What are points and miles worth? TPG’s March 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.
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.
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However, we now utilize extensive data for the top seven U.S. airline loyalty programs to more accurately estimate the value you should aim to achieve from your rewards. Read our explainer post on our data-driven valuations for a full methodology breakdown.
What are credit card points and miles worth?
| Program | March 2026 valuation (cents) | Latest news |
|---|---|---|
American Express Membership Rewards | 2.0 | Travelers can double-dip Rakuten and Amex offers to save on their next Viator tour. |
Capital One | 1.85 | Capital One opened a new Landing lounge at LaGuardia Airport (LGA). |
Chase Ultimate Rewards | 2.05 | |
Citi ThankYou Rewards | 1.9 | The Barclays Aviator cards will be converted to Citi cards. |
Wells Fargo Rewards | 1.65 |
What are Bilt Rewards Points worth?
| Program | March 2026 valuation (cents) | Latest news |
|---|---|---|
Bilt Rewards | 2.2 |
What are airline points and miles worth?
| Program | March 2026 valuation (cents) | Latest news |
|---|---|---|
Aeromexico Rewards | 0.8 | |
Air Canada Aeroplan | 1.4 | |
Alaska Airlines Atmos Rewards | 1.5* | Here's what it's like flying Hawaiian Airlines' longest domestic flight in first class. |
American Airlines AAdvantage | 1.7* | American Airlines tweaked its bag fees. The airline announced a brand-new Admirals Club at Chicago's O'Hare International Airport (ORD) and revealed plans to add a new Portugal destination in 2027.
American Airlines also added two new Canadian routes from New York. |
ANA Mileage Club | 1.4 | |
Avianca LifeMiles | 1.4 | |
Avios | 1.4 | |
Cathay Asia Miles | 1.3 | |
Delta SkyMiles | 1.25* | Delta Air Lines is set to unveil a massive first-class cabin on its newest planes (but it's temporary). The airline added two Hawaii routes.
Delta brought back a prime coast-to-coast route from New York with lie-flat seats and added summer flights to Nova Scotia and the North Carolina mountains. |
Emirates Skywards | 1.2 | |
Etihad Guest | 1.2 | |
Flying Blue | 1.3 | |
Frontier Miles | 1.3* | Frontier Airlines slashed flights at New York's John F. Kennedy International Airport (JFK). The airline is exiting 10 cities and is slowing growth to achieve profits.
The new CEO said cancellations and delays were "not acceptable" and vowed to improve. Frontier is giving away 70 million miles. |
JetBlue TrueBlue | 1.35* | United Airlines and JetBlue expanded their Blue Sky partnership, with elite perks coming by spring.
JetBlue began offering day passes for its new lounge at New York's JFK Airport. |
Qantas Frequent Flyer | 1.3 | |
Singapore KrisFlyer | 1.3 | |
Southwest Rapid Rewards | 1.3* | Southwest Airlines unveiled seven new routes covering 10 cities and a new Costa Rica service. The airline announced it would be adding Starlink Wi-Fi to its planes, with 300 jets getting the fast tech in 2026. |
Spirit Airlines Free Spirit | 1.1 | Spirit Airlines hopes to emerge from bankruptcy by summer. The airline also launched new inflight trading cards. |
Turkish Airlines Miles&Smiles | 1.1 | |
United MileagePlus | 1.5* | United Airlines unveiled a huge MileagePlus shake-up, rewarding cardholders with higher earning rates while punishing those without.
The airline hit a milestone in its Starlink Wi-Fi rollout and plans to complete it in 2027. We examine how United award pricing varies across accounts. |
Virgin Atlantic Flying Club | 1.3 |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | March 2026 valuation (cents) | Latest news |
|---|---|---|
Accor Live Limitless | 2.0 | |
Best Western Rewards | 0.6 | |
Choice Privileges | 0.6 | |
Hilton Honors | 0.5 | Kids and teens can stay free at these Hilton all-inclusive resorts this year. |
IHG One Rewards | 0.5 | |
Marriott Bonvoy | 0.7 | Register now to earn bonus Marriott points and elite night credits.
The St. Regis Singapore completed a glow-up: Here's what changed (and what didn't). |
World of Hyatt | 1.7 | Hyatt drastically changed its award chart, with many stays becoming more expensive.
