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What are points and miles worth? TPG’s March 2023 monthly valuations

March 03, 2023
13 min read
Monthly Valuations Feature
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Editor’s note: This is a recurring post, regularly updated with new information and offers.


One of the questions people often ask me 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 well you can maximize a particular loyalty currency. Still, some rewards are clearly worth more than others, and my goal is to give you a sense of how they stack up.

Historically, TPG has valued points and miles based on a combination of the price at which we would purchase the miles, award costs in the program (factoring in availability and fees) and our own expertise in the inner workings of the programs.

However, we are in the process of evolving our valuations to become as data-driven as possible.

Looking for a convenient way to see all of your points and miles in one place? Download the free TPG app!

That data-driven process began in November 2021 with our four major transferable currencies — American Express Membership Rewards points, Chase Ultimate Rewards points, Citi ThankYou Rewards points and Capital One miles.

Now, we are using a mathematical model that takes into account a number of factors specific to transferable points, including:

  • Unique transfer partners (not shared by other card issuers).
  • The most valuable individual partners in the program.
  • The base redemption value when you redeem points or miles directly for travel.

Based on this rollout, we are now rounding the valuations for our credit card currencies to the nearest five-hundredths of a point in order to better capture the real-world value they offer cardholders.

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We fully expect these numbers to fluctuate over time as we refine our equations and roll out additional data-backed hotel and airline valuations in the coming months.

Likewise, we moved three airline currencies — American AAdvantage, Delta SkyMiles and United MileagePlus miles — to a data-backed model late in 2021. However, we have put these valuations on pause while we work out an issue with our data provider. We’re excited to have data-backed valuations updated in the coming months.

Note: These valuations are not provided by card issuers.

Points and miles valuations

ProgramMarch 2022February 2023March 2023Note
Accor Le Club2.02.02.0
Aeroplan Loyalty Program1.51.51.5
Alaska Mileage Plan1.81.81.8
American AAdvantage1.77*1.77*1.77*

Will soon eliminate award charts.

American Express Membership Rewards2.02.02.0
Amtrak Guest Rewards2.52.52.5
ANA Mileage Club1.41.41.4
Asia Miles1.31.31.3
Avianca LifeMiles1.71.71.7
Avios1.51.51.5
Best Western Rewards0.70.60.6
Bilt Rewards-1.81.8
Brex Exclusive Rewards1.71.71.7
Capital One Rewards1.851.851.85
Chase Ultimate Rewards2.02.02.0
Choice Privileges0.60.60.6
Citi ThankYou Points1.71.81.8
Delta SkyMiles1.41*1.41*1.41*

Launched 15% award discount for most cobrand credit cards.

Diners Club Rewards2.12.12.1
Discover Rewards1.01.01.0
Emirates Skywards1.21.21.2
Etihad Guest1.41.41.4

Will overhaul award charts in the coming months.

Flying Blue1.21.21.2

Launched new Promo Rewards between Europe and Austin and Miami.

Frontier Miles1.11.11.1
HawaiianMiles0.90.90.9
Hilton Honors0.60.60.6
IHG Rewards Club0.50.50.5
JetBlue TrueBlue Rewards Program1.31.31.3
Korean Air SkyPass1.71.71.7

Canceled a previously announced devaluation.

Marriott Bonvoy0.80.840.84

Will discontinue Points Advance bookings at the end of the month.

Radisson Rewards0.40.40.4
Singapore Krisflyer1.31.31.3
Southwest Rapid Rewards1.51.51.5
Spirit Airlines Free Spirit1.11.11.1
Turkish Airlines Miles and Smiles1.31.31.3
United MileagePlus1.21*1.21*1.21*
Virgin Atlantic Flying Club1.51.51.5

Joined SkyTeam on March 2.

World of Hyatt Loyalty Program1.71.71.7

Devalued redemptions at 200+ properties.

Wyndham Rewards1.11.11.1

* Calculated using TPG’s revamped data-backed valuations methodology, launched in December 2021.

Points and miles news

February and the first week of March brought some changes to loyalty programs like World of Hyatt and Delta SkyMiles. Here's the major news you should be aware of.

On the Hyatt side, Hyatt announced annual category changes. This time around, the hotel giant raised the award cost of 214 hotels across its global portfolio. This pushed many hotels from Category 4 to 5 and others from Category 7 to 8. This has big implications for how you can redeem Hyatt free night certificates, as many popular properties were pushed out of the category bands attached to said certificates.

Delta, on the other hand, announced a positive change. Those with a Delta SkyMiles® Gold American Express Card, Delta SkyMiles® Platinum American Express Card or Delta SkyMiles® Reserve American Express Card (or their business equivalents) are eligible for a 15% discount on all Delta-operated award tickets. This effectively makes SkyMiles worth 15% more for these cardholders. There is no limit on how many times you can use this discount.

Virgin Atlantic officially joined the SkyTeam alliance March 2. This expands redemption options for those with Virgin Atlantic Flying Club miles or Virgin Red points and gives Virgin Atlantic elite members benefits on all SkyTeam airlines.

Also, note that American Airlines' AAdvantage program will do away with award charts in the coming months. Thankfully, partner awards will not be affected.

