What are points and miles worth? TPG’s November 2024 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 credit cards 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 miles, award costs in the program (factoring in availability and fees) and our expertise in the program's inner workings. However, we now use extensive data for the top six U.S. airline loyalty programs to better estimate the value you should aim to get 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 | November 2024 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | Amex is shuttering Centurion Lounge spas to add seating and combat overcrowding. |
| Bilt Rewards | 2.05 | |
| Capital One | 1.85 | |
| Chase Ultimate Rewards | 2.05 | Chase Sapphire Reserve® cardholders can now access select Air Canada lounges. |
| Citi ThankYou Rewards | 1.8 | |
| Wells Fargo Rewards | 1.6 |
What are airline points and miles worth?
| Program | November 2024 valuation (cents) | Latest news |
|---|---|---|
| Air Canada Aeroplan | 1.5 | |
| Alaska Airlines Mileage Plan | 1.4 (down from 1.45)* | Alaska Airlines overhauled its Mileage Plan program.
The cost of Alaska lounge membership will increase in 2025. Alaska Airlines is mulling a Honolulu lounge. |
| American Airlines AAdvantage | 1.6* | Select loyalists can now apply American systemwide upgrade certificates online. The airline added four new routes, cut two others and grew in Cape Cod, Massachusetts.
Delta Air Lines, United Airlines and Southwest Airlines elite members can get four months of AAdvantage status via an American Airlines status match. New benefits are coming for AAdvantage and World of Hyatt elite members, but this comes at the expense of reciprocal earning privileges. You can now redeem miles to use American Airlines' most exclusive lounge. |
| All Nippon Airways Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.6 | |
| Avios | 1.4 | Aer Lingus is adding a new U.S. city and expanding to Nashville with flights on new Airbus A321XLR jets. |
| Cathay Asia Miles | 1.3 | Cathay Pacific unveiled its swanky new "Aria Suite" business-class seat. |
| Delta Air Lines SkyMiles | 1.2* | Delta unveiled an all-new look for cabins, featuring new seat coverings and fresh mood lighting.
Here is your first look at the new Delta One Lounge at LAX. The airline bolstered 2025 plans in Europe and Asia with two new international routes. |
| Emirates Skywards | 1.2 | |
| Etihad Airways Guest | 1.2 | |
| Flying Blue | 1.3 | |
| Frontier Airlines Frontier Miles | 1.1 | |
| Hawaiian Airlines HawaiianMiles | 1.2 | |
| JetBlue TrueBlue | 1.3 (down from 1.35)* | JetBlue TrueBlue expanded its status match to Frontier Airlines, Southwest Airlines and Spirit Airlines elite members. |
| Korean Air SkyPass | 1.7 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Airlines Rapid Rewards | 1.4* | Southwest unveiled 13 more red-eye flights for 2025, plus a new service to Cancun, Mexico.
Southwest passengers will start noticing big changes long before assigned seating starts. |
| Spirit Airlines Free Spirit | 1.1 | Spirit Airlines is considering filing for bankruptcy protection. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United Airlines MileagePlus | 1.35 (up from 1.3)* | United unveiled big Premier status and PlusPoints changes for 2025.
The airline became the only U.S. carrier with service to Morocco and launched a unique global expansion for the summer, adding eight cities and 13 routes. Booking these epic cruises could get you 245,000 bonus United miles. United has closed its invite-only Newark restaurant in favor of a Polaris Lounge expansion. |
| Virgin Atlantic Flying Club | 1.4 | Virgin Atlantic Flying Club dynamic pricing is now live. |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | November 2024 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | Choice Privileges unveiled award-booking changes for 2025.
Stays at top Preferred Hotels & Resorts once again cost 87,000 Choice Privileges points per night. |
| Hilton Honors | 0.6 | Hilton's new partnership will help visually impaired travelers better experience hotels. |
| IHG One Rewards | 0.5 | There's a new Kimpton secret password to unlock bonus treats at hotels this winter.
