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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 well you can maximize a particular loyalty currency. Still, some rewards credit cards are clearly 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 the price at which we would purchase the miles, award costs in the program (factoring in availability and fees) and our own 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 (you can read our full breakdown of this methodology in our explainer post).

For another month, our model again shows consistency with these numbers — though we’ll be sure to update in future months when they do change.

Looking for a convenient way to see all of your points and miles in one place? Download the free TPG app!

Note: These valuations are not provided by card issuers.

What are credit card points/miles worth?

What are airline miles worth?

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

What are hotel points worth?

Points and miles news

Alaska Airlines surprised the aviation industry earlier this month (on a Sunday of all days), announcing its intention to acquire Hawaiian Airlines for $1.9 billion. This came less than a month after the carrier released more information on its planned award chart changes for 2024.

While airline acquisitions can sometimes send fear through travelers with potentially reduced competition leading to higher fares, the announcement was met positively by many points and miles enthusiasts, especially beyond Alaska and Hawaiian’s own members.

Assuming the merger is approved by regulators, Alaska plans to bring Hawaiian Airlines into the Oneworld alliance — which could unlock a variety of new redemption options to get to Hawaii (or beyond) using rewards. While American Airlines already had a partnership with Hawaiian, it excludes flights to (and from) the continental U.S. This acquisition could change that.

Of course, it remains to be seen how the two programs would be integrated and what this would mean for existing balances, but it’s very possible that this could be a big win for travelers.

Beyond the big Alaska-Hawaiian announcement, there are a handful of ongoing transfer bonuses to be aware of:

• American Express Membership Rewards:
  • 30% bonus to Virgin Atlantic Flying Club and Hilton Honors through Dec. 31
  • 20% bonus to Singapore Airlines KrisFlyer through Dec. 31
  • 15% bonus to Avianca LifeMiles until Dec. 10
• Chase Ultimate Rewards:
  • 20% bonus to Air Canada Aeroplan through Jan. 15, 2024
  • 20% bonus to JetBlue TrueBlue through Jan. 10, 2024

In addition, plenty of potentially lucrative promotions launched for buying points or miles — including offers from American AAdvantage, United MileagePlus and Hilton Honors. Some of these can be more lucrative than others, so be sure to carefully consider whether one is worth it before completing the transaction.

Related: The best credit cards for buying points and miles

Finally, there were some notable loyalty program changes heading into the last month of the year. After adding the ability to book JetBlue flights with Avios, Qatar Airways quickly pivoted and increased the award rates. And it’ll now cost you more Virgin points to book many Delta itineraries — further reducing the value of what was previously a notable sweet spot in Virgin Atlantic’s Flying Club program.

However, it wasn’t all bad news, as World of Hyatt announced some updates to its Milestone Rewards as it continues to drive value for its members.

Travel credit card offers

Beyond these developments, there is no shortage of great welcome bonuses on many popular cards — 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 TPG’s valuation, 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 manageable $95 annual fee, along with a variety of 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.

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 all travel and dining expenses, so you can quickly rack up rewards for your next big trip.

For more details, check out our full review of the Chase Sapphire Preferred card.

Official application link: Chase Sapphire Preferred

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 most exciting travel credit cards on the market, thanks to great earning rates and included perks.

The card is currently offering 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.

For more details, check out our full review of the Capital One Venture X Rewards Credit Card.

Official application link: Capital One Venture X Rewards Credit Card

Capital One Venture Rewards Credit Card

The standard Capital One Venture Rewards Credit Card is currently offering 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 2 miles per dollar on everything.

For more details, check out our full review of the Capital One Venture Rewards Credit Card.

Official application link: Capital One Venture Rewards Credit Card

The Platinum Card® from American Express

With the current welcome offer on the Amex Platinum, you’ll earn 80,000 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).

American Express® Gold Card

One of the most popular cards with TPG staffers, the Amex Gold 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 (offer subject to change at any time).

The card is great for many everyday purchases. You’ll earn 4 points per dollar 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 full review of the Amex Gold Card.

Official application link: American Express Gold Card