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Travel Points & Miles Valuations – How Much Are They Actually Worth? [December 2023]

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Jarrod West

Jarrod West

Senior Content Contributor

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

Keri Stooksbury


Countries Visited: 41U.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...
& Juan Ruiz

Juan Ruiz

Compliance Editor & Content Contributor

Countries Visited: 40U.S. States Visited: 27

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...

We may be compensated when you click on product links, such as credit cards, from one or more of our advertising partners. Terms apply to the offers below. See our Advertising Policy for more about our partners, how we make money, and our rating methodology. Opinions and recommendations are ours alone.

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’ December 2023 Points and Miles Valuations

Flexible Points Programs

Flexible Point ProgramNovember 2023 Value (cents/point)December 2023 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

Airline Loyalty ProgramNovember 2023 Value (cents/point)December 2023 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 or $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

Hotel Loyalty ProgramNovember 2023 Value (cents/point)December 2023 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:

Alaska Airlines Is Completely Overhauling Its Award Charts in 2024

Say goodbye to some of your favorite sweet spots, Alaska Airlines loyalists. Starting in March 2024, Alaska is moving to a distance-based redemption system.

It will include 3 regional award charts for travel to and from the U.S.: the Americas; Europe, the Middle East, and Africa; and Asia and the Pacific. The airline’s subregions, including Hawaii, the Caribbean, and Central America, will now be considered part of North America.

The new charts will apparently mean the end of some of our longtime favorite Alaska Airlines redemptions, like Cathay Pacific.

Other changes will include:

  • Short-haul awards starting at 4,500 miles each way instead of 7,500
  • Premium economy awards starting at 6,000 miles instead of 12,500
  • Business class awards starting at 9,000 miles instead of 20,000
  • Premium economy redemptions with more airline partners
  • One-way redemption pricing for all partner airlines, making it easier to mix and match routes

The upcoming redemption changes to the Mileage Plan program will not go into effect until March 2024. Therefore, it is premature to draw definitive conclusions about these changes’ impact on points-and-miles flyers. That said, we will be monitoring the changes over the coming months and adjusting our valuation of Alaska miles accordingly.

Marriott Introduces Nightly Upgrade Awards in Place of Suite Night Awards

Marriott Bonvoy is revamping its Suite Night Award program for Platinum and Titanium Elites.

When you earn Marriott Bonvoy Platinum Elite or Titanium Elite status, you get to choose from several choice benefits, one of which is the former Suite Night Awards, now rebranded as Nightly Upgrade Awards.

Marriott Bonvoy is changing how these certificates work:

  • The awards are changing to Nightly Upgrade Awards, which reflect the broad use of these certificates. They’re no longer meant for upgrading just into suites, but also preferred or larger rooms. If you want a better view room, for example, you can use a Nightly Upgrade Award on that better room. Of course, you’re still eligible for on-arrival upgrades depending on your status, and these upgrades certainly could include those better rooms. The point of using a certificate is to guarantee the upgrades in advance.
  • Previously, you could not use a Suite Night Award at Aloft, EDITION, Element, Protea, and The Ritz-Carlton hotels. Effective January 1, 2024, you can use your Nightly Upgrade Award certificates at these brands.
  • Nightly Upgrade Awards will now only clear 3 days in advance of check-in, a change from the 5 days that were allowed for Suite Night Awards. This means the hotel has a few more days to potentially sell these better rooms.

The new changes to the Nightly Upgrade Awards are definitely a mixed bag. While more rooms will be available for upgrade, you’ll also see a shorter window in which those upgrades can be confirmed. 

United Tweaks MileagePlus Status Earning Structure

United MileagePlus has shared some changes it’s making to its MileagePlus elite status program for 2024.

The primary takeaway here is that United isn’t making any changes to the requirement thresholds for any of its status tiers — great news for flyers who want to re-qualify for status or make a go at it for the first time.

Starting next year, anyone with a United co-branded credit card will earn 25 PQPs for every $500 in qualifying purchases. Previously, this rate was 500 PQPs for every $12,000 in qualifying purchases, so this change really is a significant improvement.