Finally, there are three ongoing transfer bonuses to be aware of:

  • Chase Ultimate Rewards: 50% transfer bonus to Marriott Bonvoy through May 15.
  • Capital One: 30% transfer bonus to Virgin Red through March 30.
  • Citi ThankYou: 30% transfer bonus to Virgin Atlantic Flying Club through March 18.
  • Citi ThankYou: 20% transfer bonus to Avianca LifeMiles through March 31.

Related: Best ways to maximize Capital One miles

Data-backed valuations update

As noted in the introduction, we moved to data-backed valuations for three major airline programs — American AAdvantage, Delta SkyMiles and United MileagePlus — in 2021. However, we’ve run into an issue with our data provider that has caused us to put data-backed valuations on hold. What you see now are valuations calculated for March 2022, but we plan to publish up-to-date valuations for these three airlines soon.

Travel credit card offers

There is no shortage of incredible new welcome bonuses on many popular cards — here are a few of our favorites this month.

Chase Sapphire Reserve

CHASE

Right now, the Chase Sapphire Reserve is offering a welcome bonus of 60,000 bonus points after you spend $4,000 in the first three months of account opening. Per TPG’s valuation, that’s worth $1,200 when you leverage transfer partners, or $900 if you redeem through the Chase travel portal at 1.5 cents per point.

While the card has a hefty $550 annual fee, it includes perks like Priority Pass lounge access, an annual $300 travel credit and a Global Entry or TSA PreCheck credit, among other benefits. Plus, you’ll earn 3 points per dollar on all travel and dining expenses, so you can quickly rack up rewards for your next big trip.

For more details, check out our full review of the Chase Sapphire Reserve card.

Official application: Chase Sapphire Reserve

Capital One Venture X Rewards Credit Card

JOHN GRIBBEN/THE POINTS GUY

Toward the end of 2021, Capital One launched its first premium rewards card, and it is one of the most exciting travel credit cards on the market, thanks to great earning rates and included perks.

The card is currently offering a welcome bonus of 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening — worth $1,388 according to our valuations — thanks to Capital One’s excellent airline and hotel transfer partners.

For more details, check out our full review of the Capital One Venture X Rewards Credit Card.

Learn More: Capital One Venture X Rewards Credit Card

Capital One Venture Rewards Credit Card

WYATT SMITH/THE POINTS GUY

The standard Capital One Venture Rewards Credit Card is currently offering the same welcome bonus as the Venture X. You can earn 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Like the Venture X, the Venture card earns 2 miles per dollar on everything.

For more details, check out our full review of the Capital One Venture Rewards Credit Card.

Learn More: Capital One Venture Rewards Credit Card

The Platinum Card® from American Express

ISABELLE RAPHAEL/THE POINTS GUY

With the current welcome offer on the Amex Platinum, you’ll earn 80,000 points after you spend $6,000 on purchases in the first six months of card membership.

Of course, the card is jam-packed with benefits like airport lounge access, hotel elite status and more. These benefits can make your travel experience smoother and more luxurious than ever before — especially with the most recent additions. The card has a $695 annual fee (see rates and fees). Enrollment is required for select benefits.

For more details, check out our full review of the Amex Platinum Card.

Official application: The Platinum Card from American Express

American Express® Gold Card

WYATT SMITH/THE POINTS GUY

One of the most popular cards with TPG staffers during the pandemic, the Amex Gold offers 60,000 Membership Rewards points after you spend $4,000 on eligible purchases on your new card within the first six months of card membership. This welcome offer is worth $1,200 based on our valuations — but be sure to check the CardMatch tool to see if you’re targeted for an even higher offer. (Offers are subject to change at any time.)

The card is great for many everyday purchases. You’ll earn 4 points per dollar at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar) and 4 points per dollar on dining at restaurants. The card has a $250 annual fee (see rates and fees).

For more details, check out our full review of the Amex Gold Card.

Official application: American Express Gold Card

The Business Platinum Card® from American Express

RYAN PATTERSON/THE POINTS GUY

The Business Platinum Card offers 120,000 Membership Rewards points after you spend $15,000 on eligible purchases with your card in the first three months of card membership. Per our valuations, this welcome offer is worth at least $2,400, but you can get even more value when redeeming for high-end airfare.

The card also provides a slew of additional perks similar to (but slightly different from) the personal version — you can compare the two cards in this guide to see which one would be a better fit for your wallet.

For more details, check out our full review of the Amex Business Platinum Card.

Official application: The Business Platinum Card from American Express

Airline credit cards

ANDREW KUNESH/THE POINTS GUY

Delta is running limited-time offers on most of its cobranded credit cards. Here’s a look at the current offers:

Additionally, Southwest is offering:

Related: The best airline credit cards

Hotel credit cards

Several hotel credit card welcome bonuses provide a simple way to boost your points balances. You can use these points to save money on hotel stays worldwide, no matter where your travels take you.

The portfolio of IHG Rewards credit cards underwent major upgrades early in 2022, and there are currently some solid elevated offers available:

All of these offers put you in a great position to earn a ton of bonus points or miles, and there may be more to come.

