What Points and Miles Are Worth: My Minimum Values

Last checked: October 14, 2026. What are points and miles worth? Here are the values I use for 32 currencies, with the reason for each, plus what the hotel free-night certificates are worth. They’re minimum values, a baseline to help you spot a bad redemption, not a promise of what you’ll get, and every one is at or below what the program sells its points for. They’re also the numbers my Card Finder quiz uses to compare sign-up bonuses. No affiliate links, as always on Travel Summary.

Quick Take

• Bank points: 1.4 to 1.6 cents each, with Bilt (1.6) at the top and Wells Fargo (1.4) at the bottom. Cashed out instead of transferred, most are worth 1 cent or less.
• Hotel points: World of Hyatt is the outlier at 1.6 cents; Hilton (0.4), IHG (0.45), Wyndham (0.55), Choice (0.57) and Marriott (0.7) are worth much less per point, because their award prices are much higher.
• Airline miles: 1.1 (Delta, Emirates, Etihad) to 1.5 (Alaska) cents.
• The formula: cents per point = (cash price − taxes and fees you pay on the award) ÷ points used × 100. If the answer is below the number here, think twice.

1. Why I Don’t Love Putting Values on Points

I don’t like putting values on points. There’s so much variability depending on how you use them, and people use them differently. Someone redeeming for business class flights or fancy hotels can often get outsized value from their points, while someone who flies economy or stays in budget hotels likely gets less. Neither is wrong, but the “value” per point gets skewed.

Some people say a point is worth “what I otherwise would have paid in cash for the same experience.” I don’t like that definition either. I understand the reasoning, but frankly I don’t think it matters what you would have paid. What matters is how much that flight or hotel actually costs in cash, and how many points you used.

With all that said, point values are useful as a baseline, or minimum, value. That way you can more easily tell if you’re getting a bad deal, or at least a decent one. At the same time, some people just don’t have the cash to spend, or don’t want to spend it. It’s hard to argue they didn’t get “optimal” value for their points when they weren’t going to pay cash anyway, and they’re not wrong for their situation.

Every program’s points are different, and credit card bonus categories make it even muddier. Beginners often think “a point is a point” before they learn more, and assigning a value helps them. So these are what I’d consider minimum values for each currency, set at or below the price the program sells them for. Take them with a grain of salt, per everything above.

2. All Values at a Glance

Currency	Minimum value (cents per point)
Chase Ultimate Rewards	1.5
Amex Membership Rewards	1.45
Capital One Miles	1.45
Citi ThankYou Points	1.5
Bilt Rewards	1.6
Wells Fargo Rewards	1.4
World of Hyatt	1.6
Hilton Honors	0.4
Marriott Bonvoy	0.7
IHG One Rewards	0.45
Wyndham Rewards	0.55
Choice Privileges	0.57
American AAdvantage	1.4
United MileagePlus	1.2
Delta SkyMiles	1.1
Southwest Rapid Rewards	1.3
Alaska Atmos Rewards	1.5
JetBlue TrueBlue	1.25
Air Canada Aeroplan	1.3
Avios (British Airways, Iberia, Aer Lingus, Qatar)	1.2
Air France/KLM Flying Blue	1.25
Virgin Points	1.4
Lufthansa Miles & More	1.3
Singapore KrisFlyer	1.3
Turkish Miles&Smiles	1.2
Avianca LifeMiles	1.2
Emirates Skywards	1.1
Cathay Pacific Asia Miles	1.2
ANA Mileage Club	1.4
Qantas Frequent Flyer	1.25
Etihad Guest	1.1
Japan Airlines Mileage Bank	1.4

Points with a fixed value aren’t in the table because there’s nothing to estimate: Bank of America points and cash back are worth 1 cent each, and Accor points are worth 2 euro cents each (about 2.2 U.S. cents), though bank transfers to Accor are 2:1 or 3:2, so a bank point sent there is worth about 1.1 to 1.5 cents.

3. What Are Bank Points Worth?

At least 1.4 to 1.6 cents each: Bilt 1.6, Chase and Citi 1.5, Amex and Capital One 1.45, Wells Fargo 1.4.

