What are points and miles worth? TPG’s July 2026 monthly 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 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 also utilize extensive data for nine U.S. airline loyalty programs and six hotel loyalty programs to more accurately estimate the value you should aim to achieve from your rewards.
What are credit card points and miles worth?

Program
July 2026 valuation (cents)
Latest news

American Express Membership Rewards
2.0
<a href=”https://thepointsguy.com/news/amex-resy-credit-restaurants-badge/” target=”_blank” rel=”noopener”>Amex added new Resy credit language</a>.

Capital One
1.85
<a href=”https://thepointsguy.com/news/capital-ones-dulles-lounge-closing-renovations/” target=”_blank” rel=”noopener”>Capital One’s Dulles lounge</a> will close many interior spaces for months.

Chase Ultimate Rewards
2.05
Chase <a target=”_blank” href=”https://thepointsguy.com/news/chase-sapphire-preferred-refresh-2026/”>refreshed its Sapphire Preferred® Card</a>, but cut the Hyatt transfer ratio.
<p>Chase Sapphire Preferred’s <a target=”_blank” href=”https://thepointsguy.com/news/chase-sapphire-preferred-100000-point-best-ever-offer-back/”>best-ever 100,000-point offer is back</a>.</p>
<p>Here’s <a target=”_blank” href=”https://thepointsguy.com/credit-cards/stacking-chase-sapphire-reserve-hotel-credits-the-edit/”>how to stack Chase Sapphire Reserve® hotel credits</a> for up to $500 in savings at select hotels.</p>
<p>A <a href=”https://thepointsguy.com/news/chase-sapphire-new-airport-lounge-miami-mia/” target=”_blank” rel=”noopener”>new Chase Sapphire Lounge is coming to Miami</a>.</p>

Citi ThankYou Rewards
1.9

Wells Fargo Rewards
1.75

What are Bilt Points worth?

Program
July 2026 valuation (cents)
Latest news

Bilt
2.2

What are airline points and miles worth?

Program
July 2026 valuation (cents)
Latest news

Aeromexico Rewards
0.8

Air Canada Aeroplan
<strong>1.5 (up from 1.4)*</strong>

Alaska Airlines Atmos Rewards
<strong>1.55 (up from 1.4)*</strong>
Alaska Airlines <a target=”_blank” href=”https://thepointsguy.com/airline/alaska-airlines-new-basic-restrictions/”>is removing earnings on basic economy</a> tickets and increasing ticketing fees. Alaska Air <a target=”_blank” href=”https://thepointsguy.com/news/alaska-airlines-seasonal-mexico-routes-boost-hawaii/”>pulls back on recent Mexico routes</a>.

American Airlines AAdvantage
<strong>1.4 (down from 1.6)*</strong>

ANA Mileage Club
1.4

Avianca Lifemiles
<strong>1.45 (up from 1.4)*</strong>

Avios
1.4
Qatar Airways <a target=”_blank” href=”https://thepointsguy.com/news/qatar-airways-companion-restrictions/”>made it more difficult to book award flights for companions</a> with your transferable points.

Cathay Asia Miles
1.3

Delta SkyMiles
1.2*
<span style=”box-sizing: border-box; margin: 0px; padding: 0px;”>Delta is&nbsp;<a href=”https://thepointsguy.com/news/delta-air-lines-new-route-new-york-costa-rica/” target=”_blank” rel=”noopener”>bringing back its Costa Rica route</a> from New York JFK, and cutting 2 routes at its <a target=”_blank” href=”https://thepointsguy.com/news/delta-axes-2-routes-at-growing-austin-focus-city/”>otherwise fast-growing Austin focus city</a>. The airline added 3 new routes, <a target=”_blank” href=”https://thepointsguy.com/news/delta-air-lines-new-routes-new-york-jfk-lagurdia-newark-los-angeles-austin/”>including one former JetBlue market</a>.</span>
<p>A new, 2nd Delta One Lounge <a target=”_blank” href=”https://thepointsguy.com/airline/delta-one-lounge-lax-2027/”>is coming to LAX in 2027</a>.</p>

Emirates Skywards
1.2

Etihad Guest
1.2

Flying Blue
<strong>1.55 (up from 1.3)*</strong>

Frontier Miles
1.3

JetBlue TrueBlue
1.35

Qantas Frequent Flyer
1.3*
London <a target=”_blank” href=”https://thepointsguy.com/news/qantas-airways-project-sunrise-nonstop-flights-sydney-new-york-london/”>will get the first ‘Project Sunrise’ flights</a>, followed by New York.

Singapore KrisFlyer
1.3

Southwest Rapid Rewards
1.25

Turkish Airlines Miles&amp;Smiles
1.1

United MileagePlus
<strong>1.3 (down from 1.35)*</strong>
This <a target=”_blank” href=”https://thepointsguy.com/airline/united-mileageplus-share-card-benefits-kids/”>easy-to-miss United MileagePlus change</a> could help your kids earn more miles.

Virgin Atlantic Flying Club
<strong>1.5 (up from 1.3)*</strong>

*Calculated using data provided by Points Path.
What are hotel points worth?

Program
July 2026 valuation (cents)
Latest news

Accor Live Limitless
2.0

Best Western Rewards
0.6

Choice Privileges
<strong>0.7 (up from 0.6)**</strong>
Choice Privileges <a target=”_blank” href=”https://thepointsguy.com/news/choice-privileges-mastercard-offer-sweepstakes/”>announced a 1-million-point sweepstakes</a> for cardholders and a new bonus offer. One of the <a target=”_blank” href=”https://thepointsguy.com/news/choice-privileges-japan-devaluation/”>best-value ways to book hotels in Japan</a> with points just got worse.