IHG will cut ties with The Venetian Resort Las Vegas at the end of the year. |
| Marriott Bonvoy | 0.85 | Marriott is providing a "soft landing" to elite members who don't requalify in 2024.
Marriott is bringing its City Express brand to the U.S. and Canada. W Las Vegas is coming to Mandalay Bay. |
| World of Hyatt | 1.7 | Hyatt's all-inclusive resort offering will grow significantly with its new Bahia Principe partnership.
Park Hyatt Cabo opens next August. |
| Wyndham Rewards | 1.1 |
News highlight of the month
The biggest points and miles news in the last month was certainly Virgin Atlantic Flying Club's switch to dynamic pricing.
Previously, limited seats were available at fixed award chart rates and with huge carrier-imposed surcharges. Availability was decent, but the cash component required (even in economy) meant that there were often better ways to redeem transferable rewards for travel to and from the United Kingdom.
This has now changed, as all Virgin Atlantic-operated seats are now available for booking with Virgin points. Seats are priced dynamically, with flights on low-demand dates requiring fewer points than previous levels and flights on high-demand dates requiring more points than previous levels.
The changes are great news for those with flexible plans who are happy to travel during off-peak periods, like during the Northern Hemisphere's winter season. Flights from New York's John F. Kennedy International Airport (JFK) to London's Heathrow Airport (LHR) now start from 6,000 Virgin points in economy, 10,500 Virgin points in premium economy and 29,000 Virgin points in business class. These rates are the lowest across any major airline loyalty program between the U.S. and Europe.
But for travelers looking to fly during festive periods and summer holidays, you'll likely need to pay far more than before. Specifically, some transatlantic flights now cost as much as 350,000 Virgin points on peak travel dates. However, it is worth noting that we only see this high award rate because every seat is now available for award booking; it is very unlikely these seats would have been made available under the previous limited-capacity model. Still, these prices represent a four-fold increase from the previous prices, which is shocking.
Another change that is a real improvement to the program is a reduction in the carrier-imposed surcharges. Under the previous model, Flying Club members looking to redeem points to fly round-trip between the U.S. and the U.K. in business class were stung with an additional surcharge of $2,000. This has been significantly reduced to around $900, though the surcharge varies slightly by route.
We debated how these Virgin Atlantic Flying Club changes should affect our valuation of Virgin points. Although award prices are shockingly high on peak dates, the new Saver award pricing and the reduction in the carrier-imposed surcharges have meant we have kept TPG's valuation of Virgin points unchanged at 1.4 cents each in this month's valuations. However, we will monitor the pricing and availability over the coming months in case a valuation change becomes warranted.
Related: Is Virgin Atlantic premium economy worth it on the A330-900neo?
Travel credit card offers
Here are some of the best options if you're looking for a new travel rewards card that earns transferable points.
Chase Sapphire Preferred Card
The Chase Sapphire Preferred® Card is one of our favorite travel rewards cards, especially if you're just getting started with points and miles. The Chase Sapphire Preferred currently offers a welcome bonus of 60,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening. Per our valuations, this welcome bonus is worth up to $1,230 if you leverage the Ultimate Rewards transfer partners or $750 if you redeem through Chase Travel at 1.25 cents per point.
The card comes with a $95 annual fee but offers many perks, including a $50 annual hotel credit for reservations made through Chase Travel and a 10% anniversary points bonus based on your previous year's spending. For more details, check out our Chase Sapphire Preferred Card review.
Official application link: Chase Sapphire Preferred Card
Capital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card is a compelling option due to its great earning rates and included perks. The card currently offers a welcome bonus of 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Due to the value you can get when redeeming with the Capital One transfer partners, our valuations peg the value of this welcome bonus at $1,388.
