What are points and miles worth? TPG’s July 2025 monthly valuations
Editor's Note
Quick summary
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 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 points or miles, award costs in the program (factoring in availability and fees), and our expertise in the program's inner workings. However, we now use extensive data for the top seven 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.
What are credit card points and miles worth?
| Program | July 2025 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | The Business Platinum Card® from American Express will soon restrict its 35% Pay with Points bonus.
Amex will do a major revamp of the Platinum Card later this year. |
| Capital One | 1.85 | Here's your look inside the new Capital One "flagship" lounge at John F. Kennedy International Airport. |
| Chase Ultimate Rewards | 2.05 | Chase debuted its new premium card, the Chase Sapphire Reserve for Business℠ (see rates and fees).
The Sapphire Reserve refresh brings new earning rates and more statement credits for a higher annual fee. Chase is getting into the vacation home rental game, but only for select cardholders. |
| Citi ThankYou Rewards | 1.85 (up from 1.8) | |
| Wells Fargo Rewards | 1.6 |
What are Bilt Rewards Points worth?
| Program | July 2025 valuation (cents) | Latest news |
|---|---|---|
| Bilt Rewards | 2.2 (up from 2.05) |
What are airline points and miles worth?
| Program | July 2025 valuation (cents) | Latest news |
|---|---|---|
| Air Canada Aeroplan | 1.4 | |
| Alaska Airlines Mileage Plan | 1.5* | Alaska Airlines is adding Touchless ID at three airports. |
| American Airlines AAdvantage | 1.55 (up from 1.5)* | American Airlines added two new destinations in a seven-route expansion.
We were on the inaugural flight of American's new 787-9P in a Flagship Suite Preferred seat. American unveiled instant upgrades alongside plans to retire its mileage award upgrade chart. You can now redeem AAdvantage miles on South America's JetSmart. |
| ANA Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.4 | |
| Avios | 1.4 | Iberia is planning six new transatlantic routes, a fleet expansion and new lounges.
Finnair added nonstop flights between Toronto and Helsinki. |
| Cathay Asia Miles | 1.3 | Cathay Pacific just launched its stunning Aria Suites in North America. |
| Delta SkyMiles | 1.15 (down from 1.25)* | Delta Air Lines discussed retrofits, new aircraft and a possible hub. The airline also added two new long-haul routes from Seattle to compete with Alaska Airlines.
Delta opened a new Seattle business-class lounge. You can earn up to 110,000 miles with limited-time Delta American Express welcome offers. |
| Emirates Skywards | 1.2 | Credit card transfers to Emirates Skywards have returned. |
| Etihad Guest | 1.2 | |
| Flying Blue | 1.3 | |
| Frontier Miles | 1.15 (up from 1.1)* | |
| HawaiianMiles | 1.5 | |
| JetBlue TrueBlue | 1.45 (up from 1.35)* | Earn up to 350,000 JetBlue TrueBlue points and Mosaic elite status for 25 years with this incredible promotion.
JetBlue will exit Miami and go seasonal in Seattle. |
| Korean Air SkyPass | 1.7 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Rapid Rewards | 1.4 (up from 1.3)* | Southwest Airlines is looking for new loyalty opportunities and a return to international flying. |
| Spirit Airlines Free Spirit | 1.1 | Spirit Airlines slammed "anti-competitive" United Airlines-JetBlue pact, and called for a U.S. Department of Transportation review. |
| Turkish Airlines Miles&Smiles | 1.2 | You could win 1 million miles if you fly Turkish Airlines to six continents. |
| United MileagePlus | 1.3 (down from 1.35)* | United Airlines unveiled big changes to PlusPoints upgrades.
The airline is improving the connecting experience with tech upgrades and has expanded its Newark Polaris Lounge with a new dining room. United has big off-the-beaten-path plans for 2026 and beyond following its historic new nonstop flight to Greenland. |
| Virgin Atlantic Flying Club | 1.3 (down from 1.4) | Virgin Atlantic increased the surcharges on award tickets. |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | July 2025 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.5 | Earn up to 175,000 points with new Hilton card offers.
Small Luxury Hotels of the World properties continue joining and leaving Hilton Honors; here are some recent moves. Here's a sneak peek inside the multibillion-dollar Waldorf Astoria New York remodel. Hilton Honors award reservations made at four resorts, now operated by Hyatt, are being canceled at the last minute. |
| IHG One Rewards | 0.5 | |
| Marriott Bonvoy | 0.7 | The dreamy new JW Marriott Crete Resort & Spa is now open.
Check out the current Marriott Bonvoy card offers, including one with up to five free nights. |
| World of Hyatt | 1.7 | Here's what using Hyatt perks at Standard hotels is really like.
Here's your first look at the Andaz Miami Beach. You can earn 500 World of Hyatt points per Peloton ride this summer. The Park Hyatt Johannesburg opened July 1, and a new Hyatt all-inclusive resort just opened in Aruba. A 1,000-room Hyatt with a casino could be coming to Manhattan. |
| Wyndham Rewards | 1.1 |
Changes to our valuations this month
As you can see, there are some notable changes to the valuations and to the format for the transferable rewards. For starters, we have decided to split out Bilt Rewards from other card issuer programs. While Bilt has its own credit card, you can earn points in various ways outside of being a cardholder. For the other programs, you must have an eligible card to participate.
