What are points and miles worth? TPG’s February 2026 monthly valuations

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 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 points or miles, award costs in the program (factoring in availability and fees), and our expertise in the program's inner workings.

However, we now utilize extensive data for the top seven U.S. airline loyalty programs to more accurately estimate the value you should aim to achieve from your rewards. Read our explainer post on our data-driven valuations for a full methodology breakdown.

What are credit card points and miles worth?

What are Bilt Rewards Points worth?

What are airline points and miles worth?

*Calculated using TPG's data-backed valuations methodology launched in September 2023.

What are hotel points worth?

Top points and miles news for February

The TPG Awards returned for their eighth year, recognizing excellence across 38 categories in four main segments:

• In Your Wallet (credit cards)
• In the Air (airlines/flying)
• On the Ground (hotels/loyalty)
• On the Water (cruises)

Check out the above stories to learn more about the winners.

In other recent news, Bilt debuted a completely new credit card portfolio, replacing the original Bilt Mastercard with three distinct products:

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• The Bilt Palladium Card (see rates and fees) has a $495 annual fee but earns an unlimited 2 Bilt Points per dollar spent on everyday purchases. The Palladium also comes with Bilt's first-ever substantial welcome offer: 50,000 bonus points plus Gold elite status after you spend $4,000 on nonhousing purchases within the first three months, plus receive $300 Bilt Cash.
• The mid-tier Bilt Obsidian Card (see rates and fees) has a $95 annual fee but earns 3 points per dollar spent on dining or grocery purchases (on up to $25,000 per year, then 1 point per dollar), 2 points per dollar spent on travel, and 1 point per dollar spent on everything else.
• The no-annual-fee Bilt Blue Card (see rates and fees) earns 1 point per dollar on everyday spending.

The information for the Bilt Mastercard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

The days of earning transaction fee-free points on housing payments (up to 100,000 points in a calendar year) with just five monthly transactions are over. But, under Bilt 2.0, cardholders now have two pathways to earning transaction fee-free points on rent or mortgage payments.

The first option uses a tiered spending system: Cardholders earn between 0.5 and 1.25 points per dollar spent on housing payments, based on how much they spend on everyday purchases relative to their housing payment amount. Alternatively, cardholders can opt to earn 4% Bilt Cash on everyday purchases and use that Bilt Cash to unlock transaction fee-free points on housing payments at a rate of $30 in Bilt Cash per $1,000 in housing spending. Bilt Cash expires at the end of each year, but up to $100 of Bilt Cash earned rolls over to the next year.

Fair warning: Bilt Cash (and indeed the entire Bilt 2.0 rebrand) represents a complex structure akin to extreme couponing, with monthly and annual caps, multiple redemption pathways, and strategic decisions about when to bank versus spend your balance. But for those willing to master the mental gymnastics, it can unlock industry-leading value.

Top offers for earning points and miles in February

Here are some of the best options this month for those seeking a new travel rewards card that earns transferable points or miles.

American Express Platinum Card

Find out your offer on the American Express Platinum Card® and see if you are eligible for as high as 175,000 Membership Rewards points after spending $8,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.

There are a host of new benefits for the recently refreshed Platinum Card, including the following new statement credits:

• Up to a $75 quarterly Lululemon statement credit for purchases made at U.S. stores (excluding outlets) and online**
• Up to a $200 annual Oura Ring statement credit (for hardware purchases only; not for memberships)**
• Up to a $100 quarterly statement credit for U.S. Resy restaurant purchases**
• Up to a $120 annual statement credit for Uber One membership (subject to auto-renewal)**

The card's hotel statement credit increased to up to $600 each year (up to $300 biannually) when you book prepaid American Express Fine Hotels + Resorts or The Hotel Collection*** stays via American Express Travel®, and the digital entertainment statement credit has been raised to up to $25 per month, with Paramount+, YouTube Premium and YouTube TV added.**

**Enrollment is required.
***The Hotel Collection requires a minimum two-night stay.

The annual fee is now $895 (see rates and fees). To learn more about all the changes, including new hotel status and dining perks, check out our full review of the American Express Platinum Card.

Official application link: American Express Platinum Card

Chase Sapphire Reserve

The Chase Sapphire Reserve® (see rates and fees) currently offers 125,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.

The Sapphire Reserve earn 8 points per dollar spent on purchases made through Chase Travel℠ (including The Edit hotel bookings), 4 points per dollar spent on flights booked directly and 4 points per dollar spent on hotels booked directly.

The annual fee is $795, but cardholders receive up to $500 in statement credits for hotel bookings made with The Edit each calendar year (up to $250 twice a year on prepaid bookings with The Edit of two or more nights), up to $300 in statement credits each calendar year for dining at restaurants that are part of Sapphire Reserve Exclusive Tables (up to $150 in credits biannually) and more.

Check out our Chase Sapphire Reserve card review to learn more.

Official application link: Chase Sapphire Reserve

Chase Sapphire Reserve for Business

Chase unveiled the Chase Sapphire Reserve for Business℠ (see rates and fees) in June of 2025. This card has a welcome offer of 150,000 bonus points after you spend $20,000 on purchases within the first three months from account opening.

This product earns 8 points per dollar spent on purchases through Chase Travel (including The Edit), 4 points per dollar spent on flights and hotels booked directly, and 3 points per dollar spent on social media and search engine advertising. It comes with multiple flexible statement credits but has an annual fee of $795.

See our Chase Sapphire Reserve for Business card review for more information.

Official application link: Chase Sapphire Reserve for Business

Capital One Venture X Business

New applicants for the Capital One Venture X Business can earn 150,000 bonus miles after spending $30,000 on purchases in the first three months from account opening.

This card has an annual fee of $395, but you'll receive a $300 annual travel credit to use with Capital One Business Travel. You'll also receive 10,000 miles every account anniversary date (starting on your first anniversary) as well as complimentary access to Capital One airport lounges.

You can get great value from your Capital One miles by transferring them to 15-plus airline and hotel partner programs.

Check out our Capital One Venture X Business card review for more details.

Learn more: Capital One Venture X Business

Capital One Venture Rewards Credit Card

The Capital One Venture Rewards Credit Card offers 75,000 bonus miles after you spend $4,000 on purchases within the first three months from account opening. Plus, upon approval, you'll receive a $250 Capital One Travel credit to use during your first year. The annual fee for the Capital One Venture card is $95 — a reasonable amount for a card with such a generous welcome offer.

See our Capital One Venture Rewards card review for more details.

Learn more: Capital One Venture Rewards Credit Card

American Express Gold Card

One of the most popular cards with TPG staffers, the American Express® Gold Card lets new cardholders find out their offer and see if they are eligible for as high as 100,000 Membership Rewards points after they spend $6,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.

The American Express 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 spent) and 4 points per dollar spent at restaurants worldwide (on up to $50,000 in purchases per calendar year, then 1 point per dollar spent).

The card has a $325 annual fee (see rates and fees), so check out our Amex Gold review to determine whether it's a good fit.

Official application link: American Express Gold Card

For rates and fees of the Amex Platinum, click here.
For rates and fees of the Amex Gold, click here.