What are points and miles worth? TPG's October 2026 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 are worth more than others, and our goal is to give you a sense of how they stack up.
Related: How TPG determines its points and miles valuations
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What are credit card points and miles worth?
| Program | October 2026 valuation (cents) | Latest news |
|---|---|---|
American Express Membership Rewards | 2.0 | |
Capital One | 1.85 | The Capital One Lounge at Washington Dulles reopened after a monthslong closure. |
Chase Ultimate Rewards | 2.05 | Chase brought back its highest-ever transfer bonus to Marriott Bonvoy. Chase also doubled The Edit hotel credit on the Chase Sapphire Reserve for Business℠ (see rates and fees) to $1,000 beginning Jan. 1, 2027.
The World of Hyatt transfer ratio for select cardholders got worse on Oct. 1. |
Citi ThankYou Rewards | 1.9 | |
Wells Fargo Rewards | 1.75 |
What are Bilt Points worth?
| Program | October 2026 valuation (cents) | Latest news |
|---|---|---|
Bilt | 2.2 |
What are airline points and miles worth?
| Program | October 2026 valuation (cents) | Latest news |
|---|---|---|
Aeromexico Rewards | 0.8 | |
Air Canada Aeroplan | 1.5* | |
Alaska Airlines Atmos Rewards | 1.55* | Alaska unveiled premium economy and new Aurora Suites as part of a major premium upgrade. Atmos Rewards is letting members pick how they'll earn points for activity in 2027 and beyond. The program also announced a new transfer partner and teased a debit card.
Alaska also added a new California route and expanded at Paine Field near Seattle. |
American Airlines AAdvantage | 1.45* | American expanded its partnership with Starlux through a new codeshare agreement that will include mileage and status earning.
American and Hyatt are winding down their enhanced loyalty partnership. |
ANA Mileage Club | 1.4 | |
Avianca Lifemiles | 1.6 (up from 1.55)* | |
Avios | 1.4 | |
Cathay Asia Miles | 1.3 | |
Delta SkyMiles | 1.2* | Delta added another new city from LAX and bolstered seven other routes as its battle for the Los Angeles market heated up.
The airline added new routes to Venice and Athens and boosted shoulder-season flying to Europe for 2027, but also cut its brand-new Seattle service from JFK. Delta and Hyatt revealed a new loyalty partnership, with dual SkyMiles-World of Hyatt earning. |
Emirates Skywards | 1.2 | |
Etihad Guest | 1.2 | |
Flying Blue | 1.4* | Air France announced plans to open one of the largest lounges at New York JFK's Terminal One, though the terminal's opening was pushed to early 2027. |
Frontier Miles | 1.3 | |
JetBlue TrueBlue | 1.35 | |
Qantas Frequent Flyer | 1.25 (up from 1.2)* | |
Singapore KrisFlyer | 1.3 | |
Southwest Rapid Rewards | 1.25 | |
Turkish Airlines Miles&Smiles | 1.1 | |
United MileagePlus | 1.2* | |
Virgin Atlantic Flying Club | 1.5 (up from 1.45)* |
*Calculated using data provided by Points Path.
What are hotel points worth?
| Program | October 2026 valuation (cents) | Latest news |
|---|---|---|
Accor Live Limitless | 2.3 | Accor revealed that MGallery's first US flagship would be the Ink 48 hotel in New York City. |
Best Western Rewards | 0.6 | |
Choice Privileges | 0.85** | |
Hilton Honors | 0.4** | Hilton brought an affordable Canopy hotel to Deer Valley, Utah. |
IHG One Rewards | 0.6** | Kimpton opened its first all-inclusive resort in a Mexican nature reserve.
IHG's new premium credit card launched on Oct. 1 alongside announcements about refreshes to existing IHG cards. |
Marriott Bonvoy | 0.75** | |
World of Hyatt | 1.65** | The Grand Hyatt Cancun Beach Resort announced an all-inclusive experience ahead of its debut. Hyatt went glamping in New Mexico with Under Canvas Santa Fe, and a social-focused Hyatt all-inclusive arrived in Punta Cana. American and Hyatt are winding down their enhanced partnership, while Delta and Hyatt announced a new loyalty partnership. |
Wyndham Rewards | 0.55 (down from 0.7)** | Wyndham's four-tier award chart is now live. |
**Calculated using data from Gondola (a free hotel search and direct booking platform for frequent travelers).
Top points and miles news for October
Alaska Airlines has just made a slew of announcements that will be music to the ears of Atmos Rewards members.
Beginning in 2028, Alaska will roll out its Aurora premium experience across its Boeing 787 fleet and at least 25 Boeing 737 MAX 10s. It will be the first time Alaska has operated lie-flat seats on narrow-body aircraft, and even more exciting, the MAX 10s will have 12 lie-flat suites with direct aisle access.
