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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.
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?
What are Bilt Rewards Points worth?
What are airline points and miles worth?
*Calculated using TPG’s data-backed valuations methodology launched in September 2023.
What are hotel points worth?
Calculating valuations for transferable points and miles
You may be wondering how TPG calculates the value of transferable points and miles — especially since these valuations are often higher than the valuations listed by the airline and hotel transfer partner programs to which you can transfer points and miles.
Having redeemed millions of transferable points and miles, we have developed our own proprietary formula which includes:
- The base value of redeeming miles directly through each issuer’s portal for travel
- The value of popular cash-equivalent redemptions like gift cards and statement credits
- Any unique ways to maximize travel value directly with the issuer, such as Chase Ultimate Rewards unique Points Boost offer
- The number of airline and hotel transfer partners, balanced against the value of each partner’s rewards currency
- Whether the issuer offers uniquely valuable transfer partners, such as Citi ThankYou Rewards’ partnership with American Airlines’ AAdvantage program
- The value of the flexibility of having many options to transfer to airline and hotel programs
Devaluations, often without notice, are an unfortunate reality of the points and miles world. This is why we are such strong proponents of earning transferable points and miles.
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If your favorite airline or hotel program unexpectedly increases its redemption rates (as some have in the last few months), you can simply choose to transfer transferable points and miles to another program that may now offer better value. However, if you were earning points or miles with the airline or hotel program, you’d be stuck with the now-less-valuable rewards.
Related: Why transferable points and miles are worth more than other rewards
Top offers for earning points and miles in January
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 $8,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
There are a host of new benefits for the recently refreshed Platinum Card, including the following new statement credits:
- 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)**
The card’s hotel statement credit increased to 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®, and the digital entertainment statement credit has been raised to up to $25 per month, with Paramount+, YouTube Premium and YouTube TV added.**
**Enrollment is required.
***The Hotel Collection requires a minimum two-night stay.
The annual fee is now $895 (see rates and fees). To learn more about all the changes, including new hotel status and dining perks, 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. You can also check Chase’s prequalification tool to find out if you’re eligible for up to 175,000 bonus points (with the same spending requirements).
The recently refreshed card has updated earning rates, including 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 new annual fee is $795, but cardholders will get up to $500 in statement credits for hotel bookings made with The Edit each calendar year (up to $250 in credits biannually 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 a brand-new business card in 2025, the Chase Sapphire Reserve for Business℠ (see rates and fees). This card has a massive welcome offer of 200,000 bonus points after you spend $30,000 on purchases in the first six 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
The Capital One Venture X Business is offering its highest welcome offer ever. New applicants can earn 200,000 bonus miles after spending $30,000 on purchases in the first three months from account opening, and an additional 200,000 bonus miles after spending a total of $150,000 on purchases in the first six months.
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. 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.
