What are points and miles worth? TPG’s December 2025 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 | December 2025 valuation (cents) | Latest news |
|---|---|---|
American Express Membership Rewards | 2.0 | |
Capital One | 1.85 | |
Chase Ultimate Rewards | 2.05 | Want 175,000 Ultimate Rewards points? See if you're eligible with Chase's new preapproval tool.
You may be able to stack your hotel credit with Points Boost. Chase added new welcome bonus restrictions to its no-annual-fee business cards. |
Citi ThankYou Rewards | 1.9 | Here's how and why to reallocate your Citi credit card lines of credit. |
Wells Fargo Rewards | 1.6 |
What are Bilt Rewards Points worth?
| Program | December 2025 valuation (cents) | Latest news |
|---|---|---|
Bilt Rewards | 2.2 | Bilt Card 2.0 is scheduled to launch in 2026 and will enable you to earn points on any mortgage. You can now earn Bilt Rewards points when shopping online through Rakuten. |
What are airline points and miles worth?
| Program | December 2025 valuation (cents) | Latest news |
|---|---|---|
Aeromexico Rewards | 0.8 | |
Air Canada Aeroplan | 1.4 | Air Canada Aeroplan points will now expire (again). Air Canada and Porter Airlines' battle over Toronto has temporarily lowered New York fares. |
Alaska Airlines Atmos Rewards | 1.45 (down from 1.55)* | Here's how to reach Alaska Airlines elite status with just one card.
Alaska Airlines is plotting its global expansion. The airline has announced the start date for its Rome flights and is now accepting bookings. |
American Airlines AAdvantage | 1.55 (down from 1.65)* | |
ANA Mileage Club | 1.4 | |
Avianca LifeMiles | 1.4 | |
Avios | 1.4 | Iberia will strengthen its New York presence with flights from Newark to Madrid in 2026. |
Cathay Asia Miles | 1.3 | |
Delta SkyMiles | 1.25* | Delta Air Lines unveiled stylish new uniforms with Missoni accessories.
Delta cut two domestic routes, one from Atlanta and another from Salt Lake City. The airline also won't return to London Gatwick Airport in 2026. Here's what to know before booking Delta's new "Comfort Basic" tickets. |
Emirates Skywards | 1.2 | |
Etihad Guest | 1.2 | |
Flying Blue | 1.3 | |
Frontier Miles | 1.3 (up from 1.25)* | Frontier Airlines added four routes and is eyeing inflight Wi-Fi for its planes. |
JetBlue TrueBlue | 1.45* | JetBlue expanded its Florida service with two new routes and one new city. The airline also announced its two newest European destinations. |
Qantas Frequent Flyer | 1.3 | Check out the plane that will fly Qantas' 20-hour "Project Sunrise" flights. |
Singapore KrisFlyer | 1.3 | |
Southwest Rapid Rewards | 1.35 (down from 1.4)* | The true Southwest Airlines reboot is almost here. Here's why now is the best time to apply for Southwest Airlines credit cards.
Southwest added Philippine Airlines as a partner and added five new routes from California (two to Hawaii) in a major West Coast expansion. |
Spirit Airlines Free Spirit | 1.1 | Spirit dropped five more cities as bankruptcy cuts continue. |
Turkish Airlines Miles&Smiles | 1.2 | |
United MileagePlus | 1.30 (down from 1.4)* | United Airlines launched a mileage-earning debit card. MileagePlus members can now earn miles on Lyft rides.
United increased the cost of last-minute domestic award flights and axed Stockholm and Dakar, Senegal, from its route map. |
Virgin Atlantic Flying Club | 1.3 |
*Calculated using TPG’s data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | December 2025 valuation (cents) | Latest news |
|---|---|---|
Accor Live Limitless | 2.0 | |
Best Western Rewards | 0.6 | |
Choice Privileges | 0.6 | Choice Privileges announced positive changes to its loyalty program. |
Hilton Honors | 0.5 | Hilton confirmed a new Diamond Reserve tier and Confirmable Upgrade Rewards for 2026.
Greece is getting a new Conrad — and the location couldn't be dreamier. |
IHG One Rewards | 0.5 | |
Marriott Bonvoy | 0.7 | Marriott and Sonder abruptly ended their partnership. But CitizenM is now live on Marriott Bonvoy.
A new 38-villa Autograph Collection resort just opened in the Maldives. Meanwhile, The Ritz-Carlton Key Biscayne, Miami is reopening after a $100 million makeover. Here's why W Hotels' first all-inclusive resort is a game changer. |
World of Hyatt | 1.7 | A beautiful, adults-only, all-inclusive resort is now open in Cancun. |
Wyndham Rewards | 1.1 | Wyndham Rewards members can enroll in a status upgrade ahead of the holiday season. |
Top points and miles news
While we regularly see excellent welcome offers from all of the major card issuers each month, we've recently seen some great offers from Capital One.
The Capital One Venture X Rewards Credit Card is currently offering its highest public bonus in four years: 100,000 bonus miles after you spend $10,000 on purchases within the first six months from account opening.
Outside of its November 2021 debut (when the card also offered 100,000 miles for only a few months), the Venture X has stayed at a standard 75,000-mile offer. That's what makes this increase to 100,000 miles so exciting.
Not to be outdone, the Capital One Venture X Business is also offering its highest welcome offer ever — and it might be the biggest welcome offer we have ever seen on a business credit card. 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.
Both of these cards have an annual fee of $395, but you'll receive a $300 annual travel credit to use in each card's respective booking platform, as well as 10,000 miles every account anniversary date (starting on your first anniversary). Both cards also offer complimentary access to Capital One airport lounges.
On top of the huge welcome bonuses, both cards have the same (generous) earning rates:
- Earn 10 miles per dollar spent on hotels and rental cars booked via Capital One Travel and Capital One Business Travel
- Earn 5 miles per dollar spent on flights and vacation rentals booked via Capital One Travel and Capital One Business Travel
- Earn 2 miles per dollar spent on all other purchases
Earning at least 2 miles per dollar spent on all purchases is among the strongest base rates of any rewards credit card, and 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 Rewards card review and Venture X Business card review for more details.
Learn more: Capital One Venture X Rewards Credit Card and Capital One Venture X Business
Top offers for earning points and miles in December
Here are some of the other best options this month if you’re looking for 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 recently unveiled a brand-new business card, 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 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.