Transferable bank points are worth more than most airline or hotel points because you can move them to whichever partner prices your trip best. The worst-case column is what the points are worth if you cash them out or book through the bank’s travel site instead, which is why transferring matters. Which partners each bank has, with ratios and transfer times: credit card transfer partners.

Currency	Value	Worst case	Why
Chase Ultimate Rewards	1.5¢	1¢ (cash or Chase Travel)	It could be higher, but the Hyatt transfer cut stings: since October 1, 2026 the Sapphire Preferred and Ink Preferred move points to Hyatt at 4:3 instead of 1:1 (the Sapphire Reserve is still 1:1). And the Reserve’s fee is now $795, which makes the points more expensive to earn.
Amex Membership Rewards	1.45¢	0.6¢ cash (1.1¢ with a Schwab Platinum); 1¢ on flights through Amex Travel	Good variety of partners, but weak on hotels.
Capital One Miles	1.45¢	1¢ toward travel; 0.5¢ cash	Similar to Amex: good variety, but weak on hotels.
Citi ThankYou Points	1.5¢	1¢ cash with a Double Cash or Custom Cash (0.75¢ with only a Strata Premier)	Weak on hotels, but pretty strong on airline variety.
Bilt Rewards	1.6¢	1.25¢ in Bilt Travel	Excellent variety (maybe the best) and excellent transfer promotions. But the points are hard to earn, Bilt’s credit card program is brutal for most people, and Hyatt transfers drop to 4:3 on January 1, 2027.
Wells Fargo Rewards	1.4¢	1¢ (cash or travel)	Transfers only started in April 2024 and there are still only 10 partners. Hopefully the list keeps growing.

4. What Are Hotel Points Worth?

World of Hyatt points are worth at least 1.6 cents; every other big hotel program is worth well under a cent a point, from Hilton at 0.4 to Marriott at 0.7.

Hotel points are worth less per point because hotels price awards in much bigger numbers: a comparable night can cost about four times as many Hilton points as Hyatt points, which is what these values reflect. Compare what a night costs, not the per-point number alone. “Program’s sale price” is the lowest price the hotel program itself has charged for points in its sales during 2025–2026. It’s there to show how my values compare, not as a suggestion to buy.

Currency	Value	Program’s sale price	Why
World of Hyatt	1.6¢	2.08–2.17¢	A middle ground. Hyatt’s new award chart (May 2026) prices top hotels at 25,000 to 75,000 points a night depending on the date, so at this value a high-end Hyatt is about $400 to $560 on the cheapest dates and more at peak times. That sounds about right.
Hilton Honors	0.4¢	0.45–0.5¢	Hilton routinely sells points for 0.45 to 0.5 cents (0.45 is on sale right now), so this sits below that. Waldorf Astorias and Conrads usually run 85,000 to 150,000 points a night, about $340 to $600 at this value, similar to Hyatt.
Marriott Bonvoy	0.7¢	0.81–0.89¢	Marriott sells points for around 0.81 to 0.89 cents, so 0.7 feels about right. Nicer Marriotts price far above Hiltons and Hyatts, especially with dynamic pricing, but many lower and mid-tier Marriotts are good value.
IHG One Rewards	0.45¢	0.5¢	IHG sells points at 0.5 cents almost every month. My value is lower than others might agree with, though you can get good value from the fourth night free on awards with the Premier, Premier Select and Business cards (the no-fee card needs $5,000 of spending a year for it from 2027).
Wyndham Rewards	0.55¢	0.65–0.72¢	You can buy them for about 0.65 to 0.72 cents. There aren’t really any aspirational properties, though some are nice, and there are some unique redemptions, which has value.
Choice Privileges	0.57¢	0.57–0.74¢	These are all lower-end hotels, but they can be great for domestic U.S. travel. They’re hard to value, so I use the lowest price Choice has sold them for recently.

5. What Are Airline Miles Worth?

Between 1.1 cents (Delta) and 1.5 cents (Alaska) for the US programs.

“Program’s sale price” is what the airline itself charged for miles in its best sales of 2025–2026. It’s there to show how my values compare, not as a suggestion to buy.

