Whether you’re new to travel rewards or have earned free trips for years, the world of points and miles can be chaotic. Not only does it have a large number of airline, hotel and credit card reward programs to sort, but each has its own reward currency, transfer partners and other redemption habits.
Add to this that not all points and miles have the same value. This means that 50,000 points from one program are worth more than 100,000 points from another program. With so many variables being played, how can you determine how to best use your miles value and points?
That’s where we come in. We have collected data on over 50 flights and hotel bookings from the most popular airlines, hotels and credit card reward programs, showing how much your points and miles can take you. These are the latest points and Miles ratings for Bankrate.
What do these ratings mean?
The value of airline and hotel rewards varies dramatically depending on the reward program and booking details, with values ranging from about 0.4 cents per point or miles to 3 cents or 1 mile per point. This makes it difficult to determine how far the reward will take you when planning a trip.
These points and miles ratings make it easy to determine what rewards you want to earn and see if you are getting good value for each program by thinking about what rewards you earn on average.
On the other hand, many common travel credit cards are either redeemed for a certain value for travel with the issuer or transferred to an airline or hotel program to earn rewards that are redeemed for another (potentially higher) value.
For example, using the right credit card, Chase Ultimate Rewards points are worth 1.25 cents per point if redeemed to travel through the issuer’s booking portal. However, if you transfer these points to your airline or hotel partner, you can increase your reward value on average to 1.5 cents per 1.5 cents (estimated as the Southwest Rapid Rewards Program), and even on average over 2.3 cents (estimated in the Hyatt Program world).
These ratings help you decide when it makes sense to redeem your reward through the card issuer and transfer it to your airline or hotel loyalty program (based on the value you get from that red).
How to calculate reward values
To see how much value you can get from your rewards on your individual flight or hotel stay, split the cost of your booking by points or miles.
For example, a flight worth $139 or 21,500 points would offer around 0.6 cents per point ($139/21,500 points = ~$0.006). If the same flight costs $250, you’ll get around 1.2 cents per point (250/21,500 points = ~ $0.012).
Once you have calculated the potential reward values, compare them with the estimated averages listed here. If the value you get matches or exceeds our estimated average, it is wise to use your reward to pay for the trip. If the value you get is not at our estimated average, consider using cash instead or trying another booking.
Please note that the value you can get from the reward depends not only on the program but also on the booking details. While some airlines and hotel rewards average better points value than others, your experience may vary depending on when and where you travel, and whether you choose a luxurious rate class or hotel class.
Note: These ratings will not be provided by the card issuer.
Airlines’ compensation value
The average airline miles were calculated by comparing the cost of dozens of bookings and reward costs from the dollars from these 29 popular airline loyalty programs. We have been able to make economy airfare bookings heavier and give you the best sense of how much value you can get from the typical flight rewards.
*Based on weighted averages of median/mile values for economic and first/business class fares.
Value of hotel rewards
We calculated the average reward value for these seven popular hotel loyalty programs. We considered a combination of budgets, middle class and luxury properties across several US and international cities to find the median value for each program.
*Based on median budgets, middle class and luxury hotel bookings.
The value of the credit card program
To give you a sense of the best way to redeem your reward, we were able to estimate the “baseline credit card point values” (for travel bookings made through the issuer) for each credit card issuer’s points or miles, whether it is worth the cashback, and how much value you could get for the issuer’s reunion (where possible) with the issuer’s best transfer partner.
When investigating your trip, you can use the issuer’s portal to transfer your credit card rewards to your airline or hotel partner to see how many miles it is. Based on this transfer ratio, we can see that moving to one partner over another will result in higher points value.
On the other hand, covering your expenses with cashback is a better option if it is not available at a redemption value of 1 cent points per cent through the issuer portal or through the transfer partner.
| Remuneration Program | Baseline values | Bank rate value* | 50,000 points/mile estimate |
|---|---|---|---|
| American Express Membership Rewards | 1 cent (0.6 cents for cash reward) |
2.0 cents | $1,000 |
| Bank of America Travel Rewards | 1 cent (1 cent for cash reward) |
1.0 cents | $500 |
| Bilt’s reward | 1.25 cents (0.55 cents for cash reward) |
2.1 cents | $1,050 |
| Capital 1 mile | 1 cent (1 cent for eligible travel purchase credits, 0.5 cent for other cashback redemption) |
1.7 cents | $850 |
|
Chase Ultimate Rewards (Chase SapphirePreferred®Cardand InkBusinessPreferred® Credit Card) |
1.25 cents (1 cent for cash reward) |
2.0 cents | $1,000 |
| Chase Ultimate Reward (Chase Sapphire Reserve®) | 1.5 cents (1 cent for cash reward) |
2.0 cents | $1,000 |
| Chase Ultimate Reward (Other Ultimate Reward Cards) | 1 cent (1 cent for cash reward) |
1.0 cents | $500 |
|
Citi Thank You Points (CitiPremier® Card – It’s no longer available)) |
1 cent (1 cent for cash reward) |
1.6 cents | $800 |
|
Citi thank you points (basic points of gratitude) |
1 cent (1 cent for cash reward) |
1.0 cents | $500 |
| Discover the miles | 1 cent (1 cent for cash reward) |
1.0 cents | $500 |
| US Bank Flexpaque | 1.5 cents (1 cent for cash reward) |
1.5 cents | $750 |
| Wells Fargo’s Reward | 1 cent (1 cent for cash reward) |
1.0 cents | $500 |
*Based on the average of the five highest transfer partners of the issuer (if available).
