What are points and miles worth?

There is no single set value for most points and miles programs. The valuation is entirely subjective and depends on what 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 gain or lose transfer partners, change the miles required for a given route, or sometimes ditch their award charts altogether. When these things happen, certain programs’ miles or points can increase or decrease in usefulness.

Are points and miles the same thing?

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

How many points do you need for a free flight?

That depends entirely on the type of points you have and where you’re hoping to fly. Each airline loyalty program has its 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 depends on how expensive the cash price of the ticket is.

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Travel Points and Miles Valuations — How Much Are They Actually Worth? [May 2025]

Updated: May 15, 2025, 1:33pm CDT

Edited by:

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Table of Contents

Key Takeaways
Upgraded Points’ May 2025 Points and Miles Valuations
Upgraded Points’ Highest-Valued Points
Movers and News
Final Thoughts

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Key Takeaways

Points and miles valuations vary by program, with flexible points like Chase Ultimate Rewards and American Express Membership Rewards often valued higher.
Alaska Airlines Mileage Plan offers great redemption rates and many transfer partners.
World of Hyatt points offers reasonable redemption rates with all hotels using a standard award chart.

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’ May 2025 Points and Miles Valuations

Flexible Points Programs

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Flexible Point Program	April 2025 Value (cents/point)	May 2025 Value (cents/point)	Value of 50K Points	Value of 100K Points
American Express Membership Rewards Points	2.2	2.2	$1,100	$2,200
Bank of America Preferred Rewards Points	1.0	1.0	$500	$1,000
Barclaycard Arrival Miles	1.0	1.0	$500	$1,000
Bilt Rewards Points	1.8	2.0	$1,000	$2,000
Brex Rewards Points	1.0	1.0	$500	$1,000
Capital One Miles	1.8	1.8	$900	$1,800
Chase Ultimate Rewards Points	2.0	2.0	$1,000	$2,000
Citi ThankYou Rewards Points	1.6	1.6	$800	$1,600
Diners Club Rewards Points	2.0	2.0	$1,000	$2,000
Rove Miles	–	1.5	$750	$1,500
Wells Fargo Rewards Points	1.5	1.5	$750	$1,500

Hot Tip:

Utilizing transfer partners is the best way to get the value shown above. 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 Program	April 2025 Value (cents/point)	May 2025 Value (cents/point)	Value of 50K Points	Value of 100K Points
Aer Lingus AerClub Avios	1.25	1.25	$625	$1,250
Air Canada Aeroplan Points	1.5	1.5	$750	$1,500
Air France-KLM Flying Blue Miles	1.3	1.3	$650	$1,300
Alaska Airlines Mileage Plan Miles	1.6	1.6	$800	$1,600
American Airlines AAdvantage Miles	1.4	1.4	$700	$1,400
All Nippon Airways (ANA) Mileage Club Miles	1.4	1.4	$700	$1,400
Asiana Airlines Asiana Club Miles	1.6	1.6	$800	$1,600
Avianca Airlines LifeMiles	1.4	1.4	$700	$1,400
Breeze Airways BreezePoints	1.0	1.0	$500	$1,000
British Airways Club Avios	1.25	1.25	$625	$1,250
Cathay Pacific Cathay Asia Miles	1.3	1.3	$650	$1,300
Delta Air Lines SkyMiles	1.2	1.2	$600	$1,200
Emirates Skywards Miles	1.1	1.1	$550	$1,100
Etihad Airways Etihad Guest Miles	1.4	1.4	$700	$1,400
Frontier Airlines FRONTIER Miles	1.1	1.1	$550	$1,100
Hawaiian Airlines HawaiianMiles	0.9	0.9	$450	$900
Iberia Plus Avios	1.25	1.25	$625	$1,250
JetBlue TrueBlue Points	1.3	1.3	$650	$1,300
Korean Air SKYPASS Miles	1.6	1.6	$800	$1,600
Lufthansa Miles & More Miles	1.3	1.3	$650	$1,300
Qatar Airways Privilege Club Avios	1.25	1.25	$625	$1,250
Singapore Airlines KrisFlyer Miles	1.35	1.35	$675	$1,350
Southwest Airlines Rapid Rewards Points	1.3	1.3	$650	$1,300
Spirit Airlines Free Spirit Points	1.1	1.1	$550	$1,100
Turkish Airlines Miles&Smiles Miles	1.3	1.3	$650	$1,300
United Airlines MileagePlus Miles	1.2	1.2	$600	$1,200
Virgin Atlantic Flying Club Virgin Points	1.4	1.4	$700	$1,400