Hyatt launched a Bonus Journeys promotion offering up to 28,000 points. Alila Mayakoba is now open in Mexico. The Park Hyatt Beaver Creek refreshed its rooms, and Scottsdale welcomed Arizona's first Grand Hyatt resort. |
Wyndham Rewards | 1.1 |
Top points and miles news for March
United Airlines recently made a bold announcement for MileagePlus members: Carry a United-branded credit or debit card, or risk falling behind in your mileage earnings.
Effective on tickets purchased on or after April 2, noncardholders will see their base earning rate drop from 5 miles per dollar spent to just 3. Cardholders, by contrast, climb to 6 miles per dollar spent. Elite members will also be affected. Top-tier Premier 1K members without a cobranded credit card drop from 11 miles per dollar spent to 9, while those who do carry a card rise to 12.
The changes don't stop at earning rates. Cardholders also unlock automatic award discounts of at least 10% on every award flight, with Premier members accessing redemption savings of 15% or more. And when it comes to booking saver award space, the cheapest inventory, cardholders get broader access to that, too.
If you're the sort of United traveler who usually books the cheapest fare you can find, you may want to adjust your strategy. Passengers in basic economy without a United card or elite status will earn zero MileagePlus miles on flights for tickets purchased on or after April 2.
United's new strategy rewards cobranded cardholders while punishing those without a card. It will be interesting to see whether other major players, such as American Airlines and Delta Air Lines, follow suit.
Top offers for earning points and miles in March
March's cobranded card offer of the month is for Delta Air Lines American Express cards: You can earn up to 125,000 SkyMiles until April 1.
Here are some of the best options this month for those seeking a new travel rewards card that earns transferable points or miles.
American Express Platinum Card
Find out your offer on the American Express Platinum Card® 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.
The Platinum Card offers many useful statement credits, including:
- Up to a $75 quarterly Lululemon statement credit for purchases made at U.S. stores (excluding outlets) and online**
- Up to a $200 annual Oura Ring statement credit (for hardware purchases only; not for memberships)**
- Up to a $100 quarterly statement credit for U.S. Resy restaurant purchases**
- Up to a $120 annual statement credit for Uber One membership (subject to auto-renewal)**
- Up to a $25 monthly digital entertainment statement credit**
The card's hotel statement credit offers up to $600 each year (up to $300 biannually) when you book prepaid American Express Fine Hotels + Resorts or The Hotel Collection*** stays via American Express Travel®.
**Enrollment is required.
***The Hotel Collection requires a minimum two-night stay.
The Platinum Card has a $895 annual fee (see rates and fees). To learn more, check out our full review of the American Express Platinum Card.
Official application link: American Express Platinum Card
Chase Sapphire Reserve
The Chase Sapphire Reserve® (see rates and fees) currently offers 125,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.
The Sapphire Reserve earns 8 points per dollar spent on purchases made through Chase Travel℠ (including The Edit hotel bookings), 4 points per dollar spent on flights booked directly and 4 points per dollar spent on hotels booked directly.
The annual fee is $795, but cardholders receive up to $500 in statement credits for hotel bookings made with The Edit each calendar year (up to $250 twice a year on prepaid bookings with The Edit of two or more nights), up to $300 in statement credits each calendar year for dining at restaurants that are part of Sapphire Reserve Exclusive Tables (up to $150 in credits biannually) and more.
Check out our Chase Sapphire Reserve card review to learn more.
Official application link: Chase Sapphire Reserve
Chase Sapphire Reserve for Business
Chase unveiled the Chase Sapphire Reserve for Business℠ (see rates and fees) in June of 2025. This card has a welcome offer of 150,000 bonus points after you spend $20,000 on purchases within the first three months from account opening.
This product earns 8 points per dollar spent on purchases through Chase Travel (including The Edit), 4 points per dollar spent on flights and hotels booked directly, and 3 points per dollar spent on social media and search engine advertising. It comes with multiple flexible statement credits but has an annual fee of $795.
See our Chase Sapphire Reserve for Business card review for more information.
Official application link: Chase Sapphire Reserve for Business
Capital One Venture X Business
New applicants for the Capital One Venture X Business can earn 150,000 bonus miles after spending $30,000 on purchases in the first three months from account opening.
This card has an annual fee of $395, but you'll receive a $300 annual travel credit to use with Capital One Business Travel. You'll also receive 10,000 miles every account anniversary date (starting on your first anniversary) as well as complimentary access to Capital One airport lounges.
You can get great value from your Capital One miles by transferring them to 15-plus airline and hotel partner programs.
Check out our Capital One Venture X Business card review for more details.
