What are points and miles worth? TPG’s August 2025 monthly valuations
Editor's Note
Quick summary
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 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 points or 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 seven 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.
What are credit card points and miles worth?
| Program | August 2025 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | Amex opened a Centurion Lounge at Tokyo's Haneda Airport. The issuer also opened a Centurion Lounge in Amsterdam. |
| Capital One | 1.85 | |
| Chase Ultimate Rewards | 2.05 | |
| Citi ThankYou Rewards | 1.9 (up from 1.85) | Citi launched a new premium travel card named the Citi Strata Elite℠ Card. The issuer also opened applications for its new Citi Strata℠ Card.
Now you can transfer Citi points to American Airlines AAdvantage. |
| Wells Fargo Rewards | 1.6 |
What are Bilt Rewards Points worth?
| Program | August 2025 valuation (cents) | Latest news |
|---|---|---|
| Bilt Rewards | 2.2 | Bilt Rewards announced three new cards, and points on mortgage payments, are coming soon. |
What are airline points and miles worth?
| Program | August 2025 valuation (cents) | Latest news |
|---|---|---|
| Aeromexico Rewards | 0.8 | |
| Air Canada Aeroplan | 1.4 | |
| Alaska Airlines Mileage Plan | 1.45 (down from 1.5)* | Alaska Airlines bolstered West Coast flying with a seven-route expansion across 12 cities.
Alaska upgraded the Seattle-Tokyo route with Hawaiian Airlines' Boeing 787 Dreamliner and will open a Dreamliner base in Seattle. Now you can use Alaska's Companion Fare on Hawaiian Airlines flights. |
| American Airlines AAdvantage | 1.55* | American Airlines will offer Boeing 777-200 service between New York and Los Angeles.
Passengers can now use AAdvantage miles for inflight purchases. American will soon offer a "grab-and-go" Admirals Club option in Charlotte. Passengers from London's Heathrow Airport can skip the baggage and security recheck in Dallas before catching a connection. |
| ANA Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.4 | |
| Avios | 1.4 | |
| Cathay Asia Miles | 1.3 | |
| Delta SkyMiles | 1.20 (up from 1.15)* | Passengers from London's Heathrow Airport can skip the baggage and security recheck in Atlanta before catching a connection.
Delta Air Lines added Hong Kong in a big Los Angeles expansion and will fly Salt Lake City's first-ever nonstop to South America. Delta is celebrating its 100th anniversary by offering SkyMiles members the chance to stack bonus miles and score some savings on airfare and vacation packages. Delta is using artificial intelligence to price some fares. The carrier predicts that Sky Club overcrowding will be mostly "solved" within the next two years. |
| Emirates Skywards | 1.2 | |
| Etihad Guest | 1.2 | Here's an inside look at Etihad Airways' A321LR delivery flight from Airbus to Abu Dhabi. |
| Flying Blue | 1.3 | Air France-KLM will take control of Scandinavian Airlines. |
| Frontier Miles | 1.15* | Frontier Airlines unveiled a 15-route expansion. |
| HawaiianMiles | 1.45 (down from 1.5) | Hawaiian Airlines will add premium economy to its Airbus A330 fleet. |
| JetBlue TrueBlue | 1.45* | JetBlue will launch two new Fort Lauderdale routes and bring back two more. |
| Korean Air SkyPass | 1.7 | |
| Qantas Frequent Flyer | 1.3 | Many Qantas Frequent Flyer award rates will increase Aug. 5. |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Rapid Rewards | 1.35 (down from 1.4)* | You can now book assigned seats on Southwest Airlines. One in four Southwest planes now have extra-legroom seats.
Southwest unveiled a big credit card refresh. Southwest will begin flights to St. Thomas in February. |
| Spirit Airlines Free Spirit | 1.1 | Spirit Airlines prepares to cut flights as it furloughs and downgrades pilots.
