What are points and miles worth? TPG's September 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.
Related: How TPG determines its points and miles valuations
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What are credit card points and miles worth?
| Program | September 2026 valuation (cents) | Latest news |
|---|---|---|
American Express Membership Rewards | 2.0 | Amex added more than 350 hotels to its Fine Hotels + Resorts and The Hotel Collection collections. Amex also extended the Resy credit to Tock restaurants and brought back a long-awaited transfer bonus to Avios. |
Capital One | 1.85 | |
Chase Ultimate Rewards | 2.05 | Chase removed Sapphire Lounges from Priority Pass while extending the access window for eligible cardholders. |
Citi ThankYou Rewards | 1.9 | |
Wells Fargo Rewards | 1.75 |
What are Bilt Points worth?
| Program | September 2026 valuation (cents) | Latest news |
|---|---|---|
Bilt | 2.2 | You can now use Bilt Cash for Blade helicopter flights. Select Qatar Airways cardholders can also earn Avios on rent through Bilt. |
What are airline points and miles worth?
| Program | September 2026 valuation (cents) | Latest news |
|---|---|---|
Aeromexico Rewards | 0.8 | |
Air Canada Aeroplan | 1.5 (up from 1.45)* | |
Alaska Airlines Atmos Rewards | 1.55* | Alaska added Paris and Athens to its growing European network. |
American Airlines AAdvantage | 1.45 (up from 1.4)* | American added Vienna, Reykjavik and Porto as part of a seven-route international expansion and confirmed that seatback screens would return across all cabins in 2028.
American raised Admirals Club membership prices and introduced a cheaper solo option. The Citi® / AAdvantage® Executive World Legend Mastercard® also received a major refresh. American Airlines Vacations also launched a promotion offering up to 11 miles and Loyalty Points per dollar. |
ANA Mileage Club | 1.4 | |
Avianca Lifemiles | 1.55 (up from 1.45)* | |
Avios | 1.4 | Avios launched a new award finder tool to make it easier to find British Airways, Iberia and Aer Lingus award seats. |
Cathay Asia Miles | 1.3 | |
Delta SkyMiles | 1.2* | Delta cut America's longest domestic flight for a second time. The airline made clear it was no fan of single-aisle long-haul flying.
The Delta-Aeromexico joint venture won a reprieve after a termination order was dismissed. |
Emirates Skywards | 1.2 | |
Etihad Guest | 1.2 | |
Flying Blue | 1.4 (down from 1.45)* | Flying Blue added Light, Standard and Flex award fares, making cheaper redemptions more restrictive. |
Frontier Miles | 1.3 | Frontier will make it easier to earn top-tier elite status under its 2026 program changes, but it will penalize basic economy and travelers without a Frontier credit card. |
JetBlue TrueBlue | 1.35 | JetBlue opened a new BlueHouse lounge in Boston and extended lounge access to domestic Mint flyers. |
Qantas Frequent Flyer | 1.2 (down from 1.25)* | |
Singapore KrisFlyer | 1.3 | |
Southwest Rapid Rewards | 1.25 | |
Turkish Airlines Miles&Smiles | 1.1 | |
United MileagePlus | 1.2 (down from 1.25)* | United added 10 new international destinations in the largest route announcement in its history, and confirmed its off-the-beaten-path international routes would return in 2027.
The airline revealed the domestic debut routes for its Airbus A321XLR but ended its Newark-Lima service. United's targeted Mile Play promotion returned. |
Virgin Atlantic Flying Club | 1.45* |
*Calculated using data provided by Points Path.
What are hotel points worth?
| Program | September 2026 valuation (cents) | Latest news |
|---|---|---|
Accor Live Limitless | 2.3 | |
Best Western Rewards | 0.6 | |
Choice Privileges | 0.85 (up from 0.7)** | |
Hilton Honors | 0.4 ** | A new boutique-style Hilton opened in Hoi An, Vietnam, and a Mexico City property joined Small Luxury Hotels of the World. |
IHG One Rewards | 0.6 (up from 0.55)** | IHG signed a massive hotel deal in one of our favorite destinations in Japan. |
Marriott Bonvoy | 0.75** | |
World of Hyatt | 1.65 (up from 1.6)** | The Park Hyatt Mexico City Polanco opened for reservations, and a new adults-only, all-inclusive Hyatt resort opened in Cancun. Kids also stay free at select Hyatt all-inclusives. |
Wyndham Rewards | 0.7** |
**Calculated using data from Gondola (a free hotel search and direct booking platform for frequent travelers).
Top points and miles news for September
August was a huge month for new long-haul route announcements, especially to Europe, opening up more destinations to redeem your points and miles.