Currency	Value	Program’s sale price	Why
American AAdvantage	1.4¢	1.88–2.26¢	American sells miles for 1.88 to 2.26 cents, which is expensive. I don’t think they’re worth more than Citi’s transferable points. Award prices are creeping up (in July 2026 American quietly added up to 20,000 miles each way to some Japan Airlines awards), though they’re still reasonable for now.
United MileagePlus	1.2¢	1.88–2.07¢	You can buy them for 1.88 cents or transfer them from Chase. Many redemptions are expensive now and can be booked cheaper elsewhere, so the miles are less useful except when flying United itself, and even then only sometimes.
Delta SkyMiles	1.1¢	about 2.5¢ (rarely on sale)	Famously called “SkyPesos.” Award prices are high, and it’s often far cheaper to book Delta flights through partners like Virgin Atlantic or Flying Blue. Occasionally useful, but this is the right price.
Southwest Rapid Rewards	1.3¢	1.5–1.65¢	You can buy them for about 1.5 cents, and that sale comes around often. Redemptions are close to a fixed value, so outsized value isn’t possible, and Southwest’s 2025 changes (variable award pricing and much lower earning on cheap fares) have lowered their value for me.
Alaska Atmos Rewards	1.5¢	1.88–1.98¢	You can buy them for around 1.9 cents. Some interesting transfer partners, and the Summit card adds useful redemption benefits, like a yearly 25,000-point companion award. More valuable than the other big U.S. airlines’ miles right now.
JetBlue TrueBlue	1.25¢	1.40–1.47¢	You can buy them for about 1.4 cents. Mint is a nice way to travel. Destinations are limited, though there are more Europe routes now. TrueBlue can book Qatar Airways, but there are other ways to do that too.
Air Canada Aeroplan	1.3¢	1.29–1.44¢	On sale every month or two for 1.29 to 1.44 cents. I like this program, but award prices are high. The Chase Aeroplan card is useful (15% off Air Canada awards).
Avios (British Airways, Iberia, Aer Lingus, Qatar)	1.2¢	1.53–1.64¢	You can buy them for about 1.53 to 1.64 cents (1.2 cents only through British Airways’ “Balance Boost” offer, which needs recent Avios earning). Great flexibility, but prices are high and searching can be annoyingly hard.
Air France/KLM Flying Blue	1.25¢	about 1.69¢	I’m a fan of this program, especially for Delta flights. Recent devaluations made the miles less valuable (since September 2026 the cheapest Air France and KLM awards are no-change “Light” fares). Promo Rewards are great if you can take advantage of them. You can buy them for about 1.69 cents every couple of months.
Virgin Points	1.4¢	about 1.48¢	Unique redemption options, but high taxes on Virgin Atlantic’s own flights (around $700 each way in Upper Class from the U.S.) limit their use. U.S. accounts can buy them for about 1.48 cents.
Lufthansa Miles & More	1.3¢	1.29–1.42¢	Hard to earn: no U.S. bank transfers to it, only one U.S. credit card. Lufthansa awards carry high surcharges. Limited use, but still a nice one to have.

6. International Airline Programs

These are mostly programs you reach by transferring bank points rather than by flying the airline, so each row starts with the banks that transfer to it (1:1 unless noted).

Currency	Value	Program’s sale price	Why
Singapore KrisFlyer	1.3¢	can’t really buy	Transfer from: Amex, Chase, Citi, Capital One. An aspirational redemption for many, with great service. Some of my personal favorite flights. Easy to transfer to, but you can’t really buy the miles.
Turkish Miles&Smiles	1.2¢	1.5¢	Transfer from: Citi, Capital One, Bilt. Sometimes frustrating to use, but occasionally good value, especially on United. Better availability on Turkish’s own flights, which are often hard to get otherwise. Easier to transfer to now than it was in the past.
Avianca LifeMiles	1.2¢	1.22–1.35¢	Transfer from: Amex, Citi, Capital One, Bilt, Wells Fargo. These are always on sale, often cheaply. Redemptions can be good, but booking and changes are maddeningly hard sometimes. Easy to transfer to.
Emirates Skywards	1.1¢	2.0¢	Transfer from: Bilt 1:1; Amex and Citi 5:4; Capital One 2:1.5. Super high taxes on Emirates flights, high award prices and worse transfer ratios. But some of the most aspirational flights there are.
Cathay Pacific Asia Miles	1.2¢	about 1.8–2.2¢	Transfer from: Citi, Capital One, Bilt, Wells Fargo; Amex 5:4. Has its uses, and decent transfer partners. Expensive to buy.
ANA Mileage Club	1.4¢	can’t buy	Transfer from: Amex only. Hard to get, since you can’t buy them and only Amex transfers to ANA. Some good redemptions on ANA’s own flights.
Qantas Frequent Flyer	1.25¢	about 1.24–1.87¢	Transfer from: Amex, Citi, Capital One. Occasionally useful.
Etihad Guest	1.1¢	1.33–2.0¢	Transfer from: Amex, Citi, Capital One, Bilt. Aspirational, but Etihad’s own flights now cost a lot of miles. Useful for American and some other partners.
Japan Airlines Mileage Bank	1.4¢	can’t buy	Transfer from: Citi, Bilt; Capital One 2:1.5. Now easier to get with Citi transfers (added September 2026). The distance-based award chart allows some unique opportunities.