Currently, there’s a cap of 15,000 PQPs able to be earned from card spend per account holder. As of next year, this maximum across all cards will go away, though each United co-branded card has its own individual cap, which makes things a little confusing:

Also starting in 2024, all PQPs earned through credit card spend will count toward all status tiers, including Premier 1K. As it stands now, PQPs earned from credit card spending do not count toward earning 1K status unless the 54 PQF requirement is also satisfied.

Additionally, on February 1, 2024, United will deposit a lump sum of PQPs into the account of anyone who earned elite status this year (except those who earned their status by way of a match or challenge), according to the following breakdown:

  • Premier Silver members will receive 250 PQPs
  • Premier Gold members will receive 500 PQPs
  • Premier Platinum members will receive 750 PQPs
  • Premier 1K members will receive 1,250 PQPs

World of Hyatt Changes Milestone Rewards and Guest of Honor Bookings

Hyatt is making a few notable changes regarding Milestone Rewards and Guest of Honor Awards, with new changes set to take effect on January 1, 2024.

For starters, Hyatt will refresh existing Milestone Rewards and add new tiers — up to 150 nights — incentivizing those who love the brand even further:

Qualifying Nights/Base Points EarnedCurrent Milestone RewardsMilestone Rewards (Effective January 1, 2024)
20 nights or 35,000 base points2 Club Lounge Access Awards2K Next Stay Reward, 2 Club Lounge Access Awards or $25 FIND experience credit
30 nights or 50,000 base pointsCategory 1-4 Free Night Award and 2 Club Lounge Access Awards1 Guest of Honor Award and your choice of 2 Club Lounge Access Awards or a $25 FIND experience credit
40 nights or 65,000 base points5,000 bonus points, a $100 Hyatt gift card or a $150 FIND experience credit1 Category 1-4 Free Night Award and your choice of 5,000 bonus points, 1 Suite Upgrade, or a $150 FIND experience credit
50 nights or 80,000 base pointsSuite Upgrade AwardsYour choice of 5,000 bonus points, 1 Suite Upgrade, or a $150 FIND experience credit
60 nights or 100,000 base points1 Category 1-7 Free Night Award and 2 Suite Upgrade Awards and Access to My Hyatt Concierge2 Guest of Honor Awards, 1 Category 1–7 Free Night Award, 2 Suite Upgrade Awardsand Access to My Hyatt Concierge
70, 80, or 90 nights10,000 bonus points or 1 Suite Upgrade Award1 Guest of Honor Award and your choice of 10,000 bonus points, 1 Suite Upgrade Award, or a $300 FIND experience credit
100 nights10,000 bonus points or 1 Suite Upgrade Award1 Category 1-7 Free Night Award and your choice of 10,000 bonus points, 1 Suite Upgrade Award, or a Miraval Extra Night
110, 120, 130, or 140 nightsN/A1 Guest of Honor Award and your choice of 10,000 bonus points, 1 Suite Upgrade Award, or a Miraval Extra Night
150 nightsN/AUltimate Free Night Award and your choice of 10,000 bonus points, a Suite Upgrade Award, or a Miraval Extra Night

Additionally, come the new year, the Guest of Honor program will be gutted for most Globalist members. While Globalist members will start off with 5 Guest of Honor Awards next year, it will then be a milestone reward available to members starting at 40 nights or 65,000 base points, with the potential to earn up to 10 awards per year.

That said, the new Guest of Honor program is now bookable on paid or award bookings, up to a 7-night maximum. Also, the Globalist member will earn 1 elite night credit toward their status when their Guest of Honor completes their stay. Both of which are positive additions. 

New Opportunities To Purchase Points

If you need to boost your mileage balances but you 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

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.

The information regarding The Hilton Honors American Express Surpass® Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer. 
The information regarding the Hilton Honors American Express Aspire Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

For rates and fees of Delta SkyMiles® Reserve American Express Card, click here.
For rates and fees for the Delta SkyMiles® Reserve Business American Express Card, click here.
For rates and fees of The Platinum Card® from American Express, click here.
For rates and fees of The Business Platinum Card® from American Express, click here.
For rates and fees of the American Express® Business Gold Card, click here.
For rates and fees of the American Express® Gold Card, click here.

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.

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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