Hilton Honors
<strong>0.4 (up from 0.35)**</strong>
TPG Exclusive: <a target=”_blank” href=”https://thepointsguy.com/news/hilton-ceo-interview-diamond-elite/”>Hilton’s CEO talks potential new elite status tier</a>, Diamond Reserve and rising award rates.
<p>Hilton is <a target=”_blank” href=”https://thepointsguy.com/news/hilton-undergraduate-brand/”>launching a new college-themed brand</a> that could have 400 locations. Hilton’s <a target=”_blank” href=”https://thepointsguy.com/news/hale-hokuala-kauai-curio-collection-hilton-accepting-reservations/”>very first Curio Collection hotel in Hawaii</a> is now accepting reservations.</p>
<p>This new Waldorf Astoria <a target=”_blank” href=”https://thepointsguy.com/news/waldorf-astoria-london-reservations-admiralty-arch/”>might have London’s best address</a> — and it’s now taking reservations.</p>

IHG One Rewards
<strong>0.6 (up from 0.55)**</strong>

Marriott Bonvoy
0.8**
<a target=”_blank” href=”https://thepointsguy.com/hotel/reviews/red-cliffs-lodge-moab-marriott-bonvoy-reflag/”>Here is your first look</a> at Red Cliffs Lodge Moab, a respite in the heart of Utah’s red rock country.
<p>Hawaii’s magnificent Mauna Kea Beach Hotel is <a target=”_blank” href=”https://thepointsguy.com/hotel/reviews/mauna-kea-beach-hotel-renovation/”>celebrating its 60th anniversary</a> with a massive renovation.</p>
<p>Free Champagne breakfast and poolside cabanas: <a target=”_blank” href=”https://thepointsguy.com/news/palisociety-joins-design-hotels-marriott-bonvoy/”>These boutique hotels</a> will soon be bookable on Marriott points.</p>

World of Hyatt
<strong>1.6 (up from 1.55)**</strong>
One of Hyatt’s <a target=”_blank” href=”https://thepointsguy.com/news/andaz-turks-caicos-now-open-for-bookings/”>most anticipated resorts in Turks and Caicos</a> is now taking reservations, as is <a target=”_blank” href=”https://thepointsguy.com/news/park-hyatt-riviera-maya-all-inclusive-reservations/”>Park Hyatt’s first all-inclusive resort</a>.
<p>You can <a target=”_blank” href=”https://thepointsguy.com/deals/current-hyatt-promotions/”>earn bonus points and award rebates</a> with these World of Hyatt promotions.</p>
<p>The first-ever Grand Hyatt all-inclusive is opening in Cabo — <a target=”_blank” href=”https://thepointsguy.com/news/grand-hyatt-los-cabos-resort-all-inclusive/”>and you can book now</a>.</p>

Wyndham Rewards
0.7**
Wyndham Rewards <a target=”_blank” href=”https://thepointsguy.com/news/wyndham-rewards-award-chart-changes/”>will move to 4 award tiers</a>, with top hotels costing 45,000 points.
<p>Wyndham also <a target=”_blank” href=”https://thepointsguy.com/credit-cards/wyndam-new-premium-credit-card/”>launched a new premium credit card</a> and revamped its rewards card lineup.</p>

**Calculated using data from Gondola (a free hotel search and direct booking platform for frequent travelers).
Top points and miles news for July
The Chase Sapphire Preferred® Card (see rates and fees) has just received a major refresh, but the news for award travelers is mixed.
On the plus side, the card picked up new bonus categories. Cardholders now earn 3 points per dollar at gas stations, for EV charging and for vacation home rentals booked on Airbnb, Vrbo and other select platforms. Chase also doubled the annual Chase Travel℠ hotel credit from $50 to $100, effective June 15, 2026, making it easy to recoup the card’s $95 annual fee (which remains unchanged).
It’s not all great new though. The popular transfer ratio from Ultimate Rewards to World of Hyatt is changing from 1:1 to 4:3 for Chase Sapphire Preferred cardholders. Applicants approved on or after June 15, 2026, see the lower ratio immediately. Meanwhile, existing cardholders keep 1:1 transfers until Oct. 1, 2026. The 1:1 ratio stays in place for the Chase Sapphire Reserve® (see rates and fees) and Chase Sapphire Reserve for Business℠ (see rates and fees) cardholders.
But here’s the ultimate sweetener: the Sapphire Preferred’s best-ever welcome offer has returned. New cardholders can earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening, matching the highest public welcome bonus the card has carried since it launched in 2009.
Related: Chase Sapphire Preferred 100,000-point bonus — all your questions answered
Top offers for earning points and miles in July
July’s cobranded card offer of the month is for the Delta SkyMiles® Reserve American Express Card. With this card’s current offer, you can earn up to 125,000 bonus miles: 100,000 bonus miles after spending $6,000 on purchases in the first six months of card membership, plus earn 25,000 bonus miles after spending an additional $3,000 on purchases (for a total of $9,000) in the first six months of card membership. Offer ends July 15.
Now, here are some of the best welcome offers this month for those seeking a new travel rewards card that earns transferable points or miles.

American Express Platinum Card®: Find out your offer and see if you are eligible for as high as 175,000 Membership Rewards points after spending $12,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
Chase Sapphire Reserve: Earn 100,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.
Chase Sapphire Reserve for Business: Earn 200,000 bonus points after you spend $30,000 on purchases within the first six months from account opening.
Capital One Venture X Business: New applicants can earn 150,000 bonus miles after spending $30,000 on purchases in the first three months from account opening.
Capital One Venture Rewards Credit Card: New cardholders can earn 75,000 bonus miles after spending $4,000 on purchases within the first three months from account opening.
American Express® Gold Card: Find out your offer and see if you are eligible for as high as 100,000 Membership Rewards points after spending $8,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.

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.