The airline added service to a small Georgia airport as the first destination under its new partnership with regional carrier Contour Airlines. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United MileagePlus | 1.3* | United Airlines debuted a massive new club in Denver and wants more premium economy seats for its planes.
The airline's Starlink Wi-Fi issues are behind it, with 60 jets now equipped with the fast, free service. United is ending its "flights" on buses. |
| Virgin Atlantic Flying Club | 1.3 | Virgin Atlantic unveiled free Starlink Wi-Fi, business-class upgrades and much more. |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | August 2025 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.5 | Here is your first look at the newly reopened Waldorf Astoria New York. |
| IHG One Rewards | 0.5 | |
| Marriott Bonvoy | 0.7 | Check out these limited-time Marriott Bonvoy card offers.
Stay near Yellowstone National Park this summer using points at this brand-new, suite-style Marriott. Marriott's luxurious Lake Como Edition is now accepting reservations. Marriott is now using an automatic room upgrade system. |
| World of Hyatt | 1.7 | You can finally see Hyatt award availability with a calendar view.
Manhattan just got its first-ever Hyatt Regency. Earn 15% more World of Hyatt points by glamping at Under Canvas. Bunkhouse Hotels is joining World of Hyatt in phases. Hyatt launched some new targeted bonus points promotions. |
| Wyndham Rewards | 1.1 |
Top points and miles news
July saw a series of major announcements from Citi. Here's an overview of what you should know.
Citi debuted its new premium rewards card
Citi unveiled the all-new Citi Strata Elite Card (see rates and fees). With a $595 annual fee, the card is set to take on the popular Capital One Venture X Rewards Credit Card and Chase Sapphire Reserve® (see rates and fees).
New Strata Elite cardholders can earn 80,000 bonus ThankYou Rewards points after spending $4,000 within the first three months from account opening; in‑branch applicants could access a higher 100,000-point offer under certain conditions.
Beyond the generous welcome offer, key benefits of this new premium card include:
Bonus points: Earn 12 points per dollar spent on hotels, car rentals and attractions booked through Citi Travel; 6 points per dollar spent on airfare via Citi Travel; 6 points per dollar spent at restaurants during "Citi Nights" (Friday and Saturday evenings from 6 p.m. to 6 a.m. Eastern time); 3 points per dollar spent at restaurants at other times; and 1.5 points per dollar spent on all other purchases.
Statement credits: Receive up to $300 per calendar year toward a two-night (or longer) hotel booking through Citi Travel; up to $200 in annual "Splurge Credit" for eligible partners such as American Airlines, Best Buy and Live Nation; up to $200 per year in Blacklane credit ($100 semiannually); and up to $120 every four years for Global Entry or TSA PreCheck application fees.
Lounge access: Enjoy four Admirals Club lounge passes per calendar year and a Priority Pass Select membership.
Related: Are you eligible for the Citi Strata Elite's 80,000-point welcome bonus?
Rewards+ rebrands as Citi Strata Card
Citi automatically transitioned all existing Citi Rewards+ cardholders to the Citi Strata Card (see rates and fees). The new card has a $0 annual fee, and new cardholders can earn 30,000 bonus points after spending $1,000 in the first three months from account opening.
The card earn 5 points per dollar spent on hotels, car rentals and attractions booked through Citi Travel; 3 points per dollar spent at supermarkets, gas and EV charging stations and on select transit; 3 points per dollar spent in one selectable category (such as streaming services, fitness or pet supplies); 2 points per dollar spent at restaurants; and 1 point per dollar spent on all other purchases. This is an impressive offer for a card with no annual fee.
The information for the Citi Rewards+ has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Citi added AAdvantage as a transfer partner
Coinciding with the Strata Elite launch, Citi added American Airlines AAdvantage as a 1:1 transfer partner for the following ThankYou points-earning cards:
- Citi Strata Elite Card
- Citi Strata Premier® Card (see rates and fees)
- Citi Prestige® Card (no longer open to new applicants)
This game-changing addition makes Citi the only major card issuer offering direct transfers to AAdvantage. This addition caused us to bump our valuation of Citi ThankYou Rewards points to 1.9 cents per point in our August 2025 valuations.
