What are points and miles worth? TPG's June 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.
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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?
| Program | June 2026 valuation (cents) | Latest news |
|---|---|---|
American Express Membership Rewards | 2.0 | Fanatics will become an Amex Membership Rewards transfer partner and launch a new credit card.
If you picked Spirit for your Amex airline benefits, here's how to update your selection after the airline's shutdown. Amex added ChatGPT statement credits for select business cardholders. |
Capital One | 1.85 | |
Chase Ultimate Rewards | 2.05 | A new price-matching feature is now available in some Chase Travel accounts. |
Citi ThankYou Rewards | 1.9 | |
Wells Fargo Rewards | 1.75 |
What are Bilt Points worth?
| Program | June 2026 valuation (cents) | Latest news |
|---|---|---|
Bilt | 2.2 | Air France-KLM cardholders can now earn 3 miles per dollar on rent payments through Bilt. |
What are airline points and miles worth?
| Program | June 2026 valuation (cents) | Latest news |
|---|---|---|
Aeromexico Rewards | 0.8 | |
Air Canada Aeroplan | 1.4 | Air Canada suspended several seasonal U.S. routes due to fuel costs. Aeroplan added Rove as a new transfer partner. |
Alaska Airlines Atmos Rewards | 1.4* | |
American Airlines AAdvantage | 1.6* | |
ANA Mileage Club | 1.4 | |
Avianca Lifemiles | 1.4 | |
Avios | 1.4 | British Airways has increased fees on award tickets. |
Cathay Asia Miles | 1.3 | |
Delta SkyMiles | 1.2* | You can get free snacks on some flights if you are a Delta Air Lines cardholder. |
Emirates Skywards | 1.2 | |
Etihad Guest | 1.2 | |
Flying Blue | 1.3 | |
Frontier Miles | 1.3* | |
JetBlue TrueBlue | 1.35* | JetBlue and United are expanding the Blue Sky partnership with new reciprocal elite perks. JetBlue trimmed 12 routes and ended service to Manchester to focus on Fort Lauderdale. |
Qantas Frequent Flyer | 1.3 | |
Singapore KrisFlyer | 1.3 | |
Southwest Rapid Rewards | 1.25* | Southwest Airlines moved to fill Spirit's gap in Las Vegas and Orlando. |
Turkish Airlines Miles&Smiles | 1.1 | |
United MileagePlus | 1.35* | United debuted flights to lesser-known Puglia ahead of the summer travel rush and will begin nonstop service from the US to Venezuela after nearly 10 years. |
Virgin Atlantic Flying Club | 1.3 |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | June 2026 valuation (cents) | Latest news |
|---|---|---|
Accor Live Limitless | 2.0 | |
Best Western Rewards | 0.6 | |
Choice Privileges | 0.6 | |
Hilton Honors | 0.35 (down from 0.4)** | We tested Hilton's new Diamond Reserve versus Diamond status.
Morocco's Waldorf Astoria Rabat-Sale is now open. Hilton is offering 12 road trip experiences across the U.S. for just 250 Hilton Honors points. |
IHG One Rewards | 0.55 (down from 0.6)** | |
Marriott Bonvoy | 0.8** | Reservations are open for The St. Regis Costa Mujeres, Cancun, which debuts June 25. JW Marriott's first all-inclusive resort is also now taking reservations.
Italy's newest W opened in Sardinia with a private marina and Mediterranean views. |
World of Hyatt | 1.55 (down from 1.65)** | Hyatt's new award charts have arrived (see the top points and miles news section below for all the details).
The Standard Brussels is finally joining World of Hyatt. Here's your first look inside the Park Hyatt Cabo Del Sol. |
Wyndham Rewards | 0.7 (up from 0.65)** |
**Calculated using data from Gondola (a free hotel search and direct booking platform for frequent travelers).
Top points and miles news for June
The new World of Hyatt award charts and annual category changes went into effect on May 20.
Redemptions are now priced using a five-tier system, a significant departure from the previous three-tier system. With the shift from three pricing tiers to five, the maximum cost for a standard award night at Category 8 properties increased from 45,000 points to a massive 75,000 points.
Our initial impressions of the award chart changes showed some pretty drastic increases at higher-end properties, but we also found some properties with milder increases or none at all. In general, the old "Standard" award rates are most closely aligned with the new "Low" price, and most old "Peak" rates seem to be mapping to the new "Moderate" rate. A limited number of nights are now priced at the much higher "Upper" and "Top" rates.
However, this is not an exact match across all of Hyatt's award categories.
For example, looking at 19 of the most popular Hyatt properties to redeem points at — most of which are in high award chart categories — data showed that redemption rates rose by about 10% accross properties that didn't change categories on May 20.
Meanwhile, TPG's Katie Genter conducted a big data analysis of more than 1,000 Hyatt properties worldwide, revealing that although average nightly award rates increased across all categories, the increases ranged from a modest 2% in Category 3 to 12% in Category 8.
Overall, we hope you were able to book properties before the May 20 award chart changes. If you weren't, this was a fairly mild devaluation, and it's still possible to get great value when redeeming Hyatt points. Based on Gondola data, the value of Hyatt points dropped from 1.65 cents per point to 1.55 cents per point in the June 2026 valuations.
Top offers for earning points and miles in June
June's cobranded card offer of the month is for the Citi® / AAdvantage® Globe™ Mastercard® (see rates and fees).
For a limited time, new AAdvantage Globe cardholders can earn 90,000 bonus miles after spending $5,000 on purchases in the first four months from account opening. That's equal to the highest-ever public bonus available on this card.
Related: 6 reasons to get the Citi / AAdvantage Globe Mastercard
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.
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 June 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 June 2026 valuations, American Airlines AAdvantage miles are the most valuable airline currency at 1.6 cents per mile. AAdvantage miles earn this distinction because the program continues to offer strong redemption opportunities on both American Airlines and partner airlines.
Based on TPG's June 2026 valuations, Accor Live Limitless points are the most valuable hotel currency at 2.0 cents per point, followed by World of Hyatt points at 1.55 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 | New! 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.
- New! 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.
- Updated! $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.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy 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.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- 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.