Updated April 2026
What Are Credit Card Points and Miles Worth? 2026 Valuations
Per-point valuations for 15 major programs. How the valuations are calculated, when points are worth more than average, and when you should just pay cash.
Master Points Valuation Table
Valuations are consensus estimates based on average redemptions across domestic economy, international business, and hotel stays. Individual redemptions may be significantly higher or lower.
| Program | Type | Avg. Value | Range | Best Use | Worst Use |
|---|---|---|---|---|---|
| Chase Ultimate Rewards | Flexible | 2.0c | 1.0-2.5c | Hyatt hotels, United business class | Cash back at 1.0c |
| Amex Membership Rewards | Flexible | 2.0c | 1.0-4.0c | Singapore Airlines, ANA, Air France promotions | Gift cards or shopping at 0.7c |
| Capital One Miles | Flexible | 1.8c | 1.0-2.5c | Air France/KLM, Turkish business class | Statement credit at 1.0c |
| Citi ThankYou Points | Flexible | 1.7c | 1.0-3.0c | Turkish business class to Europe | Amazon purchases at 0.8c |
| Bilt Rewards | Flexible | 1.8c | 1.0-2.5c | Hyatt hotels, United miles | Cash redemption at 0.55c |
| Alaska Mileage Plan | Airline | 1.7c | 1.0-2.5c | Cathay Pacific business class, Emirates | Companion fare on low-value routes |
| American AAdvantage | Airline | 1.6c | 1.0-2.5c | Cathay Pacific First Class, Japan Airlines | High-priced saver awards with fuel surcharges |
| United MileagePlus | Airline | 1.4c | 1.0-2.0c | ANA Business Class via United, domestic saver | Economy redemptions at inflated prices |
| Southwest Rapid Rewards | Airline | 1.3c | 1.2-1.5c | High-value routes, Companion Pass trigger | Low-demand routes (flat value) |
| JetBlue TrueBlue | Airline | 1.3c | 1.2-1.5c | Mint business class redemptions | Variable pricing can reduce value |
| Delta SkyMiles | Airline | 1.2c | 0.8-2.0c | Partner airline redemptions where available | Delta portal cash redemptions at 1.0c |
| World of Hyatt | Hotel | 1.8c | 1.0-3.5c | Park Hyatt luxury properties ($400+/night) | Category 1 properties (better to pay cash) |
| Marriott Bonvoy | Hotel | 0.8c | 0.5-1.5c | High-category redemptions, free nights | Low-tier properties at poor ratio |
| Hilton Honors | Hotel | 0.6c | 0.4-1.2c | 5th Night Free (5-night awards) | Cash + points redemptions |
| IHG One Rewards | Hotel | 0.5c | 0.3-1.0c | Kimpton properties, InterContinental | Budget properties with high point costs |
How to Calculate Your Own Redemption Value
Value (cpp) = (Cash price - fees paid) / Points used x 100
Worked example
Flight cash price$900
Award cost45,000 miles + $95 in taxes
Net cash value$900 - $95 = $805
Value per mile$805 / 45,000 x 100 = 1.79 cents/mile
Average valuation for this program1.4c (United MileagePlus)
Verdict1.79c > 1.4c average = good redemption
Real Redemption Examples
HotelExcellent
Above-average redemption: Park Hyatt Paris
25,000 Hyatt ptsCash: $600/night
2.4c/pt
Promo flightExceptional
Above-average redemption: Air France Tahiti business class
28,000 Flying Blue (promo)Cash: $3,500+
12c/pt
FlightGood
Average redemption: United domestic saver award
12,500 milesCash: $250
2.0c/pt
ShoppingPoor
Below-average: Amex MR for Amazon purchases
1,000 MR ptsCash: $7
0.7c/pt
FlightBelow average
Below-average: Delta SkyMiles for domestic economy
15,000 SkyMilesCash: $150
1.0c/pt
First class flightBest in class
Best possible: ANA first class via Amex/Chase
60,000 Chase UR to Virgin Atlantic, book ANACash: $10,000+
16c/pt
Frequently Asked Questions
How much are credit card points worth?
The value of credit card points varies significantly by program and how you redeem them. Chase Ultimate Rewards and Amex Membership Rewards are worth about 2.0 cents per point when transferred to premium airline or hotel partners. Capital One miles are worth about 1.8 cents per mile. Airline miles range from 1.2 cents (Delta SkyMiles) to 1.7 cents (Alaska Mileage Plan). Hotel points are worth 0.5-1.8 cents, with Hyatt being the most valuable at 1.8 cents and IHG and Hilton being the weakest at 0.5-0.6 cents.
How do I calculate the value of my points redemption?
Use this formula: (Cash price of what you are booking in dollars - taxes and fees paid) / Points used x 100 = cents per point. Example: A flight costs $800 cash. You book it for 40,000 miles + $75 in taxes. Value = ($800 - $75) / 40,000 x 100 = 1.81 cents per point. If this is higher than the currency's average valuation, it is a good redemption. If lower, consider paying cash or finding a better award.
Why are Hyatt points worth so much more than Marriott points?
Hyatt maintained award charts (fixed point prices per category) longer than Marriott and Hilton, which moved to dynamic pricing. Even with some dynamic pricing introduced, Hyatt's peak rates remain competitive. A Park Hyatt that costs $700/night in cash can often be booked for 25,000-30,000 Hyatt points. That is 2.3-2.8 cents per point. Marriott's equivalent luxury property at $700/night would cost 70,000+ Bonvoy points - roughly 1.0 cent per point. Same outcome, very different point efficiency.
When should I redeem for cash back instead of travel?
Consider cash back redemptions when: you have no upcoming travel booked, the travel redemption value is below 1.0 cent per point, or you have a large balance you need to liquidate before expiry. Cash redemptions on most programs yield 0.6-1.0 cents per point, which is significantly below the 1.5-2.0+ cents achievable via travel transfers. Avoid cash redemptions with Amex MR or Chase UR if you have any travel plans in the next 12 months - you will leave significant value on the table.