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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 May. The past month brought us more announcements of airline programs switching to dynamic award pricing, a new transfer partner for Amex Membership Rewards, a surprise devaluation from a rental car program and Amazon’s latest foray into the travel world. Read on for more details, and check the last column of the chart below for more loyalty program news and other related posts.

Program June 2018 (Cents) May 2019 (Cents) June 2019 (Cents) Note
Accor Le Club - 2.0 2.0

Earn 4x points at Accor's new 21c Museum Hotels brand.

Aeroplan Loyalty Program 1.5 1.5 1.5

Air Canada agrees to acquire Air Transat.

Alaska Mileage Plan 1.8 1.8 1.8

Alaska announces new mileage partnership with El Al. Visa Signature card adds benefits, tweaks companion fare rules.

American AAdvantage 1.4 1.4 1.4

Dynamic award pricing is coming. Earn 75,000 miles from Aviator business card. Fees cut for oversized baggage.

American Express Membership Rewards 1.9 2.0 2.0

Qantas added as new transfer partner with a 20% bonus. Get a 30% bonus for transfers to Virgin Atlantic. Amex cuts access to Priority Pass restaurants.

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

ANA debuts A380 service to Hawaii.

Asia Miles 1.3 1.3 1.3

Save $300 on Cathay Pacific flights with targeted Amex Offer.

Avianca LifeMiles 1.7 1.7 1.7

Get a 25% bonus for transfers to LifeMiles. Award pricing goes haywire. Avianca Brasil flights suspended due to safety concerns.

Avios 1.5 1.5 1.5

Revised British Airways partner award chart announced. New A350 Club Suite coming to TLV, BLR.

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

Join the Best Western Rewards program.

Capital One Credit Card Rewards 1.0 1.4 1.4

Get a 20% bonus for transfers to Flying Blue. Spark Miles card adds Global Entry credit.

Chase Ultimate Rewards 2.1 2.0 2.0

Chase Offers now viewable online.

Choice Privileges 0.6 0.6 0.6

Earn 25,000 points with summer vacation rentals. Earn points or gift cards for every second stay.

Citi ThankYou Points 1.7 1.7 1.7

Get a 30% bonus for transfers to Virgin Atlantic.

Delta SkyMiles 1.2 1.2 1.2

Earn up to 80,000 miles with Amex offers. Silver elites get Virgin Atlantic benefits. First look at new Austin Sky Club. Boston declared newest hub.

Diners Club Rewards 2.1 2.1 2.1
Discover Rewards 1.0 1.0 1.0

Extra cash back categories added for summer.

Emirates Skywards 1.2 1.2 1.2

New 777 first class begins flying to US. Emirates launching world's shortest A380 flight.

Etihad Guest 1.4 1.4 1.4

Etihad now charging for snacks and drinks in economy.

Flying Blue 1.2 1.2 1.2

June Promo Awards offer big discounts in biz.

Frontier Miles 1.1 1.1 1.1

Frontier launches Friends Fly Free promos.

HawaiianMiles 1.2 0.9 0.9

Earn 60,000 miles with Hawaiian Airlines World Elite Mastercard.

Hilton Honors 0.6 0.6 0.6

Earn points from new Lyft partnership. Earn 5,000 bonus points per night at Hilton Resorts.

IHG Rewards Club 0.6 0.5 0.5

New list of PointBreaks hotels is live. Enhance Kimpton stays with secret password. What we know about IHG's new all-suites brand.

JetBlue TrueBlue Rewards Program 1.3 1.3 1.3

Get up to a 50% bonus for points purchases.

Korean Air SkyPass 1.7 1.7 1.7
Marriott Bonvoy 0.9 0.8 0.8

Homes and villas available for cash and award bookings.

Miles & More 1.4 1.4 1.4

Lufthasa announces shift to dynamic award pricing.

Qatar Airways Qmiles 0.8 0.8 0.8

Join the Qatar Airways Qmiles Program.

Radisson Rewards 0.4 0.4 0.4

Join the Radisson Rewards program.

Singapore Krisflyer 1.4 1.3 1.3

Lie-flat biz coming to all flights in 2020.