Credit Card Rewards vs Airline and Hotel Rewards
Credit Card Issuer Remuneration Program – Like Chase Ultimate Rewards and Amex Membership Rewards – typically offers more reliable value than miles bound by a particular airline or hotel program. These programs also stand out for their unparalleled flexibility.
Airline and hotel reward programs may offer high loyalty status reward rates, but these rewards can only be redeemed with that program and its partners. Rather than redeeming your rewards at a particular airline or hotel (and taking any value you can get), it’s the best General Travel Reward Card It offers the flexibility to travel points/miles between programs and find the best value. Can be redeemed via rewards Publisher’s Travel Portal Alternatively, you can transfer it to your airline or hotel program to get more value on your reward.
Plus, with many credit card reward programs, you may not have to redeem them for your trip. Many publisher programs allow you to redeem cashback, gift cards, products, and even purchase rewards via Amazon.com or PayPal. Even though I say that Maximize the value of your credit card rewardswe would probably recommend redeeming for travel through the issuer or taking advantage of the card’s top transfer partner.
Current reward value trends
As summer trips approach, some reward programs are beginning to look a bit more advantageous.
Southwest Airlines, for example, recently reduced the programme reward rate for Wanty Away fares, dropped the first two free check bags from all flyers, Changed rapid reward point redemption The value will fluctuate in March 2025. That same month, Air Canada introduced Variable aero plans reward pricing.
Add other headwinds like Proposed credit card law Lower consumer protection – including the uncertain fate of the US Department of Transportation Airline Reward Probe And the ongoing rage of the Consumer Financial Protection Bureau (CFPB). Historically protected users From devaluing rewards from consumers, and the future of point values is in the air.
Still, 2025 Bank Rate Survey This shows that there is even higher demand for reward cards than last year.
Our advice? Keep an eye on dynamic pricing and crunch the numbers before redemption to make sure you get solid value from your hard-earned rewards. Also, if you are worried about airline or hotel rewards being devalued, consider a more flexible, general-purpose reward card that allows you to transfer points to a variety of airlines and hotels or redeem your cashback for decent value.
cReduce card transfer bonuses for watching
Reward Transfer Bonus often stack 10% to 40% more points or miles to the total of transferred rewards. This means that if you transfer 10,000 points from one airline to another at a 1:1 rate, you will receive a 20% transfer bonus of 2,000 additional bonus points.
If they fit your travel plans, you may want to take advantage of these Top Transfer Bonus While they are available:
- American Express: 20% transfer bonus to Aero Mexico, 10% to 20% transfer bonus to Etihad Guests (both ends on April 30, 2025)
- Tracking: 80% transfer bonus to IHG One Rewards (until April 30, 2025)
- City: 30% transfer bonus to Virgin Atlantic Flying Club (until May 17, 2025)
How bankrate experts evaluate their rewards
Research Methodology
To estimate the average value of airline and hotel rewards, we collected price data on hundreds of flights and hotel stays using different routes, hotel locations, fares and hotel tier classes.
For each airline, we investigated short, intermediate, transcontinental routes, domestic and international routes, and mix of routes, from airline hubs to small airports. We considered both economic and business or first class fares for each route and compared cash and points/mile costs based on how far the trip has traveled beyond the booked departure.
For each hotel, we stayed in budget majors, midsize, international locations, looked into medium luxury properties and luxury properties, and compared cash and points costs again based on booking where we stayed.
We then divided the monetary expenses (minus taxes and fees) for each of these bookings by the fees to determine the cash value of a single point/mile for a particular flight or hotel stay. For example, a flight that costs $2,000 or 100,000 points will get a rating of 2 cents per point.
After determining the 1 point/mile value per booking, we found the median value offered on all bookings. This ensured that the overall programme point ratings were not distorted by high-value or low-value redemptions.
For hotel programs, this median is the final point rating. For airline programs, we used a weighted average of the economy and first-class point values to determine the final point/mile valuation, supporting the value of the economy. This is designed to reflect the value that program points provide for typical reward bookings.
For credit card rewards programs, our final point/mile rating is the average of each issuer’s five highest transfer partners (assuming these values are greater than the issuer’s baseline point redemption value). This assumes that reward-savvy travelers will primarily transfer points/miles from their credit card reward program to their travel partners to increase the value of their rewards, selecting partners that offer higher value compared to others.
All data was collected in October 2024.
