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What are points and miles worth? TPG’s February 2023 monthly valuations

Feb. 10, 2023
12 min read
Monthly Valuations Feature
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Editor’s note: This is a recurring post, regularly updated with new information and offers.


One of the questions people often ask me 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 well you can maximize a particular loyalty currency. Still, some rewards are clearly worth more than others, and my goal is to give you a sense of how they stack up.

Historically, TPG has valued points and miles based on a combination of the price at which we would purchase the miles, award costs in the program (factoring in availability and fees) and our own expertise in the inner workings of the programs.

However, we are in the process of evolving our valuations to become as data-driven as possible.

Looking for a convenient way to see all of your points and miles in one place? Download the free TPG App!

That data-driven process began last November with our four major transferable currencies — American Express Membership Rewards points, Chase Ultimate Rewards points, Citi ThankYou Rewards points and Capital One miles.

Now, we are using a mathematical model that takes into account a number of factors specific to transferable points, including:

  • Unique transfer partners (not shared by other card issuers).
  • The most valuable individual partners in the program.
  • The base redemption value when you redeem points or miles directly for travel.

Based on this rollout, we are now rounding the valuations for our credit card currencies to the nearest five-hundredths of a point in order to better capture the real-world value they offer cardholders.

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We fully expect these numbers to fluctuate over time as we refine our equations and roll out additional data-backed hotel and airline valuations in the coming months.

Likewise, we moved three airline currencies — American AAdvantage, Delta SkyMiles and United MileagePlus miles — to a data-backed model late last year. However, we have put these valuations on pause while we work out an issue with our data provider. We’re excited to have data-backed valuations updated in the coming months.

Note: These valuations are not provided by card issuers.

Points and miles valuations

ProgramFebruary 2022January 2023February 2023Note
Accor Le Club2.02.02.0
Aeroplan Loyalty Program1.51.51.5

Launched Emirates award chart and added first class awards.

Alaska Mileage Plan1.81.81.8
American AAdvantage1.77*1.77*1.77*
American Express Membership Rewards2.02.02.0
Amtrak Guest Rewards2.52.52.5
ANA Mileage Club1.41.41.4
Asia Miles1.31.31.3
Avianca LifeMiles1.71.71.7
Avios1.51.51.5
Best Western Rewards0.70.60.6
Bilt Rewards-1.81.8
Brex Exclusive Rewards1.71.71.7
Capital One Rewards1.851.851.85
Chase Ultimate Rewards2.02.02.0
Choice Privileges0.60.60.6

Launched transfers to/from Radisson Rewards Americas and will eventually merge programs.

Citi ThankYou Points1.71.81.8

Will launch 30% transfer bonus to Virgin Atlantic Flying Club on Feb. 19.

Delta SkyMiles1.57*1.41*1.41*

Most cobranded credit cardholders now get 15% off Delta-operated award flights.

Diners Club Rewards2.12.12.1
Discover Rewards1.01.01.0
Emirates Skywards1.21.21.2

Devalued transatlantic award tickets from the U.S. to Europe.

Etihad Guest1.41.41.4
Flying Blue1.21.21.2

Launched new Promo Rewards from the U.S. to Europe.

Frontier Miles1.11.11.1
HawaiianMiles0.90.90.9
Hilton Honors0.60.60.6
IHG Rewards Club0.50.50.5

Launched food and beverage awards for elites at select properties.

JetBlue TrueBlue Rewards Program1.31.31.3
Korean Air SkyPass1.71.71.7
Marriott Bonvoy0.80.840.84

Reduced points and elite night earning at Protea Hotels.

Radisson Rewards0.40.40.4
Singapore Krisflyer1.31.31.3
Southwest Rapid Rewards1.51.51.5
Spirit Airlines Free Spirit1.11.11.1
Turkish Airlines Miles and Smiles1.31.31.3
United MileagePlus1.11*1.21*1.21*
Virgin Atlantic Flying Club1.51.51.5
World of Hyatt Loyalty Program1.71.71.7
Wyndham Rewards1.11.11.1

* Calculated using TPG’s revamped data-backed valuations methodology, launched in December 2021.

Points and miles news

January and early February were light on points and miles news, but there are still some interesting developments to share.

One of the most exciting announcements was Delta's new TakeOff 15 feature. This gives most Delta cobranded credit card holders 15% off all Delta-operated award tickets, making SkyMiles more valuable across the board for these cardholders. All cards are eligible, sans the no-annual-fee Delta SkyMiles® Blue American Express Card.

Additionally, Air Canada Aeroplan launched Emirates first-class award redemptions — but they're not cheap. Unfortunately, the loyalty program also implemented its Emirates-specific award chart, which has made Emirates redemptions more expensive across the board.

Speaking of Emirates, the airline also devalued its Skywards program yet again. This time, transatlantic award tickets from New York to Athens and Milan have increased in price. This comes weeks after the airline devalued most awards to and from its Dubai hub.

