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Travel Points & Miles Valuations – How Much Are They Actually Worth? [March 2024]

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Jarrod West
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Jarrod West

Senior Content Contributor

437 Published Articles, 1 Edited Article

Countries Visited: 21U.S. States Visited: 24

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in o...
Edited by: Keri Stooksbury
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Keri Stooksbury

Editor-in-Chief

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Countries Visited: 45U.S. States Visited: 28

With years of experience in corporate marketing and as the Executive Director of the American Chamber of Commerce in Qatar, Keri is now Editor-in-Chief at UP, overseeing daily content operations and r...
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Juan Ruiz

Compliance Editor & Content Contributor

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Juan has been involved in credit cards, loyalty, travel, and personal finance for more than 10 years. He has worked for several outlets including The Points Guy and Forbes and was previously Editor-in...

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Credit cards, airlines, and hotels don’t give out their own point and mile valuations, so, unfortunately, there are no official answers on what points and miles are actually worth. Therefore, it’s up to you to make your own conclusions on that value. However, 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 what we’ve taken 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’ March 2024 Points and Miles Valuations

Flexible Points Programs

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Flexible Point ProgramFebruary 2024 Value (cents/point)March 2024 Value (cents/point)Value of 50k or 100k Points
Amex Membership Rewards Points2.22.2$1,100 / $2,200
Bank of America Preferred Rewards1.01.0$500 or $1,000
Barclaycard Arrival Miles1.01.0$500 or $1,000
Bilt Rewards1.81.8$900 / $1,800
Brex Rewards1.51.0$500 or $1,000
Capital One Miles1.81.8$900 / $1,800
Chase Ultimate Rewards Points2.02.0$1,000 / $2,000
Citi ThankYou Rewards Points1.61.6$800 / $1,600
Diners Club Rewards Points2.02.0$1,000 / $2,000

Hot Tip: Use our dedicated transfer partner tool calculator to review transfer ratios, times, and bonuses for all major flexible point programs.

Airline Loyalty Programs

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Airline Loyalty ProgramFebruary 2024 Value (cents/point)March 2024 Value (cents/point)Value of 50k or 100k Points
Aer Lingus AerClub Avios1.251.25$650 / $1,300
Air Canada Aeroplan Points1.51.5$750 / $1,500
Air France/KLM Flying Blue Miles1.31.3$650 / $1,300
Alaska Airlines Mileage Plan Miles1.81.8$900 / $1,800
American Airlines AAdvantage Miles1.41.4$700 / $1,400
All Nippon Airways (ANA) Mileage Club Miles1.41.4$700 / $1,400
Asiana Airlines Asiana Club Miles1.61.6$800 / $1,600
Avianca Airlines LifeMiles1.41.4$700 / $1,400
Breeze Airways BreezePoints1.01.0$500 / $1,000
British Airways Executive Club Avios1.251.25$650 / $1,300
Cathay Pacific Asia Miles1.31.3$650 / $1,300
Delta Air Lines SkyMiles1.21.2$600 / $1,200
Emirates Skywards Miles1.11.1$550 / $1,100
Etihad Airways Etihad Guest Miles1.41.4$700 / $1,400
Frontier Airlines FRONTIER Miles1.11.1$550 / $1,100
Hawaiian Airlines HawaiianMiles0.90.9$450 / $900
Iberia Plus Avios1.251.25$650 / $1,300
JetBlue TrueBlue Points1.31.3$650 / $1,300
Korean Air SKYPASS Miles1.61.6$800 / $1,600
Lufthansa Miles & More Miles1.31.3$650 / $1,300
Qatar Airways Privilege Club Avios1.251.25$650 / $1,300
Singapore Airlines KrisFlyer Miles1.351.35$675 / $1,350
Southwest Airlines Rapid Rewards Points1.31.3$650 / $1,300
Spirit Airlines Free Spirit Points1.11.1$550 / $1,100
Turkish Airlines Miles&Smiles Miles1.31.3$650 / $1,300
United Airlines MileagePlus Miles1.21.2$600 / $1,200
Virgin Atlantic Flying Club Virgin Points1.41.4$700 / $1,400