United unveiled 10 new international destinations across 13 routes for summer 2027, the largest announcement of its kind in the airline's history, including the first U.S. nonstop flights to Slovenia and Luxembourg. American answered two days later, adding Vienna, Reykjavik and Porto among seven new international routes and will become the only U.S. carrier flying to Vienna when service begins in May.
Many of these new routes are possible thanks to both airlines' new Airbus A321XLRs, single-aisle aircraft capable of flying deep into Europe. With fewer seats to fill than a wide-body aircraft, American and United can launch flights to lesser-known destinations. For passengers, the convenience is nonstop service from major U.S. airports to destinations that previously required a connection. The trade-off is the onboard experience, which may not be as comfortable as flying on larger planes, with business-class seats facing the aisle rather than the window and potentially longer waits for fewer bathrooms.
You can expect the most plentiful award availability for these new flights to be offered through the American Airlines AAdvantage program (for American Airlines flights) and United's MileagePlus program (for United flights). As both programs use dynamic pricing for their flights, redemption rates may be high during peak travel periods, such as summer school holidays.
As such, it's also worth searching partner programs (try British Airways Club for American Airlines flights and Air Canada Aeroplan for United flights) that don't dynamically price these flights. Availability will be worse than booking through American AAdvantage or United MileagePlus, but the rates may be lower.
Most of the new flights launch between March and June 2027 and run seasonally, which is worth keeping in mind when searching for award space. A handy tip is to search the first and last few weeks of the schedule, where you may find award availability more readily available and lower-priced.
Related: 9 European summer destinations to beat the heat
Top offers for earning points and miles in September
September's cobranded credit card offer of the month is the suite of Atmos Rewards credit cards, where you can earn up to 80,000 bonus Atmos Rewards points, companion awards and more.
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.
- Capital One Venture X Rewards Credit Card: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening.
- Capital One Venture Rewards Credit Card: Earn 75,000 miles once you spend $4,000 on purchases within three months from account opening.
- Chase Sapphire Preferred® Card (see rates and fees): Earn 75,000 bonus points
after you spend $5,000 on purchases in 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 spending $8,000 on purchases within 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 100,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.
- Capital One Venture X Business: Earn 150,000 bonus miles once you spend $30,000 on purchases in the first three months from account opening.
Frequently asked questions
A points and miles valuation estimates how much a loyalty currency is worth, typically expressed in cents per point or mile. TPG uses these valuations to compare rewards programs and help travelers decide when to earn, redeem or transfer rewards.
TPG valuations are estimates based on factors such as award pricing, redemption opportunities, fees, program rules and extensive redemption data. However, the value you get when redeeming your rewards may be higher or lower depending on your goals, flexibility and how effectively you maximize a particular rewards currency.
A good redemption value is one that meets or exceeds TPG's published valuation for a particular points or miles currency. While exceptional redemptions can deliver even greater value, our valuations provide a practical benchmark to help travelers determine whether they're getting a strong return from their rewards.
Based on TPG's September 2026 valuations, Bilt points are the most valuable transferable rewards currency at 2.2 cents per point. Chase Ultimate Rewards points rank second at 2.05 cents per point, followed by American Express Membership Rewards at 2.0 cents, Citi ThankYou Rewards at 1.9 cents and Capital One miles at 1.85 cents.
Based on TPG's September 2026 valuations, Alaska Airlines Atmos Rewards is the most valuable airline currency at 1.55 cents per point. Atmos Rewards earns this distinction because it continues to offer strong redemption opportunities on flights with Alaska Airlines and Hawaiian Airlines, as well as on flights with its partners.
Based on TPG's September 2026 valuations, Accor Live Limitless points are the most valuable hotel currency at 2.3 cents per point, followed by World of Hyatt points at 1.65 cents per point. Accor points have a fixed redemption value, while Hyatt's award charts can help members secure outsize value on some hotel stays.
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 | 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.
- 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.
- $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.
- Enjoy complimentary Hertz Five Star® Status 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.
- Book two nights or more with The Hotel Collection through AmexTravel.com and receive a $100* credit towards eligible charges at over 1,300 upscale hotels worldwide.§ *Eligible charges vary by property.
- 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.