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What are points and miles worth? TPG’s November 2022 monthly valuations

Nov. 11, 2022
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 last November 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 last year. 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

ProgramNovember 2021October 2022November 2022Note
Accor Le Club2.02.02.0
Aeroplan Loyalty Program1.51.51.5

Added two new airline partners: SunExpress and Bamboo Airways.

Alaska Mileage Plan1.81.81.8

LATAM awards now bookable online.

American AAdvantage1.41.77*1.77*
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

Iberia switched to revenue-based earning, British Airways will follow next year.

Best Western Rewards0.70.60.6
Bilt Rewards-1.81.8

Ran lucrative Rent Day promotions.

Brex Exclusive Rewards1.71.71.7
Capital One Rewards1.851.851.85

Launched transfer bonuses to Accor and British Airways.

Chase Ultimate Rewards2.02.02.0

Launched transfer bonuses to Air Canada, Marriott and Virgin Atlantic.

Choice Privileges0.60.60.6
Citi ThankYou Points1.71.81.8

Launched transfer bonus to Qatar Airays.

Delta SkyMiles1.11.41*1.41*

Raised elite status requirements for 2024, devalued partner awards again.

Diners Club Rewards2.12.12.1
Discover Rewards1.01.01.0
Emirates Skywards1.21.21.2

Earn up to 12,000 bonus miles when you book hotels through Emirates.

Etihad Guest1.41.41.4
Flying Blue1.21.21.2

Announced free stopovers on award tickets.

Frontier Miles1.11.11.1
HawaiianMiles0.90.90.9
Hilton Honors0.60.60.6

Free night certificates can be used any day of the week.

IHG Rewards Club0.50.50.5
JetBlue TrueBlue Rewards Program1.31.31.3

Will end Go Long, Lucky 7 and Take 3 bonuses.

Korean Air SkyPass1.71.71.7
Marriott Bonvoy0.80.840.84

Removed multiple airlines from 5,000-mile transfer bonus.

Radisson Rewards0.40.40.4

Revamped and devalued international program.

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 MileagePlus1.31.21*1.21*

Increased elite status requirements for 2024.

Virgin Atlantic Flying Club1.51.51.5
World of Hyatt Loyalty Program1.71.71.7
Wyndham Rewards1.11.11.1

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

Points and miles news

There were a few major changes in October and early November, mostly around elite status.

In October, Delta announced that it will raise Medallion Qualification Dollar (MQD) requirements for Gold, Platinum and Diamond Medallion tiers. Now, you'll need to earn $20,000 MQDs in order to earn Diamond Medallion status.

Then, United followed suit in early November, raising Premier qualifying point (PQP) requirements across the board. Thankfully, it introduced some positive changes, too. Namely, award tickets will count toward elite status starting next year. Likewise, it will give a head start bonus to elites next year in the form of bonus PQPs. The number of bonus PQPs you'll receive depends on your elite status tier, with Premier 1K members getting 2,500 PQPs.

On the devaluation side, Delta again devalued partner awards in late October. Now, partner awards are priced similarly to Delta-operated award tickets, largely raising prices. The airline has devalued its partner awards multiple times since 2020, and it has now largely removed all of its once-sweet spot redemptions.

Additionally, Iberia switched to revenue-based earning on Nov. 1, 2022, and British Airways announced that it would follow suit next year. This will likely make the program less rewarding for those on cheap long-haul tickets. (Right now, however, we do not know what British Airways' earning rates will look like; we will publish a story when we know more.)

In more exciting news, Air France-KLM Flying Blue announced that it will soon add free stopovers to its award tickets operated by Air France and KLM. This has the potential to make Flying Blue miles a lot more valuable, as it will effectively give you two trips for the price of one. For example, you may be able to book a trip from New York to Prague with a stopover in Paris for the same price as an Air France connecting ticket from New York to Prague.

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 — last year. 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, 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 card is offering an increased welcome bonus of 80,000 bonus points after you spend $4,000 in the first three months of account opening. Per TPG's valuation, that's worth $1,600 when you leverage transfer partners, or $1,200 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.

Official application: 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.

Official application: 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 150,000 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 $3,000, 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

Citi Premier® Card

JOHN GRIBBEN/THE POINTS GUY

The Citi Premier Card is an excellent choice for frequent travelers, road trippers and foodies alike. The card earns 3 Citi ThankYou points per dollar spent at restaurants, supermarkets and gas stations, as well as on air travel and hotels. You can transfer these points to top-notch transfer partners like Avianca LifeMiles, Turkish Airlines Miles&Smiles and others.

