What are points and miles worth? TPG’s April 2024 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 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 inner workings of the programs. 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.
Note: These valuations are not provided by card issuers.
What are credit card points and miles worth?
| Program | April 2024 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | Dates for presale U.S. Open tickets have been announced for American Express cardholders. |
| Bilt Rewards | 2.05 | |
| Capital One | 1.85 | |
| Chase Ultimate Rewards | 2.05 | Targeted cardholders can earn up to 10,000 bonus points through Chase Travel℠. Chase Sapphire Reserve® cardmembers will lose Priority Pass restaurant access. Chase Freedom Q2 categories are now live with up to 9% cash back at hotels, restaurants and Amazon. |
| Citi ThankYou Rewards | 1.8 | |
| Wells Fargo | 1.6 (new for April 2024) | The Wells Fargo Autograph Journey℠ Visa® Card is now available online with a 60,000 bonus point welcome offer after spending $4,000 in the first three months. |
The information for the Wells Fargo Autograph Journey Visa Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
What are airline points and miles worth?
| Program | April 2024 valuation (cents) | Latest news |
|---|---|---|
| Air Canada Aeroplan | 1.5 | |
| Alaska Airlines Mileage Plan | 1.53* | Alaska Airlines is starting a $5-per-month subscription service for deals and more. Alaska responds to Avelo's Sonoma growth, and adds new Las Vegas route. Alaska Airlines Mileage Plan is restricting partner benefits on award tickets. The airline's new 'Global Getaways' feature has partner award deals to Maldives, Bali and Fiji. |
| American Airlines AAdvantage | 1.58* | South America's JetSmart will adopt AAdvantage as its loyalty program. American has debuted new Wi-Fi redemptions, but stops short of making it free. American is upgrading its New York-to-Rome route with a first-class cabin. |
| All Nippon Airways Mileage Club | 1.4 | |
| Asia Miles | 1.3 | |
| Avianca LifeMiles | 1.7 | |
| Avios | 1.5 | |
| Delta Air Lines SkyMiles | 1.2* | Delta is cutting 3 routes from Los Angeles and adding a new regional flight from Detroit. The airline is testing removing customer service desks at 2 Sky Clubs. You can earn up to 500 bonus SkyMiles with this Starbucks offer. |
| Emirates Skywards | 1.2 | |
| Etihad Airways Guest | 1.2 | |
| Flying Blue | 1.2 | |
| Frontier Airlines Frontier Miles | 1.1 | |
| Hawaiian Airlines HawaiianMiles | 0.9 | |
| JetBlue TrueBlue | 1.35* | JetBlue is cutting cities and adjusting Los Angeles services amid a major network realignment. The airline has increased checked bag fees again. |
| Korean Air SkyPass | 1.7 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Airlines Rapid Rewards | 1.37* | Southwest is considering red-eye flights for the first time. The airline cut a popular Hawaii route but added 3 new seasonal flights. |
| Spirit Airlines Free Spirit | 1.1 | Spirit Airlines is eyeing more connecting flights and less reliance on Florida as it attempts a business turnaround. The airline is adding nine new routes in the latest network adjustment. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United Airlines MileagePlus | 1.32* | United MileagePlus now lets you pool your miles with family and friends. This new United feature notifies you if your preferred seat becomes available. |
| Virgin Atlantic Flying Club | 1.5 |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | April 2024 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | Accor's first Orient Express train opens for bookings next month. |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.6 | Hilton has 2 new resorts in the Seychelles that you can book from 86,000 points per night. |
| IHG One Rewards | 0.5 | You could earn bonus points and extra elite night credits on IHG stays this spring. |
| Marriott Bonvoy | 0.84 | You can now earn Bonvoy points with the sports betting app BetMGM. Link your Marriott and Uber accounts to earn up to 2,500 Marriott Bonvoy points. |
| World of Hyatt | 1.7 | With World of Hyatt's latest promotion, you can earn double Hyatt night credits at Thompson and Dream hotels. The first Hyatt Vivid all-inclusive resort has opened in Cancun. |
| Wyndham Rewards | 1.1 |
Points and miles news
Is Wells Fargo about to shake up the transferable credit card point market? It was once a small player in the space compared to the likes of American Express, Chase and Citi. But, probably the most exciting news to report is that you now can transfer Wells Fargo points to the following travel partners:
- Air France-KLM Flying Blue
- Avianca LifeMiles
- Avios, by way of British Airways Executive Club, Aer Lingus AerClub or Iberia Plus
- Choice Privileges
This list of transfer partners is significantly shorter than other transferable currencies — hence our 1.6-cent valuation for Wells Fargo points. The list is small but mighty. Flying Blue is a valuable SkyTeam loyalty program, with Saver-level business-class awards to Europe from just 50,000 miles each way and the monthly Flying Blue Promo Rewards offering even lower prices on select routes.
