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Editor’s note: This is a recurring post, regularly updated with new information and offers. These valuations are not provided by card issuers.

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?

What are airline points and miles worth?

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

What are hotel points worth?

News highlight of the month

2025 started sourly with devaluations from two major loyalty programs.

First, Air France-KLM’s Flying Blue program announced an increase in the cost of saver rates, with the terrific one-way 50,000-mile business-class offer to Europe raised to 60,000 miles. Economy and premium economy awards saw similar jumps, from 20,000 to 25,000 miles and 35,000 to 40,000 miles, respectively.

This increase was made without notice and is unwelcome to those looking to fly to Europe and beyond. However, the new award rates still offer good value, especially since Flying Blue partners with multiple transferable currencies, and we often see transfer bonuses to Flying Blue.

Flying Blue has also softened the blow of the award pricing increases by promising additional award availability at saver rates. Because the saver rates are still attractive and there should be more availability, we have decided to keep our valuation of Flying Blue miles at 1.3 cents each.

Marriott’s Bonvoy program also increased the maximum redemption rates for some luxurious properties. Previously, there was an unofficial cap of around 150,000 points per night at some of the most expensive properties, including Ritz-Carlton, St. Regis and Edition properties in Tokyo, New York and the Maldives.

Now, we are seeing rates as high as 198,000 points per night at The St. Regis Maldives Vommuli Resort, 236,000 points per night at the JW Marriott Masai Mara Lodge and an eye-watering 605,000 points per night at North Island, a Luxury Collection Resort in the Seychelles.

These increased redemption rates may put these properties out of reach for the average Bonvoy member. However, it’s worth noting these increases have only hit some of the most aspirational properties. You can still get great value when redeeming your Marriott points at thousands of other properties worldwide. Therefore, we have kept our valuation of Bonvoy points at 0.85 cents each for now.

Unexpected points and miles devaluations are another reminder of why you shouldn’t hoard airline miles and hotel points and why it’s often better to earn transferable currencies.

Travel credit card offers

On that note, 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.

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 has a welcome offer of 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening.

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 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, 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. 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 they spend $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

Ink Business Preferred Credit Card

The Ink Business Preferred® Credit Card has a welcome offer 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 the higher spending requirements of other cards. 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 and advertising (i.e., with social media sites and search engines) purchases and internet, cable and phone services 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.