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One of the questions I’m asked most often is “How much is a point or mile worth?” The answer varies from person to person, and depends on how well you can maximize a particular loyalty currency. Still, some rewards are clearly worth more than others — my goal is to give you a sense of how they stack up.

These valuations are based on a combination of what I would pay to buy points if given the opportunity, and the overall value I could get from redeeming them, factoring in variables like award availability, fees and change/cancellation policies. I encourage you to share your thoughts where you think I’m off base (and on point, no pun intended), and I’ll take feedback from TPG readers into consideration when I update the valuations each month.

To give you some context, I’ve included my valuations from one year ago and from May. This past month was not a good one for award travelers, as several airline programs made negative changes, including higher (and weirder) award prices, increased fees, and less friendly change and cancellation policies. On the bright side, we also saw new bonus offers from several rewards credit cards. Read on for more details, and check the last column of the chart below for plenty more loyalty program news.

Program June 2017 (Cents) May 2018 (Cents) June 2018 (Cents) Note
Aeroplan 1.5 1.5 1.5
Alaska 1.9 1.9 1.8

Alaska tweaks award chart and change policy. Buy miles with up to 40% bonus.

American AAdvantage 1.4 1.4 1.4

Increased bonus offers for Citi AAdvantage cards. Earn 8 miles per dollar on IHG stays. American revamps companion upgrade rules.

American Express Membership Rewards 1.9 1.9 1.9

New 100,000-point offers on personal and business Platinum cards. More cards eligible for Amex Offers. Improved purchase protection benefits.

Amtrak Guest Rewards 2.5 2.5 2.5

Acela First Class gets assigned seating.

ANA 1.6 1.6 1.6

Plans announced for new Honolulu lounge.

Asia Miles 1.4 1.4 1.3

Cathay Pacific announces major changes to Asia Miles program.

Avianca 1.7 1.7 1.7
Bank of America Premium Rewards - 1.0 1.0

Here's why you shouldn't ignore BoA Preferred Rewards.

Barclaycard Arrival Miles 1.0 1.0 1.0
Best Western Rewards - 0.7 0.7

Join the Best Western Rewards program.

British Airways Avios 1.5 1.5 1.5

British Airways (finally) joins TSA PreCheck. Passengers to get Avios or cash in fuel surcharge settlement.

Capital One 1.0 1.0 1.0
Chase Ultimate Rewards 2.2 2.1 2.1

Ink Business Unlimited Card launches with $500 bonus offer. Sapphire Reserve benefits devalued. Ultimate Rewards portal adds new redemption options.

Choice Privileges 0.6 0.6 0.6

Join the Choice Privileges program.

Citi ThankYou Points 1.6 1.7 1.7

Travel and purchase benefits scaled back on Citi Prestige card.

Delta SkyMiles 1.2 1.2 1.2

Use global upgrades on Korean Air flights. New SkyMiles Deals page for award promos. Delta will fly to Mumbai in 2019.

Diners Club Rewards 2.1 2.1 2.1
Discover - 1.0 1.0
Emirates 1.2 1.2 1.2

Premium economy coming to A380. Profits jump 67% in one year. Emirates faces staffing issues.

Etihad 1.4 1.4 1.4

Etihad may cancel aircraft orders amidst heavy losses.

FlexPerks 1.5 1.5 1.5
Flying Blue 1.3 1.3 1.2

New award pricing goes into effect. 25% Amex transfer bonus ends June 15.

Frontier 1.1 1.1 1.1
Hawaiian 1.2 1.2 1.2

Join the HawaiianMiles program.

Hilton 0.6 0.6 0.6

Increased bonus offers for Hilton Amex cards. Match to Diamond status through March of 2020.

Hyatt 1.8 1.8 1.8

Advanced purchase discount for members. Improved expiration policy for suite and club upgrades. Hyatt Place refresh to include free breakfast.

IHG 0.7 0.6 0.6

Earn status or bonus points with new promo. Select card will keep uncapped free night through 2019. IHG adds 13 upscale UK properties.

JetBlue 1.2 1.3 1.3

Same-day changes online for Mosaic members. JetBlue will be first at the new MCO terminal.

Korean Air 1.7 1.7 1.7
Marriott 0.9 0.9 0.9

Earn 100,000 points with Premier Plus card. Marriott Moments adds custom travel experiences. Summer PointSavers promo offers discounted awards.

Miles & More 1.4 1.4 1.4

Basic economy coming to US routes. Lufthansa wins lawsuit for error fares. You can now book United awards online.

Qatar Airways Qmiles - 1.1 0.8

Qatar raises award prices and fees with no warning. QSuite arrives on the 777-200LR.

Radisson Rewards 0.4 0.4 0.4

Join the Radisson Rewards program.

Ritz-Carlton 0.9 0.9 0.9
Singapore Krisflyer 1.5 1.4 1.4

Singapore confirms new routes for Suites and dates for record EWR-SIN flight.

Southwest 1.5 1.5 1.5

Southwest announces interisland Hawaii flights. Experts concerned about recent safety issues.

Spirit Airlines Free Spirit 0.4 0.4 0.4

Spirit will be first domestic LCC to offer Wi-Fi. Review: Spirit's Big Front Seat ORD-OAK.

Starwood Starpoints 2.7 2.7 2.7

Starwood Lifetime Platinum members can lock in lifetime Platinum Premier status.

Turkish Airlines Miles and Smiles - 1.3 1.3
United 1.5 1.4 1.4

Polaris lounge opens in Newark. New partnership with The Private Suite at LAX. Explorer card gets new benefits.