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

Additional reporting by Andrew Kunesh and Benji Stawski.


This is The Points Guy’s permanent page for the most up-to-date valuations, so you can bookmark it and check back each month for updates.

Featured image by THE POINTS GUY
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

TPG featured card

NEW BENEFIT! TAKEOFF15!
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
3 / 5
Go to review

Rewards

1 - 3X points
3XEarn 3X Miles on Delta purchases and purchases made directly with hotels.
2XEarn 2X Miles at restaurants worldwide, including takeout and delivery in the U.S. and at U.S. supermarkets.
1XEarn 1X Miles on all other eligible purchases.

Intro offer

Earn 90,000 Bonus Miles50,000 Bonus Miles
Earn 90,000 bonus miles after you spend $4,000 in purchases on your new Card in your first 6 months.

Annual Fee

$250

Recommended Credit

670-850
Excellent/Good
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.

Why We Chose It

Build your loyalty to Delta by applying for the carrier's mid-tier card option, the Delta SkyMiles Platinum card. The annual fee is quickly recouped by the card's travel perks, such as an application credit to Global Entry or TSA Precheck, annual companion certificate and so much more. Plus you can fast-track to elite status simply through card spend.

Pros

  • Earn bonus Medallion® Qualification Miles (MQMs) and an Medallion Qualifying Dollar (MQD) waiver when you hit specific spending thresholds with your card within a calendar year
  • Receive a Domestic Main Cabin round-trip companion certificate each year
  • Statement credit for TSA PreCheck/Global Entry fee (up to $100)
  • First checked bag free

Cons

  • Doesn't make sense if you don't fly Delta
  • SkyMiles aren't the most valuable airline currency
  • Earn 90,000 bonus miles after you spend $4,000 in purchases on your new Card in your first 6 months.
  • Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. Payment of the government imposed taxes and fees of no more than $80 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
  • Enjoy your first checked bag free on Delta flights. Plus enjoy Main Cabin 1 Priority Boarding and settle into your seat sooner.
  • New: Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
  • Earn 3X Miles on Delta purchases and purchases made directly with hotels.
  • Earn 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets.
  • Earn 1X Mile on all other eligible purchases.
  • Enjoy a per-visit rate of $50 per person for Card Members and up to two guests to enter the Delta Sky Club when traveling on a Delta flight.
  • Fee Credit for Global Entry or TSA PreCheck® after you apply through any Authorized Enrollment Provider. If approved for Global Entry, at no additional charge, you will receive access to TSA PreCheck.
  • Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs up to two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
  • No Foreign Transaction Fees.
  • $250 Annual Fee.
  • Terms Apply.
  • See Rates & Fees
Apply for Delta SkyMiles® Platinum American Express Card
at American Express's secure site
Terms & restrictions apply. See rates & fees
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
3 / 5
Go to review

Rewards Rate

3XEarn 3X Miles on Delta purchases and purchases made directly with hotels.
2XEarn 2X Miles at restaurants worldwide, including takeout and delivery in the U.S. and at U.S. supermarkets.
1XEarn 1X Miles on all other eligible purchases.
  • Intro Offer
    Earn 90,000 bonus miles after you spend $4,000 in purchases on your new Card in your first 6 months.

    Earn 90,000 Bonus Miles
    50,000 Bonus Miles
  • Annual Fee

    $250
  • Recommended 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.

    670-850
    Excellent/Good

Why We Chose It

Build your loyalty to Delta by applying for the carrier's mid-tier card option, the Delta SkyMiles Platinum card. The annual fee is quickly recouped by the card's travel perks, such as an application credit to Global Entry or TSA Precheck, annual companion certificate and so much more. Plus you can fast-track to elite status simply through card spend.

Pros

  • Earn bonus Medallion® Qualification Miles (MQMs) and an Medallion Qualifying Dollar (MQD) waiver when you hit specific spending thresholds with your card within a calendar year
  • Receive a Domestic Main Cabin round-trip companion certificate each year
  • Statement credit for TSA PreCheck/Global Entry fee (up to $100)
  • First checked bag free

Cons

  • Doesn't make sense if you don't fly Delta
  • SkyMiles aren't the most valuable airline currency
  • Earn 90,000 bonus miles after you spend $4,000 in purchases on your new Card in your first 6 months.
  • Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. Payment of the government imposed taxes and fees of no more than $80 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
  • Enjoy your first checked bag free on Delta flights. Plus enjoy Main Cabin 1 Priority Boarding and settle into your seat sooner.
  • New: Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
  • Earn 3X Miles on Delta purchases and purchases made directly with hotels.
  • Earn 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets.
  • Earn 1X Mile on all other eligible purchases.
  • Enjoy a per-visit rate of $50 per person for Card Members and up to two guests to enter the Delta Sky Club when traveling on a Delta flight.
  • Fee Credit for Global Entry or TSA PreCheck® after you apply through any Authorized Enrollment Provider. If approved for Global Entry, at no additional charge, you will receive access to TSA PreCheck.
  • Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs up to two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
  • No Foreign Transaction Fees.
  • $250 Annual Fee.
  • Terms Apply.
  • See Rates & Fees