Across multiple programs, Avios offers great pricing on short-haul domestic awards flying American or Alaska. You can also enjoy one of the industry's best sweet spots, with 34,000 Avios for off-peak business-class flights from the U.S. east coast to Spain on Iberia. Also, did you know Avianca LifeMiles is one of the best ways to book Lufthansa first class?
The Wells Fargo Autograph Journey Card — which now earns transferable points — is currently available online with a 60,000 bonus point welcome offer after spending $4,000 in the first three months. The Autograph Journey Card comes with a $95 annual fee but offers a $50 annual statement credit for airfare purchases. This statement credit offsets more than half the annual fee if you fully use it. See our Wells Fargo Autograph Journey Card review for more details.
The information for the Wells Fargo Autograph Journey Visa Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Travel credit card offers
Beyond those developments, there is no shortage of cards offering great welcome bonuses. Here are a few of our favorites this month.
Chase Sapphire Preferred® Card
Right now, the Chase Sapphire Preferred® Card is offering a welcome bonus of 60,000 bonus points after you spend $4,000 in the first three months of account opening. Per our valuations, that's worth $1,230 when you leverage transfer partners or $750 if you redeem through the Chase travel portal at 1.25 cents per point.
The card comes with a $95 annual fee, travel protections and additional perks — like a $50 annual hotel credit for reservations made through the Chase travel portal and a 10% anniversary points bonus based on your previous year's spending. For more details, check out our Chase Sapphire Preferred Card review.
Of course, you may want to spring for the Chase Sapphire Reserve® instead. While the card has a hefty $550 annual fee, it includes perks like Priority Pass lounge access, an annual $300 travel credit and a Global Entry or TSA PreCheck credit, among other benefits. Plus, you'll earn 3 points per dollar on travel and dining expenses, so you can quickly rack up rewards for your next big trip.
Official application link: Chase Sapphire Preferred Card
Capital One Venture X Rewards Credit Card
On the higher end of the spectrum is the Capital One Venture X Rewards Credit Card, one of the market's most exciting travel credit cards, thanks to great earning rates and included perks.
The card currently offers a welcome bonus of 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening — worth $1,388 according to our valuations, thanks to Capital One's excellent airline and hotel transfer partners.
Check out our Capital One Venture X Rewards Credit Card review for more details.
Official application link: Capital One Venture X Rewards Credit Card
Capital One Venture Rewards Credit Card
The standard Capital One Venture Rewards Credit Card currently offers the same welcome bonus as the Venture X. You can earn 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Like the Venture X, the Venture card earns at least 2 miles per dollar on everything you purchase.
Check out our Capital One Venture Rewards Credit Card review for more details.
Official application link: 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 — though you may be targeted for a higher offer through the CardMatch tool (offer subject to change at any time).
Of course, the card is jam-packed with benefits like airport lounge access and hotel elite status. The card has a $695 annual fee (see rates and fees). Enrollment is required for select benefits.
For more details, check out our Amex Platinum review.
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 60,000 Membership Rewards points after you spend $6,000 on eligible purchases on your new card within the first six months of card membership. This welcome offer is worth $1,200 based on our valuations — but be sure to check the CardMatch tool to see if you're targeted for an even higher offer. (Offers are subject to change at any time.)
