State of Loyalty 2026

Your morning coffee can earn rewards. So can your gas station fill-up, your grocery run, your next flight and the new jeans you just bought. Loyalty programs are available for nearly every purchase Americans make, but figuring out which ones are actually worth your time can be daunting.

That's why we compiled TPG's inaugural State of Loyalty report, a data-backed look at consumer loyalty, industry trends, the best loyalty program benefits and how far your points, miles and dollars go these days.

TPG's takeaways

Everyday rewards win on perceived value.
People are most likely to rate fuel, credit card and retail loyalty programs as extremely or very valuable.
Airline rewards leave people guessing.
Just 28% of airline loyalty members feel very or extremely confident they're maximizing their rewards, the lowest rate of any category measured.
The biggest barrier to loyalty isn't complexity — it's relevance.
People most often skip programs because they don't spend enough to make them worthwhile or simply don't shop with eligible merchants.
Premium credit card perks have a ceiling.
Nearly four in five people say they aren't willing to pay a higher annual fee for more premium benefits or exclusive access.
Across loyalty, ease wins.
People consistently gravitate toward programs that make rewards simple to earn, understand and use — often valuing this more than the rewards themselves.

TPG commissioned a nationally representative survey in partnership with data analytics firm YouGov to better understand Americans' perceptions of loyalty programs across multiple categories, including travel, dining and retail.

A total of 2,158 adults living in the U.S. were surveyed overall, with an average sample size of 681 within each specific loyalty category.

How Americans use loyalty
programs

Everyday rewards win in engagement levels

Grocery, credit card, dining and fuel categories see the most loyalty participation.

Enrolled
Actively earn
Regularly redeem

Swipe to see all 10 categories

Enrolled: 68%
Actively earn: 58%
Regularly redeem: 42%

Grocery

Enrolled: 60%
Actively earn: 52%
Regularly redeem: 35%

Credit card

Enrolled: 47%
Actively earn: 36%
Regularly redeem: 22%

Dining

Enrolled: 46%
Actively earn: 37%
Regularly redeem: 25%

Fuel

Enrolled: 46%
Actively earn: 34%
Regularly redeem: 19%

Retail

Enrolled: 40%
Actively earn: 26%
Regularly redeem: 12%

Airline

Enrolled: 39%
Actively earn: 22%
Regularly redeem: 10%

Hotel

Enrolled: 19%
Actively earn: 9%
Regularly redeem: 4%

Rental car

Enrolled: 15%
Actively earn: 8%
Regularly redeem: 5%

Gym

Enrolled: 13%
Actively earn: 7%
Regularly redeem: 3%

Cruise

Even though airline and hotel program participation is similar to dining and retail, Americans earn and redeem in these programs less frequently.

Programs don't always impact purchase behavior

Despite high loyalty engagement, half of retail and dining loyalty program users say their decisions about where to shop or eat usually aren't influenced by the loyalty program.

Loyalty's impact on purchase decisions

% who say the loyalty program has no purchase impact

Swipe to see all 7 categories

Retail

50%

Dining

50%

Airline

47%

Hotel

44%

Fuel

34%

Rental car

40%

Credit card

28%

Confidence in value is higher when a program is simpler to use

Program types with the highest confidence levels tend to have more straightforward methods for earning and redeeming rewards — often integrated into the purchasing process.

Perceived value and confidence, by category

Extremely/very valuable
Extremely/very confident they're maximizing value

Swipe to see all 7 categories

Extremely/very valuable: 58%
Extremely/very confident they're maximizing value: 53%

Fuel

Extremely/very valuable: 55%
Extremely/very confident they're maximizing value: 40%

Credit card

Extremely/very valuable: 49%
Extremely/very confident they're maximizing value: 41%

Retail

Extremely/very valuable: 44%
Extremely/very confident they're maximizing value: 43%

Dining

Extremely/very valuable: 35%
Extremely/very confident they're maximizing value: 28%

Airline

Extremely/very valuable: 34%
Extremely/very confident they're maximizing value: 33%

Hotel

Extremely/very valuable: 33%
Extremely/very confident they're maximizing value: 41%

Rental car

The simple nature of cents-off-per-gallon savings works

The majority of fuel loyalty members prefer automatically applying the basic fuel discount instead of saving up.

