What are points and miles worth? TPG’s March 2024 valuations

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 well you can 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 the price at which we would purchase the miles, award costs in the program (factoring in availability and fees) and our expertise in the inner workings of the programs. 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.

This month, our model showed a bit of variation with these numbers — though it wasn’t significant compared to previous data runs.

Note: These valuations are not provided by card issuers.

What are credit card points and miles worth?

What are airline points and miles worth?

Program	March 2024 valuation (cents)	Latest news
Air Canada Aeroplan	1.5	Air Canada expanded its Toronto hub with two new Landline bus destinations. Following the Turkish Airlines Miles&Smiles devaluation, Aeroplan points are more valuable than ever.
Alaska Airlines Mileage Plan	1.5*	Alaska Airlines will take on Delta with a new nonstop service from Portland, Oregon, to Atlanta. Mileage Plan’s award chart changes are now live.
American Airlines AAdvantage	1.55*	American Airlines launched two new routes to Bridgetown, Barbados. You can now upgrade Qantas flights using American miles.
All Nippon Airways Mileage Club	1.4	ANA Mileage Club is increasing award rates.
Asia Miles	1.3
Avianca LifeMiles	1.7
Avios	1.5	Europe’s first Oneworld alliance-branded lounge is now open in Amsterdam Airport Schiphol. The British Airways Holidays double tier points promotion has been extended.
Delta Air Lines SkyMiles	1.2*	Medallion Qualification Mile rollover conversion choices are now live. You can earn Medallion Qualification Dollars on hotel stays and rental cars when you book through Delta by the end of May. Delta’s new route announcements included first-ever flights to Brisbane, Australia, Boston to Honolulu and a new transcontinental flight from Miami. Delta also canceled its Los Angeles-to-London route and resumed flights to Israel.
Emirates Skywards	1.2	Emirates will launch a fifth-freedom flight between Miami and Bogota, Colombia.
Etihad Airways Guest	1.2	Etihad revealed new amenities across all cabins. Etihad Guest announced major changes to award redemptions, elite status and more.
Flying Blue	1.2
Frontier Airlines Frontier Miles	1.1	Frontier announced 14 new routes from Ohio before undertaking a massive route map shakeup. Frontier will block some middle seats with the new “UpFront Plus” option.
Hawaiian Airlines HawaiianMiles	0.9	Hawaiian Airlines’ new airport experience features a private Honolulu lounge. We also got a sneak peek at Hawaiian Airlines’ new Boeing 787-9 Dreamliner.
JetBlue TrueBlue	1.35* (down from 1.4 last month)	JetBlue’s new Mint promotion offers you a free Blade helicopter transfer. The airline followed other carriers in increasing checked bag fees. JetBlue flights to Dublin began March 13. The JetBlue-Spirit merger is officially dead.
Korean Air SkyPass	1.7
Singapore Airlines KrisFlyer	1.3
Southwest Airlines Rapid Rewards	1.35* (down from 1.4 last month)	Southwest unveiled two new seasonal routes in its latest schedule extension.
Spirit Airlines Free Spirit	1.1	Spirit postponed service to Mexico’s newest airport in Tulum. The airline announced seven new routes and cut 13 routes.
Turkish Airlines Miles&Smiles	1.2
United Airlines MileagePlus	1.4* (down from 1.45 last month)	As part of a shift from Newark to Washington, D.C., United added eight domestic routes but cut four. The airline’s summer expansion includes new routes to Marrakech, Morocco, and Medellin, Colombia. Following American and other carriers, United raised checked baggage fees.
Virgin Atlantic Flying Club	1.5	Thanks to a best-ever promotion, you can get up to a 70% bonus when you buy Virgin points.

*Calculated using TPG’s data-backed valuations methodology launched in September 2023.

What are hotel points worth?

Points and miles news

With global hotel loyalty programs boasting dozens of brands each, does a single hotel brand retain your loyalty? Maybe not, but Hilton Honors and Marriott Bonvoy are banking on new additions driving new business and loyalty.

Small Luxury Hotels of the World — a collection of boutique hotels offering bespoke luxury experiences worldwide — announced a plan to part ways with Hyatt and instead join Hilton Honors.

SLH properties have been an excellent way to redeem Hyatt points, particularly if you tire of forgettable, cookie-cutter corporate hotel rooms. Some of my most memorable hotel stays have been at SLH properties, namely Crossbasket Castle in Scotland and On The Rocks on the dreamy Greek island of Santorini.

Hyatt’s loss is undoubtedly Hilton’s gain. Travelers are the biggest losers here, as while World of Hyatt award charts have kept award rates in check, rates will likely increase significantly once SLH joins Hilton Honors — a program where award rates over 100,000 points per night are not unusual.

May 15 is when Hyatt’s SLH partnership officially ends, so book your nights as soon as possible if you have your eye on one of the many boutique SLH properties worldwide.

MGM Resorts departed World of Hyatt in 2023 and is now part of the Marriott Bonvoy program. And we have been pleasantly surprised at how reasonable MGM pricing is with Marriott points. You can book high-end Las Vegas properties like the Bellagio, Mandalay Bay and Aria from as little as 20,000 Bonvoy points per night, plus those dreaded resort fees. Meanwhile, stays at more economical properties like Luxor and Excalibur start at just 5,000 Bonvoy points per night (plus resort fees).