Hawaiian's A330s will also receive luxurious Leihoku Suites, and both airlines will add a premium economy cabin in 2028. New lounges are on the way, too, including a massive flagship lounge in Seattle for long-haul premium flyers and top-tier elite members.
Atmos Rewards members can now choose how they earn both redeemable points and elite status on flights taken from Jan. 1, 2027. There are three choices:
- By distance: 1 point per mile
- By spending: 5 points per dollar
- By segments: 500 points per flight
Existing members will default to distance, and new members will default to spend. But members can switch their earning method once per calendar year.
You can currently transfer Bilt and Marriott Bonvoy points to Atmos Rewards. But starting in 2027, select Bank of America cardholders will be able to transfer points to Atmos Rewards. We don't yet know the transfer ratio or which cards will qualify, though. Atmos Rewards will also launch a new debit card in 2027 that earns points on everyday spending and refresh its business credit card later in 2026, adding perks such as lounge passes and same-day flight changes.
Top offers for earning points and miles in October
October's cobranded credit card offer of the month is the suite of Delta SkyMiles credit cards, where you can earn up to 200,000 bonus SkyMiles, statement credits, Delta Comfort Flight Certificates and more.
Here are some of the best welcome offers this month for those seeking a new travel rewards card that earns transferable points or miles.
- American Express Platinum Card®: Find out your offer and see if you are eligible for as high as 175,000 Membership Rewards points after spending $12,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
- Capital One Venture X Rewards Credit Card: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening.
- Capital One Venture Rewards Credit Card: Earn 75,000 miles once you spend $4,000 on purchases within three months from account opening, plus receive a $300 credit to use on hotel and vacation rentals booked through Capital One Travel in the first cardholder year.
- Chase Sapphire Preferred® Card (see rates and fees): Earn 75,000 bonus points
after you spend $5,000 on purchases in the first three months from account opening. - American Express® Gold Card: Find out your offer and see if you are eligible for as high as 100,000 Membership Rewards points after spending $8,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
- Chase Sapphire Reserve® (see rates and fees): Earn 100,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.
Frequently asked questions
A points and miles valuation estimates how much a loyalty currency is worth, typically expressed in cents per point or mile. TPG uses these valuations to compare rewards programs and help travelers decide when to earn, redeem or transfer rewards.
TPG valuations are estimates based on factors such as award pricing, redemption opportunities, fees, program rules and extensive redemption data. However, the value you get when redeeming your rewards may be higher or lower depending on your goals, flexibility and how effectively you maximize a particular rewards currency.
A good redemption value is one that meets or exceeds TPG's published valuation for a particular points or miles currency. While exceptional redemptions can deliver even greater value, our valuations provide a practical benchmark to help travelers determine whether they're getting a strong return from their rewards.
Based on TPG's October 2026 valuations, Bilt points are the most valuable transferable rewards currency at 2.2 cents per point. Chase Ultimate Rewards points rank second at 2.05 cents per point, followed by American Express Membership Rewards at 2.0 cents, Citi ThankYou Rewards at 1.9 cents and Capital One miles at 1.85 cents.
Based on TPG's October 2026 valuations, Alaska Airlines Atmos Rewards is the most valuable airline currency at 1.55 cents per point. Atmos Rewards earns this distinction because it continues to offer strong redemption opportunities on flights with Alaska Airlines and Hawaiian Airlines, as well as on flights with its partners.
Based on TPG's October 2026 valuations, Accor Live Limitless points are the most valuable hotel currency at 2.3 cents per point, followed by World of Hyatt points at 1.65 cents per point. Accor points have a fixed redemption value, while Hyatt's award charts can help members secure outsize value on some hotel stays.
TPG featured card
at American Express's secure site
Terms & restrictions apply. See rates & fees.
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 5X | Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App™. |
| 3X | Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App™, or purchased directly from airlines. |
| 2X | Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App™ and cruises booked and paid through AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Pros
- Valuable dining and food-related credits
- Flexible rewards with airline and hotel transfer partners
- Multiple travel and purchase protections
- No foreign transaction fees
- Access to Amex Offers for additional savings (enrollment required)
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App™.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App™, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App™ and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You’ll know upfront exactly how much you’ll pay.
- $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That’s up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin’ locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- Enjoy complimentary Hertz Five Star® Status benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Book two nights or more with The Hotel Collection through AmexTravel.com or the Amex Travel App™ and receive a $100* credit towards eligible charges at over 1,400 upscale hotels worldwide. *Eligible charges vary by property.
- Book your travel through the Amex Travel App™ with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.