7. When a Transfer Isn’t 1:1

• Hyatt through Chase: the Sapphire Preferred and Ink Preferred transfer at 4:3, so 40,000 Chase points become 30,000 Hyatt points. At my Hyatt value that’s 1.2 cents per Chase point, below my Chase value, so those cardholders should usually send their points elsewhere. The Sapphire Reserve still transfers 1:1.
• Hyatt through Bilt: 1:1 until December 31, 2026, then 4:3 like Chase.
• Emirates and Cathay: Amex and Citi transfer to Emirates at 5:4 and Capital One at 2:1.5, so a bank point sent there is worth less than the Emirates value above. The same goes for Amex to Cathay (5:4).
• Hotel transfers: Hilton and Marriott transfers from Amex are 1:2 and 1:1, which at my values works out to 0.8 and 0.7 cents per Amex point. That’s why transferable points are mostly a flights currency.
• Ratios change: every transfer-ratio cut and dropped partner since 2020 is on my devaluation timeline (filter by Bank points).
• Rule of thumb: multiply the partner’s value by the ratio before you transfer. If it comes out below the bank’s own value, look for a better partner.

8. What Is a Free-Night Certificate Worth?

Many hotel cards give a free-night certificate each year, capped at a certain number of points. I value each one at its cap, times my point value for that program, times 0.85, a 15% discount because a certificate is less flexible than points (it expires, and you can’t use it on just any night or hotel).

Certificate	Cap (points a night)	My value
Hyatt Category 1–4	20,000	$272
Hyatt Category 1–7	35,000	$476
Marriott 35K	35,000	$208
Marriott 50K	50,000	$298
Marriott 85K	85,000	$506
Hilton free night (no cap)	150,000 (typical top standard award)	$510
IHG 40K	40,000	$153
IHG 60K	60,000	$230

You’ll also see certificates sold person to person on forums and other grey-market channels for far less than these values. That’s against the hotel programs’ rules and can cost you your account, so these values don’t assume it.

Some cards give companion benefits rather than nights. The Southwest Companion Pass can be worth a lot if you fly Southwest often, though it gets much harder to earn from 2027 (see my Southwest Companion Pass guide), and the Atmos Summit card’s yearly 25,000-point companion award is worth $375 at my Alaska value.

9. How to Use These Numbers

• Work out what you’re getting: take the cash price of the same flight or room, subtract the taxes and fees you’d still pay on the award, divide by the points, and multiply by 100. A $450 room for 25,000 Hyatt points with no fees is 1.8 cents per point.
• Compare it with the table. Above the number is a decent deal; well below it, consider paying cash and keeping the points.
• Use the actual cash price, not what you would have been willing to pay. That’s the whole point of section 1.
• Don’t chase the number. If you weren’t going to pay cash anyway, a redemption below these values can still be the right call for you.
• Comparing card bonuses: multiply the bonus by the value here. 60,000 Chase points at 1.5 cents is a $900 bonus at minimum. The Card Finder quiz and the card reviews do this for you.

10. Quick Answers

Sources: purchase prices from each program’s own buy-points pages and sale announcements, 2025–2026; transfer ratios from the banks (see transfer partners); cash-out values from the banks’ rewards terms. Last checked: October 14, 2026.