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

Yesterday

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.

Editor’s note: This is a recurring post, regularly updated with new information and offers.


One of the questions I’m often asked 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.

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 in 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. 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 last December. 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 next month.

Note: These valuations are not provided by card issuers.

Points and miles valuations

Program August 2021 (Cents) July 2022 (Cents) August 2022 (Cents) Note
Accor Le Club 2.0 2.0 2.0
Aeroplan Loyalty Program 1.5 1.5 1.5

Announced plans to slightly devalue some award tickets.

Alaska Mileage Plan 1.8 1.8 1.8
American AAdvantage 1.4 1.77* 1.77*
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
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 0.7 0.6 0.6
Bilt Rewards - 1.8 1.8
Brex Exclusive Rewards 1.7 1.7 1.7
Capital One Rewards 1.7 1.85 1.85

20% transfer bonuses to Avios and Flying Blue.

Chase Ultimate Rewards 2.0 2.0 2.0

50% transfer bonuses to IHG One Rewards and Marriott Bonvoy.

Choice Privileges 0.6 0.6 0.6
Citi ThankYou Points 1.7 1.8 1.8

25% transfer bonus to Avianca LifeMiles.

Delta SkyMiles 1.1 1.41* 1.41*
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

Launched limited-time points earning promotions, JetBlue Mint business class no longer bookable with Emirates miles.

Etihad Guest 1.4 1.4 1.4

Amex transfers were temporarily unavailable but have since been fixed.

Flying Blue 1.2 1.2 1.2
Frontier Miles 1.1 1.1 1.1
HawaiianMiles 0.9 0.9 0.9
Hilton Honors 0.6 0.6 0.6
IHG Rewards Club 0.5 0.5 0.5
JetBlue TrueBlue Rewards Program 1.3 1.3 1.3
Korean Air SkyPass 1.7 1.7 1.7
Marriott Bonvoy 0.8 0.84 0.84
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

Travel funds no longer expire.

Spirit Airlines Free Spirit 1.1 1.1 1.1
Turkish Airlines Miles and Smiles 1.3 1.3 1.3
U.S. Bank FlexPerks 1.5 1.5 1.5
United MileagePlus 1.3 1.21* 1.21*
Virgin Atlantic Flying Club 1.5 1.5 1.5
World of Hyatt Loyalty Program 1.7 1.7 1.7
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

It was a relatively quiet month in the points and miles world, with only minor changes made.

Starting with the bad news: Air Canada Aeroplan announced a slight devaluation that will take effect Sept. 1. Thankfully, most changes are minor, with some transatlantic and transpacific awards going up in price. On the flip side, we’re also seeing some awards from North America to South America go down in price thanks to the introduction of new award bands for shorter flights.

Additionally, we saw Emirates Skywards lose the ability to book JetBlue Mint award tickets. This was previously one of the best ways to redeem Skywards miles, and we hope the redemption option returns soon.

In a bit of good news, Southwest travel funds no longer expire. This means you’re no longer on a time limit to redeem Southwest flight credit if you have to cancel or change a flight.

Finally, here are a few transfer bonuses you can take advantage of this month:

Capital One

  • Air France-KLM Flying Blue: 20% transfer bonus ending Aug. 31.
  • British Airways Executive Club: 20% transfer bonus ending Aug. 31.

Chase Ultimate Rewards

  • IHG One Rewards: 50% transfer bonus ending Aug. 15.
  • Marriott Bonvoy: 50% transfer bonus ending Aug. 19.

Citi ThankYou

  • Avianca LifeMiles: 25% transfer bonus ending Aug. 31.

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’s caused us to put data-backed valuations on hold. What you see now are valuations calculated for March, but we will continue to publish up-to-date valuations for these three airlines soon.

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. As we move into a travel recovery, we’ve seen some incredible new welcome bonuses on many popular cards.

Some good options include:

Capital One Venture X Rewards Credit Card

Capital One Venture X Rewards Credit Card
(Photo by 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

Capital One Venture Rewards Credit Card
(Photo by Wyatt Smith/The Points Guy)

The standard Capital One Venture Rewards card is currently offering the same welcome offer 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

The Platinum Card from American Express
(Photo by Isabelle Raphael/The Points Guy)

With the current welcome offer on the Amex Platinum, you’ll earn 100,000 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

Amex Gold
(Photo by 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 spending $4,000 on eligible purchases on your new card within the first six months of cardmembership. 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 (offer is 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

The Business Platinum Card from American Express
(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 cardmembership. Per our valuations, this welcome offer is worth at least $2,400, 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

Citi Premier
(Photo by 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, 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 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

Alaska Airlines plane taking off
(Photo by AaronP/Bauer-Griffin/GC Images)

Airline credit cards let you earn airline miles and give you perks with their respective airlines, like free checked bags.

Right now, the Alaska Airlines Visa® Business card is offering a heightened bonus of 70,000 bonus miles after you spend $4,000 in the first 90 days of account opening. Additionally, you’ll enjoy Alaska’s Famous Companion Fare, which lets you bring another passenger on eligible paid itineraries from just $121 ($99 fare plus taxes and fees from just $22) with this offer.

Or 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.

Related: Delta SkyMiles Gold American Express Card review

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. 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.

Additional reporting by Andrew Kunesh and Benji Stawski.

Featured photo 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.

Citi Premier® Card

This card offers a 80,000-point bonus after spending $4,000 in the first three months. Plus, earn 3 ThankYou points per $1 at gas stations, restaurants, supermarkets and on air travel and hotels. 1 ThankYou point per $1 on all other purchases.

Apply Now
More Things to Know
  • For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening
  • Earn 3 Points per $1 spent at Restaurants and Supermarkets
  • Earn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
  • Earn 1 Point per $1 spent on all other purchases
  • Annual Hotel Savings Benefit
  • 80,000 Points are redeemable for $800 in gift cards when redeemed at thankyou.com
  • No expiration and no limit to the amount of points you can earn with this card
  • No Foreign Transaction Fees on purchases
Regular APR
18.24% - 26.24% (Variable)
Annual Fee
$95
Balance Transfer Fee
Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Recommended Credit
Excellent, Good

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.