Southwest Rapid Rewards 1.5 1.5 1.5

Hilo added as fifth Hawaiian destination. Schedule extended through end of 2019.

Spirit Airlines Free Spirit 0.4 0.4 0.4

6 new routes launching from Nashville.

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 1.3 1.3
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

Reciprocal benefits for American Airlines and Hyatt elites. World of Hyatt adds 43 luxury properties.

Wyndham Rewards 1.2 1.1 1.1

All-inclusive properties no longer available for award bookings.

Movers and Shakers

Furthering the shift toward dynamic award pricing, both American Airlines and Lufthansa indicated this past month that they plan to move away from traditional award charts, though neither offered a clear timeline for doing so. Meanwhile, Hertz devalued the Gold Plus Rewards program with no notice, raising the cost of some awards by as much as 70%.

In more favorable news, American Airlines and Hyatt added reciprocal benefits for elite members, including bonus rewards and opportunities to boost status. Alaska Airlines launched a new mileage partnership with El Al; Mileage Plan members will be able to earn and redeem miles on El Al flights, though redemption rates have yet to be announced. Finally, both Citi and Amex are offering 30% transfer bonuses to Virgin Atlantic, while Capital One is offering a 20% transfer bonus to Flying Blue.

The biggest news of the past month came from American Express, which added a new airline transfer partner, and from British Airways, which lightly devalued its partner award chart.

Qantas A380 Sydney Australia
Amex recently added Qantas as its 19th airline transfer partner.

American Express Membership Rewards

May Value: 2.0 cents
June Value: 2.0 cents
Valuation: With surprisingly little fanfare, American Express added Qantas Frequent Flyer as the 19th airline program and 22nd overall on its roster of transfer partners. Points will transfer instantaneously at a 1:1 ratio in increments of 500, and through the end of June, you can enjoy a 20% bonus on these transfers.

It’s always nice to have more options for redeeming points, so this news is certainly welcome. That said, it doesn’t move the needle on my valuation. The Qantas Frequent Flyer program has only a few sweet spots, and most of them are unlikely to draw widespread demand. Unless you fly El Al often or book a lot of short hops around Australia, for example, then this addition probably won’t affect how you use Membership Rewards points.

Associated Credit Cards: The Platinum Card® from American Express, the American Express® Gold Card and others.

(Photo by Ethan Steinberg / The Points Guy)
Chase introduced a first ever transfer bonus to British Airways. (Photo by Ethan Steinberg / The Points Guy)

British Airways Avios

May Value: 1.5 cents
June Value: 1.5 cents
Valuation: Last month we learned that British Airways planned to update its partner award chart, but since the airline declined to offer specifics, there was (reasonable) speculation the changes would be devastating. Fortunately, that isn’t the case. The new award chart is live, and as far as devaluations go, this one is fairly benign.

Short-haul awards are the hardest hit on a percentage basis, with Zone 1 flights (under 650 miles) increasing by as much as 39%. Zone 2 and Zone 3 flights (up to 1,151 and 2,000 miles, respectively) saw more modest increases of mostly around of 10%, while flights over 2,000 miles increased in cost by 3-4%. In terms of raw numbers, the one-way cost of economy flights went up by no more than 1,500 points, while premium economy, business and first class flights mostly went up by 3,000 points or fewer each way.

British Airways should have announced the new award chart ahead of time so members could plan accordingly; apart from that, I don’t see much to complain about here. Devaluations are an unfortunate but inevitable part of award travel. This one is mild enough that it doesn’t impact my outlook on Avios.

Associated Credit Cards: The British Airways Visa Signature Card. You can also transfer points to British Airways 1:1 from Amex Membership Rewards and Chase Ultimate Rewards, or 3:1 from Marriott Bonvoy.

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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Chase Sapphire Preferred® Card



CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

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More Things to Know
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred named "Best Credit Card for Flexible Travel Redemption" - Kiplinger's Personal Finance, June 2018
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
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Intro APR on Purchases
Regular APR
18.24% - 25.24% Variable
Annual Fee
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
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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.