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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 November. The past month was relatively quiet, but still brought us announcements of new rewards programs from Uber and Lyft, changing airline partnerships, and two airlines increasing surcharges on award tickets. Read on for more details, and check the last column of the chart below for more loyalty program news and other related posts.

Program December 2017 (Cents) November 2018 (Cents) December 2018 (Cents) Note
Accor Le Club - 2.0 2.0

Win trips, gift cards and more with 31 Thank Yous promo.

Aeroplan Loyalty Program 1.5 1.5 1.5

First look at new Maple Leaf lounge in LGA.

Alaska Mileage Plan 1.9 1.8 1.8

New infant policy for international partner awards. Basic economy fares and flights from Paine Field now for sale.

American AAdvantage 1.4 1.4 1.4

Reduced Mileage Awards available through March, 2019. Expanded partnership with China Southern.

American Express Membership Rewards 1.9 2.0 2.0

Centurion Lounges coming to Charlotte, London and Phoenix. Business Platinum card adds benefits, raises annual fee. New Amex Offers for Amazon, Marriott.

Amtrak Guest Rewards 2.5 2.5 2.5
ANA Mileage Club 1.6 1.6 1.4

Surcharges increase again. Changes announced to complimentary upgrades and upgrade awards. A380 service coming to Hawaii.

Asia Miles 1.4 1.3 1.3
Avianca LifeMiles 1.7 1.7 1.7

Save up to 48% on award bookings.

Avios 1.5 1.5 1.5

Buy Avios for under 1 cent with Groupon offer. British Airways 767 is officially retired.

Bank of America Premium Rewards 1.0 1.0 1.0
Barclaycard Arrival Miles 1.0 1.0 1.0

For a limited time, earn 70,000 miles with Arrival Plus Card.

Best Western Rewards 0.7 0.7 0.7
Capital One Credit Card Rewards 1.0 1.4 1.4

Earn up 200,000 miles with Spark Miles business card for a limited time. Capital One acquires online tool Wikibuy.

Chase Ultimate Rewards 2.1 2.0 2.0

Chase Offers launch on mobile app. 5/24 rule expands to more cards. New features for Chase business cards.

Choice Privileges 0.6 0.6 0.6

Earn up to 3,000 points with Book, Spin, Win promo.

Citi ThankYou Points 1.7 1.7 1.7

25% bonus for transfers to Avianca.

Delta SkyMiles 1.2 1.2 1.2

No more single visit Sky Club passes. Delta now selling basic economy awards. Pre-select meal program expands.

Diners Club Rewards 2.1 2.1 2.1
Discover Rewards - 1.0 1.0
Emirates Skywards 1.2 1.2 1.2
Etihad Guest 1.4 1.4 1.4
Flying Blue 1.3 1.2 1.2

Award surcharges appearing for Delta domestic flights. Air France launches infant amenity kit.

Frontier Miles 1.1 1.1 1.1
HawaiianMiles 1.2 1.2 1.2

Hawaiian raises checked bag fees.

Hilton Honors 0.6 0.6 0.6
IHG Rewards Club 0.7 0.6 0.6

New list of PointBreaks properties through February. Double Points promo extended. Use this Kimpton password for a surprise at check-in.

JetBlue TrueBlue Rewards Program 1.3 1.3 1.3
Korean Air SkyPass 1.7 1.7 1.7
Marriott Rewards 0.9 0.9 0.9

Massive data breach threatens guests' personal information. New program name and elite tiers leaked and ridiculed.

Miles & More 1.4 1.4 1.4
Qatar Airways Qmiles 1.1 0.8 0.8

New promo offers bonus miles for new members and fast track to status. Qsuite service coming to Boston.

Radisson Rewards 0.4 0.4 0.4
Ritz-Carlton Rewards 0.9 0.9 0.9
Singapore Krisflyer 1.4 1.4 1.4

Premium economy not selling on ultra long-haul routes. Budget subsidiary Scoot ends Hawaii service.

Southwest Rapid Rewards 1.5 1.5 1.5

Earn up to 60,000 points with co-branded cards. Southwest app adds bag-sizing feature.

Spirit Airlines Free Spirit 0.4 0.4 0.4

Spirit launching new routes from Austin in 2019.

Starwood Starpoints 2.7 - -
Turkish Airlines Miles and Smiles 1.3 1.3 1.3
U.S. Bank FlexPerks 1.5 1.5 1.5
United MileagePlus 1.4 1.4 1.4

Earn up to 65,000 miles with Explorer Card. No more Hyatt status with Club Card. Flights added for Spring Break. Book Premium Plus seats with miles and cash.

Virgin America Elevate 2.4 - -
Virgin Atlantic Flying Club 1.5 1.5 1.5
Wells Fargo Go Far Rewards - 1.5 1.5
World of Hyatt Loyalty Program 1.8 1.7 1.7

Earning and redeeming added at 50+ luxury properties.

Wyndham Rewards 1.2 1.2 1.2

Movers and Shakers

The past month brought us changes to two of the major airline alliances. China Southern will leave SkyTeam in January, citing the high cost of membership compared to the benefits it gets in return. On the bright side, Oneworld is adding Royal Air Maroc to its roster in 2020, bringing the airline’s modern fleet and West Africa network into the fold.

Marriott has yet to reveal the full details of its unified rewards program, but a leak that sprung just after Thanksgiving provided a peek at what might become the program’s new name and elite tiers. Marriott hasn’t yet confirmed the information, and judging by the response from TPG readers, it may be worth reconsidering.

Once again, surcharges made big news this past month. Flying Blue began adding an unexpected fee to awards on Delta domestic flights, ranging from about $10 to $15. Mysteriously, these fees only show up when booking through the Air France or KLM app, and are classified as “other taxes,” so there’s a decent chance a glitch is to blame. Unfortunately, those weren’t the only fees to show up recently…

ANA’s fuel surcharges are once again mucking up an otherwise lucrative award chart.

ANA Mileage Club

November Value: 1.6 cents
December Value: 1.4 cents
Valuation: After ANA increased fuel surcharges earlier this year, the airline followed up by raising surcharges yet again, this time even more dramatically. Mileage Club members now face fees of several hundred dollars on many economy awards, and well over a thousand dollars on premium awards. That’s a harsh penalty to pay for the privilege of redeeming your miles, and these surcharges alone give me ample reason to drop my valuation.

But there’s more to it. While ANA keeps a schedule for amending fuel surcharges, it doesn’t do much good unless you’re in the habit of tracking the cost of jet fuel. I appreciate that the airline attempts to be up front about its pricing, but the system for setting these fees is overly complex, and the frequency of changes makes the program’s usefulness unpredictable.

ANA still has a favorable award chart, and some partner awards (like Singapore Airlines flights from New York to Frankfurt) appear to be unaffected. But if I can’t be reasonably confident about what an award will cost a few months down the road, then the value of Mileage Club miles drops in my estimation.

Associated Credit Cards: ANA is a transfer partner of Amex and Marriott Rewards, so you can earn miles with cards that earn Membership Rewards points (like The Platinum Card® from American Express) or Marriott Rewards points (like the Marriott Rewards Premier Plus Credit Card).

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

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. Keep in mind you may see some reader comments referring to older valuations below.

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Editorial Disclaimer: Opinions expressed here are the 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.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.