The card is currently offering a welcome bonus of 80,000 ThankYou points after you spend $4,000 on purchases within the first three months of account opening.

For more details, check out our full review of the Citi Premier Card.

Official application: Citi Premier Card

Related: 4 reasons the Citi Premier Card should be on your shortlist

Airline credit cards

SPENCER PLATT/GETTY IMAGES

United is currently offering up to 100,000 bonus miles with its cobranded credit cards. Here's a look at its current lineup:

  • United Club℠ Infinite Card: Earn 100,000 bonus miles after you spend $5,000 on purchases in the first three months from account opening.
  • United Quest℠ Card: Earn 80,000 bonus miles after you spend $5,000 on purchases in the first three months your account is open.
  • United℠ Explorer Card: Earn 60,000 bonus miles after you spend $3,000 on purchases in the first three months your account is open.
  • United Gateway℠ Card: Earn 30,000 bonus miles after you spend $1,000 on purchases in the first three months your account is open. Plus, you'll get 0% annual percentage rate (APR) for 12 months from account opening.
  • United℠ Business Card: Earn 75,000 bonus miles after you spend $5,000 on purchases in the first three months your account is open.

Alternatively, if you’re looking to earn American Airlines miles, check out the following cards and their current offers:

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 around the world, no matter where your travels take you.

The portfolio of IHG Rewards credit cards underwent major upgrades earlier this year, and there are currently some solid offers available:

All of these new offers put you in a great position to earn a ton of bonus points or miles as you get ready to travel again, 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.

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How we chose these cards

Our points-obsessed staff uses a plethora of credit cards on a daily basis. If anyone on our team wouldn’t recommend it to a friend or a family member, we wouldn’t recommend it on The Points Guy either. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners.
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TPG featured card

Best premium travel card for value
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

1 - 10X points
10xEarn 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards®.
5xEarn 5x total points on flights through Chase Ultimate Rewards®.
3xEarn 3x points on other travel and dining.
1xEarn 1 point per $1 spent on all other purchases

Intro offer

80,000 bonus points
Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,200 toward travel when you redeem through Chase Ultimate Rewards®

Annual Fee

$550

Recommended Credit

740-850
Excellent
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

If you are looking to take your premium rewards to the highest level, this card is really a no brainer in our eyes. Chase's Ultimate Rewards make points easy to redeem, with a wide range of 10 airline and three hotel transfer partners and a friendly user interface. Despite the high annual fee, Chase is consistently adding new benefits to keep the card competitive in a fierce premium rewards field.

Pros

  • $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year
  • Access to Chase Ultimate Rewards hotel and airline travel partners
  • Unlimited 3x points on the broad category of travel and dining
  • 50% more value when you redeem your points for travel through Chase Ultimate Rewards®
  • Broad definitions for travel and dining bonus categories

Cons

  • Steep $550 annual fee
  • May not make sense for people that don't travel frequently
  • You must spend the $300 travel credit before earning 3x points for travel and dining
  • No automatic hotel elite status
  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,200 toward travel when you redeem through Chase Ultimate Rewards®
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
  • Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,200 toward travel
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more
Best premium travel card for value
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

10xEarn 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards®.
5xEarn 5x total points on flights through Chase Ultimate Rewards®.
3xEarn 3x points on other travel and dining.
1xEarn 1 point per $1 spent on all other purchases
  • Intro Offer
    Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,200 toward travel when you redeem through Chase Ultimate Rewards®

    80,000 bonus points
  • Annual Fee

    $550
  • 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.

    740-850
    Excellent

Why We Chose It

If you are looking to take your premium rewards to the highest level, this card is really a no brainer in our eyes. Chase's Ultimate Rewards make points easy to redeem, with a wide range of 10 airline and three hotel transfer partners and a friendly user interface. Despite the high annual fee, Chase is consistently adding new benefits to keep the card competitive in a fierce premium rewards field.

Pros

  • $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year
  • Access to Chase Ultimate Rewards hotel and airline travel partners
  • Unlimited 3x points on the broad category of travel and dining
  • 50% more value when you redeem your points for travel through Chase Ultimate Rewards®
  • Broad definitions for travel and dining bonus categories

Cons

  • Steep $550 annual fee
  • May not make sense for people that don't travel frequently
  • You must spend the $300 travel credit before earning 3x points for travel and dining
  • No automatic hotel elite status
  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,200 toward travel when you redeem through Chase Ultimate Rewards®
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
  • Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,200 toward travel
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more