What are points and miles worth? TPG’s January 2025 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 program's inner workings. 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.
What are credit card points and miles worth?
| Program | January 2025 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | Those with The Business Platinum Card® from American Express can now enjoy up to $200 in Hilton statement credits per calendar year (enrollment required). |
| Bilt Rewards | 2.05 | |
| Capital One | 1.85 | The Capital One Venture X Rewards Credit Card and the Capital One Venture X Business are losing Plaza Premium lounge access. |
| Chase Ultimate Rewards | 2.05 | Targeted Chase cardholders can earn 10,000 bonus points through Chase Travel℠.
Chase opened a new Sapphire Lounge in San Diego. |
| Citi ThankYou Rewards | 1.8 | |
| Wells Fargo Rewards | 1.6 |
What are airline points and miles worth?
| Program | January 2025 valuation (cents) | Latest news |
|---|---|---|
| Air Canada Aeroplan | 1.5 | Air Canada will make inflight Wi-Fi free starting in May. |
| Alaska Airlines Mileage Plan | 1.45* | Alaska Airlines announced plans to fly to Asia from its Seattle hub and launch a premium credit card. |
| American Airlines AAdvantage | 1.65* | American Airlines won't raise elite thresholds in 2025, but other changes are coming.
You can now redeem AAdvantage miles on all Hawaiian Airlines flights. The airline added two new domestic routes, including a transcon from Pittsburgh, and then an additional five new routes, including the longest from LaGuardia Airport (LGA). Citi will become the exclusive issuer of cobranded American Airlines cards in 2026. |
| All Nippon Airways Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.6 | Avianca is eyeing five new routes from Florida to Latin America. |
| Avios | 1.4 | British Airways rebranded its loyalty program, unveiling a new revenue-based system for earning elite status. |
| Cathay Asia Miles | 1.3 | |
| Delta Air Lines SkyMiles | 1.2* | Delta opened a Delta One Lounge in Boston and unveiled a new Sky Club in Charlotte. |
| Emirates Skywards | 1.2 | |
| Etihad Airways Guest | 1.2 | |
| Flying Blue | 1.3 | KLM has finished installing premium economy on its Boeing 777s and 787s. |
| Frontier Airlines Frontier Miles | 1.1 | |
| Hawaiian Airlines HawaiianMiles | 1.2 | Hawaiian is cutting service to Austin and beginning network integration with Alaska Airlines.
Alaska and Hawaiian are offering reciprocal status matches. |
| JetBlue TrueBlue | 1.3* | JetBlue cut eight routes and exited one market in a big network shift.
JetBlue added two new European routes, including its first-ever flights to Spain. The airline will add domestic first-class cabins. |
| Korean Air SkyPass | 1.7 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Airlines Rapid Rewards | 1.35 (down from 1.4)* | Southwest Airlines is adding eight new routes as it extends its schedule into fall 2025. |
| Spirit Airlines Free Spirit | 1.1 | Free Spirit is offering a new status match challenge for elite members of other airlines. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United Airlines MileagePlus | 1.35* | United's aging facilities at Dulles International Airport (IAD) are getting an upgrade, including a huge United Club.
United became the latest U.S. airline to cut back Tulum service. The airline is adding eight new Denver routes, including the first-ever flight to Rome. |
| Virgin Atlantic Flying Club | 1.4 |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | January 2025 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.6 | A new Hilton Honors promo allows you to earn double points on stays.
The Conrad Los Cabos will give Hilton loyalists a new reason to head to Baja. |
| IHG One Rewards | 0.5 | |
| Marriott Bonvoy | 0.85 | You can now book this Moab resort near Arches National Park with Bonvoy points.
Marriott is acquiring Postcard Cabins amid a greater outdoor travel play. The W Las Vegas is now open at MGM's Mandalay Bay complex. Marriott Bonvoy and MGM Resorts are boosting loyalty partnership benefits for 2025. One of Greece's most popular islands is getting a JW Marriott resort this year. |
| World of Hyatt | 1.7 | Hyatt added online redemptions for suite and club upgrade awards.
Hyatt wants to buy major all-inclusive resort operator Playa Hotels & Resorts. The hotel group finalized its Bahia Principe partnership, expanding its all-inclusive portfolio. |
| Wyndham Rewards | 1.1 |
News highlight of the month
Happy new year from all of us here at TPG.
There's plenty to look forward to in 2025 for your points and miles. For example, Bilt Rewards is introducing the ability to earn points on the purchase price of a new home when you use eXp Realty.
You can also earn 10,000 more elite qualifying miles per year in the Alaska Airlines Mileage Plan program from the Alaska Airlines Visa Signature® credit card or Alaska Airlines Visa® Business card. The Mileage Plan program will also start awarding EQMs on award tickets, a fairly unusual feature for a major loyalty program (though Virgin Atlantic's Flying Club program has offered this for some time).
