What are points and miles worth? TPG’s November 2025 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 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 utilize extensive data for the top seven U.S. airline loyalty programs to more accurately estimate the value you should aim to achieve 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 | November 2025 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | Here's why now isn't the time to cancel your American Express Platinum Card®. |
| Capital One | 1.85 | Capital One is introducing a new 48-month family eligibility rule across its Venture card lineup. |
| Chase Ultimate Rewards | 2.05 | |
| Citi ThankYou Rewards | 1.9 | The Citi Strata Elite℠ Card is offering its highest-ever welcome offer (for a limited time). |
| Wells Fargo Rewards | 1.6 | Wells Fargo Rewards added JetBlue TrueBlue as a transfer partner. |
What are Bilt Rewards Points worth?
| Program | November 2025 valuation (cents) | Latest news |
|---|---|---|
| Bilt Rewards | 2.2 | Bilt Cash will replace Milestone Rewards in 2026. Bilt Rewards added Etihad Guest as a new transfer partner. |
What are airline points and miles worth?
| Program | November 2025 valuation (cents) | Latest news |
|---|---|---|
| Aeromexico Rewards | 0.8 | |
| Air Canada Aeroplan | 1.4 | Air Canada made alcohol free on all flights and is targeting rivals with U.S. flights from Toronto's downtown airport. |
| Alaska Airlines Atmos Rewards | 1.55 (up from 1.5)* | Alaska Airlines and Hawaiian Airlines' Companion Fare discount is no longer available for stopovers.
Alaska Airlines announced two new cities, 13 new routes and seven route cuts. |
| American Airlines AAdvantage | 1.65 (up from 1.55)* | American Airlines is saying goodbye to Barclays, with Citi set to become the exclusive credit card partner. Citi and American Airlines have launched the new Citi® / AAdvantage® Globe™ Mastercard®.
American made a small but interesting change to its boarding process. The airline will introduce its swanky new Flagship Suites to its oldest long-haul planes and debut its posh new Airbus A321XLR just in time for the holidays. After operating in the U.S. for a bit, it will be used on flights to Scotland. American added 2026 flights with a focus on weekend getaways. AAdvantage members have a new points option for flights within South America. |
| ANA Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.4 | |
| Avios | 1.4 | St. Louis lands another route to Europe as British Airways adds 27th U.S. city. The airline recently unveiled a new Miami lounge. |
| Cathay Asia Miles | 1.3 | |
| Delta SkyMiles | 1.25 (up from 1.2)* | Delta Air Lines will introduce premium check-in areas at two additional hubs by the end of 2025. The airline launched a new service to Marrakech, Morocco; here's what it was like on the inaugural flight.
The airline has opened a new 34,000-square-foot Sky Club in Salt Lake City and will become the only U.S. airline to fly to Saudi Arabia. Delta will continue to operate wide-body planes on long flights. The airline also unveiled meals by celebrity chef José Andrés. |
| Emirates Skywards | 1.2 | |
| Etihad Guest | 1.2 | |
| Flying Blue | 1.3 | Air France will launch a new route from Las Vegas to Paris in 2026. |
| Frontier Miles | 1.25 (up from 1.15)* | Flying Frontier Airlines? You can now redeem miles for seats, bags and other perks. |
| JetBlue TrueBlue | 1.45* | The United Airlines-JetBlue Blue Sky partnership has begun, allowing you to earn and redeem rewards on either airline.
JetBlue cut one of its newest international destinations. JetBlue's newest redemption partner, Condor, is one of the best ways to book lie-flat seats to Europe. |
| Qantas Frequent Flyer | 1.3 | |
| Singapore KrisFlyer | 1.3 | |
| Southwest Rapid Rewards | 1.4* | We tried Southwest Airlines' new extra-legroom seats. Are they worth it?
Southwest added Alaska flights amid a 2025 expansion spree. Here's why now is the best time to apply for Southwest Airlines credit cards. Southwest's first plane with a new, modern cabin debuted last month. The airline also launched a new debit card that earns points. |
| Spirit Airlines Free Spirit | 1.1 | Spirit Airlines is in bankruptcy: Here's what consumers should know about booking flights as the airline confirmed merger talks and outlined its postbankruptcy plan.
Spirit Airlines is slashing its fleet, set to eliminate more than 100 planes in its latest bankruptcy cuts. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United MileagePlus | 1.4 (up from 1.3)* | United Airlines unveiled four new destinations and added six new routes for summer 2026. The airline's 10-destination Chicago expansion has dealt a blow to American Airlines.
Air Canada and United debuted Apple's revamped digital boarding passes. Register now for United's latest Mile Play promotion. |
| Virgin Atlantic Flying Club | 1.3 |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | November 2025 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | Accor's Delano brand will open in New York City and London following a return to Miami. |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.5 | Earn up to 175,000 Hilton points with one of these limited-time offers.
Hilton launched a new lifestyle collection, marking its 25th brand. Check your Hilton bookings: Some standard room reward nights are now less expensive at high-end properties. |
| IHG One Rewards | 0.5 | New York's Park Avenue is getting a new Kimpton hotel. |
| Marriott Bonvoy | 0.7 | The JW Marriott Hotel Tokyo is officially open.
