pacific is worth watching, and most commonly used partner awards can be searched and booked directly on the AA website.

Most partner awards do not have high fuel surcharges, but when booking certain airlines such as British Airways, taxes and fees can increase noticeably.

AA miles can handle domestic U.S. trips and also offer high-quality partners such as Japan Airlines, Qatar Airways, and Cathay Pacific. Although popular business class awards are hard to find, I still give AA miles an average valuation of 1.5c.

British Airways Avios (BA)

British Airways Avios can be redeemed for flights on British Airways, American Airlines, Alaska Airlines, Japan Airlines, Cathay Pacific, Qatar Airways, and other airlines.

Avios are better suited for shorter nonstop flights, such as certain AA or Alaska nonstop flights within the U.S., as well as short-haul flights within Asia and Europe. Connecting itineraries are usually priced by segment, and multiple segments can add up to a very expensive award.

Different airlines, dates, and cabins each have their own award prices. Long-haul business class and first class operated by British Airways itself also usually come with relatively high fuel surcharges.

Avios are very useful for filling in short nonstop flights and specific partner awards, but not every route is a good deal. I set the average value at 1.3c.

Delta SkyMiles (DL)

Delta SkyMiles uses dynamic pricing when redeeming for Delta-operated flights, and the miles required change with cash fares, dates, and market demand. Domestic U.S. economy class is relatively easy to use, and Delta also runs Flash Sales from time to time; international business class often requires a very large number of miles.

If you hold an eligible Delta AMEX co-branded card, you can get 15% off Delta-operated award tickets through TakeOff 15. Eligible primary cardholders of co-branded cards can also use Pay With Miles, usually redeeming 5,000 miles for $50 off airfare purchases.

Both of these are co-branded card benefits and are not available to all SkyMiles accounts, so this article does not fully include them in the baseline valuation.

Delta miles are easy to use, but it is hard to consistently get especially high value from them. Considering domestic U.S. routes, discounted awards, and dynamic pricing, I value them at 1.2c.

JetBlue TrueBlue

When redeeming JetBlue TrueBlue points for JetBlue’s own flights, the required points are usually tied to the cash fare. Economy class generally makes it fairly easy to get 1.3c–1.5c in value, while Mint business class redemptions usually have lower value.

TrueBlue can also be redeemed for partner flights on Japan Airlines, Qatar Airways, TAP Air Portugal, Hawaiian Airlines, and others. Partner awards use separate award pricing, and some international business class awards are very competitive, but you need to find award seats specifically released by the partner.

The transfer ratios from different credit card points programs to JetBlue also vary:

  • Chase Ultimate Rewards: 1:1;
  • Citi ThankYou Points: 1:1;
  • Wells Fargo Rewards: 1:1;
  • AMEX Membership Rewards: 5:4;
  • Capital One Miles: 5:3.

If your city has many JetBlue flights, TrueBlue points are very useful; however, the value of JetBlue-operated flights is closely tied to ticket prices, and Mint redemption value is not high either. I use an average valuation of 1.3c here.

Southwest Rapid Rewards

Southwest Rapid Rewards is mainly used to redeem for Southwest’s own flights. As long as a flight still has cash tickets available, you can usually book it with points, without needing to search for dedicated award seats the way you do with traditional airline miles.

The redemption rate fluctuates based on fare type and market demand. Under normal circumstances, you can get about 1.2c–1.4c in value. After canceling an award ticket, the points can usually be returned to your account, which makes it suitable for locking in flights when your plans are not yet fully firm.

If you hold a Companion Pass, after booking your own ticket with cash or points, you can add a ticket for one designated companion. For two-person travel, this can greatly increase the value of your points. However, not every member has a Companion Pass, so it is not included in the table’s baseline valuation.

Southwest’s strength is not business class redemptions, but simplicity, flexibility, and the ability to redeem whenever seats are available for sale. An average value of 1.3c is reasonable.

United MileagePlus (UA)

United MileagePlus can be redeemed for flights on United and many Star Alliance partners. Within the U.S., you can use United-operated flights; for international trips, you can use partners such as ANA, Air Canada, EVA Air, Singapore Airlines, and Turkish Airlines, giving the program very broad route coverage.

Both United-operated and partner awards use dynamic pricing, so you need to judge whether an award is worthwhile based directly on the search results. Its strengths are that most partner awards do not impose fuel surcharges, and you can complete searches and bookings directly on the website.

United does not charge a separate close-in booking fee for bookings close to departure, but the miles required may still increase due to dynamic pricing. Eligible United co-branded cardholders may also see additional award seats and cardholder award discounts.

UA miles may not be the cheapest option for every redemption, but the searches are simple, the partner network is large, and taxes and fees are low, making them very useful for complicated itineraries from smaller U.S. cities to international destinations. I value them at 1.5c.

Hotel Points

Hotel points are simpler to use than airline miles, but values can still vary greatly across different hotels, dates, and cities. When calculating value, in addition to comparing room rates and points, you also need to consider taxes and fees, resort fees, fifth-night-free benefits, fourth-night-free benefits, and elite member benefits.