Hotel Loyalty Programs

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Hotel Loyalty ProgramFebruary 2024 Value (cents/point)March 2024 Value (cents/point)Value of 50k or 100k Points
ALL – Accor Live Limitless Rewards Points2.32.3$1,150 / $2,300
Best Western Rewards Points0.60.6$300 / $600
Choice Hotels Choice Privileges Points0.60.6$300 / $600
Hilton Hotels Hilton Honors Points0.50.5$250 / $500
Hyatt Hotels World of Hyatt Points1.51.5$750 / $1,500
IHG Hotels & Resorts IHG One Rewards Points0.50.5$250 / $500
Marriott Hotels Marriott Bonvoy Points0.70.7$350 / $700
Radisson Rewards Points0.250.25$125 / $250
Wyndham Hotels & Resorts Wyndham Rewards Points0.90.9$450 / $900

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 why we ranked the highest-valued points as such:

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), along with many non-alliance partners, so it’s easier to find award space compared to other transferable points. Some of the Amex transfer partners include Qantas, Air Canada, and Emirates.

Hot Tip: It is no secret that transferable points are our favorite rewards to earn, thanks to their flexibility and the powerful redemptions they offer. If you’d like more information on the major transferable point currencies, we’ve put together complete guides on how we value Amex Membership Rewards points, Chase Ultimate Rewards points, Capital One miles, and Citi ThankYou Points.

Airline Miles: Alaska Airlines Mileage Plan Miles

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 Emirates, Korean Air, Singapore Airlines, and more. Redemption rates are lower than other partners across the board.

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 that all hotels are on a standard award chart, so you’ll 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:

Amex Centurion Lounge in Atlanta Now Open

Some big news from American Express — the Centurion Lounge at Hartsfield-Jackson Atlanta International Airport (ATL) is now open for guests.

At nearly 26,000 square feet, it is the largest Centurion Lounge in Amex’s network, nearly double that of the Dallas (DFW) location! It’s fitting for Atlanta, the world’s busiest airport.

The Lounge in Concourse E near gate E11, is open from 6 a.m. to 11 p.m. daily, with amenities that include:

  • Workstations and phone booths
  • Premium restrooms and shower suites
  • Ample seating areas 
  • Complimentary high-speed Wi-Fi
  • Food menu by a local Atlanta chef
  • Whiskey bar

Learn more about who can access Centurion Lounges in our detailed guide.

ANA Devalues Its Award Chart: Rates Increasing by up to 33%

Changes to the ANA award chart are coming on April 18, 2024, putting a dent in the value of one of the most lucrative ways to book round-trip business class awards to Japan, and on Star Alliance partners to Europe. Here is a quick look at some of the increases:

  • ANA round-trip business class awards between the U.S. and Japan are increasing from 75,000, 85,000, and 90,000 miles (pricing for low, regular, and high season), to 100,000, 105,000, and 110,000 miles. This is a 33%, 23.5%, and 22% increase.
  • ANA round-trip first class awards between the U.S. and Japan are increasing from 150,000 miles (regular season) and 165,000 miles (high season) to 170,000 and 200,000 miles. This is a 13% and 21% increase.
  • Star Alliance partner awards between the U.S. and Europe in business class are increasing from 88,000 miles to 100,000 miles, a 13.6% increase.

While these are some steep increases, you’ll notice that, for the most part, these rates are still quite reasonable for round-trip business class flights compared to other carriers. Given that, we aren’t making any adjustments to our valuation of ANA miles at this time, but a devaluation of any sort still stings.

Capital One To Acquire Discover: What You Need To Know

In a major banking industry shakeup, Capital One announced that it would acquire Discover Financial Services in an all-stock deal valued at $35.3 billion, forming a payments behemoth with over 100 million customers that will compete directly with Visa, Mastercard, and American Express.

After the acquisition is finalized, likely in late 2024 or early 2025, Capital One is anticipated to retain the Discover brand and transition some of its issued cards to the Discover network.

Here’s what else we know about the acquisition:

  • The acquisition will establish a global payments platform with 70 million merchant acceptance locations across more than 200 countries and territories. This development is significant considering that historically, Discover has not been as widely accepted globally as Visa, Mastercard, and American Express.
  • Capital One will scale and leverage the benefits of an 11-year technology transformation across all of Discover’s businesses and the network.
  • The acquisition is expected to generate network synergies of $1.2 billion in 2027, driven by adding Capital One debit purchase volume and selected credit card purchase volume to the Discover network.

Small Luxury Hotels Partners With Hilton, Parts Ways With Hyatt

Hilton Hotels has announced it will be partnering with Small Luxury Hotels of the World (SLH) as part of a new strategy giving Hilton guests access to hundreds of new independent boutique-style hotels.