53%

feel extremely or very confident they know how to maximize their value

58%

find fuel programs extremely or very valuable

Travel programs are often where outsize value lies, but maximizing rewards can be daunting

Hotel points and airline miles can unlock trips you otherwise couldn't take — yet these are also the categories where members are least confident they're getting full value and most likely to leave rewards and benefits unredeemed.

Apps and websites that make award redemptions easier to find

Programs Americans use most

Most popular programs by category

Swipe to see all 7 categories

Credit card

Chase Ultimate Rewards
28%
Capital One miles
23%
Discover Cashback Bonus
14%
Citi ThankYou Rewards
11%
American Express Membership Rewards
11%

Airline

Delta SkyMiles
42%
American Airlines AAdvantage
33%
United MileagePlus
28%
Southwest Rapid Rewards
26%
Alaska Airlines Atmos Rewards
8%

Hotel

Hilton Honors
44%
Marriott Bonvoy
34%
IHG One Rewards
16%
World of Hyatt
13%
Choice Privileges
10%

Rental car

Hertz Gold+
43%
Enterprise Plus
35%
Avis Preferred
15%
National Emerald Club
11%
Budget Fastbreak
9%

Retail

Target Circle
28%
Walmart+
22%
Amazon Prime
13%
Kroger Rewards
11%
Kohl's Rewards
8%

Dining

Starbucks Rewards
35%
MyMcDonald's Rewards
27%
Dunkin' Rewards
10%
Burger King Royal Perks
9%
Chick-fil-A One
8%

Fuel

Shell Fuel Rewards
28%
Circle K Inner Circle
11%
Kroger Rewards
8%
Exxon Mobil Rewards+
8%
Speedway Speedy Rewards
7%

The most-popular programs as reported in our survey aren't always the most valuable, according to TPG's October 2026 valuations.

Delta SkyMiles (1.2 cents per mile value) is the most-popular airline program, but Alaska Airlines Atmos Rewards (1.55 cents per point value) offers more value per point.

Hilton Honors (0.4 cents per point value) is the most-popular hotel program, but World of Hyatt (1.65 cents per point) offers more value per point.

Point value isn't the full story, though. A few other factors are likely driving these popularity gaps.

Redemption price fluctuations

Each program charges different amounts of points or miles to book a flight or stay, which impacts our valuations. Hilton stays tend to cost more than Hyatt redemptions, but Hilton points are also easier to earn.

Individual member preferences

Some members value status benefits like fee waivers or simplicity over maximizing redemption values.

Program footprint

Starbucks has nearly five times as many U.S. locations as Chick-fil-A, and Shell has more than four times as many gas stations as Speedway, according to ScrapeHero — almost directly in line with the popularity differences.

What stops Americans from engaging with loyalty programs

It's easy to assume that low loyalty participation is because of a lack of program knowledge. The truth? It actually comes down to money — and whether Americans think they spend enough to get value out of the loyalty game.

In all seven categories, nonmembers cite two main reasons for opting out:

39%

"I don't spend enough money to make it worth using."

36%

"I don't make purchases in this category."

Less common:

8%: Too much effort to manage
7%: Didn't know this category existed
6%: Don't understand how the program works

Friction isn't a major reason people avoid loyalty programs, but it does matter once they're in — engaged members still care about a frictionless experience.

Airline and hotel program value

The value of travel points and miles is constantly shifting

A good way to track this shift is by using TPG's monthly valuations, which reflect the value you'll typically get when redeeming hotel points for stays and airline points and miles for flights.

Our monthly valuations for several popular airline loyalty programs have shifted recently.

Airline programs monthly valuations

(¢ per point/mile) - March 2026 → October 2026

Program	Value change
Alaska Airlines Atmos Rewards	1.50¢ to 1.55¢ up
American Airlines AAdvantage	1.70¢ to 1.45¢ down
Delta SkyMiles	1.25¢ to 1.20¢ down
United MileagePlus	1.50¢ to 1.20¢ down

How TPG determines its points and miles valuations

The rewards in most of these programs have slightly decreased, although Atmos Rewards points have remained strong.

A higher points or miles valuation doesn't automatically make a program better. Award pricing, ease of earning rewards and other factors matter, too.

Our valuations for several popular hotel loyalty programs have also recently shifted.

