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

Jan 7, 2022

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

One of the questions I’m asked most often is, “How much is a point or mile worth?”

The true answer varies from point to point and person to person and depends on your travel goals and 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.

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.

That data-driven process began in November with our four major transferable point currencies — American Express Membership Rewards, Capital One Rewards, Chase Ultimate Rewards and Citi ThankYou Rewards points. 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. 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 — to a data-backed model in December. You can read our full methodology in the announcement post. We’ll transition other airlines to this revamped methodology over time as we perfect it, and eventually, hope to roll out a similar program for hotel points.

Note: These valuations are not provided by card issuers.


For the latest travel news, deals, and points and miles tips, subscribe to The Points Guy’s daily email newsletter.


Key points and miles news

Program January 2021 (Cents) December 2021 (Cents) January 2022 (Cents) Note
Accor Le Club 2.0 2.0 2.0
Aeroplan Loyalty Program 1.5 1.5 1.5 Announced new cobranded credit card, launched partnership with Oman Air and Air Mauritius.
Alaska Mileage Plan 1.8 1.8 1.8
American AAdvantage 1.4 1.68* 1.63* Launched JetBlue redemptions, started to post miles from big SimplyMiles holiday promotion and unveiled complete list of Loyalty Point-qualifying partners.
American Express Membership Rewards 2.0 2.0 2.0
Amtrak Guest Rewards 2.5 2.5 2.5
ANA Mileage Club 1.4 1.4 1.4
Asia Miles 1.3 1.3 1.3
Avianca LifeMiles 1.7 1.7 1.7 Improved Canadian award chart.
Avios 1.5 1.5 1.5
Bank of America Premium Rewards 1.0 1.0 1.0
Barclaycard Arrival Miles 1.0 1.0 1.0
Best Western Rewards 0.6 0.7 0.7
Brex Exclusive Rewards 1.7 1.7 1.7
Capital One Rewards 1.4 1.85 1.85 Added Choice Privileges as a transfer partner.
Chase Ultimate Rewards 2.0 2.0 2.0
Choice Privileges 0.6 0.6 0.6 Now a Capital One transfer partner.
Citi ThankYou Rewards 1.7 1.7 1.7
Delta SkyMiles 1.2 1.48* 1.46* Cut mileage earning from basic economy fares.
Diners Club Rewards 2.1 2.1 2.1
Discover Rewards 1.0 1.0 1.0
Emirates Skywards 1.2 1.2 1.2
Etihad Guest 1.4 1.4 1.4
Flying Blue 1.2 1.2 1.2 Launched new round of Promo Rewards for U.S. routes.
Frontier Miles 1.1 1.1 1.1
HawaiianMiles 0.9 0.9 0.9
Hilton Honors 0.6 0.6 0.6 Extended free night certificates and made them visible online.
IHG Rewards Club 0.5 0.5 0.5 Reduced elite status requirements for 2022.
JetBlue TrueBlue Rewards 1.3 1.3 1.3
Korean Air SkyPass 1.7 1.7 1.7
Marriott Bonvoy 0.8 0.8 0.8 Added points-and-cash redemptions for Marriott Homes & Villas.
Miles & More 1.4 1.4 1.4
Qatar Airways Qmiles 0.8 0.8 0.8
Radisson Rewards 0.4 0.4 0.4
Singapore KrisFlyer 1.3 1.3 1.3
Southwest Rapid Rewards 1.5 1.5 1.5
Spirit Airlines Free Spirit 0.4 1.1 1.1
Turkish Airlines Miles&Smiles 1.3 1.3 1.3
U.S. Bank FlexPerks 1.5 1.5 1.5
United MileagePlus 1.3 1.13* 1.13*
Virgin Atlantic Flying Club 1.6 1.5 1.5
Wells Fargo Go Far Rewards 1.5 1.5 1.5
World of Hyatt Loyalty Program 1.7 1.7 1.7 Offering points in exchange for expiring awards.
Wyndham Rewards 1.1 1.1 1.1

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

Points and miles news

December was a relatively quiet month in the points and miles world — here’s a quick roundup.

