What are points and miles worth? TPG's May 2026 monthly valuations
Editor's Note
One of the questions people often ask us 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 much you maximize a particular loyalty currency. Still, some rewards are worth more than others, and our goal is to give you a sense of how they stack up.
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Historically, TPG has valued points and miles based on a combination of factors: the price at which we would purchase the points or miles, award costs in the program (factoring in availability and fees), and our expertise in the program's inner workings. However, we now also utilize extensive data for seven U.S. airline loyalty programs and five hotel loyalty programs to more accurately estimate the value you should aim to achieve from your rewards.
What are credit card points and miles worth?
| Program | May 2026 valuation (cents) | Latest news |
|---|---|---|
American Express Membership Rewards | 2.0 | Amex announced new Centurion Lounges and an expansion of its DFW lounge.
Amex is ending point transfers to Etihad Guest and discontinuing Lufthansa lounge access. |
Capital One | 1.85 | |
Chase Ultimate Rewards | 2.05 | Chase Points Boost just hit its highest-ever 2.5 cents per point value on 11 luxury hotels.
Chase Travel added luxury vacation home rentals to its portal with Plum Guide. |
Citi ThankYou Rewards | 1.9 | Citi expanded its premium dining series, The Supper Club. |
Wells Fargo Rewards | 1.75 (up from 1.65) | Wells Fargo Rewards added Wyndham Rewards and Cathay Asia Miles as transfer partners. |
What are Bilt Points worth?
| Program | May 2026 valuation (cents) | Latest news |
|---|---|---|
Bilt | 2.2 |
What are airline points and miles worth?
| Program | May 2026 valuation (cents) | Latest news |
|---|---|---|
Aeromexico Rewards | 0.8 | |
Air Canada Aeroplan | 1.4 | Air Canada Aeroplan will increase many partner redemption rates from June 1. |
Alaska Airlines Atmos Rewards | 1.4* | Here's why American Airlines flyers should pay attention to Alaska Airlines Atmos Rewards. |
American Airlines AAdvantage | 1.6* | American Airlines hiked bag fees and added tough new restrictions on its basic economy fares.
American-United merger buzz fades, but could another big airline deal be on the way? |
ANA Mileage Club | 1.4 | |
Avianca Lifemiles | 1.4 | |
Avios | 1.4 | |
Cathay Asia Miles | 1.3 | Cathay Pacific returned to Seattle as it rebuilds its US network. |
Delta SkyMiles | 1.2* | Delta Air Lines became the latest US carrier to hike checked bag fees. The airline unveiled a new suite design, a posh plane and plans to upgrade its dated cabins. |
Emirates Skywards | 1.2 | |
Etihad Guest | 1.2 | |
Flying Blue | 1.3 | |
Frontier Miles | 1.3* | |
JetBlue TrueBlue | 1.35* | |
Qantas Frequent Flyer | 1.3 | |
Singapore KrisFlyer | 1.3 | |
Southwest Rapid Rewards | 1.25* | Southwest Airlines cardholders are now eligible to earn bonus points on Lyft. |
Spirit Airlines Free Spirit | 1.1 | |
Turkish Airlines Miles&Smiles | 1.1 | |
United MileagePlus | 1.35* | United is about to open America's biggest airline lounge — and an 'even bigger' one may be next.
United's big MileagePlus program changes are here: Here's what to know and why this United cardholder loves them. United is the first US airline to add 'basic business' as it shakes up premium fares and also raised checked bag fees. |
Virgin Atlantic Flying Club | 1.3 |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | May 2026 valuation (cents) | Latest news |
|---|---|---|
Accor Live Limitless | 2.0 | |
Best Western Rewards | 0.6 | WorldHotels by Best Western is entering the glamping space. |
Choice Privileges | 0.6 | |
Hilton Honors | 0.4** | Mondrian Los Angeles reflagged under Hilton's Curio Collection brand.
The Apartment Collection by Hilton is now accepting reservations, and the Conrad Athens is now open. You can now use Hilton Honors points to book this new wine resort in Napa. |
IHG One Rewards | 0.6** | |
Marriott Bonvoy | 0.8 (up from 0.75)** | This affordable Marriott brand just debuted in Japan. You can stay in a stunning palace in India using Marriott Bonvoy points.
