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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.

Related: How (and Why) to Calculate Award Redemption Values

To give you some context, I’ve included my valuations from one year ago and from July. The past month was a quiet one for most loyalty programs, but we saw the launch of several airline and hotel partnerships, new application restrictions and rewards being clawed back by credit card issuers, and the opening of myriad Priority Pass and other airline lounges. Read on for more details, and check the last column of the chart below for more loyalty program news and other related posts.

Program August 2018 (Cents) July 2019 (Cents) August 2019 (Cents) Note
Accor Le Club 2.0 2.0 2.0
Aeroplan Loyalty Program 1.5 1.5 1.5

New rules coming for award routing and cancellation.

Alaska Mileage Plan 1.8 1.8 1.8

First look at Seattle flagship lounge. New targeted buy miles promo with up to 50% bonus.

American AAdvantage 1.4 1.4 1.4

Online booking now available for awards on JAL. Qantas joint venture gets green light. Citi adds 48-month exclusion for AAdvantage cards.

American Express Membership Rewards 1.9 2.0 2.0

No more gift cards to trigger airline fee credits. Amex clawing back bonuses from self-referrals. Membership Rewards launches revamped portal.

Amtrak Guest Rewards 2.5 2.5 2.5

Non-stop Acela service launching between New York and DC.

ANA Mileage Club 1.6 1.4 1.4

New suites introduced in first and business class.

Asia Miles 1.3 1.3 1.3
Avianca LifeMiles 1.7 1.7 1.7

Get a 31% discount on Asia awards through August 14.

Avios 1.5 1.5 1.5

British Airways new 777 Club Suite coming to NYC. First look at redesigned SFO lounge.

Bank of America Premium Rewards 1.0 1.0 1.0
Barclaycard Arrival Miles 1.0 1.0 1.0
Best Western Rewards 0.7 0.7 0.7
Brex Exclusive Rewards - - 1.7

Brex announces six transfer partners.

Capital One Credit Card Rewards 1.0 1.4 1.4
Chase Ultimate Rewards 2.1 2.0 2.0
Choice Privileges 0.6 0.6 0.6

New 'nightcap' amenity at Cambria hotels.

Citi ThankYou Points 1.7 1.7 1.7
Delta SkyMiles 1.2 1.2 1.2

Improved amenities for international coach passengers. Free upgrades are getting more scarce.

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

Save up to $1,000 on flights with Amex offer.

Etihad Guest 1.4 1.4 1.4
Flying Blue 1.2 1.2 1.2

Air France opens expanded lounge at IAD and adds live TV on select flights.

Frontier Miles 1.1 1.1 1.1

New seasonal service to Miami from BOS, DTW, BDL and SJU.

HawaiianMiles 1.2 0.9 0.9
Hilton Honors 0.6 0.6 0.6

New welcome offers on select cards. Luxury portfolio expands with seven more properties in 2019. Surge in enrollment and engagement.

IHG Rewards Club 0.6 0.5 0.5

Chase transfers are counting toward elite status. Six Senses properties to become available for awards.

JetBlue TrueBlue Rewards Program 1.3 1.3 1.3

JetBlue testing flight delay benefits for Mosaic members.

Korean Air SkyPass 1.7 1.7 1.7
Marriott Bonvoy 0.9 0.8 0.8

New members can earn a free night (up to 25,000 points). Relaunch of Emirates partnership offers reciprocal elite benefits.

Miles & More 1.4 1.4 1.4

Lufthansa expands A380 service to US.

Qatar Airways Qmiles 0.8 0.8 0.8

Business class downgraded on ATL route.

Radisson Rewards 0.4 0.4 0.4
Singapore Krisflyer 1.4 1.3 1.3

Waitlist policy changes go into effect. New Dreamliner service to the Maldives.

Southwest Rapid Rewards 1.5 1.5 1.5

Earn up to 30,000 points with Turo partnership. Referrals now available for business cards. Southwest exits EWR for LGA.

Spirit Airlines Free Spirit 0.4 0.4 0.4
Turkish Airlines Miles and Smiles 1.3 1.3 1.3

First look inside new 787 Dreamliner.

U.S. Bank FlexPerks 1.5 1.5 1.5
United MileagePlus 1.4 1.3 1.3

Polaris retrofit coming to 787-8 and 787-9. ConnectionSaver introduced at IAH.

Virgin Atlantic Flying Club 1.5 1.5 1.5

Earn 6,000 miles as a new Airbnb host. JFK to be first A350-1000 destination.

Wells Fargo Go Far Rewards 1.5 1.5 1.5
World of Hyatt Loyalty Program 1.8 1.7 1.7

Bonus points for World of Hyatt cardholders at SLH properties.

Wyndham Rewards 1.2 1.1 1.1

(Targeted) 1,000 bonus points for next stay.

Movers and Shakers

Several airline and hotel partnerships made progress in July. American Airlines and Qantas got the green light to begin their joint venture, promising increased service between the U.S. and both Australia and New Zealand. American also made one of its Oneworld partners more accessible, as awards on Japan Airlines are now bookable online. Meanwhile, Marriott and Emirates relaunched the Your World Rewards partnership, offering increased earnings and benefits to Bonvoy and Skywards elite members.

In other loyalty news, Singapore Airlines officially rolled out its new award waitlist policy. Lounge enthusiasts got a variety of new offerings, including several Priority Pass additions, improvements to the Air France IAD lounge and British Airways SFO lounge, and a first look at Alaska’s flagship location in Seattle. On the negative side, credit card rewards took a hit, as Citi extended its sign-up bonus restrictions by adding a 48-month exclusion to co-branded AAdvantage cards, and American Express began clawing back rewards earned from self-referrals. Finally, Brex Exclusive Rewards announced the addition of six transfer partners, leading to the currency being added to the above chart.

July’s most impactful points and miles came from Aeroplan, which announced changes to its routing rules, award cancellation policies and more.

Air Canada Boeing 787-9 Dreamliner

Aeroplan

July Value: 1.5 cents
August Value: 1.5 cents
Valuation: As Air Canada prepares to overhaul its loyalty program, a mixed bag of changes to the current Aeroplan program were recently announced. On the positive side, Aeroplan’s cancellation and refund policies have been improved. Award tickets can now be canceled and refunded within 24 hours of purchase, putting the program in line with the 24-hour hold and cancellation policies of US carriers. Awards can also now be canceled and redeposited as late as two hours before departure — much better than the previous cutoff of 21 days.

The bad news is that Aeroplan is modifying its routing rules by offering fewer opportunities to book stopovers and open jaws. That makes it more difficult to visit multiple destinations on a single itinerary, which lowers the potential value of awards. Aeroplan is also removing its round-the-world awards, but those were already overpriced and limited to five stops, so I don’t see them as a big loss.

These changes strike me as slightly negative overall. However, Aeroplan won’t alter its routing rules or suspend round-the-world awards until September, and has indicated that both moves are temporary. As a result, my valuation hasn’t changed, as you can still redeem Aeroplan miles for some great awards.

Associated Credit Cards: Air Canada offers cobranded credit cards for Canadians as well as one for US cardholders. Aeroplan is also an Amex and Capital One transfer partner, so you can earn transferable points with cards that earn Membership Rewards points or Venture Rewards miles.

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.

Know before you go.

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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.