The Amex Gold Card is great for many everyday purchases. You'll earn 4 points per dollar 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 on dining at restaurants. The card has a $250 annual fee (see rates and fees).
For more details, check out our Amex Gold review.
Official application link: American Express Gold Card
The Business Platinum Card® from American Express
The Business Platinum Card® from American Express offers 120,000 Membership Rewards points after you spend $15,000 on eligible purchases with your card in the first three months of card membership. Per our valuations, this welcome offer is worth at least $2,400, but you can get even more value when redeeming for high-end airfare.
You'll find many lesser-known Amex Business Platinum perks that are similar to (but slightly different from) the personal version. Check out our comparison of the Amex Platinum and the Business Platinum to see which card fits your wallet better.
For more details, check out our Amex Business Platinum review.
Official application link: The Business Platinum Card from American Express
Capital One Venture X Business
The Capital One Venture X Business card launched in September 2023. The card currently offers a welcome bonus of 150,000 miles after you spend $30,000 in the first three months from account opening. While that's a large spending requirement, those rewards can go a long way toward your next trip.
The Venture X Business features perks that are nearly identical to those on the personal version of the card — including a $300 annual credit for bookings through Capital One Travel, extensive airport lounge access and 10,000 bonus miles each year after your cardholder anniversary.
For more details, check out our Capital One Venture X Business review.
Official application link: Capital One Venture X Business
Ink Business Preferred® Credit Card
The Ink Business Preferred® Credit Card offers a generous welcome bonus of 100,000 Ultimate Rewards points after you spend $8,000 in the first three months after card opening. This is worth over $2,000 by our current valuation. It could be a great option for business owners looking to benefit from a six-figure welcome bonus who might not reach the higher spending requirements of the Capital One Venture X Business welcome offer.
This card also offers triple points on the first $150,000 in combined purchases each year on travel; shipping; internet, cable and phone services; and advertising purchases made with social media sites and search engines.
For more details, check out our Ink Business Preferred Credit Card review.
Official application link: Ink Business Preferred Credit Card
Airline credit cards
Delta and Amex announced changes to the Delta Amex cards in February. Here are the current welcome offers:
| Card | Welcome offer | Annual fee | Bonus value* |
|---|---|---|---|
| Delta SkyMiles® Gold American Express Card | Earn 40,000 bonus miles after you spend $2,000 in purchases on your new card in your first six months. | $0 introductory fee for the first year, then $150 (see rates and fees) | $480 |
| Delta SkyMiles® Platinum American Express Card | Earn 50,000 bonus miles after you spend $3,000 in purchases on your new card in your first six months. | $350 (see rates and fees) | $600 |
| Delta SkyMiles® Reserve American Express Card | Earn 60,000 bonus miles after you spend $5,000 in purchases on your new card in your first six months. | $650 (see rates and fees) | $720 |
| Delta SkyMiles® Gold Business American Express Card | Earn 55,000 bonus miles after $4,000 in spending in the first six months of card membership. | $0 introductory fee for the first year, then $150 (see rates and fees) | $660 |
| Delta SkyMiles® Platinum Business American Express Card | Earn 65,000 bonus miles after $6,000 in spending in the first six months of card membership. | $350 (see rates and fees) | $780 |
| Delta SkyMiles® Reserve Business American Express Card | Earn 75,000 bonus miles after $10,000 in spending in the first six months of card membership. | $650 (see rates and fees) | $900 |
*Bonus value is based on TPG valuations and is not provided or reviewed by the issuer.
Check out our list of the best travel credit cards for other options that could fit your wallet.
Related: How to choose the best credit card for you
For rates and fees of the Amex Platinum Card, click here.
For rates and fees of the Amex Gold Card, click here.
For rates and fees of the Delta Gold Card, click here.
For rates and fees of the Delta Gold Business Card, click here.
For rates and fees of the Delta Platinum Card, click here.
For rates and fees of the Delta Platinum Business Card, click here.
For rates and fees of the Delta Reserve Card, click here.
For rates and fees of the Delta Reserve Business Card, click here.