The 560 boutique-style hotels that feature as part of the SLH collection will soon be bookable through Hilton.com and, more importantly, using Hilton Honors points.

SLH’s new partnership with Hilton will ultimately mean the end of its current relationship with Hyatt — meaning SLH hotels will no longer be bookable using World of Hyatt points.

“At this time, World of Hyatt members can still book participating SLH Hotels on Hyatt’s booking channels, and nothing changes as of now for existing World of Hyatt member reservations,” a spokesperson for Hyatt confirmed to Upgraded Points. “More information on the end of this relationship will be shared with guests and members in the coming months.”

The news that Hyatt is parting ways with SLH is not surprising given Hyatt recently acquired Mr & Mrs Smith, a London-headquartered group of boutique properties.

Turkish Airlines Implements New Award Charts [Major Devaluation]

Last month, Turkish Airlines made some major changes to its award chart, including to our favorite sweet spots.

To save you the hassle, here are the main highlights of what’s changing:

  • Partner awards from North America to Europe in business class are going from 45,000 miles to 85,000 miles one-way.
  • Turkish Airlines awards from North America to Europe (Turkey) in business class are going from 45,000 miles to 65,000 miles one-way.
  • Partner awards for domestic U.S. flights are increasing:
    • Economy class: 7,500 miles to 10,000 miles.
    • Business class: 12,500 miles to 15,000 miles.
  • Partner awards from North America to North Africa in business class are increasing from 60,000 miles to 105,000 miles one-way.
  • Partner awards from North America to the Middle East in business class are going from 47,000 miles to 93,000 miles one-way.

World of Hyatt’s Award Category Updates for 2024

The World of Hyatt program is making another round of hotel category changes. This time around, 183 hotels are changing in price. But the vast majority — 137 hotels to be exact — are increasing in price, while only 46 are decreasing in price.

These changes are set to take effect on March 26, 2024, and many fan-favorite hotels are impacted. This includes properties like the Thompson Chicago, the Grand Hyatt Washington, the Hyatt Regency Boston, the Park Hyatt Mendoza, many of the Hyatt Zilara/Ziva All-Inclusive properties, and more.

All bookings before March 26, 2024, will follow the current award pricing. If you booked an award before March 26 and the hotel moves to a lower category, you will receive a refund for the difference. If you booked an award before March 26 and the hotel moves to a higher category, you will not owe extra points.

New Opportunities To Purchase Points

If you need to boost your mileage balances but aren’t in the market for a new credit card, here are the latest opportunities to purchase points with a bonus:

Hot Tip: Keep track of the latest point purchase promotions and discounts on our dedicated page, which we update each time a new promotion launches. 

New Airline Route Changes

Here are the airlines that announced last month that they were adding, removing, or relaunching routes:

U.S. Airlines

International Airlines

New Hotel Openings

Here are the latest hotel openings coming soon:

Hilton

Hyatt

IHG

Marriott

Boutique and Luxury Properties

Final Thoughts

While the value of points and miles can vary, you want to ensure you’re getting 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. These points are extremely flexible given the number of Amex airline and hotel partners. Membership Rewards also offers good transfer rates with a ton of redemption options, ensuring you can get the most out of your points.

Frequently Asked Questions

What are points and miles worth?

Unfortunately, there is no single set value for most points and miles programs. So the valuation is entirely subjective and depends on what the points are worth to you, and how you plan to redeem them.

Why do Upgraded Points' valuations change month to month?

Loyalty programs, and the points or miles associated with them, are constantly changing. Programs often gain or lose transfer partners, change the number of miles required for a given route, or sometimes even ditch their award charts altogether. When these things happen, certain programs’ miles or points can increase or decrease in usefulness based on the changes that were made.

Are points and miles the same thing?

The terms points and miles are used interchangeably, and it really just depends on which term a given program calls its loyalty currency. Some loyalty programs refer to their currency as miles, and others points, but they ultimately have the same function.

How many points do you need for a free flight?

That will depend entirely on the type of points you have, and where you’re hoping to fly. Each airline loyalty program has its own method for pricing redemptions. Some use an award chart where the number of miles needed for a certain flight route is predetermined. Others use revenue-based redemptions where the number of points needed for a free flight will depend on how expensive the cash price of the ticket is.

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About Jarrod West

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times.

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