Hotel programs monthly valuations

(¢ per point) - March 2026 → October 2026

Program	Value change
Hilton Honors	0.50¢ to 0.40¢ down
IHG One Rewards	0.50¢ to 0.60¢ up
Wyndham Rewards	0.65¢ to 0.55¢ down
Marriott Bonvoy	0.70¢ to 0.75¢ up
World of Hyatt	1.70¢ to 1.65¢ down

The value of a point or mile in most of these programs has decreased slightly in 2026, meaning, on average, your rewards are worth a bit less than they used to be.

But there's a simpler way to think about it for many travelers: how the average award rate compares to the average paid rate.

How much a flight costs, on average

Based on recent data from Points Path, here's how the average economy award rate (excluding taxes and fees) across the loyalty programs Points Path supports compares to the average paid rate on select bidirectional round-trip routes.

Swipe to see all 10 routes

JFK → LAX

Average economy fare: $527
Average award: 44,196(points or miles)

ORD → HNL

Average economy fare: $885
Average award: 80,958(points or miles)

DFW → LAS

Average economy fare: $475
Average award: 31,070(points or miles)

LGA → ORD

Average economy fare: $330
Average award: 30,744(points or miles)

LAX → SFO

Average fare: $230
Average award: 20,745(points or miles)

JFK → LHR

Average fare: $828
Average award: 59,054(points or miles)

JFK → CDG

Average fare: $819
Average award: 70,902(points or miles)

LAX → HND

Average fare: $1,508
Average award: 114,551(points or miles)

LAX → LHR

Average fare: $989
Average award: 77,700(points or miles)

LAX → SYD

Average fare: $1,215
Average award: 112,874(points or miles)

The data suggests you'll get roughly between 1.07 and 1.53 cents per point in value on average when redeeming for economy flights. This mostly lines up with TPG valuations of the U.S. airline programs, but there are still sweet spots where you can get outsize value versus the average if you know where to look.

Generally, the higher the cash price, the higher the points price. This is consistent with the shift toward dynamic, revenue-based award pricing that we've seen across most carriers in recent years.

Another way to think about the correlation between average paid fares and award rates: For every additional dollar of paid fare, you'd need to redeem roughly 81 more points or miles.

The same flight might cost significantly fewer points or miles when you book through one program instead of another

How much a hotel night costs, on average

Based on data from Gondola, here's how average point rates for several major hotel loyalty programs compare to average paid rates in 15 popular destinations.

Swipe to see all 5 programs

Marriott Bonvoy

Average fare: $345
Average award: 53,655(points)

Hilton Honors

Average fare: $385
Average award: 110,101(points)

World of Hyatt

Average fare: $339
Average award: 20,939(points)

IHG One Rewards

Average fare: $231
Average award: 48,238(points)

Wyndham Rewards

Average fare: $231
Average award: 21,147(points)

This data shows two patterns: Some hotel brands are less expensive on average, and different types of points are worth different amounts — both worth keeping in mind when deciding which programs to focus on.

How to choose the right hotel loyalty program for budget and travel style

Dining and retail program value

How much do you have to spend before you earn your first reward, and what return does each program really give you per dollar spent? We evaluated 23 loyalty programs — 10 dining and 13 retail — to determine which programs offer the best bang for your buck.

Dining loyalty: What it costs to earn your first free item

We collected data on the cheapest reward on the menu for each major dining program, what it sells for and how much you must spend at the base membership level to claim it.

Swipe to see all 10 programs

Domino's Rewards

Reward: 20-ounce soda
Cash value*: $2.89
Points required: 20 points
Spend required: At least $11.56**
Return on spending: Up to 25%**

MyMcDonald's Rewards

Reward: Hash browns
Cash value*: $2.49
Points required: 1,500 points
Spend required: $15
Return on spending: 16.6%

Dunkin' Rewards

Reward: Six-count hash browns or three Munchkins
Cash value*: $1.99
Points required: 150 points
Spend required: $15
Return on spending: 13.3%

Taco Bell Rewards

Reward: Chips and nacho cheese sauce
Cash value*: $2.99
Points required: 250 points
Spend required: $25
Return on spending: 12%

Chick-fil-A One

Reward: Icedream cone
Cash value*: $2.39
Points required: 200 points
Spend required: $20
Return on spending: 12%