You'll earn at least 2 miles per dollar spent on purchases and get access to a variety of useful benefits, including a $300 annual credit for bookings through Capital One Travel, 10,000 bonus miles each account anniversary and unlimited complimentary access to Capital One airport lounges for you and up to two guests per visit. Check out our Capital One Venture X card review for more details.
Learn more: Capital One Venture X Rewards Credit Card
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card has a welcome offer of 75,000 bonus miles when you spend $4,000 on purchases within the first three months from account opening.
If you plan to transfer your miles to Capital One's hotel or airline partners, this welcome offer is worth around $1,388. 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 card review for more details.
Learn more: Capital One Venture Rewards Credit Card
The Platinum Card from American Express
With the current welcome offer on The Platinum Card® from American Express, you'll earn 80,000 Membership Rewards points after you spend $8,000 on purchases in the first six months of card membership. However, you may be targeted for a higher offer through the CardMatch tool. (This offer is subject to change at any time.)
Our valuations peg 80,000 Membership Rewards points at $1,600 based on the value you can get when leveraging the Membership Rewards transfer partners. The Amex Platinum is packed with benefits (enrollment is required for select benefits), so read our Amex Platinum review for all the details. The Amex Platinum has a $695 annual fee (see rates and fees).
Official application link: The Platinum Card from American Express
American Express Gold Card
One of the most popular cards with TPG staffers, the American Express® Gold Card offers new cardholders the ability to earn 60,000 bonus points after spending $6,000 on purchases in the first six months of card membership. Based on our valuations, this welcome offer is worth $1,200. Be sure to check the CardMatch tool to see if you're targeted for an even higher offer. (This offer is subject to change at any time.)
The Amex Gold is great for many everyday purchases. You'll earn 4 points per dollar spent at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar) and 4 points per dollar spent at restaurants (on up to $50,000 in purchases per calendar year, then 1 point per dollar). The card has a $325 annual fee (see rates and fees), so check out our Amex Gold review to see whether it makes sense.
Official application link: American Express Gold Card
The Business Platinum Card from American Express
The Business Platinum Card® from American Express offers new cardholders the opportunity to earn 150,000 Membership Rewards points after spending $20,000 on eligible purchases with their card in the first three months of membership. Per our valuations, this welcome offer is worth $3,000.
You'll find many lesser-known Amex Business Platinum perks similar to (but slightly different from) those of the personal version. For more details, check out our Amex Business Platinum review. Then, check out our comparison of the Amex Platinum and the Business Platinum to see which card better fits your wallet.
Official application link: The Business Platinum Card from American Express
Capital One Venture X Business
The Capital One Venture X Business offers a welcome bonus of 150,000 miles after you spend $30,000 in the first three months from account opening. While that's a large spending requirement, those rewards can go a long way toward your next trip. Our valuations peg the value of this welcome bonus at $2,775.
The Venture X Business features perks that are nearly identical to those on the personal version of the card — including a $300 annual credit for bookings through Capital One Travel, extensive airport lounge access, and 10,000 bonus miles each year after your cardholder anniversary. Check out our Capital One Venture X Business card review for more details.
Learn more: Capital One Venture X Business
Ink Business Preferred Credit Card
The Ink Business Preferred® Credit Card offers a welcome bonus of 90,000 bonus points after you spend $8,000 on purchases in the first three months from card opening. Based on our current valuation of Chase Ultimate Rewards points, this welcome bonus is worth $1,845.
The Ink Business Preferred can be a great option for business owners who want to benefit from a generous welcome bonus but might not meet higher spending requirements. Business owners may also appreciate that the Ink Business Preferred offers 3 points per dollar spent on the first $150,000 in combined travel, shipping, advertising (i.e., with social media sites and search engines) and internet, cable and phone services purchases each account anniversary year. For more details, check out our Ink Business Preferred Credit Card review.
Official application link: Ink Business Preferred Credit Card
For rates and fees of the Amex Platinum, click here.
For rates and fees of the Amex Gold, click here.