What are points and miles worth? TPG's July 2026 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 are worth more than others, and our goal is to give you a sense of how they stack up.
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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 also utilize extensive data for nine U.S. airline loyalty programs and six hotel loyalty programs to more accurately estimate the value you should aim to achieve from your rewards.
What are credit card points and miles worth?
| Program | July 2026 valuation (cents) | Latest news |
|---|---|---|
American Express Membership Rewards | 2.0 | |
Capital One | 1.85 | Capital One's Dulles lounge will close many interior spaces for months. |
Chase Ultimate Rewards | 2.05 | Chase refreshed its Sapphire Preferred® Card, but cut the Hyatt transfer ratio.
Chase Sapphire Preferred's best-ever 100,000-point offer is back. Here's how to stack Chase Sapphire Reserve® hotel credits for up to $500 in savings at select hotels. |
Citi ThankYou Rewards | 1.9 | |
Wells Fargo Rewards | 1.75 |
What are Bilt Points worth?
| Program | July 2026 valuation (cents) | Latest news |
|---|---|---|
Bilt | 2.2 |
What are airline points and miles worth?
| Program | July 2026 valuation (cents) | Latest news |
|---|---|---|
Aeromexico Rewards | 0.8 | |
Air Canada Aeroplan | 1.5 (up from 1.4)* | |
Alaska Airlines Atmos Rewards | 1.55 (up from 1.4)* | Alaska Airlines is removing earnings on basic economy tickets and increasing ticketing fees. Alaska Air pulls back on recent Mexico routes. |
American Airlines AAdvantage | 1.4 (down from 1.6)* | |
ANA Mileage Club | 1.4 | |
Avianca Lifemiles | 1.45 (up from 1.4)* | |
Avios | 1.4 | Qatar Airways made it more difficult to book award flights for companions with your transferable points. |
Cathay Asia Miles | 1.3 | |
Delta SkyMiles | 1.2* | Delta is bringing back its Costa Rica route from New York JFK, and cutting 2 routes at its otherwise fast-growing Austin focus city. The airline added 3 new routes, including one former JetBlue market.
A new, 2nd Delta One Lounge is coming to LAX in 2027. |
Emirates Skywards | 1.2 | |
Etihad Guest | 1.2 | |
Flying Blue | 1.55 (up from 1.3)* | |
Frontier Miles | 1.3 | |
JetBlue TrueBlue | 1.35 | |
Qantas Frequent Flyer | 1.3* | London will get the first 'Project Sunrise' flights, followed by New York. |
Singapore KrisFlyer | 1.3 | |
Southwest Rapid Rewards | 1.25 | |
Turkish Airlines Miles&Smiles | 1.1 | |
United MileagePlus | 1.3 (down from 1.35)* | This easy-to-miss United MileagePlus change could help your kids earn more miles. |
Virgin Atlantic Flying Club | 1.5 (up from 1.3)* |
*Calculated using data provided by Points Path.
What are hotel points worth?
| Program | July 2026 valuation (cents) | Latest news |
|---|---|---|
Accor Live Limitless | 2.0 | |
Best Western Rewards | 0.6 | |
Choice Privileges | 0.7 (up from 0.6)** | Choice Privileges announced a 1-million-point sweepstakes for cardholders and a new bonus offer. One of the best-value ways to book hotels in Japan with points just got worse. |
Hilton Honors | 0.4 (up from 0.35)** | TPG Exclusive: Hilton's CEO talks potential new elite status tier, Diamond Reserve and rising award rates.
Hilton is launching a new college-themed brand that could have 400 locations. Hilton's very first Curio Collection hotel in Hawaii is now accepting reservations. This new Waldorf Astoria might have London's best address — and it's now taking reservations. |
IHG One Rewards | 0.6 (up from 0.55)** | |
Marriott Bonvoy | 0.8** | Here is your first look at Red Cliffs Lodge Moab, a respite in the heart of Utah's red rock country.
Hawaii's magnificent Mauna Kea Beach Hotel is celebrating its 60th anniversary with a massive renovation. Free Champagne breakfast and poolside cabanas: These boutique hotels will soon be bookable on Marriott points. |
World of Hyatt | 1.6 (up from 1.55)** | One of Hyatt's most anticipated resorts in Turks and Caicos is now taking reservations, as is Park Hyatt's first all-inclusive resort.
You can earn bonus points and award rebates with these World of Hyatt promotions. The first-ever Grand Hyatt all-inclusive is opening in Cabo — and you can book now. |
Wyndham Rewards | 0.7** | Wyndham Rewards will move to 4 award tiers, with top hotels costing 45,000 points.