Alaska will also launch its first premium credit card this summer, and you can earn 500 bonus miles just by adding your name to the waitlist. A new premium credit card from JetBlue could also be on the way.
In the hotel world, Choice Privileges will begin letting members book award nights up to 50 weeks in advance. The program is also reducing its cheapest award nights from 8,000 to 6,000 points per night.
The TPG team also has some hopes for points and miles in 2025 that have not (yet!) been announced. Our wishlist includes bonus categories on Capital One credit cards and year-round bonus categories for Chase and American Express cards. We'd love to see more benefits for World of Hyatt Explorist status members, better perks for IHG One Rewards elite members and Delta reinstating rollovers for Medallion Qualification Dollars.
We are huge fans of transferable currencies here at TPG, though not every currency has the perfect list of transfer partners. We have our fingers crossed that Wells Fargo Rewards and Citi ThankYou Rewards will add Air Canada Aeroplan as a new transfer partner in 2025.
Related: Why Air Canada Aeroplan has become my favorite Star Alliance loyalty program
Travel credit card offers
Here are some of the best options if you're looking for a new travel rewards card that earns transferable points.
Chase Sapphire Preferred Card
The Chase Sapphire Preferred® Card is one of our favorite travel rewards cards, especially if you're just getting started with points and miles. The Chase Sapphire Preferred currently offers a welcome bonus of 60,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening. Per our valuations, this welcome bonus is worth $1,230 if you leverage the Ultimate Rewards transfer partners or $750 if you redeem through Chase Travel at 1.25 cents per point.
The card comes with a $95 annual fee but offers many perks, including 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.
Official application link: Chase Sapphire Preferred Card
Capital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card is a compelling option due to its great earning rates and included perks. The card currently has a welcome offer 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 the Capital One transfer partners, our valuations peg the value of this welcome bonus at $1,388.
You'll earn at least 2 miles per dollar spent on purchases and get access to a variety of useful benefits, including a $300 annual credit for bookings through Capital One Travel, 10,000 bonus miles each account anniversary and complimentary access to Capital One airport lounges for you and up to two guests per visit. Check out our Capital One Venture X card review for more details.
Learn more: Capital One Venture X Rewards Credit Card
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card has a welcome offer of 75,000 bonus miles when you spend $4,000 on purchases within the first three months from account opening.
If you plan to transfer your miles to Capital One's hotel or airline partners, this welcome offer is worth around $1,388. 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 card review for more details.
Learn more: 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. However, you may be targeted for a higher offer through the CardMatch tool. (This offer is subject to change at any time.)
Our valuations peg 80,000 Membership Rewards points at $1,600 based on the value you can get when leveraging the Membership Rewards transfer partners. The Amex Platinum is packed with benefits, so read our Amex Platinum review for all the details. The Amex Platinum has a $695 annual fee (see rates and fees).
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 new cardholders the ability to earn 60,000 bonus points after spending $6,000 on purchases in the first six months of card membership. Based on our valuations, this welcome offer is worth $1,200. 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 is great for many everyday purchases. You'll earn 4 points per dollar spent 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 at restaurants (on up to $50,000 in purchases per calendar year, then 1 point per dollar). The card has a $325 annual fee (see rates and fees), so check out our Amex Gold review to see whether it makes sense.
Official application link: American Express Gold Card
The Business Platinum Card from American Express
The Business Platinum Card from American Express offers new cardholders the opportunity to earn 150,000 Membership Rewards points after they spend $20,000 on eligible purchases with their card in the first three months of membership. Per our valuations, this welcome offer is worth $3,000.
You'll find many lesser-known Amex Business Platinum perks similar to (but slightly different from) those of the personal version. For more details, check out our Amex Business Platinum review. Then, check out our comparison of the Amex Platinum and the Business Platinum to see which card better fits your wallet.
Official application link: The Business Platinum Card from American Express
Capital One Venture X Business
The Capital One Venture X Business 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. Our valuations peg the value of this welcome bonus at $2,775.
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. Check out our Capital One Venture X Business card review for more details.
Learn more: Capital One Venture X Business
Ink Business Preferred Credit Card
The Ink Business Preferred® Credit Card has a welcome offer of 90,000 bonus points after you spend $8,000 on purchases in the first three months from card opening. Based on our current valuation of Chase Ultimate Rewards points, this welcome bonus is worth $1,845.
The Ink Business Preferred can be a great option for business owners who want to benefit from a generous welcome bonus but might not meet the higher spending requirements of other cards. Business owners may also appreciate that the Ink Business Preferred offers 3 points per dollar spent on the first $150,000 in combined travel, shipping and advertising (i.e., with social media sites and search engines) purchases and internet, cable and phone services each account anniversary year. 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, click here.
For rates and fees of the Amex Gold, click here.