In addition, it had been some time since we updated our proprietary formula for valuing transferable rewards. We reran the calculations for this month's valuations and saw two currencies increase in value:
- Bilt Rewards: Increases from 2.05 to 2.2 cents per point
- Citi ThankYou Rewards: Increases from 1.8 to 1.85 cents per point
Both programs have invested heavily in adding new transfer partners in recent years — most recently, Bilt added Japan Airlines Mileage Bank — so these new numbers reflect the additional value you can get.
Related: Why transferable points and miles are worth more than other rewards
Top points and miles news for July
June saw a series of major announcements from Chase regarding its Sapphire card lineup.
Sapphire Reserve refresh
The issuer has refreshed its premium travel rewards card, the Chase Sapphire Reserve (see rates and fees). To celebrate, you can earn a best-ever, limited-time welcome offer of 100,000 bonus points plus a $500 Chase Travel℠ promo credit after spending $5,000 on purchases in the first three months from account opening.
Other changes on the Sapphire Reserve include updated earning rates, including 4 points per dollar spent on flights booked directly and 4 points per dollar spent on hotels booked directly, and a new annual fee of $795. Cardholders will also get up to $500 in statement credits for hotel bookings made with The Edit each calendar year ($250 in credits biannually on prepaid bookings with The Edit), up to $300 in statement credits each calendar year for dining at restaurants that are part of Sapphire Reserve Exclusive Tables ($150 in credits biannually) and more.
Related: Why I'm keeping my Chase Sapphire Reserve — even with its pricier $795 annual fee
New Sapphire Reserve for Business
Chase also unveiled a brand-new business card, the Chase Sapphire Reserve for Business, in June. This card carries a massive welcome offer of 200,000 bonus points after you spend $30,000 on purchases in your first six months from account opening.
This new business card earns 8 points per dollar spent on Chase Travel for airline tickets, hotels (including The Edit), car rentals, cruises, activities and tours. It also comes with flexible statement credits totalling over $2,500 annually, but it has a $795 annual fee.
Related: Who should get the Chase Sapphire Reserve for Business card?
Introduction of Points Boost
Chase's popular option to redeem Ultimate Rewards points through Chase Travel for 1.25 cents each if you have the Chase Sapphire Preferred® Card (see rates and fees) or Ink Business Preferred® Credit Card (see rates and fees), and 1.5 cents each if you have the Sapphire Reserve or Sapphire Reserve for Business, will be phased out and replaced by a new perk called Points Boost.
Chase will introduce this change slowly for existing cardholders. If you're an existing cardholder who opened your account before June 23, you can still redeem points earned before Oct. 26 of this year at the current rates until Oct. 26, 2027.
The good news is that Points Boost will offer redemptions of up to 2 cents per point on select hotels and flights with select airlines for Sapphire Reserve and Sapphire Reserve for Business cardholders, as well as up to 1.5 cents per point on select hotels and up to 1.75 cents on flights with select airlines for Sapphire Preferred and Ink Business Preferred cardholders.
Related: Chase Ultimate Rewards points: How to redeem for maximum value
Top offers for earning points and miles in July
Here are some of the other best options this month if you're looking for a new travel rewards card that earns transferable points or miles.
Capital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card is a compelling option due to its great earning rates and included perks. The card currently has a welcome offer of 75,000 bonus miles after you spend $4,000 on purchases within the first three months from account opening.
You'll earn at least 2 miles per dollar spent on purchases and get access to various useful benefits, including a $300 annual credit for bookings through Capital One Travel, 10,000 bonus miles each account anniversary and complimentary access to Capital One airport lounges. Check out our Capital One Venture X Rewards card review for more details.
Learn more: Capital One Venture X Rewards Credit Card
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card offers 75,000 bonus miles after you spend $4,000 on purchases within the first three months from account opening.
The annual fee for the Capital One Venture card is $95 — a reasonable amount for a card with such a generous welcome offer. See our Capital One Venture Rewards card review for more details.
Learn more: 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 can find out your offer and see if you are eligible to earn as high as 175,000 Membership Rewards points after spending $8,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
Our valuations peg these points at up to $3,500 based on the value you can get when leveraging the Membership Rewards transfer partners. The Amex Platinum is packed with benefits, so read our Amex Platinum review for all the details. The Amex Platinum has a $695 annual fee (see rates and fees).
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 new cardholders a welcome offer as high as 100,000 Membership Rewards points after they spend $6,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
The Amex Gold is great for many everyday purchases. You'll earn 4 points per dollar spent 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 spent at restaurants worldwide (on up to $50,000 in purchases per calendar year, then 1 point per dollar). The card has a $325 annual fee (see rates and fees), so check out our Amex Gold review to see whether it makes sense.
Official application link: American Express Gold Card
Ink Business Preferred Credit Card
The Ink Business Preferred Credit Card has a welcome offer of 90,000 bonus points after you spend $8,000 on purchases in the first three months after card opening.
The Ink Business Preferred offers 3 points per dollar spent on the first $150,000 in combined travel; shipping and advertising (i.e., with social media sites and search engines) purchases; and internet, cable and phone services each account anniversary year. For more details, check out our Ink Business Preferred Credit Card review.
Official application link: Ink Business Preferred Credit Card
For rates and fees of the Amex Platinum, click here.
For rates and fees of the Amex Gold, click here.