Burger King Royal Perks

Reward: Cheeseburger or small fries
Cash value*: $2.79
Points required: 200 Crowns
Spend required: $20
Return on spending: 14%

Jersey Mike's Shore Points Rewards

Reward: Mini sub
Cash value*: $6.95
Points required: 48 points
Spend required: $84
Return on spending: 8.3%

Starbucks Rewards

Reward: Brewed coffee or tea, or a bakery item
Cash value*: $6
Points required: 100 Stars
Spend required: $100
Return on spending: 6%

Chipotle Rewards

Reward: Chips
Cash value*: $1.95
Points required: 350 points
Spend required: $35
Return on spending: 5.6%

Subway Sub Club

Reward: $2 Subway Cash toward a menu item
Cash value*: $2
Points required: 400 points
Spend required: $40
Return on spending: 5%

16.6%

The share of your spending MyMcDonald's Rewards hands back on the way to its first reward, one of the highest returns of any dining program we measured

At least on your first few dollars, fast-food loyalty programs reward you at rates most travel loyalty programs never will.

Minimum return on spending toward free food

Median return on spending toward free food

Maximum return on spending: Domino's Rewards (up to 25%) and MyMcDonald's Rewards (16.6%)

These return rates make a strong case for using your favorite restaurants' loyalty programs.

Retail loyalty: Earn discounts on future purchases

Here are the major retail programs compared at their base membership level.

Swipe to see all 13 programs

Ulta Beauty Rewards

Spend to earn 1,000 pts: $1,000*
Value of 1,000 pts: $50
First redemption: 100 points ($3)
Return per $ spent: 3% to 9.4%**

Pacsun Rewards

Spend to earn 1,000 pts: $1,000
Value of 1,000 pts: $40
First redemption: 125 points ($5)
Return per $ spent: 4%

Madewell Insider

Spend to earn 1,000 pts: $1,000
Value of 1,000 pts: $40
First redemption: 250 points ($10)
Return per $ spent: 4%

MyAbercrombie Rewards

Spend to earn 1,000 pts: $100
Value of 1,000 pts: $4
First redemption: 2,500 points ($10)
Return per $ spent: 4%

Hollister House Rewards

Spend to earn 1,000 pts: $10
Value of 1,000 pts: $0.40
First redemption: 12,500 points ($5)
Return per $ spent: 4%

Dick's Sporting Goods ScoreCard

Spend to earn 1,000 pts: $1,000
Value of 1,000 pts: $33.33
First redemption: 300 points ($10)
Return per $ spent: 3.3%

Sephora Beauty Insider

Spend to earn 1,000 pts: $1,000
Value of 1,000 pts: $20
First redemption: 500 points ($10)
Return per $ spent: 2%

PetSmart Treats Rewards

Spend to earn 1,000 pts: $100
Value of 1,000 pts: $2
First redemption: 1,000 points ($2)
Return per $ spent: 2%

MyLowe's Rewards

Spend to earn 1,000 pts: $1,000
Value of 1,000 pts: $10
First redemption: 500 points ($5)
Return per $ spent: 1%

Nordstrom Nordy Club

Spend to earn 1,000 pts: $1,000
Value of 1,000 pts: $10
First redemption: 1,000 points ($10)
Return per $ spent: 1%

Encore Membership

(Gap, Banana Republic, Old Navy and Athleta)

Spend to earn 1,000 pts: $200
Value of 1,000 pts: $2
First redemption: 500 points ($1)
Return per $ spent: 1%

Petco Perks

Spend to earn 1,000 pts: $100***
Value of 1,000 pts: $1
First redemption: 5,000 points ($5)
Return per $ spent: 1%

Aeropostale Rewards Access

Spend to earn 1,000 pts: $1,000
Value of 1,000 pts: $50
First redemption: 200 points ($10)
Return per $ spent: 5%

Retail loyalty programs return far less per dollar spent than dining programs, likely because higher product costs and lower profit margins make it more difficult for retailers to absorb reward costs.

Aeropostale Rewards Access tops the table at 5%, with 1,000 points worth a full $50. But many popular retail loyalty programs offer a rather paltry 1% return per dollar spent.

One of the biggest motivations for joining a loyalty program is the benefits, and across categories, a few clear themes emerge in what people value most.