At the beginning of the month, Aeroplan released its new cobranded credit card for U.S.-based customers. Then, in mid-December, it officially launched its partnership with Oman Air and Air Mauritius, allowing members to earn and redeem miles on more flights.

Further, Capital One finally added the ability to transfer miles to Choice Privileges at a 1:1 ratio. Although this partnership was announced back in April 2021, the ability to transfer Capital One miles to the hotel program didn’t actually go live until very recently.

Meanwhile, American AAdvantage recently added the ability to redeem miles for JetBlue flights. It also began posting miles from its incredibly lucrative SimplyMiles holiday promotion and unveiled a complete list of Loyalty Point-qualifying partners. Unfortunately, though, miles earned through the 5x offer from SimplyMiles didn’t count as Loyalty Points.

Finally, World of Hyatt began selectively extending suite upgrade and free night certificates. Some members reported success in converting expiring awards into a lump sum of points.

Travel credit card offers

During the pandemic, we’ve seen several credit card issuers struggle with assessing creditworthiness in a world with so many new variables. We’ve also seen various bonuses and new perks launch for existing cardholders aimed at keeping them engaged. Now, as we move into a travel recovery, we’ve seen some incredible new welcome bonuses on many popular cards.

However, in recent weeks, some of those bonuses over 100,000 points have started to retreat. That tells us it’s time to act if the one you want is still available.

Some good options include:

Capital One Venture X Rewards Credit Card

(Photo by John Gribben for The Points Guy)

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

The card is currently offering an incredible welcome bonus of 100,000 miles after spending $10,000 on purchases in the first six months of account opening, worth $1,850 according to our valuations thanks to Capital One’s excellent airline and hotel transfer partners. Plus, for a limited time, cardholders can also get up to $200 in statement credits for vacation rental purchases like Airbnb and Vrbo charged to their account within the first year.

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

The Platinum Card® from American Express

(Photo by Isabelle Raphael for The Points Guy)

You’ll earn a 100,000-point welcome offer after you spend $6,000 in the first six months of card membership. Plus, you’ll also earn 10 points per dollar on eligible purchases made at restaurants worldwide and when you “Shop Small” in the U.S., on up to $25,000 in combined spending during the first six months of card membership. That’s equivalent to a 20% return (based on TPG valuations) at restaurants, which is hard to beat.

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

Amex Gold
(Photo by Wyatt Smith/The Points Guy)

One of the most popular cards for TPG staffers during the pandemic, the Amex Gold offers 60,000 Membership Rewards points after spending $4,000 on eligible purchases on your new card within the first six months of card membership. This bonus 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 (offer is subject to change at any time).

The card is also 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 1x) 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

Amex Business Platinum
(Photo by 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. Now’s an especially good time to apply as it’s your last chance to lock in the $595 annual fee. Starting Jan. 13, 2022, the fee will be raised by $100 to $695 (see rates and fees).

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

Citi Premier
(Photo by John Gribben for 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, and 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 60,000 ThankYou points after you spend $4,000 in 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 short list

Airline credit cards

Airline credit cards let you earn airline miles and give you perks with their respective airlines, like free checked bags. If you’re a Delta loyalist, you might want to consider one of its cobranded cards to earn bonus SkyMiles and take advantage of added perks.

  • Delta SkyMiles® Gold American Express Card: Earn 40,000 bonus miles after spending $1,000 in purchases on your new card in the first three months of card membership. Plus, earn up to $50 back in statement credits for eligible purchases at U.S. restaurants within the first three months of card membership.
  • Delta SkyMiles® Platinum American Express Card: Earn 50,000 bonus miles and 5,000 Medallion® Qualification Miles after you spend $2,000 in purchases on your new card in the first three months of card membership. Plus, earn up to $100 back in statement credits for eligible purchases at U.S. restaurants in the first three months of card membership.
  • Delta SkyMiles® Reserve American Express Card: Earn 50,000 bonus miles and 10,000 Medallion® Qualification Miles after you spend $3,000 in purchases on your new card in the first three months of card membership. Plus, earn up to $100 back in statement credits for eligible purchases at U.S. restaurants in the first three months of card membership.
  • Delta SkyMiles® Gold Business American Express Card: Earn 50,000 bonus miles and a $50 statement credit after spending $2,000 in purchases on your new card in the first three months of card membership.
  • Delta SkyMiles® Platinum Business American Express Card: Earn 60,000 bonus miles, 5,000 Medallion® Qualification Miles and $100 statement credit after spending $3,000 in purchases on your new card in the first three months of card membership.
  • Delta SkyMiles® Reserve Business American Express Card: Earn 60,000 bonus miles, 10,000 Medallion® Qualification Miles and $100 statement credit after spending $4,000 in purchases on your new card in the first three months of card membership.

