What are points and miles worth? TPG’s January 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.
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.
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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?
| Program | January 2026 valuation (cents) | Latest news |
|---|---|---|
American Express Membership Rewards | 2.0 | Why you should consider upgrading your American Express Gold to Platinum. |
Capital One | 1.85 | |
Chase Ultimate Rewards | 2.05 | Chase Points Boost is now offering less than 2 cents per point at some properties in The Edit.
Chase Freedom Q1 categories are now live. |
Citi ThankYou Rewards | 1.9 | |
Wells Fargo Rewards | 1.65 (up from 1.6) |
What are Bilt Rewards Points worth?
| Program | January 2026 valuation (cents) | Latest news |
|---|---|---|
Bilt Rewards | 2.2 | Bilt Rewards added Spirit Airlines' Free Spirit program as a 1:1 transfer partner.
|
What are airline points and miles worth?
| Program | January 2026 valuation (cents) | Latest news |
|---|---|---|
Aeromexico Rewards | 0.8 | |
Air Canada Aeroplan | 1.4 | |
Alaska Airlines Atmos Rewards | 1.45* | Alaska Airlines' new London flights are set to launch just in time for summer 2026.
The airline added 7 new routes as it fortifies its turf in the Pacific Northwest and Alaska. |
American Airlines AAdvantage | 1.55* | American Airlines will be introducing its new Flagship Suites to JFK.
The airline unveiled its premium Airbus A321XLR with Flagship Suites, promising "sexy" new routes. American will give its older DCA Admirals Club a much-needed upgrade in 2026. The airline added a new U.S. airport and plans a 16-route expansion covering 20 cities in 2026. Basic economy on American will no longer earn miles or Loyalty Points. |
ANA Mileage Club | 1.4 | |
Avianca LifeMiles | 1.4 | |
Avios | 1.4 | British Airways increased the cost of most Avios redemptions by up to 14%.
Pittsburgh landed a coveted new Aer Lingus route to Europe. |
Cathay Asia Miles | 1.3 | |
Delta SkyMiles | 1.25* | Delta CEO says airlines are trying to "copy them" as flyers embrace upscale seat options.
The airline now offers free Wi-Fi on 1,000 planes, with the remaining 25% to be implemented in 2026. |
Emirates Skywards | 1.2 | |
Etihad Guest | 1.2 | |
Flying Blue | 1.3 | Air France extended its La Premiere network to Atlanta, Boston and Houston.
The airline is opening a fancy new London Heathrow lounge with a spa. |
Frontier Miles | 1.3* | Frontier's new first-class seats are slated for an early 2026 debut.
The airline announced the sudden departure of CEO Barry Biffle. |
JetBlue TrueBlue | 1.45* | JetBlue's chic new "BlueHouse" lounge is now open at John F. Kennedy International Airport (JFK). The airline cut its New York City-Amsterdam route.
JetBlue will end its loyalty partnership with Japan Airlines. The airline is planning its first-ever flights from New York to Cleveland. |
Qantas Frequent Flyer | 1.3 | |
Singapore KrisFlyer | 1.3 | |
Southwest Rapid Rewards | 1.35* | Southwest added Turkish Airlines as its sixth international airline partner and will give Hawaii's Hilo its first mainland nonstop flight in three years. |
Spirit Airlines Free Spirit | 1.1 | Spirit and Frontier are reportedly discussing a merger once again. |
Turkish Airlines Miles&Smiles | 1.1 (down from 1.2) | Turkish devalued award prices to Hawaii by 150% and increased other domestic awards by 50%. |
United MileagePlus | 1.30* | United won’t hike Premier status requirements in 2026, but it announced significant upgrade and PlusPoints changes.
The airline escalated its Chicago turf war against American with 2 new routes and updated its app to include real-time boarding updates and other features. United completed another historic inaugural with its first-ever nonstop flight to South Australia. |
Virgin Atlantic Flying Club | 1.3 | This is the difference between Virgin Atlantic Flying Club and Virgin Red. |
*Calculated using TPG’s data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | January 2026 valuation (cents) | Latest news |
|---|---|---|
Accor Live Limitless | 2.0 | |
Best Western Rewards | 0.6 | |
Choice Privileges | 0.6 | |
Hilton Honors | 0.5 | Hilton expanded its loyalty program with the debut of Hilton Honors Adventures.
|
IHG One Rewards | 0.5 | You can save 15% on award nights at new IHG hotels and resorts. |
Marriott Bonvoy | 0.7 | |
World of Hyatt | 1.7 | The Park Hyatt Los Cabos at Cabo Del Sol and the Park Hyatt Tokyo are officially open.
World of Hyatt members can now earn and redeem points at 15 African safari camps. |
Wyndham Rewards | 1.1 |
Calculating valuations for transferable points and miles
You may be wondering how TPG calculates the value of transferable points and miles — especially since these valuations are often higher than the valuations listed by the airline and hotel transfer partner programs to which you can transfer points and miles.
Having redeemed millions of transferable points and miles, we have developed our own proprietary formula which includes:
- The base value of redeeming miles directly through each issuer's portal for travel
- The value of popular cash-equivalent redemptions like gift cards and statement credits
- Any unique ways to maximize travel value directly with the issuer, such as Chase Ultimate Rewards unique Points Boost offer
- The number of airline and hotel transfer partners, balanced against the value of each partner's rewards currency
- Whether the issuer offers uniquely valuable transfer partners, such as Citi ThankYou Rewards' partnership with American Airlines' AAdvantage program
- The value of the flexibility of having many options to transfer to airline and hotel programs
Devaluations, often without notice, are an unfortunate reality of the points and miles world. This is why we are such strong proponents of earning transferable points and miles.
If your favorite airline or hotel program unexpectedly increases its redemption rates (as some have in the last few months), you can simply choose to transfer transferable points and miles to another program that may now offer better value. However, if you were earning points or miles with the airline or hotel program, you'd be stuck with the now-less-valuable rewards.
Related: Why transferable points and miles are worth more than other rewards
Top offers for earning points and miles in January
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. You can also check Chase's prequalification tool to find out if you're eligible for up to 175,000 bonus points (with the same spending requirements).
The recently refreshed card has updated earning rates, including 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 new annual fee is $795, but cardholders will get up to $500 in statement credits for hotel bookings made with The Edit each calendar year (up to $250 in credits biannually 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 a brand-new business card in 2025, the Chase Sapphire Reserve for Business℠ (see rates and fees). This card has a massive welcome offer of 200,000 bonus points after you spend $30,000 on purchases in the first six 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
The Capital One Venture X Business is offering its highest welcome offer ever. New applicants can earn 200,000 bonus miles after spending $30,000 on purchases in the first three months from account opening, and an additional 200,000 bonus miles after spending a total of $150,000 on purchases in the first six months.
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. 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.
TPG featured card
Rewards
| 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. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro offer
Annual Fee
Recommended Credit
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
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 $6,000 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 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
Rewards Rate
| 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. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro Offer
You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
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 $6,000 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 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.