What are points and miles worth? TPG’s May 2025 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 credit card rewards 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 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 use extensive data for the top seven 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 | May 2025 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | You may want to transfer your Amex points to HawaiianMiles soon. |
| Bilt Rewards | 2.05 | Bilt added Southwest Rapid Rewards as its newest transfer partner.
Bilt Rewards will now let you pay your rent with more credit cards. You can now pay your student loan debt with Bilt Points. |
| Capital One | 1.85 | |
| Chase Ultimate Rewards | 2.05 | Chase launched a new Sapphire dining program to elevate your dining game. |
| Citi ThankYou Rewards | 1.8 | Citi ThankYou Rewards devalued Emirates Skywards point transfers. |
| Wells Fargo Rewards | 1.6 |
What are airline points and miles worth?
| Program | May 2025 valuation (cents) | Latest news |
|---|---|---|
| Air Canada Aeroplan | 1.4 | Air Canada will debut a new cabin look on Airbus A220s that features large overhead bins for 19 extra bags. |
| Alaska Airlines Mileage Plan | 1.5* | Earn Alaska elite status through 2026 by taking one round-trip flight.
Alaska Airlines and Hawaiian Airlines will join forces at Terminal 8 at New York City's John F. Kennedy International Airport (JFK). You'll soon be able to use Alaska Airlines' Companion Fare on Hawaiian Airlines flights. Alaska Airlines added three new routes in a big San Diego expansion but cut four high-profile routes, including two transcons. |
| American Airlines AAdvantage | 1.65* | American has received its first Boeing 787 Dreamliners that will sport new Flagship Business suites.
American Airlines AAdvantage reduced its award ticket hold times and tweaked its boarding process. American Airlines announced that free Wi-Fi is coming next year. You can fast-track to AAdvantage elite status with a targeted offer for up to 75,000 bonus Loyalty Points. American adds seven new O'Hare International Airport (ORD) routes in its battle for Chicago with United Airlines. Just days after United, the airline added a new city in Mexico. |
| ANA Mileage Club | 1.4 | ANA Mileage Club will soon change its program to allow one-way award flights and eliminate round-the-world award tickets.
ANA unveiled new premium economy seats, but a big business-class announcement looms. |
| Avianca LifeMiles | 1.4 | |
| Avios | 1.4 | |
| Cathay Asia Miles | 1.3 | Cathay Pacific launched flights to its sixth US city. |
| Delta SkyMiles | 1.2* | The new Delta SkyMiles partnership with Uber is live.
Delta was the first U.S. airline to slash growth as the trade war takes its toll on travel. Delta confirmed a business-class lounge is coming to Atlanta and provided a free Wi-Fi update. Delta added three domestic routes, including two unusual flights from New York City to the West. The airline also announced plans to ramp up Caribbean service with 10 routes and two new islands. However, Delta is ending flights to Tahiti in French Polynesia. |
| Emirates Skywards | 1.2 | Chase and Amex will temporarily suspend Emirates Skywards point transfers. |
| Etihad Guest | 1.2 | Etihad unveiled new first- and business-class suites coming to single-aisle jets. |
| Flying Blue | 1.3 | Get a good deal with the current set of Flying Blue Promo Rewards.
Air France showed off a new and expanded business-class lounge in Paris. |
| Frontier Miles | 1.1* | Frontier Airlines has chosen seats for its new first-class product. |
| HawaiianMiles | 1.2 | |
| JetBlue TrueBlue | 1.35* | After talks for a revised American and JetBlue partnership broke down, JetBlue said it will expand its TrueBlue map with a new U.S. partner, which it plans to announce within the next two months.
JetBlue launches TrueBlue redemptions on Japan Airlines flights to Tokyo and beyond. You can now redeem JetBlue TrueBlue points on Icelandair flights. |
| Korean Air SkyPass | 1.7 | |
| Singapore KrisFlyer | 1.3 | |
| Southwest Rapid Rewards | 1.3 (down from 1.4)* | Southwest Airlines' first extra-legroom seats will appear on its planes starting this month. The airline also unveiled extra-legroom perks for credit card holders and new names for all fares.
Southwest has expanded its partnership with Icelandair. |
| Spirit Airlines Free Spirit | 1.1 | Spirit Airlines has landed in Savannah, Georgia, and added a new city in a postbankruptcy expansion. |
| Turkish Miles&Smiles | 1.2 | |
| United MileagePlus | 1.35* | Register for United's latest Mile Play promotion.
United has debuted its revamped Polaris Lounge in Chicago. United cut a splashy long-haul route, added two international flights from Denver and doubled down on its Asia strategy. United says it still sees strength for international vacations and premium seats. |
| Virgin Atlantic Flying Club | 1.4 |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | May 2025 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.6 | |
| IHG One Rewards | 0.5 | IHG increased its unofficial award pricing caps. |
| Marriott Bonvoy | 0.7 | Marriott announced plans to acquire CitizenM in a $355 million deal. |
| World of Hyatt | 1.7 | World of Hyatt cardholders can earn up to 100,000 points by glamping this summer.
The New York boutique hotel home to Scarpetta is now part of Hyatt. TPG got a first look at the freshly renovated Hyatt Regency Maui Resort and Spa. |
| Wyndham Rewards | 1.1 |
Here are some of the best options this month if you're looking for a new travel rewards card that earns transferable points or miles.
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 after spending $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 offers 75,000 bonus miles after spending $4,000 on purchases within the first three months from account opening.
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 spending $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 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 spent at restaurants worldwide (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 bonus points after spending $20,000 on eligible purchases in the first three months of card membership. Plus, new cardholders can earn a $500 statement credit after spending $2,500 on qualifying flights booked directly with airlines or through American Express Travel in the first three months of card membership. You can earn one or both of these offers, which end June 30. Per our valuations, this welcome offer, including the statement credit, is worth up to $3,500.
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, read 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 (see rates and fees) has a welcome offer of 90,000 bonus points after spending $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.