Related: Delta SkyMiles Gold American Express Card review

Hotel credit cards

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

Some options to consider include:

  • Marriott Bonvoy Bold Credit Card: Earn 30,000 bonus points after you spend $1,000 on purchases in the first three months from account opening.
  • Marriott Bonvoy Boundless Credit Card: Earn three free nights (each night valued up to 50,000 points) after spending $3,000 on purchases in your first three months from account opening.
  • Marriott Bonvoy Brilliant™ American Express® Card: Earn 75,000 bonus points after you spend $3,000 in purchases within the first three months of card membership. Plus, earn up to $200 in statement credits for eligible purchases made on your new card at U.S. restaurants within the first six months of card membership.
  • Marriott Bonvoy Business™ American Express® Card: Earn 75,000 bonus points after you use your new card to make $3,000 in purchases within the first three months. Plus, earn up to $150 back in statement credits on eligible purchases made on your new card within the first three months of card membership.
  • Hilton Honors American Express Card: Earn 80,000 Hilton Honors bonus points after you spend $1,000 in purchases on the card in the first three months of card membership. Plus, you can earn an additional 50,000 Hilton Honors bonus points after you spend a total of $5,000 in purchases on the card in the first six months.
  • Hilton Honors American Express Surpass® Card: Earn 130,000 Hilton Honors bonus points after you spend $2,000 in purchases on the Hilton Honors American Express Surpass Card in the first three months of card membership. Plus, you can earn an additional 50,000 Hilton Honors bonus points after you spend a total of $10,000 in purchases on the card in the first six months.
  • Hilton Honors American Express Aspire Card: Earn 150,000 bonus points after you spend $4,000 in purchases on the card within your first three months of card membership.
  • The Hilton Honors American Express Business Card: Earn up to 180,000 Hilton Honors Bonus Points. Earn 130,000 bonus points after you spend $2,000 in purchases on the Hilton Honors Business Card in the first three months of card membership. Plus, you can earn an additional 50,000 Hilton Honors bonus points after you spend a total of $10,000 in purchases on the card in the first six months.

The information for the Hilton Aspire Amex Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

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. If you haven’t already, be sure to sign up for our daily newsletter to stay in the loop on the biggest travel news of the day.

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

Additional reporting by Andrew Kunesh and Benji Stawski.

Featured image by The Points Guy.


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.

Delta SkyMiles® Platinum American Express Card

Earn 50,000 bonus miles and 5,000 Medallion® Qualification Miles (MQMs) after you spend $2,000 in purchases on your new card in the first three months of card membership. Plus, earn up to $100 back in statement credits for eligible purchases at U.S. restaurants in the first three months of card membership.

With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.

Apply Now
More Things to Know
  • Earn 50,000 Bonus Miles and 5,000 Medallion® Qualification Miles (MQMs) after you spend $2,000 in purchases on your new Card in your first 3 months.
  • Plus, earn up to $100 back in statement credits for eligible purchases at U.S. restaurants with your card within the first 3 months of membership.
  • 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 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.
  • Earn 3X Miles on Delta purchases and purchases made directly with hotels.
  • Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
  • Earn 1X Miles on all other eligible purchases.
  • 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 $75 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.
  • Fee Credit for Global Entry or TSA Pre✓®.
  • Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
  • No Foreign Transaction Fees.
  • $250 Annual Fee.
  • Terms Apply.
  • See Rates & Fees
Regular APR
15.74%-24.74% Variable
Annual Fee
$250
Balance Transfer Fee
N/A
Recommended Credit
Excellent/Good
Terms and restrictions apply. See rates & fees.

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.