Hotel Loyalty Programs

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Hotel Loyalty Program	April 2025 Value (cents/point)	May 2025 Value (cents/point)	Value of 50K Points	Value of 100K Points
ALL – Accor Live Limitless Reward Points	2.2	2.2	$1,100	$2,200
Best Western Rewards Points	0.6	0.6	$300	$600
Choice Privileges Points	0.6	0.6	$300	$600
Hilton Honors Points	0.5	0.5	$250	$500
IHG One Rewards Points	0.5	0.5	$250	$500
Marriott Bonvoy Points	0.7	0.7	$350	$700
Radisson Rewards Points	0.25	0.25	$125	$250
World of Hyatt Points	1.5	1.5	$750	$1,500
Wyndham Rewards Points	0.9	0.9	$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 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 nonalliance partners, so finding award space with them is easier than with other transferable points. Amex transfer partners include Qantas, Air Canada, and Emirates.

Hot Tip:

It is no secret that transferable points are our favorite rewards, thanks to their flexibility and the powerful redemptions they offer. If you’d like more information on the major transferable point currencies, we’ve compiled 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 nonalliance partners include Emirates, Korean Air, and Singapore Airlines.

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 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 Rewards Adds Southwest Airlines as a Points Transfer Partner

Until recently, Southwest Rapid Rewards has had just a single transfer partner: Chase Ultimate Rewards. The program now marks Bilt’s 19th transfer partner, and Bilt’s transfer partner list includes fan favorites such as Alaska Airlines Mileage Plan and World of Hyatt.

There will be some people for whom transferring Bilt points to Rapid Rewards makes sense. We can even argue that this may be a large portion of Bilt users: casual points people for whom earning a few points is a bonus and saving a couple hundred dollars on a flight is a big deal.

For others, the value is not as enticing. This is because Southwest pegs the cost of its flights in points directly to its cost in cash. This means there’s never really a way to “maximize” your rewards. The more expensive your flight, the more points you’ll need to redeem — end of story.

[Expired] Chase Sapphire Preferred^®Card Relaunches Massive 100K Welcome Bonus Offer

Update:

The offer mentioned below has expired and is no longer available.

Earning 100,000 Ultimate Rewards points from a single card is almost unheard of, but now the opportunity is back with the Chase Sapphire Preferred card.

This crowd-favorite travel credit card features an exceptional 6-figure welcome bonus offer for a limited time. Eligible applicants can earn 100,000 bonus points after spending $5,000 within the first 3 months of account opening. In short, this is the largest welcome bonus offer the card has ever offered, making a return after nearly 4 years — and it definitely won’t last long.

Citi Reducing Emirates Transfer Ratio by 20%, Amex and Chase Pause Transfers

Citi has sent out an email indicating to customers that the transfer ratio from ThankYou Rewards to Emirates Skywards is dropping by 20%. Effective July 27, 2025, the new transfer ratio will be 1:0.8. This means that if you transfer 1,000 Citi points to Emirates, you’ll end up with 800 Emirates Skywards miles.

With American Express Membership Rewards, Chase Ultimate Rewards, Bilt Rewards, and Capital One Miles all continuing to transfer to Emirates at a 1:1 ratio, this just means a loss of value and competitive edge when it comes to Citi’s transfer options.

However, Emirates is halting Amex and Chase transfers between May 29 and June 30. The reason for the unavailability of transfers from Chase or Amex to Emirates remains unclear. However, with the Citi devaluation, it is reasonable to assume that the airline may either implement similar changes to the Chase and Amex transfer ratios or seek to renegotiate the terms with the issuers.

Hot Tip:

And although Emirates Skywards redemptions aren’t necessarily a great value (have you seen the surcharges?!), they’re also one of the only ways to redeem miles for Emirates’ sought-after first class.

JetBlue Adds Japan Airlines Award Redemptions

If you’ve tried searching for business class flights to Japan lately, you’ve likely seen that award availability can be quite sparse. Fortunately, award travelers now have one more option for booking awards to Japan aboard Japan Airlines.