Wyndham also launched a new premium credit card and revamped its rewards card lineup. |
**Calculated using data from Gondola (a free hotel search and direct booking platform for frequent travelers).
Top points and miles news for July
The Chase Sapphire Preferred® Card (see rates and fees) has just received a major refresh, but the news for award travelers is mixed.
On the plus side, the card picked up new bonus categories. Cardholders now earn 3 points per dollar at gas stations, for EV charging and for vacation home rentals booked on Airbnb, Vrbo and other select platforms. Chase also doubled the annual Chase Travel℠ hotel credit from $50 to $100, effective June 15, 2026, making it easy to recoup the card's $95 annual fee (which remains unchanged).
It's not all great new though. The popular transfer ratio from Ultimate Rewards to World of Hyatt is changing from 1:1 to 4:3 for Chase Sapphire Preferred cardholders. Applicants approved on or after June 15, 2026, see the lower ratio immediately. Meanwhile, existing cardholders keep 1:1 transfers until Oct. 1, 2026. The 1:1 ratio stays in place for the Chase Sapphire Reserve® (see rates and fees) and Chase Sapphire Reserve for Business℠ (see rates and fees) cardholders.
But here's the ultimate sweetener: the Sapphire Preferred's best-ever welcome offer has returned. New cardholders can earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening, matching the highest public welcome bonus the card has carried since it launched in 2009.
Related: Chase Sapphire Preferred 100,000-point bonus — all your questions answered
Top offers for earning points and miles in July
July's cobranded card offer of the month is for the Delta SkyMiles® Reserve American Express Card. With this card's current offer, you can earn up to 125,000 bonus miles: 100,000 bonus miles after spending $6,000 on purchases in the first six months of card membership, plus earn 25,000 bonus miles after spending an additional $3,000 on purchases (for a total of $9,000) in the first six months of card membership. Offer ends July 15.
Now, here are some of the best welcome offers this month for those seeking a new travel rewards card that earns transferable points or miles.
- American Express Platinum Card®: Find out your offer and see if you are eligible for as high as 175,000 Membership Rewards points after spending $12,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
- Chase Sapphire Reserve: Earn 100,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.
- Chase Sapphire Reserve for Business: Earn 200,000 bonus points after you spend $30,000 on purchases within the first six months from account opening.
- Capital One Venture X Business: New applicants can earn 150,000 bonus miles after spending $30,000 on purchases in the first three months from account opening.
- Capital One Venture Rewards Credit Card: New cardholders can earn 75,000 bonus miles after spending $4,000 on purchases within the first three months from account opening.
- American Express® Gold Card: Find out your offer and see if you are eligible for as high as 100,000 Membership Rewards points after spending $8,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
Frequently asked questions
A points and miles valuation estimates how much a loyalty currency is worth, typically expressed in cents per point or mile. TPG uses these valuations to compare rewards programs and help travelers decide when to earn, redeem or transfer rewards.
TPG valuations are estimates based on factors such as award pricing, redemption opportunities, fees, program rules and extensive redemption data. However, the value you get when redeeming your rewards may be higher or lower depending on your goals, flexibility and how effectively you maximize a particular rewards currency.
A good redemption value is one that meets or exceeds TPG's published valuation for a particular points or miles currency. While exceptional redemptions can deliver even greater value, our valuations provide a practical benchmark to help travelers determine whether they're getting a strong return from their rewards.
Based on TPG's July 2026 valuations, Bilt points are the most valuable transferable rewards currency at 2.2 cents per point. Chase Ultimate Rewards points rank second at 2.05 cents per point, followed by American Express Membership Rewards at 2.0 cents, Citi ThankYou Rewards at 1.9 cents and Capital One miles at 1.85 cents.
Based on TPG's July 2026 valuations, Alaska Airlines Atmos Rewards points and Air France-KLM Flying Blue miles are the most valuable airline currencies at 1.55 cents per point or mile, respectively. Atmos Rewards and Flying Blue earn this distinction because the programs continue to offer strong redemption opportunities on both Alaska Airlines and Hawaiian Airlines for Atmos Rewards and Air France and KLM for Flying Blue, plus their respective partner airlines.
Based on TPG's July 2026 valuations, Accor Live Limitless points are the most valuable hotel currency at 2.0 cents per point, followed by World of Hyatt points at 1.6 cents per point. Accor points have a fixed redemption value, while Hyatt's award charts can help members secure outsize value on some hotel stays.
TPG featured card
at American Express's secure site
Terms & restrictions apply. See rates & fees.
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 5X | New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App. |
| 3X | Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines. |
| 2X | Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Pros
- Valuable dining and food-related credits
- Flexible rewards with airline and hotel transfer partners
- Multiple travel and purchase protections
- No foreign transaction fees
- Access to Amex Offers for additional savings (enrollment required)
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You’ll know upfront exactly how much you’ll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That’s up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin’ locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.