What are points and miles worth? TPG’s June 2025 monthly valuations

Editor’s note: This is a recurring post, regularly updated with new information and offers. These valuations are not provided by card issuers.

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 credit card 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?

What are airline points and miles worth?

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

What are hotel points worth?

Top points and miles news for June

June is the last month you can convert American Express Membership Rewards points to Alaska Airlines Mileage Plan miles.

While Mileage Plan is not a direct transfer partner of Membership Rewards, you can transfer Amex points to Hawaiian Airlines HawaiianMiles at a 1:1 ratio and then transfer miles from HawaiianMiles to Mileage Plan at a 1:1 ratio. However, HawaiianMiles will no longer be an Amex transfer partner after June 30, so this indirect way to convert Amex points to Alaska miles will end.

If you’re wondering why you should care, know that Alaska miles are some of the most valuable and hardest-to-earn miles of any program. With fantastic partners inside and outside the Oneworld alliance and redemption options like 4,500-mile domestic flights in economy, 45,000-mile lie-flat flights to Europe, and American Airlines’ new Boeing 787-9 suites to London for just 55,000 miles, you may want to transfer Amex points to HawaiianMiles before the option to do so ends at the end of June.

We don’t usually recommend transferring credit card points to a partner airline or hotel loyalty program without a specific purpose. But this is a special case, and now is the time for anyone with Amex points to consider just how valuable Alaska miles are.

Related: Flying Starlux and Japan Airlines in business class: How I used Alaska Airlines Mileage Plan miles to make it happen

Top offers for earning points and miles in June

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

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 a variety of 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 for you and up to two guests per visit. 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 current welcome offer on The Platinum Card® from American Express, you’ll earn 80,000 Membership Rewards points after spending $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 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 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 offers new cardholders the ability to earn 60,000 bonus points after spending $6,000 on purchases in the first six months of card membership. Based on our valuations, this welcome offer is worth $1,200. 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 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 worldwide (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), so check out our Amex Gold review to see whether it makes sense.

Official application link: American Express Gold Card

The Business Platinum Card from American Express

The Business Platinum Card® from American Express offers new cardholders the opportunity to earn 150,000 bonus points after spending $20,000 on eligible purchases in the first three months of card membership. Plus, new cardholders can earn a $500 statement credit after spending $2,500 on qualifying flights booked directly with airlines or through American Express Travel in the first three months of card membership. You can earn one or both of these offers, which end June 30. Per our valuations, this welcome offer, including the statement credit, is worth up to $3,500.

You’ll find many lesser-known Amex Business Platinum perks are similar to (but slightly different from) those of the personal version. For more details, check out our Amex Business Platinum review. Then, read 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

Ink Business Preferred Credit Card

The Ink Business Preferred® Credit Card (see rates and fees) offers a welcome bonus of 90,000 bonus points after you spend $8,000 on purchases in the first three months after card opening. Based on our current valuation of Chase Ultimate Rewards points, this welcome bonus is worth $1,845.

The Ink Business Preferred can be a great option for business owners who want to benefit from a generous welcome bonus but might not meet the higher spending requirements of other cards. Business owners may also appreciate that the Ink Business Preferred offers 3 points per dollar spent on the first $150,000 in combined travel; shipping and advertising (i.e., with social media sites and search engines) purchases; and 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.