For U.S.-based flyers, flights between the U.S. and Japan will cost between 30,000 and 39,900 points in economy, 40,000 and 59,000 points in premium economy, and 55,000 and 79,900 points in business class.

Not only is it great to have more options to book award flights to Japan, but these rates are quite competitive compared to booking Japan Airlines flights with partners like American Airlines AAdvantage and Alaska Airlines Mileage Plan.

JetBlue is a transfer partner of Amex Membership Rewards at a 1:0.8 rate, Capital One Miles at a 5:3 rate, and both Chase Ultimate Rewards and Citi ThankYou Rewards at a 1:1 rate. You’d definitely want to prioritize transfers from Chase and Citi here, as their transfer rates are the most competitive.

JetBlue and United Are Reportedly Negotiating a Partnership

JetBlue Airways and United Airlines are negotiating to enter a partnership, which may not take the form of a full alliance but may include reciprocal mileage earning and burning.

JetBlue provides something United very much wants, according to CEO Scott Kirby: a large presence at the lucrative JFK airport, where United doesn’t fly. Being able to codeshare at JFK — placing United flight numbers on JetBlue flights and sharing revenue from them — would give United a way to capitalize on traffic at the biggest airport in the financial capital of the U.S.

The current talks with United do not involve JetBlue joining Star Alliance, the worldwide grouping of carriers of which United is a member. JetBlue is not affiliated with any alliance.

New Loyalty Program Rove Launches With a Dozen Transfer Partners

Rove is a new loyalty program that combines 12 programs into a single currency, allowing you to earn and redeem miles through its dedicated travel portal. Each transfer is at a 1:1 ratio. The participating airline and hotel partners include:

Here’s how Rove says you’ll earn its miles:

Up to 25x miles on cash hotel stays: You’ll instantly earn miles on nonrefundable hotel stays
3x bonus miles on cash flights: On top of the miles you earn from the airline, you’ll also earn 3x Rove Miles with every booking

Rove doesn’t have a co-branded credit card. Instead, you’ll earn miles through your own card. The company says you’ll earn miles in addition to your regular rewards when you download the Rove Shopping Chrome Extension, which is similar to programs like Rakuten and Capital One Shopping.

Southwest Announces New Fare Classes, Credit Card Perks, and More

Southwest Airlines has announced its 3 new fare classes: Choice Extra, Choice Preferred, and Choice (formerly Business Select, Anytime, and Wanna Get Away Plus). The new fare classes will be available for booking in the third quarter of 2025 for flights beginning in 2026.

However, on May 28, Wanna Get Away fares will completely disappear and be replaced with a basic fare class — to stay competitive with other major airlines that have adopted the basic economy pricing model.

The airline is introducing some new benefits for flyers with a Southwest Rapid Rewards credit card. Regardless of their fare, these customers can choose a seat for free, board earlier, and receive a free checked bag.

Finally, Southwest A-List and A-List Preferred members will receive preferred seating, complimentary checked bags (for up to 8 additional passengers on the same reservation), early boarding, and more under the new loyalty program.

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:

Air Canada Aeroplan: Up to a 30% discount (ends May 14)
Alaska Airlines Mileage Plan: Up to a 60% bonus (ends May 21)
American Airlines AAdvantage: Up to a 35% discount
Amtrak Guest Rewards: Up to a 30% bonus (ends May 30)
Frontier Miles: Up to 150% bonus (ends May 30)
Hawaiian HawaiianMiles: Up to 50% bonus (ends May 21)
Hilton Honors: Up to a 100% bonus (ends May 29)
JetBlue TrueBlue: Up to 125% bonus (ends June 9)
Southwest Rapid Rewards: Up to a 50% discount (ends May 24)

Hot Tip:

Track 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 these limited-time transfer bonuses:

Capital One Miles to Qantas Frequent Flyer: 20% bonus (Ends June 1)
Chase Ultimate Rewards to Air France-KLM Flying Blue: 25% bonus (May 31)
Chase Ultimate Rewards to Virgin Atlantic Flying Club: 25% bonus (June 15)
Citi ThankYou Rewards to Qatar Airways Privilege Club: 30% bonus (May 31)

Hot Tip:

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.