Virgin America 2.4 - -
Virgin Atlantic 1.5 1.5 1.5

Nonstop London to Las Vegas service coming in 2019. Virgin Atlantic is hiring flight attendants.

Wells Fargo Go Far Rewards - - -
Wyndham 1.2 1.2 1.2

Join the Wyndham Rewards program.

Movers and Shakers

Before you get to the bad news below, several programs made small but positive changes this month. Delta will now let you use Global Upgrades on Korean Air, and IHG will continue to issue unrestricted free night certificates on the Club Select card until May of 2019. Meanwhile, American Express did cardholders a solid by bucking the trend and improving several purchase benefits.

On the downside, four airlines imposed varying degrees of negative changes, ranging from a mild tweak of Alaska Airlines cancellation policy to a full-on implosion of Qatar Airways’ Qmiles. This is the first time my valuations have changed for four programs in a single month, and unfortunately, none of them are improvements.

IMG Qatar Airways plane banner
Qatar Airways just severely devalued its already ineffective frequent flyer program.

Qatar Airways Qmiles

May Value: 1.1 cents.
June Value: 0.8 cents.
Valuation: I was already down on the Qmiles program when I added it to the list last August. Awards were generally overpriced and booking them was a pain, and flights from North America required a stop in Doha, which is inconvenient unless you’re headed to the Middle East. Although Qatar Airways offers a quality product, I’ve never found much use for the miles.

Unfortunately, Qatar decided to take a bad thing and make it worse, as the airline recently imposed some disastrously negative changes. Award rates are up by as much as 77%, and a new booking fee of up to $75 is being added to all awards. Worst of all, these changes were made with zero warning; devaluations are part of the game, but it’s hard to have confidence in a program that’s willing to debase itself so brazenly.

Moving forward, I recommend crediting flights to a partner program even if you only earn a fraction of the normal rewards. You might still find the occasional spot redemption or upgrade award that offers decent value when cash prices are high, but overall I think this program has made itself obsolete.

Associated Credit Cards: Qatar is a transfer partner of both Citi and SPG, so you can earn Qmiles with cards that earn ThankYou Rewards or Starpoints (like the Starwood Preferred Guest Card from American Express), though I don’t recommend making earning Qmiles a priority.

Alaska Airlines Students Invited for Delivery Flight
Alaska Airlines announced the end of its friendly award change policy.

Alaska Airlines Mileage Plan

May Value: 1.9 cents
June Value: 1.8 cents
Valuation: Over the last two months, Alaska announced a series of changes that will take effect in June. The good news is that the airline’s partner award chart remains intact; you’ll still be able to book valuable premium seats like Cathay Pacific business class between the US and Asia for 50,000 miles each way. Adjustments to award pricing on Alaska metal are a mixed bag, with short-haul awards getting a little cheaper and long-hauls going up modestly. Overall these changes aren’t enough to sway my valuation.

The bad news is that Alaska took a hatchet to its generous award change and cancellation policy. The $125 fee was formerly waived for all award tickets more than 60 days from departure; now that waiver will only be extended to members with MVP Gold and MVP Gold 75K status. The old policy was a standout feature of Mileage Plan, since not many programs offer that degree of flexibility. The loss is significant enough to lower my valuation even though it doesn’t directly impact award redemption values.

Associated Credit Cards: the Alaska Airlines Visa Signature Credit Card, as well as cards that earn Starpoints.

Among the recent changes to Asia Miles, the most valuable premium awards are taking the biggest hit.

Asia Miles

May Value: 1.4 cents
June Value: 1.3 cents
Valuation: Cathay Pacific recently announced an overhaul of the Asia Miles program that includes changes on both the earning and redeeming sides. Like with Alaska, the news isn’t all bad, as some economy and short-haul awards are going down in price. Unfortunately, premium, long-haul awards are getting more expensive both on Cathay Pacific and multi-partner itineraries — changes to the single-partner award chart have yet to be announced, but I expect more of the same.

These updates seem reasonable compared to what we got from Qatar Airways, and Cathay Pacific even claims we’ll see increased award availability. However, this is a clear devaluation of the most valuable awards Asia Miles has to offer, and that drags the whole program down regardless of whatever improvements are offered on the low end.

Associated Credit Cards: the Cathay Pacific Visa Signature Card earns Asia Miles directly, or any card that earns points with Amex, Citi or SPG will give you transfer options.

Time to consider Air France/KLM Flying Blue instead.
Flying Blue’s new award pricing went into effect this month.

Flying Blue

May Value: 1.3 cents
June Value: 1.2 cents
Valuation: Roughly seven months since the shift to a revenue-based program was announced, the reinvented Flying Blue is finally live, and if you’re not sure what to make of it, you’re not alone. Award charts have been ditched in favor of dynamic pricing, but so far that pricing is inscrutable. There’s no clear connection between cash fares and award rates: premium awards sometimes cost less than economy, adding a segment sometimes gives you a discount, cats and dogs are living together … it’s mass hysteria.

Plenty of awards still offer great value — it didn’t take me long to find business-class flights between North America and Europe yielding over 4 cents per mile. However, the wild unpredictability of award pricing makes the program less attractive. Some inventory seems to be missing from the system entirely, so there may still be bugs to work out, and hopefully rates will normalize once that’s done. Otherwise, Flying Blue has taken a clear turn for the worse.

Associated Credit Cards: Flying Blue is a transfer partner of Amex, Chase, Citi, and SPG, so you can earn Flying Blue miles with any card from those programs.

Which programs would you like to see added to the list?

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Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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