Travel Points and Miles Valuations: How Much Are They Actually Worth? [December 2025]

Credit cards, airlines, and hotels don’t publish points and miles valuations, so there are no official answers on what points and miles are worth. It’s up to you to draw your own conclusions about that value.

But we’re here to help.

Several factors contribute to determining this metric. Below are questions you should ask yourself when evaluating the value of points, and we’ve taken them all into account to create our point and mile valuations:

• How valuable are these points?
• How flexible are these points, and how many transfer partners are there?
• What are your redemption options?
• How much would you buy points and miles for?
• What’s the average redemption value from 3 different bookings?
• How abundant is award availability?

Upgraded Points’ December 2025 Points and Miles Valuations

Flexible Points Programs

Airline Loyalty Programs

Hotel Loyalty Programs

Upgraded Points’ Highest-Valued Points

Not all miles and points are created equal, so naturally, each category has its own winner with the most valued points. Here’s what we ranked as the highest-valued points and why:

Transferable Points: American Express Membership Rewards Points

American Express Membership Rewards remains the king of transferable points. Amex partners with all 3 major alliances (SkyTeam, Star Alliance, and Oneworld) and many nonalliance partners, so finding award space with them is easier than with other transferable points. Amex transfer partners include Qantas, Air Canada, and Emirates.

Airline Miles: Alaska Airlines Atmos Rewards Points

Alaska Airlines offers the best of both worlds: a diverse range of partners and competitive redemption rates. Some of Alaska’s Oneworld partners include American and Japan Airlines, and the airline’s non-alliance partners include Korean Air and Aer Lingus.

Hotel Points: World of Hyatt Points

World of Hyatt offers the most reasonable redemption rates among the major hotel chains. Further, we’ve found that there are virtually no blackout dates, and since Category 1 to 8 hotels are on a standard award chart, you always pay the same price for a room at any hotel. This allows you to explore fantastic Hyatt redemption opportunities, ensuring maximum value.

Movers and News

It was a busy month in the world of points and miles. Here is what made waves last month:

Bilt Members Can Now Earn Points Through Rakuten Cash-Back Purchases

Bilt is now officially integrated into Rakuten’s payout options, becoming the fourth way users can receive cash-back rewards from the popular shopping portal. 

For the first 6 months, Bilt members will receive an introductory 1:1 conversion rate, where $10 in Rakuten Cash Back equals 1,000 Bilt Points. That’s 1 cent per point, a competitive valuation given how Bilt points can be applied toward premium travel, rent payments, or other lifestyle redemptions.

After the introductory 6-month period ends, Bilt Rewards members with Blue status will receive 50 Bilt points for every $1 in Rakuten cash-back, while Silver, Gold, and Platinum Bilt Rewards members will continue to receive 100 Bilt points for every $1. 

Bilt’s New Credit Cards Coming February 2026 — And Mortgage Payments Will Earn Points, Too

Bilt has officially confirmed that Bilt Card 2.0 will debut on February 7, 2026, ushering in a new era for renters — and now, homeowners — who want to earn points on everyday purchases.

In early January, Bilt will host a special event to unveil the trio of new credit cards. Following that announcement, those who hold the Bilt Mastercard (closed to new applicants; rates & fees) will be able to choose the version that best fits their needs — all without a hard credit inquiry. Once selected, the new card will ship in time for the February 7, 2026, launch.

The biggest news, however, is that Bilt Rewards members will soon be able to earn points on mortgage payments.

Chase Sapphire Reserve^® Getting Explorist Status, New Hyatt Credit Cards Coming in 2026

Hyatt and Chase just announced some vague but exciting updates to their partnership. Sometime in 2026, we can expect to see more high-end Hyatt hotels participating in The Edit, an expanded credit card portfolio, and Explorist status will be added as a benefit on both the Chase Sapphire Reserve card and the Sapphire Reserve for Business℠.

Hilton Honors Updates: New Diamond Reserve Status Benefits and Lower Elite Requirements

Hilton Honors has officially pulled back the curtain on its most exclusive elite tier, Diamond Reserve, and has even lowered requirements for a couple of existing levels, too.

Earning it will require a 2-step qualification: by completing 80 nights or 40 stays, and spending $18,000 per year on eligible Hilton purchases. Unlike Diamond, you won’t be able to shortcut your way to Diamond Reserve with a co-branded credit card.

This ultra-elite tier comes with Hilton’s richest benefits to date. The headline benefit is easily an annual Confirmable Upgrade Reward (CUR), which can be applied at the time of booking. This allows travelers to lock in a premium room upgrade — on either cash or award stays — for up to 7 nights.

Other benefits of Diamond Reserve status include:

• Guaranteed 4 p.m. late checkout on every eligible stay — a first for Hilton Honors
• 24/7 Diamond Reserve concierge-style desk for priority customer support and arranging personalized touches and “surprise and delight moments” for guests
• Complimentary access to executive lounges (in addition to premium clubs) found at select luxury, lifestyle, and full-service hotels
• Highest complimentary upgrade priority, with room upgrades granted as early as 3 days before check-in
• Earn 120% bonus points on every stay

How To Check if You’re Targeted for a 175K Chase Sapphire Reserve Card Offer

If you’ve been considering adding the Chase Sapphire Reserve card to your wallet, you naturally want to make sure you can land the biggest welcome bonus offer possible.

Fortunately, Chase now offers a tool that will allow you to see if you’re targeted and preapproved for increased welcome bonus offers — available with no impact to your credit score.

The process is quite simple. All you need to do is head to this dedicated landing page on the Chase website to check for any preapproved offers you’re targeted for.

New Opportunities To Purchase Points

If you need to boost your mileage balances but aren’t in the market for a new credit card, check out the latest point purchase promotions and discounts on our dedicated page, which we update regularly as new promotions launch. 

New Loyalty Program Transfer Bonuses

Help stretch your points and miles even further by taking advantage of limited-time transfer bonuses. You can stay up to date with all of the latest bonuses on our monthly credit card and loyalty program transfer bonuses guide.

Final Thoughts

The value of points and miles can vary, but you should always ensure you get great value when redeeming those hard-earned points.

When it comes to flexible points, Amex Membership Rewards points are valued the highest on a cent-per-point basis. With many Amex airline and hotel partners, these points are highly flexible. Membership Rewards also offers competitive transfer rates with numerous redemption options, helping you maximize the value of your points.