What are points and miles worth? TPG's May 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 also utilize extensive data for seven U.S. airline loyalty programs and five hotel loyalty programs to more accurately estimate the value you should aim to achieve from your rewards.

What are credit card points and miles worth?

What are Bilt 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?

**Calculated using data from Gondola (a free hotel search and direct booking platform for frequent travelers).

Top points and miles news for May

Mark May 20 in your diary if you are a World of Hyatt loyalist. That is the long-dreaded day when World of Hyatt will drastically change its award charts, moving from a three-tiered to a five-tier pricing system. In this shift, the maximum cost for a standard award night at Category 8 properties will increase from 45,000 points to an eye-watering 75,000 points.

We won't know just how severe the changes are until prices are updated on May 20, and some award nights may reduce slightly in price. But it's highly likely your favorite luxury properties will be more expensive to book from May 20 than they are right now.

If there are any Hyatt redemptions you have your eye on, we recommend booking them now rather than waiting and potentially paying more from May 20. Some of our favorite properties include:

• Alila Ventana Big Sur
• Andaz Maui at Wailea Resort
• Park Hyatt New York
• Park Hyatt Tokyo
• Impression Moxche by Secrets
• Alila Kothaifaru Maldives
• Park Hyatt Sydney

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On this same day, 136 Hyatt hotels and resorts will shift to new award categories. While 24 will go down in category, 112 will go up, including TPG favorites like Alila Mayakoba, Hyatt Regency Seattle, Hyatt Place Kyoto and Andaz Capital Gate, Abu Dhabi.

Related: Why I just redeemed 402,000 points for Hyatt stays — and which hotels I spent them on

After the dust settles on the May 20 changes, we'll publish an extensive analysis of just how much award pricing has changed. Of course, we'll also use post-May 20 data from Gondola to determine the value of World of Hyatt points in next month's valuations.

Hyatt has long been TPG's favorite transfer partner of Chase Ultimate Rewards points — will this continue after May 20?

Top offers for earning points and miles in May

May's cobranded card offer of the month is for Alaska Airlines Atmos Rewards cards. The current offers on these three Atmos Rewards cards are the highest we've seen:

• Atmos™ Rewards Summit Visa Infinite® credit card: Earn 100,000 bonus points and a 25,000-point Global Companion Award after spending $6,500 on purchases in the first 90 days from account opening. Plus, receive a 50% flight discount code for a qualifying future flight after opening your new account.
• Atmos™ Rewards Ascent Visa Signature® credit card: Earn 80,000 bonus points and a $99 Companion Fare (plus taxes and fees from $23) after spending $4,000 on purchases in the first 120 days from account opening. Plus, receive a 50% flight discount code for a qualifying future flight after opening your new account.
• Atmos™ Rewards Visa Signature® Business Card: Earn 80,000 bonus points and a $99 Companion Fare (plus taxes and fees from $23) after spending $5,000 on purchases in the first 90 days from account opening.

Now, 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.
• Chase Sapphire Reserve® (see rates and fees): Earn 150,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.
• Chase Sapphire Reserve for Business℠ (see rates and fees): Earn 150,000 bonus points after you spend $20,000 on purchases within the first three months from account opening.
• Capital One Venture X Business: New applicants can earn 150,000 bonus miles after spending $30,000 on purchases in the first three months from account opening.
• Capital One Venture Rewards Credit Card: New cardholders can earn 75,000 bonus miles after spending $4,000 on purchases within 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 you spend $8,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.

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