What are points and miles worth? TPG’s August 2024 valuations

One of the questions people often ask us is, “How much is a point or mile worth?”

The true answer varies from point to point and person to person. It also depends on your travel goals and how much you maximize a particular loyalty currency. Still, some rewards credit cards are worth more than others, and our goal is to give you a sense of how they stack up.

Historically, TPG has valued points and miles based on a combination of factors: the price at which we would purchase the miles, award costs in the program (factoring in availability and fees) and our expertise in the program’s inner workings. However, we now use extensive data for the top six U.S. airline loyalty programs to better estimate the value you should aim to get from your rewards. Read our explainer post on our data-driven valuations for a full methodology breakdown.

Note: These valuations are not provided by card issuers.

What are credit card points and miles worth?

What are airline points and miles worth?

*Calculated using TPG’s data-backed valuations methodology launched in September 2023.

What are hotel points worth?

News highlight of the month

In addition to the standard monthly changes in programs for which we use data-driven valuations, we’ve also adjusted the value of three airline points currencies in this month’s valuations.

Avios

We’ve decreased our valuation of Avios from 1.5 to 1.4 cents. Avios is the currency used by the British Airways Executive Club, Iberia Plus, Finnair Plus, Aer Lingus AerClub and Qatar Airways Privilege Club loyalty programs. Traditionally, a great option to redeem Avios has been through British Airways, where you could book short-haul domestic flights on Alaska and American starting from just 7,500 Avios per person for flights up to 650 miles in length.

However, the British Airways Executive Club program has increased the prices of domestic American and Alaska flights twice in the past twelve months, with the shortest flights now costing 12,000 Avios. You can still book domestic U.S. flights through Qatar Airways Privilege Club for 6,000 Avios. However, we expect this rate to increase soon to match the other Avios programs’ pricing.

We recognize British Airways Executive Club is the most popular Avios program with U.S.-based travelers. So, two major devaluations in twelve months for domestic American and Alaska flight redemptions mean Avios are less valuable than they used to be.

Virgin Atlantic Flying Club

Another reduction in our valuations this month is for Virgin Atlantic Flying Club. Like British Airways Executive Club, Flying Club has seen several devaluations over the past 12 months that affect U.S.-based travelers.

Flying Club has increased rates on domestic Delta-operated redemptions. For example, economy award flights of 1,001 to 1,500 miles in length have increased by 43.48% in the last 12 months to 16,500 Virgin points. Flying Club added a massive surcharge for Delta One award flights to Europe. The program also increased award rates twice on one of the best sweet spots in the program, ANA business- and first-class flights to Japan.

While one of these changes alone might not be enough to change our valuation of Virgin points, these combined changes led us to reduce our valuation from 1.5 to 1.4 cents.

Air France-KLM Flying Blue

In a year of devaluations by European loyalty programs, the Air France-KLM Flying Blue program has stood out as a great value way to redeem points and miles.

While the dynamic pricing for flights operated by Air France and KLM can result in high award rates on peak dates, we have been impressed at the availability of Saver level pricing to Europe all year, including 50,000-point business-class seats during the busy summer period as Paris hosts the 2024 Olympic Games. With fixed partner redemption rates also offering great value, we have increased our valuation of Flying Blue miles from 1.2 to 1.3 cents.

Travel credit card offers

Here are some of the best options if you’re looking for a new travel rewards card that earns transferable points.

Chase Sapphire Preferred Card

The Chase Sapphire Preferred® Card is one of our favorite travel rewards cards, especially if you’re just getting started with points and miles. The Chase Sapphire Preferred currently offers a welcome bonus of 60,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening. Per our valuations, this welcome bonus is worth $1,230 if you leverage the Ultimate Rewards transfer partners or $750 if you redeem through Chase Travel℠ at 1.25 cents per point.

The card comes with a $95 annual fee but offers many perks, including a $50 annual hotel credit for reservations made through Chase Travel and a 10% anniversary points bonus based on your previous year’s spending. For more details, check out our Chase Sapphire Preferred Card review.

Official application link: Chase Sapphire Preferred Card

Capital One Venture X Rewards Credit Card

The Capital One Venture X Rewards Credit Card is a compelling option due to its great earning rates and included perks. The card currently offers a welcome bonus of 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Due to the value you can get when redeeming with the Capital One transfer partners, our valuations peg the value of this welcome bonus at $1,387.