The JW Marriott Safari Camp in Kenya is now taking reservations. |
World of Hyatt | 1.65 (down from 1.7)** | Here are 10 Hyatt hotels to book with points ahead of the May 20 award chart changes and annual category shifts.
You can now earn up to 100K bonus points by glamping with Hyatt this summer. This charming Greek Island is getting a new Hyatt this summer. The chic new Andaz Lisbon is now open. 'The White Lotus' on points? A luxurious Hyatt in France is taking center stage. |
Wyndham Rewards | 0.65** |
**Calculated using data from Gondola (a free hotel search and direct booking platform for frequent travelers).
Top points and miles news for May
Mark May 20 in your diary if you are a World of Hyatt loyalist. That is the long-dreaded day when World of Hyatt will drastically change its award charts, moving from a three-tiered to a five-tier pricing system. In this shift, the maximum cost for a standard award night at Category 8 properties will increase from 45,000 points to an eye-watering 75,000 points.
We won't know just how severe the changes are until prices are updated on May 20, and some award nights may reduce slightly in price. But it's highly likely your favorite luxury properties will be more expensive to book from May 20 than they are right now.
If there are any Hyatt redemptions you have your eye on, we recommend booking them now rather than waiting and potentially paying more from May 20. Some of our favorite properties include:
- Alila Ventana Big Sur
- Andaz Maui at Wailea Resort
- Park Hyatt New York
- Park Hyatt Tokyo
- Impression Moxche by Secrets
- Alila Kothaifaru Maldives
- Park Hyatt Sydney
On this same day, 136 Hyatt hotels and resorts will shift to new award categories. While 24 will go down in category, 112 will go up, including TPG favorites like Alila Mayakoba, Hyatt Regency Seattle, Hyatt Place Kyoto and Andaz Capital Gate, Abu Dhabi.
Related: Why I just redeemed 402,000 points for Hyatt stays — and which hotels I spent them on
After the dust settles on the May 20 changes, we'll publish an extensive analysis of just how much award pricing has changed. Of course, we'll also use post-May 20 data from Gondola to determine the value of World of Hyatt points in next month's valuations.
Hyatt has long been TPG's favorite transfer partner of Chase Ultimate Rewards points — will this continue after May 20?
Top offers for earning points and miles in May
May's cobranded card offer of the month is for Alaska Airlines Atmos Rewards cards. The current offers on these two Atmos Rewards cards are the highest we've seen:
- Atmos™ Rewards Summit Visa Infinite® credit card: Earn 100,000 bonus points and a 25,000-point Global Companion Award after spending $6,500 on purchases in the first 90 days from account opening. Plus, receive a 50% flight discount code for a qualifying future flight after opening your new account.
- Atmos™ Rewards Visa Signature® Business Card: Earn 80,000 bonus points and a $99 Companion Fare (plus taxes and fees from $23) after spending $5,000 on purchases in the first 90 days from account opening.
Now, here are some of the best welcome offers this month for those seeking a new travel rewards card that earns transferable points or miles.
- American Express Platinum Card®: Find out your offer and see if you are eligible for as high as 175,000 Membership Rewards points after spending $12,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
- Chase Sapphire Reserve® (see rates and fees): Earn 150,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.
- Chase Sapphire Reserve for Business℠ (see rates and fees): Earn 150,000 bonus points after you spend $20,000 on purchases within the first three months from account opening.
- Capital One Venture X Business: New applicants can earn 150,000 bonus miles after spending $30,000 on purchases in the first three months from account opening.
- Capital One Venture Rewards Credit Card: New cardholders can earn 75,000 bonus miles after spending $4,000 on purchases within the first three months from account opening.
- American Express® Gold Card: Find out your offer and see if you are eligible for as high as 100,000 Membership Rewards points after you spend $8,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
For rates and fees of the Amex Platinum, click here.
For rates and fees of the Amex Gold, click here.
Updated 5/13/2026
TPG featured card
at American Express's secure site
Terms & restrictions apply. See rates & fees.
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 5X | New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App. |
| 3X | Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines. |
| 2X | Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Pros
- Valuable dining and food-related credits
- Flexible rewards with airline and hotel transfer partners
- Multiple travel and purchase protections
- No foreign transaction fees
- Access to Amex Offers for additional savings (enrollment required)
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You’ll know upfront exactly how much you’ll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That’s up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin’ locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.