Travel Points and Miles Valuations — How Much Are They Actually Worth? [October 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 come to your own conclusions on that value.

But we’re here to help.

Many factors come into play when 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’ October 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 continues to be the king of transferable points. Amex partners with all 3 major alliances (SkyTeam, Star Alliance, and Oneworld) and many non-alliance 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 has the best of both worlds: a variety of partners and solid 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 has the most reasonable redemption rates of all 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:

The Business Platinum^® Card from American Express Refreshed With an up to $600 Hotel Credit (And More!)

American Express has just enhanced the Amex Business Platinum card with new perks and improved earning rates that business owners should get excited about.

These changes come with a notable annual fee increase from $695 up to $895 (rates & fees), reflected immediately for new applicants. For existing cardholders, the $200 annual fee increase will take effect starting on cardmember anniversary dates on or after December 2, 2025.

New benefits include:

• Up to $600 annual credit on hotel bookings (up to $300 semi-annually) through Amex Fine Hotels + Resorts and The Hotel Collection portfolio (2-night minimum stay required for The Hotel Collection)
• 2x points (instead of 1.5x points) on eligible purchases of at least $5,000 or select business categories, up to $2 million combined per calendar year
• Leaders Club Sterling status from The Leading Hotels of the World, with enrollment
• $1,200 in AmexTravel.com online flight statement credit and $2,400 in American Express One Accounts Payable (AP) statement credit when you spend $250,000 on the card in a calendar year

Another Hilton Honors Devaluation: Award Nights Now Top 250K Points

Just months after a devaluation in May 2025, Hilton has raised award prices again. Some of the program’s most sought-after hotels now cost up to 250,000 points per night, a level that would have seemed unthinkable just a few years ago.

Some of Hilton’s most aspirational properties are now priced at this new, sky-high level. A few examples:

• Waldorf Astoria Los Cabos Pedregal jumped from 190,000 to 250,000 points per night.
• Waldorf Astoria Maldives Ithaafushi increased from 190,000 to 250,000 points per night.
• Waldorf Astoria Amsterdam, once 120,000, has crept up to 150,000 points per night.
• Conrad Tokyo rose sharply from 100,000 to 130,000 points per night.

Capital One Miles Just Got More Valuable With 3 New Transfer Partners

Capital One Miles cardholders now have 3 new transfer partners:

• Japan Airlines Mileage Bank at a rate of 2:1.5
• Qatar Airways Privilege Club at a rate of 1:1
• I Prefer Preferred Hotels & Resorts at a rate of 1:2

This is great news for those who earn Capital One miles as you now have more options when it comes to redeeming those miles, both for airlines and hotels.

Platinum Card^® from American Express 2025 Refresh Details: New and Updated Benefits

The Amex Platinum card just got new and updated benefits for 2025, giving cardholders access to over $3,500 in annual value when you make eligible purchases across travel, entertainment, dining, and more.

In addition to the Amex Platinum card annual fee increasing from $695 to $895 (rates & fees), cardholders will enjoy the following new benefits:

• Up to $600 annual credit (up to $300 semi-annually) on hotel bookings through Amex Fine Hotels + Resorts and The Hotel Collection portfolio (2-night minimum stay required for The Hotel Collection)
• $120 annual Uber One credit
• Leaders Club Sterling status with The Leading Hotels of the World
• Up to $400 annual Resy credit
• Up to $300 annual digital entertainment credit (increased from up to $240)
• Up to $300 annual lululemon credit
• Up to $200 Oura Ring credit

Some benefits may require enrollment.

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 each time a new promotion launches. 

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 good transfer rates with many redemption options, helping you get the most out of your points.