You’ll earn at least 2 miles per dollar spent on purchases and get access to a variety of useful benefits, including a $300 annual credit for bookings through Capital One Travel, 10,000 bonus miles each account anniversary and unlimited complimentary access to Capital One airport lounges for you and up to two guests per visit. Check out our Capital One Venture X card review for more details.

Official application link: Capital One Venture X Rewards Credit Card

Capital One Venture Rewards Credit Card

The Capital One Venture Rewards Credit Card offers a welcome offer of 75,000 bonus miles after spending $4,000 on purchases within the first three months of account opening, plus a $250 Capital One Travel credit to use in your first cardholder year.

If you plan to transfer your miles to Capital One’s hotel or airline partners, this welcome offer is worth around $1,637 (combining the value of the miles and the $250 Capital One Travel credit). The annual fee for the Capital One Venture card is $95 (see rates and fees), a reasonable fee for a card with such a generous welcome offer.

Official application link: Capital One Venture Rewards Credit Card

The Platinum Card from American Express

With the current welcome offer on The Platinum Card® from American Express, you’ll earn 80,000 Membership Rewards points after you spend $8,000 on purchases in the first six months of card membership. However, you may be targeted for a higher offer through the CardMatch tool. (This offer is subject to change at any time.)

Our valuations peg the value of 80,000 Membership Rewards points at $1,600 based on the value you can get when leveraging the Membership Rewards transfer partners. The Amex Platinum Card is packed with benefits (enrollment is required for select benefits), so read our Amex Platinum review for all the details. The card has a $695 annual fee (see rates and fees).

Official application link: The Platinum Card from American Express

American Express Gold Card

One of the most popular cards with TPG staffers, the American Express® Gold Card offers 60,000 bonus points after spending $6,000 on purchases in the first six months of card membership. Plus, receive 20% back in statement credits on eligible restaurant purchases (up to $100 back) within the first six months of card membership. Based on our valuations, this welcome offer is worth $1,300. But check the CardMatch tool to see if you’re targeted for an even higher offer. (This offer is subject to change at any time.)

The Amex Gold Card is great for many everyday purchases. You’ll earn 4 points per dollar spent on groceries at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar) and 4 points per dollar spent at restaurants (on up to $50,000 in purchases per calendar year, then 1 point per dollar). The card has a $325 annual fee (see rates and fees) but offers dining credits and Uber Cash each month on U.S. purchases. You must add your Amex Gold to the Uber app to receive this benefit. For more details, check out our Amex Gold review.

Official application link: American Express Gold Card

The Business Platinum Card from American Express

The Business Platinum Card® from American Express offers 150,000 Membership Rewards points after you spend $20,000 on eligible purchases with your card in the first three months of card membership. Per our valuations, this welcome offer is worth $3,000.

You’ll find many lesser-known Amex Business Platinum perks similar to (but slightly different from) those of the personal version. For more details, check out our Amex Business Platinum review. Then, check out our comparison of the Amex Platinum and the Business Platinum to see which card better fits your wallet.

Official application link: The Business Platinum Card from American Express

Capital One Venture X Business

The Capital One Venture X Business card offers a welcome bonus of 150,000 miles after you spend $30,000 in the first three months from account opening. While that’s a large spending requirement, those rewards can go a long way toward your next trip. Our valuations peg the value of this welcome bonus at $2,775.

The Venture X Business features perks that are nearly identical to those on the personal version of the card — including a $300 annual credit for bookings through Capital One Travel, extensive airport lounge access and 10,000 bonus miles each year after your cardholder anniversary. For more details, check out our Capital One Venture X Business review.

Official application link: Capital One Venture X Business

Ink Business Preferred Credit Card

The Ink Business Preferred® Credit Card offers a generous welcome bonus of 120,000 bonus points after spending $8,000 on purchases in the first three months from card opening. Based on our current valuation of Chase Ultimate Rewards points, this welcome bonus is worth $2,460.

The Ink Business Preferred can be a great option for business owners who want to benefit from a six-figure welcome bonus but might not meet the higher spending requirements of the Capital One Venture X Business welcome offer. Business owners may also appreciate that the Ink Business Preferred offers 3 points per dollar on the first $150,000 in combined purchases each account anniversary year on travel, shipping purchases, advertising purchases with social media sites and search engines, and internet, cable and phone services. For more details, check out our Ink Business Preferred Credit Card review.

Official application link: Ink Business Preferred Credit Card

For rates and fees of the Amex Platinum Card, click here.
For rates and fees of the Amex Gold Card, click here.
For rates and fees of the Bilt Mastercard, click here.
For rewards and benefits of the Bilt Mastercard, click here.