It can be hard to keep up with hotel brands coming and going. While Hyatt has seemingly lost two key strengths, it has quietly amassed 10 all-inclusive brands with hundreds of properties, especially in the Caribbean and Europe.

To keep up with other points and miles news, bookmark and periodically reference our posts on points and miles travel deals, promotions on buying points and miles and transfer bonus offers.

Related: How (and why) to calculate award redemption values

Travel credit card offers

Beyond those developments, there is no shortage of cards offering great welcome bonuses. Here are a few of our favorites this month.

Chase Sapphire Preferred® Card

Right now, the Chase Sapphire Preferred Card is offering a welcome bonus of 60,000 bonus points after you spend $4,000 in the first three months of account opening. Per our valuations, that’s worth $1,230 when you leverage transfer partners or $750 if you redeem through the Chase travel portal at 1.25 cents per point.

The card comes with a $95 annual fee, along with various travel protections and additional perks — like a $50 annual hotel credit for reservations made through the Chase travel portal and a 10% anniversary points bonus based on your previous year’s spending.

Of course, you may want to spring for the Chase Sapphire Reserve® instead. While the card has a hefty $550 annual fee, it includes perks like Priority Pass lounge access, an annual $300 travel credit and a Global Entry or TSA PreCheck credit, among other benefits. Plus, you’ll earn 3 points per dollar on travel and dining expenses, so you can quickly rack up rewards for your next big trip.

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

On the higher end of the spectrum is the Capital One Venture X Rewards Credit Card, one of the market’s most exciting travel credit cards, thanks to great earning rates and included perks.

The card currently offers a welcome bonus of 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening — worth $1,387 according to our valuations, thanks to Capital One’s excellent airline and hotel transfer partners.

Check out our Capital One Venture X Rewards Credit Card review for more details.

Official application link: Capital One Venture X Rewards Credit Card

Capital One Venture Rewards Credit Card

The standard Capital One Venture Rewards Credit Card currently offers the same welcome bonus as the Venture X. You can earn 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Like the Venture X, the Venture card earns at least 2 miles per dollar on everything you purchase.

Check out our Capital One Venture Rewards Credit Card review for more details.

Official application link: 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 — though you may be targeted for a higher offer through the CardMatch tool (offer subject to change at any time).

Of course, the card is jam-packed with benefits like airport lounge access and hotel elite status. The card has a $695 annual fee (see rates and fees). Enrollment is required for select benefits.

For more details, check out our Amex Platinum review.

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 60,000 Membership Rewards points after you spend $6,000 on eligible purchases on your new card within the first six months of card membership. This welcome offer is worth $1,200 based on our valuations — but be sure to check the CardMatch tool to see if you’re targeted for an even higher offer (offer subject to change at any time).

The Amex Gold Card is great for many everyday purchases. You’ll earn 4 points per dollar on groceries at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar) and 4 points per dollar on dining at restaurants. The card has a $250 annual fee (see rates and fees).

For more details, check out our Amex Gold review.

Official application link: American Express Gold Card

The Business Platinum Card® from American Express

The Business Platinum Card from American Express offers 120,000 Membership Rewards points after you spend $15,000 on eligible purchases with your card in the first three months of card membership. Per our valuations, this welcome offer is worth at least $2,400, but you can get even more value when redeeming for high-end airfare.

You’ll find many lesser-known Amex Business Platinum perks that are similar to (but slightly different from) the personal version. Check out our comparison of the Amex Platinum and the Business Platinum to see which card fits your wallet better.

For more details, check out our Amex Business Platinum review.

Official application link: The Business Platinum Card from American Express

Capital One Venture X Business

The Capital One Venture X Business card launched in September 2023. The card currently 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.

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.

For more details, check out our Capital One Venture X Business review.

Official application link: Capital One Venture X Business

Ink Business Preferred® Credit Card

The Ink Business Preferred Credit Card offers a generous welcome bonus of 100,000 Ultimate Rewards points after you spend $8,000 in the first three months after card opening, worth over $2,000 by our current valuation. This could be a great option for business owners looking to benefit from a six-figure welcome bonus who might not reach the higher spending requirements of the Capital One Venture X Business welcome offer.

This card also offers triple points on the first $150,000 in combined purchases each year on travel; shipping; internet, cable and phone services; and advertising purchases made with social media sites and search engines.

For more details, check out our Ink Business Preferred Credit Card review.

Official application link: Ink Business Preferred Credit Card

Airline credit cards

Delta and Amex announced changes to the Delta Amex cards in February. But, alongside this announcement, we also got new Delta credit card welcome offers:

*Bonus value is based on TPG valuations and is not provided or reviewed by the issuer.

Check out our list of the best travel credit cards for other options that could fit your wallet.

Related: How to choose the best credit card for you

For rates and fees of the Amex Platinum Card, click here.
For rates and fees of the Amex Gold Card, click here.
For rates and fees of the Delta Gold Card, click here.
For rates and fees of the Delta Gold Business Card, click here.
For rates and fees of the Delta Platinum Card, click here.
For rates and fees of the Delta Platinum Business Card, click here.
For rates and fees of the Delta Reserve Card, click here.
For rates and fees of the Delta Reserve Business Card, click here.