On the hotel side, Choice Hotels and Radisson Rewards Americas launched points transfers between the two programs. Additionally, the two loyalty programs will merge later in the year to create one centralized program for all hotels under both brands. This comes just months after Choice acquired Radisson Hotels Americas.

In minor news, we also saw Marriott halve points and elite nights earnings at Protea Hotels. Marriott Bonvoy members will now earn 5 points per dollar and one elite night for every two nights stayed at these hotels.

Related: Here’s what you should know before transferring Marriott points to airline miles

Data-backed valuations update

As noted in the introduction, we moved to data-backed valuations for three major airline programs — American AAdvantage, Delta SkyMiles and United MileagePlus — last year. However, we’ve run into an issue with our data provider that has caused us to put data-backed valuations on hold. What you see now are valuations calculated for March 2022, but we plan to publish up-to-date valuations for these three airlines soon.

Travel credit card offers

There is no shortage of incredible new welcome bonuses on many popular cards — here are a few of our favorites this month.

Chase Sapphire Reserve

CHASE

Right now, the Chase Sapphire Reserve card is offering an increased welcome bonus of 60,000 bonus points after you spend $4,000 in the first three months of account opening. Per TPG’s valuation, that’s worth $1,200 when you leverage transfer partners, or $900 if you redeem through the Chase travel portal at 1.5 cents per point.

While the card has a hefty $550 annual fee, it includes perks like Priority Pass lounge access, an annual $300 travel credit and a Global Entry or TSA PreCheck credit, among other benefits. Plus, you’ll earn 3 points per dollar on all travel and dining expenses, so you can quickly rack up rewards for your next big trip.

For more details, check out our full review of the Chase Sapphire Reserve card.

Official application: Chase Sapphire Reserve.

Capital One Venture X Rewards Credit Card

JOHN GRIBBEN/THE POINTS GUY

Toward the end of 2021, Capital One launched its first premium rewards card, and it is one of the most exciting travel credit cards on the market, thanks to great earning rates and included perks.

The card is currently offering a welcome bonus of 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening — worth $1,388 according to our valuations — thanks to Capital One’s excellent airline and hotel transfer partners.

For more details, check out our full review of the Capital One Venture X Rewards Credit Card.

Official application: Capital One Venture X Rewards Credit Card

Capital One Venture Rewards Credit Card

WYATT SMITH/THE POINTS GUY

The standard Capital One Venture Rewards Credit Card is currently offering the same welcome bonus as the Venture X. You can earn 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Like the Venture X, the Venture card earns 2 miles per dollar on everything.

For more details, check out our full review of the Capital One Venture Rewards Credit Card.

Official application: Capital One Venture Rewards Credit Card

The Platinum Card® from American Express

ISABELLE RAPHAEL/THE POINTS GUY

With the current welcome offer on the Amex Platinum, you’ll earn 80,000 points after you spend $6,000 on purchases in the first six months of card membership.

Of course, the card is jam-packed with benefits like airport lounge access, hotel elite status and more. These benefits can make your travel experience smoother and more luxurious than ever before — especially with the most recent additions. The card has a $695 annual fee (see rates and fees). Enrollment is required for select benefits.

For more details, check out our full review of the Amex Platinum Card.

Official application: The Platinum Card from American Express

American Express® Gold Card

WYATT SMITH/THE POINTS GUY

One of the most popular cards with TPG staffers during the pandemic, the Amex Gold offers 60,000 Membership Rewards points after you spend $4,000 on eligible purchases on your new card within the first six months of card membership. This welcome offer is worth $1,200 based on our valuations — but be sure to check the CardMatch tool to see if you’re targeted for an even higher offer. (Offers are subject to change at any time).

The card is great for many everyday purchases. You’ll earn 4 points per dollar at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar) and 4 points per dollar on dining at restaurants. The card has a $250 annual fee (see rates and fees).

For more details, check out our full review of the Amex Gold Card.

Official application: American Express Gold Card

The Business Platinum Card® from American Express

RYAN PATTERSON/THE POINTS GUY

The Business Platinum Card offers 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your card in the first three months of card membership. Per our valuations, this welcome offer is worth at least $2,400, but you can get even more value when redeeming for high-end airfare.

The card also provides a slew of additional perks similar to (but slightly different from) the personal version — you can compare the two cards in this guide to see which one would be a better fit for your wallet.

For more details, check out our full review of the Amex Business Platinum Card.

Official application: The Business Platinum Card from American Express

Airline credit cards

ANDREW KUNESH/THE POINTS GUY

Delta is running limited-time offers on most of its cobranded credit cards. Here's a look at the current offers:

Related: The best airline credit cards

Hotel credit cards

Several hotel credit card welcome bonuses provide a simple way to boost your points balances. You can use these points to save money on hotel stays worldwide, no matter where your travels take you.