Hilton Honors

Hilton Honors award nights use dynamic pricing. Redemption value on ordinary dates usually is not especially high, but peak seasons, major events, and popular resort properties are more likely to produce good value.

Hilton has many hotels with wide geographic coverage, making its points relatively easy to use. Silver members and above can receive the fifth night free when booking five consecutive nights of standard award stays; award stays booked entirely with points also usually do not charge resort fees.

Hilton often sells points at around 0.5c per point, which can also serve as a simple value reference. Ordinary redemptions are roughly around 0.4c–0.6c, and it is easier to reach above 0.5c when combining with the fifth-night-free benefit, so this article values Hilton points at 0.5c.

World of Hyatt

World of Hyatt retains a hotel category award chart and distinguishes between off-peak, standard, and peak dates. Compared with programs that fully track changes in cash prices, Hyatt points have more stable value and make it easier to judge before booking whether a redemption is worthwhile.

Points can be redeemed for regular hotels, high-end hotels, and all-inclusive resorts. Award nights usually do not charge resort fees, and high-end hotels or dates with high cash prices can often deliver more than 2c in value.

Hyatt has fewer hotels than Hilton, Marriott, and IHG, but as long as there is a suitable hotel at your destination, reaching 1.6c is not difficult, so I continue to use an average valuation of 1.6c.

IHG One Rewards

IHG One Rewards award nights use dynamic pricing, and the number of points required can vary significantly by hotel and date. Points can be redeemed at brands such as Holiday Inn, Holiday Inn Express, InterContinental, Kimpton, and Six Senses.

If you hold an eligible IHG co-branded credit card, you can get the fourth night free when redeeming points for four consecutive award nights, meaning you only pay the points for three nights. This is one of the easiest ways to increase the value of IHG points.

IHG frequently sells points at around 0.5c per point, and everyday redemptions can also fairly easily reach this level. Resort properties, peak-season dates, or bookings that combine with the fourth-night-free benefit can be higher, so I use a valuation of 0.5c.

Marriott Bonvoy

Marriott Bonvoy award nights use dynamic pricing. Marriott’s strengths are its large global hotel footprint and broad brand coverage, ranging from roadside hotels to luxury resorts, so the points are usually not hard to use.

When redeeming points for five consecutive nights, you can enjoy Stay for 5, Pay for 4, where the system waives the lowest-priced night in points among the five nights.

Marriott points can also be transferred to airline miles, with most partners transferring at a 3:1 ratio. For every 60,000 Marriott points transferred, some airline partners provide an extra 5,000 miles; certain partners such as American Airlines, Avianca LifeMiles, and Delta SkyMiles are not eligible for this extra bonus.

High-end Marriott hotels require more and more points, but Marriott’s broad hotel coverage, Stay for 5, Pay for 4, and airline transfer options all provide some flexibility. Overall, I use a valuation of 0.7c.

Wyndham Rewards

Wyndham Rewards covers brands such as Days Inn, Super 8, La Quinta, Wyndham, Wyndham Grand, and Registry Collection. Its coverage is especially broad along U.S. highways and among midscale and lower-priced hotels, making it relatively useful for road trips.

Starting September 15, 2026, Wyndham award nights use the following four tiers:

  • 5,000 points;
  • 15,000 points;
  • 30,000 points;
  • 45,000 points.

The 5,000-point tier works for some lower-end hotels, while the 15,000- and 30,000-point tiers can still offer good value in resort destinations. For hotels that fall into the 45,000-point tier, you need to compare the cash rate carefully.

If you hold an eligible Wyndham co-branded credit card, you can also receive a 10% or 20% discount when redeeming points for hotel stays. Wells Fargo Rewards can transfer to Wyndham at a 1:2 ratio, while Chase, Citi, Capital One, and Bilt usually transfer at 1:1.

Ordinary redemptions can generally reach around 0.7c–0.9c, and popular resort properties can exceed 1c. Taking the new 45,000-point tier into account, I set the average value at 0.8c.

Summary

The biggest use of point valuations is to help us compare welcome bonuses, rewards on spending, and different redemption options. For example, if two programs both earn 2x on ordinary spending, and one point currency is valued at 1.5c, the theoretical return is about 3%; if the other point currency can only be reliably used at 1c, the theoretical return is 2%.

That said, no matter how high a valuation is, it only matters if you can actually use the points. If a flight redemption gives you only 0.9c per point, while those points can be redeemed directly for 1c cash, then paying cash for the ticket is the better deal. Conversely, even if a business class award works out to 5c per point based on the retail price, if you would never have paid cash for it, you cannot count the full retail price as real value.

My habit is to first keep flexible points such as MR, UR, TYP, Capital One, Bilt, and Wells Fargo, then transfer them only after I find a specific flight or hotel. For airline miles and hotel points, I try to use them with a plan rather than stockpiling them long term for a travel goal that does not yet exist.

Points only have value when you actually use them. When you do not have a clear use in mind, cash is always more stable than points.