Register now to earn 2,025 bonus points on your next Marriott Bonvoy stay. |
| World of Hyatt | 1.7 | The Thompson Rome has opened reservations for 2026, and the new Hyatt Regency Rome Central will open in 2026 from just 12,000 points per night.
Under Canvas is set to open its second New England location in the White Mountains next year. Here's your first look inside the new Hyatt Regency Times Square. |
| Wyndham Rewards | 1.1 | Wyndham launched a travel and entertainment subscription with a limited-time 7,500-point bonus.
Vacasa is ending its partnership with Wyndham Rewards. |
Top points and miles news
The new United-JetBlue Blue Sky partnership is the top points and miles news from the last month. This new partnership allows JetBlue TrueBlue members to redeem points for United-operated flights, and United MileagePlus members to redeem miles for JetBlue-operated flights. While it's not a full merger or codeshare, it marks the first time the two competitors have opened reciprocal redemption options.
However, early analysis by TPG shows that redemption pricing is often high through the partner program.
At the time of publication, TrueBlue members could book flights operated by JetBlue from as low as 1,800 TrueBlue points from Orlando International Airport (MCO) to Newark Liberty International Airport (EWR). In contrast, flights operated by United on the same route (and even the same day) start at 36,900 TrueBlue points.
If you choose to redeem United miles, it's a better deal on this route to fly United for just 7,700 MileagePlus miles, compared with paying 20,000 MileagePlus miles for JetBlue-operated flights.
Also note that the JetBlue TrueBlue program charges higher rates for United-operated flights booked close to departure compared with booking well in advance.
The Blue Sky alliance adds flexibility and novelty, but, at least for now, doesn't deliver especially strong redemption value through partner bookings. Where you can transfer credit card rewards to JetBlue or United, you'll likely get the best rates by transferring to the loyalty program of the operating airline.
Deal alert: Points and miles travel deals for November 2025
Top offers for earning points and miles in November
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.
American Express Platinum Card
Find out your offer on the American Express Platinum Card and see if you are eligible for 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.
There are a host of new benefits for the recently refreshed Platinum Card, including the following new statement credits:
- Up to a $75 quarterly Lululemon statement credit for purchases made at U.S. stores (excluding outlets) and online**
- Up to a $200 annual Oura Ring statement credit (for hardware purchases only; not for memberships)**
- Up to a $100 quarterly statement credit for U.S. Resy restaurant purchases**
- Up to a $120 annual statement credit for Uber One membership (subject to auto-renewal)**
The card's hotel statement credit increased to up to $300 biannually (every six months) when you book prepaid American Express Fine Hotels + Resorts or The Hotel Collection stays via American Express Travel®, and the digital entertainment statement credit has been raised to up to $25 per month, with Paramount+, YouTube Premium and YouTube TV added.**
**Enrollment is required.
The annual fee is now $895 (see rates and fees). To learn more about all the changes, including new hotel status and dining perks, check out our full review of the American Express Platinum Card.
Official application link: American Express Platinum Card
Chase Sapphire Reserve
The Chase Sapphire Reserve® (see rates and fees) currently offers 125,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.
The recently refreshed card has updated earning rates, including 8 points per dollar spent on purchases made through Chase Travel℠ (including The Edit hotel bookings), 4 points per dollar spent on flights booked directly and 4 points per dollar spent on hotels booked directly.
The new annual fee is $795, but cardholders will get up to $500 in statement credits for hotel bookings made with The Edit each calendar year (up to $250 in credits biannually on prepaid bookings with The Edit of two or more nights), up to $300 in statement credits each calendar year for dining at restaurants that are part of Sapphire Reserve Exclusive Tables (up to $150 in credits biannually) and more.
Check out our Chase Sapphire Reserve card review to learn more.
Official application link: Chase Sapphire Reserve
Chase Sapphire Reserve for Business
Chase recently unveiled a brand-new business card, the Chase Sapphire Reserve for Business℠ (see rates and fees). This card has a massive welcome offer of 200,000 bonus points after you spend $30,000 on purchases in the first six months from account opening.
This product earns 8 points per dollar spent on purchases through Chase Travel (including The Edit), 4 points per dollar spent on flights and hotels booked directly, and 3 points per dollar spent on social media and search engine advertising. It comes with multiple flexible statement credits but has an annual fee of $795.
See our Chase Sapphire Reserve for Business card review for more information.
Official application link: Chase Sapphire Reserve for Business
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
American Express Gold Card
One of the most popular cards with TPG staffers, the American Express® Gold Card lets new cardholders find out their offer and see if they are eligible for 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 American Express Gold Card 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 spent) and 4 points per dollar spent at restaurants worldwide (on up to $50,000 in purchases per calendar year, then 1 point per dollar spent).
The card has a $325 annual fee (see rates and fees), so check out our Amex Gold review to determine whether it's a good fit.
Official application link: American Express Gold Card
For rates and fees of the Amex Platinum, click here.
For rates and fees of the Amex Gold, click here.
TPG featured card
Rewards
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro offer
Annual Fee
Recommended Credit
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits.Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
Rewards Rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro Offer
You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits.Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.