The portfolio of IHG Rewards credit cards underwent major upgrades earlier this year, and there are currently some solid limited-time offers available:

All of these new offers put you in a great position to earn a ton of bonus points or miles, and there may be more to come.

For rates and fees of the Amex Gold Card, click here.
For rates and fees of the Amex Platinum Card, click here.
For rates and fees of the Delta Gold Amex, click here.
For rates and fees of the Delta Platinum Amex, click here.
For rates and fees of the Delta SkyMiles Reserve Amex, click here.
For rates and fees of the Delta Gold Business Amex, click here.
For rates and fees of the Delta Platinum Business Amex, click here.
For rates and fees of the Delta SkyMiles Reserve Business Amex, click here.

Additional reporting by Andrew Kunesh and Benji Stawski.


This is The Points Guy’s permanent page for the most up-to-date valuations, so you can bookmark it and check back each month for updates.

Featured image by THE POINTS GUY
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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How we chose these cards

Our points-obsessed staff uses a plethora of credit cards on a daily basis. If anyone on our team wouldn’t recommend it to a friend or a family member, we wouldn’t recommend it on The Points Guy either. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners.
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TPG featured card

Best luxury travel rewards card
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

5X points
5XEarn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year.
5XEarn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.

Intro offer

Earn 80,000 Points
Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.

Annual Fee

$695

Recommended Credit

670-850
Excellent/Good
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

Sometimes it's worth a large investment to reap the benefits of a great credit card. That's exactly the case with the Amex Platinum card. In exchange for the annual fee, you'll unlock access to the Amex Membership Rewards program that let you access airline and hotel transfer partners, along with new lifestyle and travel credits. This card is also incredibly rewarding for travel purchases, helping you rack up a ton of Membership Rewards points for your next award trip.

Pros

  • The current welcome offer on this card is quite lucrative. TPG values it at $1,600.
  • This card comes with a long list of benefits, including access to Centurion Lounges, complimentary elite status with Hilton and Marriott, at least $500 in assorted annual statement credits and so much more. (Enrollment required for select benefits.)
  • The Amex Platinum comes with access to a premium concierge service that can help you with everything from booking hard-to-get reservations to finding destination guides to help you plan out your next getaway.

Cons

  • The high annual fee is only worth it if you’re taking full advantage of the card’s benefits. Seldom travelers may not get enough value to warrant the cost.
  • Outside of the current welcome bonus, you’re only earning higher rewards on specific airfare and hotel purchases, so it’s not a great card for other spending categories.
  • The annual airline fee statement credit can be complicated to take advantage of compared to the broader travel credits offered by competing premium cards.
  • Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
  • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card®.
  • $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card® on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Enrollment required.
  • $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. Plus Ups are excluded.
  • American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. There are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
  • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
  • Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. Enrollment required. Learn more.
  • Breeze through security with CLEAR® lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. Learn more.
  • $695 annual fee.
  • Terms Apply.
  • See Rates & Fees
Apply for The Platinum Card® from American Express
at American Express's secure site
Terms & restrictions apply. See rates & fees
Best luxury travel rewards card
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

5XEarn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year.
5XEarn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • Intro Offer
    Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.

    Earn 80,000 Points
  • Annual Fee

    $695
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Excellent/Good

Why We Chose It

Sometimes it's worth a large investment to reap the benefits of a great credit card. That's exactly the case with the Amex Platinum card. In exchange for the annual fee, you'll unlock access to the Amex Membership Rewards program that let you access airline and hotel transfer partners, along with new lifestyle and travel credits. This card is also incredibly rewarding for travel purchases, helping you rack up a ton of Membership Rewards points for your next award trip.

Pros

  • The current welcome offer on this card is quite lucrative. TPG values it at $1,600.
  • This card comes with a long list of benefits, including access to Centurion Lounges, complimentary elite status with Hilton and Marriott, at least $500 in assorted annual statement credits and so much more. (Enrollment required for select benefits.)
  • The Amex Platinum comes with access to a premium concierge service that can help you with everything from booking hard-to-get reservations to finding destination guides to help you plan out your next getaway.

Cons

  • The high annual fee is only worth it if you’re taking full advantage of the card’s benefits. Seldom travelers may not get enough value to warrant the cost.
  • Outside of the current welcome bonus, you’re only earning higher rewards on specific airfare and hotel purchases, so it’s not a great card for other spending categories.
  • The annual airline fee statement credit can be complicated to take advantage of compared to the broader travel credits offered by competing premium cards.
  • Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
  • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card®.
  • $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card® on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Enrollment required.
  • $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. Plus Ups are excluded.
  • American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. There are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
  • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
  • Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. Enrollment required. Learn more.
  • Breeze through security with CLEAR® lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. Learn more.
  • $695 annual fee.
  • Terms Apply.
  • See Rates & Fees