The information for the Citi Prestige Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Related: Citi points now transfer to American Airlines: How long does it take?
Top offers for earning points and miles in August
Here are some of the other best options this month if you're looking for a new travel rewards card that earns transferable points or miles.
Chase Sapphire Reserve
The Chase Sapphire Reserve currently offers a best-ever, limited-time welcome offer of 100,000 bonus points plus a $500 Chase Travel℠ promo credit after you spend $5,000 on purchases in the first three months from account opening.
The recently refreshed card has updated earning rates, including 8 points per dollar spent on purchases through Chase Travel℠ (including The Edit), 4 points per dollar spent on flights booked directly and 4 points per dollar spent on hotels booked directly. The new annual fee is $795, but cardholders will get up to $500 in statement credits for hotel bookings made with The Edit each calendar year ($250 in credits biannually on prepaid bookings with The Edit of two or more nights), up to $300 in statement credits each calendar year for dining at restaurants that are part of Sapphire Reserve Exclusive Tables ($150 in credits biannually) and more.
Check out our Chase Sapphire Reserve card review to learn more.
Official application link: Chase Sapphire Reserve
Chase Sapphire Reserve for Business
Chase recently unveiled a brand-new business card, the Chase Sapphire Reserve for Business℠ (see rates and fees). This card offers a massive welcome offer of 200,000 bonus points after you spend $30,000 on purchases in your first six months from account opening.
This product earns 8 points per dollar spent on purchases through Chase Travel (including The Edit), 4 points per dollar spent on flights and hotels booked directly, and 3 points per dollar spent on social media and search engine advertising. It comes with multiple flexible statement credits but has a $795 annual fee. See our Sapphire Reserve for Business card review for more information.
Official application link: Chase Sapphire Reserve for Business
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 has a welcome offer of 75,000 bonus miles after you spend $4,000 on purchases within the first three months from account opening.
You'll earn at least 2 miles per dollar spent on purchases and get access to various useful benefits, including a $300 annual credit for bookings through Capital One Travel, 10,000 bonus miles each account anniversary and complimentary access to Capital One airport lounges.
Check out our Capital One Venture X Rewards card review for more details.
Learn more: Capital One Venture X Rewards Credit Card
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card offers 75,000 bonus miles after you spend $4,000 on purchases within the first three months from account opening. The annual fee for the Capital One Venture card is $95 — a reasonable amount for a card with such a generous welcome offer.
See our Capital One Venture Rewards card review for more details.
Learn more: Capital One Venture Rewards Credit Card
The Platinum Card from American Express
With the The Platinum Card® from American Express, you can find out your offer and see if you are eligible for as high as 175,000 Membership Rewards points after spending $8,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
Our valuations peg these points at up to $3,500 based on the value you can get when leveraging the Membership Rewards transfer partners. The Amex Platinum is packed with benefits, so read our Amex Platinum review for all the details. The Amex Platinum 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 lets new cardholders find out their offer and see if they are eligible for as high as 100,000 Membership Rewards points after they spend $6,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
The Amex Gold 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 spent) and 4 points per dollar spent at restaurants worldwide (on up to $50,000 in purchases per calendar year, then 1 point per dollar spent). The card has a $325 annual fee (see rates and fees), so check out our Amex Gold review to see whether it makes sense.
Official application link: American Express Gold Card
Ink Business Preferred Credit Card
The Ink Business Preferred® Credit Card (see rates and fees) has a welcome offer of 90,000 bonus points after you spend $8,000 on purchases in the first three months after card opening.
The Ink Business Preferred offers 3 points per dollar spent on the first $150,000 in combined travel and shipping and advertising (i.e., with social media sites and search engines) purchases, and on internet, cable and phone services each account anniversary year. 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, click here.
For rates and fees of the Amex Gold, click here.