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Editor’s note: This is a recurring post, regularly updated with new information and offers.

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).

This month, our model showed a bit of variation with these numbers — though none of them were significant compared to previous runs of the data.

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 and miles worth?

What are airline points and miles worth?

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

What are hotel points worth?

Points and miles news

If you were planning a Turkish Miles&Smiles redemption, you should book it immediately. The program just announced a significant devaluation to commence on Feb. 16, with significant price increases across the board and a frustrating new per-segment structure that means your sweet-spot award to Europe (previously 45,000 miles each way in business class) will cost 85,000-90,000 later this month.

For this reason, we have reduced our valuation of Miles&Smiles from 1.3 to 1.2 cents each this month.

The other big news came from Delta and American Express, as the duo launched major changes to their personal and business cobranded credit cards. With higher annual fees and a slew of new statement credits, it’s another indication of issuers moving their cards to more of a lifestyle value proposition — rather than just focusing on travel benefits.

In more positive news, Chase continues to disrupt the domestic airport lounge scene by opening two new lounges in New York.

First was the Sapphire Lounge by The Club at New York’s LaGuardia Airport (LGA), which TPG’s Zach Griff now considers the best lounge in the airport. It features a 360-degree bar, a photo booth and even a hidden speakeasy-style retro arcade. To elevate the experience even higher, three Reserve Suites can be booked separately, starting at an eyebrow-raising $2,300 for a three-hour slot.

Then, just a week later, Chase opened the Sapphire Lounge by The Club at New York’s John F. Kennedy International Airport Airport (JFK). This second airport takes over the former Etihad Airways lounge in Terminal 4. While not as jaw-droppingly good as the new LaGuardia lounge, it is still a step up from your average Priority Pass effort.

Travelers holding the Chase Sapphire Reserve enjoy unlimited access to these two lounges (including two guests) through the complimentary Priority Pass membership offered with the card. Those with Priority Pass memberships through other cards (or purchased directly from Priority Pass) can access them once per year as a tempting taster, with extra visits (or guests) charged at $75 per visit.

Chase’s impressive investment in these lounges is likely part of a wider strategy to increase the value of the Sapphire Reserve. This card was one of the best options for frequent travelers when it first hit the market, but competition has heated up in the years since. Even it’s lower-priced brethren — Chase’s own Sapphire Preferred Card — carries generous earning rates, solid perks and comparable travel protections.

That said, the Reserve card’s higher annual fee could now be a savvy investment if you live in New York or pass through these airports regularly.

Read more: Chase Sapphire Preferred vs. Sapphire Reserve: Should you go mid-tier or premium?

In other news, the following loyalty programs are also offering bonuses on purchasing points and miles:

• Alaska Airlines MileagePlan: Earn up to a 60% bonus on points purchases by Feb 24 with purchase rates as low as 1.85 cents per point.
• Hilton Honors: Get a 100% bonus on purchased points by March 12, at 0.5 cents per point.
• JetBlue TrueBlue: Earn a 90% bonus when you buy 3,000 or more points before March 31, 2024, at a rate as low as 1.32 cents per point.
• Southwest Airlines Rapid Rewards: Earn up to a 45% bonus on points purchases by Feb. 23 with purchase rates as low as 1.65 cents per point.

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 spent on 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 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 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 spent on everything you purchase.

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 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).

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 spent 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 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.

Official application link: American Express Gold Card