What are points and miles worth? TPG's August 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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What are credit card points and miles worth?
| Program | August 2026 valuation (cents) | Latest news |
|---|---|---|
American Express Membership Rewards | 2.0 | Amex Platinum tightened digital entertainment credit eligibility for Peacock subscriptions. |
Capital One | 1.85 | Discover cards are beginning to migrate to Capital One. |
Chase Ultimate Rewards | 2.05 | Chase Freedom Flex will lose cellphone protection Sept. 20. |
Citi ThankYou Rewards | 1.9 | |
Wells Fargo Rewards | 1.75 |
What are Bilt Points worth?
| Program | August 2026 valuation (cents) | Latest news |
|---|---|---|
Bilt | 2.2 |
What are airline points and miles worth?
| Program | August 2026 valuation (cents) | Latest news |
|---|---|---|
Aeromexico Rewards | 0.8 | |
Air Canada Aeroplan | 1.45 (down from 1.5)* | World of Hyatt and Air Canada Aeroplan announced a new partnership. |
Alaska Airlines Atmos Rewards | 1.55* | |
American Airlines AAdvantage | 1.4* | American Airlines added 3 Chicago routes, including one to Japan. |
ANA Mileage Club | 1.4 | |
Avianca Lifemiles | 1.45* | |
Avios | 1.4 | |
Cathay Asia Miles | 1.3 | |
Delta SkyMiles | 1.2* | Delta revealed plans for a premium layout on its new Boeing 787 Dreamliners. The airline announced its return to Moab and expanded its Pacific route map from Los Angeles. The airline also changed its Starbucks-SkyMiles partnership again, bringing back 1 mile per dollar spent. |
Emirates Skywards | 1.2 | |
Etihad Guest | 1.2 | |
Flying Blue | 1.45 (down from 1.55)* | |
Frontier Miles | 1.3 | You can now transfer Rove miles to Frontier. |
JetBlue TrueBlue | 1.35 | |
Qantas Frequent Flyer | 1.25 (down from 1.3)* | |
Singapore KrisFlyer | 1.3 | |
Southwest Rapid Rewards | 1.25 | Southwest launched a Rapid Rewards Debit Card with points and perks. The airline also unveiled a 15-route expansion. |
Turkish Airlines Miles&Smiles | 1.1 | |
United MileagePlus | 1.25 (down from 1.3)* | United announced its return to Moab. |
Virgin Atlantic Flying Club | 1.45 (down from 1.5)* |
*Calculated using data provided by Points Path.
What are hotel points worth?
| Program | August 2026 valuation (cents) | Latest news |
|---|---|---|
Accor Live Limitless | 2.3 (up from 2.0) | |
Best Western Rewards | 0.6 | |
Choice Privileges | 0.7** | |
Hilton Honors | 0.4 ** | Hilton Honors members can now start earning points at Yotel. W South Beach announced it would leave Marriott for Hilton and reflag as a Waldorf Astoria. Explora Club marked its first anniversary by expanding its partnership with Hilton. |
IHG One Rewards | 0.55 (down from 0.6)** | |
Marriott Bonvoy | 0.75 (down from 0.8)** | Marriott raised award prices at many popular hotels, and Coca-Cola ousted Pepsi as Marriott's official soda worldwide.
A new JW Marriott is opening on a private conservancy in Kenya, and a stylish Joshua Tree hotel is now bookable with Marriott points. |
World of Hyatt | 1.6** | Hyatt now gives some elite members and cardholders earlier access to award availability. But, two popular Hyatt hotels stopped accepting suite upgrade awards.
Grand Hyatt announced its 2027 debut in Victoria Falls. |
Wyndham Rewards | 0.7** |
**Calculated using data from Gondola (a free hotel search and direct booking platform for frequent travelers).
Top points and miles news for August
TPG calculates new valuations for this guide each month. These valuations provide you with a benchmark for deciding whether to redeem rewards or pay cash for your travel. As such, our valuations are estimates of what a typical traveler can reasonably expect from a currency's most valuable everyday uses: hotel stays for hotel points, flights for airline miles and high-value transfer partners for transferable rewards.
We recently published a guide on how we determine our points and miles valuations. It's worth checking out that guide for all the details, but here's an overview.
For some airline programs (marked with an * above), our valuations are based on millions of searches captured by Points Path. Each valuation considers searches across the previous three months for travel within a defined 10-month period. We subtract taxes and fees from the comparable cash fare, divide the remainder by the miles required and take a trimmed average that strips out outliers at either end.
Valuations for select hotel programs (marked with an ** above) are based on data from Gondola. For our hotel valuations, we calculate the median of the data collected by Gondola. We consider stays that were bookable shortly before each valuation's publish date, but we only consider one-night stays.
Where the Points Path or Gondola data isn't deep enough, a small team of TPG experts determines the valuation using award pricing, availability, fees and the cost of buying the currency outright. We value fixed-value programs, such as Accor Live Limitless, at their exact rates.
Our valuations for transferable currencies are based on their cash-equivalent and travel-redemption floors, as well as the number and quality of their transfer partners.
To decide whether you'll get good value from your next redemption, divide the cash price, minus taxes and fees, by the required points, then compare that to TPG's valuation for the currency. Alternatively, you can use our handy points versus cash calculator to help you decide.
Related: How (and why) to calculate award redemption values
Top offers for earning points and miles in August
August's cobranded credit card offer of the month is the suite of Atmos Rewards credit cards, where you can earn up to 80,000 valuable bonus Atmos Rewards points, companion awards 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.
- 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.
- Chase Sapphire Reserve for Business℠ (see rates and fees): Earn 200,000 bonus points after you spend $30,000 on purchases within the first six 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 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.
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 August 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 August 2026 valuations, Alaska Airlines Atmos Rewards points 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 August 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 1.6 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.
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