What are points and miles worth? TPG’s September 2025 monthly valuations
Editor's Note
Quick summary
- TPG provides updated valuations for major airline, hotel and transferable points programs.
- Valuations for some programs are determined using a data-driven methodology considering redemption rates, availability and program updates.
- The new Atmos Rewards program merges Alaska Airlines and Hawaiian Airlines loyalty schemes, offering flexible elite status earning and notable perks for top-tier members.
- Recent program changes, transfer partner updates and new redemption options may affect the value and flexibility of your points and miles.
What to consider
- Valuations can fluctuate based on program changes, availability and redemption options, so actual value may differ from published estimates.
- Some programs are undergoing transitions, such as Atmos Rewards.
- Transfer partner changes and other program changes may affect your ability to maximize rewards.
What you'll miss from the article
- A detailed breakdown of current point and mile values across major loyalty programs and insight into recent program updates that could impact your travel strategy.
Generated by AI with support from our editorial team.
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 | September 2025 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | |
| Capital One | 1.85 | |
| Chase Ultimate Rewards | 2.05 | Chase Ultimate Rewards will lose Emirates Skywards as a transfer partner Oct. 16. |
| Citi ThankYou Rewards | 1.9 | You can now transfer ThankYou Rewards points from no-annual-fee cards to American Airlines AAdvantage. |
| Wells Fargo Rewards | 1.6 |
What are Bilt Rewards Points worth?
| Program | September 2025 valuation (cents) | Latest news |
|---|---|---|
| Bilt Rewards | 2.2 | Alaska Airlines remains a Bilt transfer partner despite the rebranding to Atmos Rewards. |
What are airline points and miles worth?
| Program | September 2025 valuation (cents) | Latest news |
|---|---|---|
| Aeromexico Rewards | 0.8 | |
| Air Canada Aeroplan | 1.4 | Air Canada Aeroplan is moving to spending-based points earning and elite status. |
| Alaska Airlines Atmos Rewards | 1.5 (up from 1.45)* | Alaska Airlines and Hawaiian Airlines unveiled their much-anticipated joint loyalty program, Atmos Rewards.
The entire Alaska fleet will soon offer passengers free Starlink Wi-Fi service. You can earn elite status and double points with the new San Diego status challenge. |
| American Airlines AAdvantage | 1.55* | American is planning a Flagship Lounge and a badly needed Admirals Club expansion at Charlotte. The airline's first-ever grab-and-go airport lounge in Charlotte is now open.
American unveiled "new" long-haul routes for next summer. American and Starlux Airlines teamed up in a new interline agreement. |
| ANA Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.4 | |
| Avios | 1.4 | |
| Cathay Asia Miles | 1.3 | Cathay Pacific ordered more Boeing 777-9s. |
| Delta SkyMiles | 1.15 (down from 1.20)* | Delta Air Lines announced new Europe routes from Boston for summer 2026, cuts to Las Vegas routes and new routes from Austin. Delta passengers flying from Seoul, South Korea, to Atlanta no longer have to collect bags checked onward when entering the U.S.
Delta confirmed it will leave Medallion qualification requirements unchanged in 2026. |
| Emirates Skywards | 1.2 | |
| Etihad Guest | 1.2 | |
| Flying Blue | 1.3 | |
| Frontier Miles | 1.1 (down from 1.15)* | Frontier Airlines added 20 routes and stepped up credit card perks with new companion certificates.
Frontier is targeting flyers of other airlines with a status match (and future first-class upgrades) for $69. |
| HawaiianMiles | 1.5 (up from 1.45) | On Oct. 1, HawaiianMiles will fully transition to the new Atmos Rewards program.
Alaska Airlines electronic bag tags now work on Hawaiian Airlines, too. Hawaiian cut Asia and Boston services from Honolulu, but added more South Pacific and West Coast flights. |
| JetBlue TrueBlue | 1.45* | Now you can earn and redeem JetBlue points on Condor flights.
JetBlue expanded redemptions for its vacation platform and gave it a new name. The airline is also adding eight routes and growing six others in a big network expansion. |
| Qantas Frequent Flyer | 1.3 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Rapid Rewards | 1.35* | Southwest Airlines announced St. Maarten as its newest Caribbean destination and teamed up with EVA Air in its third international partnership. In a pivot to add more connecting flights, Southwest also cut 30 routes. |
| Spirit Airlines Free Spirit | 1.1 | Spirit Airlines added two new Caribbean destinations.
Spirit will keep flying despite filing for Chapter 11 bankruptcy just five months after exiting its last restructuring. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United MileagePlus | 1.3* | United Airlines' troubled Greenland service has resumed after problems at Nuuk International Airport (GOH) and plans to return for a second season in 2026. |
| Virgin Atlantic Flying Club | 1.3 |
*Calculated using TPG's data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | September 2025 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.5 | |
| IHG One Rewards | 0.5 | |
| Marriott Bonvoy | 0.7 | The world's first all-inclusive W resort is now open in Punta Cana, Dominican Republic. |
| World of Hyatt | 1.7 | Mexico's Alila Mayakoba is now accepting reservations for stays starting in February 2026. |
| Wyndham Rewards | 1.1 |
Top points and miles news
August's biggest travel loyalty news was the unveiling of Atmos Rewards, the exciting and long-awaited new joint loyalty program between Alaska Airlines and Hawaiian Airlines. This program merges Mileage Plan and HawaiianMiles. Balances will convert at a 1:1 ratio Oct. 1, creating a single points ecosystem across both carriers.
The new program offers some unique and impressively rewarding benefits. For example, members will be able to choose whether they earn points and status points based on distance, revenue or segments. This flexibility, launching in 2026, could make Atmos Rewards one of the most passenger-friendly airline programs for earning elite status. You'll still be able to earn elite status from award travel, too.
Alaska is giving its top-tier Atmos Titanium elite members a great new perk: free day-of-departure upgrades into global business class — and they can even bring a companion along. No points, no certificates, just an automatic benefit. While it's common to see U.S. loyalty programs upgrade their top-tier elite members on domestic flights, this perk applies to all Alaska and Hawaiian flights.
Credit cards were refreshed under the new Atmos Rewards brand, and the new Atmos™ Rewards Summit Visa Infinite® Credit Card offers 100,000 bonus Atmos Rewards points and a 25,000-point Global Companion Award after you spend $6,000 or more on purchases within the first 90 days after account opening. It also offers 10,000 status points on every card anniversary, a faster path to elite status and an astonishing 3 points per dollar spent on foreign transactions, which makes it a great option for international travelers.
Finally, Alaska's industry-leading partner redemption rates are staying. Brett Catlin, Alaska's loyalty chief, told TPG ahead of the Atmos Rewards launch, "We're really happy with where our redemptions are at, particularly on the partner side. We have no plans at this point to radically change how we're structuring redemptions." This being said, Alaska is making some updates to its chart to account for new long-haul Alaska and Hawaiian flights.
Related: Are we all (mostly) winners? My take on Alaska's new unified Atmos Rewards program
Top offers for earning points and miles in September
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® (see rates and fees) currently offers 125,000 bonus points after you spend $6,000 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 hotel bookings), 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 has 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 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 spent on travel and select business categories each account anniversary year. For more details, check out our Ink Business Preferred Credit Card review.
Learn more: Ink Business Preferred Credit Card
The information for the Ink Business Preferred has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
For rates and fees of the Amex Platinum, click here.
For rates and fees of the Amex Gold, click here.