Learn more: Capital One Venture X Business
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card offers 75,000 bonus miles after you spend $4,000 on purchases within the first three months from account opening. Plus, upon approval, you'll receive a $250 Capital One Travel credit to use during your first year. The annual fee for the Capital One Venture card is $95 — a reasonable amount for a card with such a generous welcome offer.
See our Capital One Venture Rewards card review for more details.
Learn more: Capital One Venture Rewards Credit Card
American Express Gold Card
One of the most popular cards with TPG staffers, the American Express® Gold Card lets new cardholders find out their offer and see if they are eligible for as high as 100,000 Membership Rewards points after they spend $6,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
The American Express Gold Card is great for many everyday purchases. You'll earn 4 points per dollar spent on groceries at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar spent) and 4 points per dollar spent at restaurants worldwide (on up to $50,000 in purchases per calendar year, then 1 point per dollar spent).
The card has a $325 annual fee (see rates and fees), so check out our Amex Gold review to determine whether it's a good fit.
Official application link: American Express Gold Card
For rates and fees of the Amex Platinum, click here.
For rates and fees of the Amex Gold, click here.
TPG featured card
at American Express's secure site
Terms & restrictions apply. See rates & fees.
| 3X | Earn 3X Miles on Delta purchases. |
| 1X | Earn 1X Miles on all other eligible purchases. |
Pros
- Delta SkyClub access when flying Delta
- Annual companion ticket for travel on Delta (upon renewal)
- Ability to earn MQDs through spending
- Various statement credits for eligible purchases
Cons
- Steep annual fee of $650
- Other Delta cobranded cards offer superior earning categories
- Earn 100,000 Bonus Miles after you spend $6,000 or more in purchases with your new Card within the first 6 months of Card Membership and an additional 25,000 bonus miles after you make an additional $3,000 in purchases on the Card within your first 6 months, starting from the date that your account is opened. Offer Ends 04/01/2026.
- Delta SkyMiles® Reserve American Express Card Members receive 15 Visits per Medallion® Year to the Delta Sky Club® when flying Delta and can unlock an unlimited number of Visits after spending $75,000 in purchases on your Card in a calendar year. Plus, you’ll receive four One-Time Guest Passes each Medallion Year so you can share the experience with family and friends when traveling Delta together.
- Enjoy complimentary access to The Centurion® Lounge in the U.S. and select international locations (as set forth on the Centurion Lounge Website), Sidecar by The Centurion® Lounge in the U.S. (see the Centurion Lounge Website for more information on Sidecar by The Centurion® Lounge availability), and Escape Lounges when flying on a Delta flight booked with the Delta SkyMiles® Reserve American Express Card. § To access Sidecar by The Centurion® Lounge, Card Members must arrive within 90 minutes of their departing flight (including layovers). To access The Centurion® Lounge, Card Members must arrive within 3 hours of their departing flight. Effective July 8, 2026, during a layover, Card Members must arrive within 5 hours of the connecting flight.
- Receive $2,500 Medallion® Qualification Dollars with MQD Headstart each Medallion Qualification Year and earn $1 MQD for each $10 in purchases on your Delta SkyMiles® Reserve American Express Card with MQD Boost to get closer to Status next Medallion Year.
- Enjoy a Companion Certificate on a Delta First, Delta Comfort, or Delta Main round-trip flight to select destinations each year after renewal of your Card. The Companion Certificate requires payment of government-imposed taxes and fees of between $22 and $250 (for itineraries with up to four flight segments). Baggage charges and other restrictions apply. Delta Basic experiences are not eligible for this benefit.
- $240 Resy Credit: When you use your Delta SkyMiles® Reserve American Express Card for eligible purchases with U.S. Resy restaurants, you can earn up to $20 each month in statement credits. Enrollment required.
- $120 Rideshare Credit: Earn up to $10 back in statement credits each month after you use your Delta SkyMiles® Reserve American Express Card to pay for U.S. rideshare purchases with select providers. Enrollment required.
- Delta SkyMiles® Reserve American Express Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
- With your Delta SkyMiles® Reserve American Express Card, receive upgrade priority over others with the same Medallion tier, product and fare experience purchased, and Million Miler milestone when you fly with Delta.
- Earn 3X Miles on Delta purchases and earn 1X Miles on all other eligible purchases.
- No Foreign Transaction Fees. Enjoy international travel without additional fees on purchases made abroad.
- $650 Annual Fee.
- Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
- Terms Apply.
- See Rates & Fees