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What are points and miles worth? TPG’s March 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 …
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 rewards credit cards 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 six 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 | March 2025 valuation (cents) | Latest news |
| American Express Membership Rewards | 2.0 | American Express is bringing back Member Week for March 2025. |
| Bilt Rewards | 2.05 | Bilt is considering new credit card products to pair with points for mortgage payments. |
| Capital One | 1.85 | Capital One re-adds JetBlue as a transfer partner. Here is our first look at the new Capital One lounge in Las Vegas. |
| Chase Ultimate Rewards | 2.05 | Here’s our first look at the new Chase Sapphire Lounge in Philadelphia. |
| Citi ThankYou Rewards | 1.8 | |
| Wells Fargo Rewards | 1.6 |
What are airline points and miles worth?
| Program | March 2025 valuation (cents) | Latest news |
| Air Canada Aeroplan | 1.5 | Aeroplan will launch dynamic award pricing on United Airlines, Emirates and select partners in March.
The airline plans to add up to 15 new US destinations by 2028. |
| Alaska Airlines Mileage Plan | 1.5 (up from 1.45)* | You can combine American Airlines and British Airways flights when redeeming Alaska Airlines miles.
The airline will exit Dallas Love Field (DAL) as it focuses on American Airlines’ Dallas Fort Worth International Airport (DFW) hub. |
| American Airlines AAdvantage | 1.65* | American rolled out a new online activity page for its loyalty program. New AAdvantage perks are now live.
The airline launched a promotion that could give you a head start on status and a Flagship Lounge pass. American will double flights in a key business corridor following JetBlue’s cut. AAdvantage redemptions on South America’s JetSmart are coming soon. |
| All Nippon Airways Mileage Club | 1.4 | |
| Avianca LifeMiles | 1.4 (down from 1.6) | Avianca LifeMiles increased award prices to Europe, Asia and the South Pacific, among other regions. |
| Avios | 1.4 | Following British Airways, Iberia Plus moves to spend-based elite status earning.
You can now redeem Avios to fly to St. Helena Airport (HLE) off the coast of Africa. |
| Cathay Asia Miles | 1.3 | |
| Delta Air Lines SkyMiles | 1.2* | SkyMiles members can earn Medallion Qualification Dollars on hotel stays and rental cars when they book through Delta Air Lines by the end of March.
Delta added Morocco to a three-route expansion, plus new links to Ghana and Cancun, Mexico. |
| Emirates Skywards | 1.2 | |
| Etihad Airways Guest | 1.2 | |
| Flying Blue | 1.3 | |
| Frontier Airlines Frontier Miles | 1.1 | You can fast-track Frontier Airlines Elite Platinum status with just 20,000 elite status points.
Frontier added three new routes, including a new Punta Cana, Dominican Republic, service, as well as nine new Atlanta routes, including a new Caribbean destination. |
| Hawaiian Airlines HawaiianMiles | 1.2 | Hawaiian Airlines will shutter its most exclusive lounge and VIP service. |
| JetBlue TrueBlue | 1.35* | JetBlue now allows Blue Basic award redemptions.
Here’s how a cruise can earn you JetBlue Mosaic elite status faster. |
| Korean Air SkyPass | 1.7 | |
| Singapore Airlines KrisFlyer | 1.3 | |
| Southwest Airlines Rapid Rewards | 1.35* | Southwest Airlines has officially entered the red-eye era with five overnight flights and more to come. Southwest cut flights in Denver and launched its partnership with Icelandair. |
| Spirit Airlines Free Spirit | 1.1 | Spirit Airlines rejected Frontier’s latest merger bid and plans to proceed independently. |
| Turkish Airlines Miles&Smiles | 1.2 | |
| United Airlines MileagePlus | 1.35 (up from 1.3)* | United Airlines has deposited Premier qualifying points in Premier accounts.
United opened its second grab-and-go “lounge” in Houston. |
| Virgin Atlantic Flying Club | 1.4 |
*Calculated using TPG’s data-backed valuations methodology launched in September 2023.
What are hotel points worth?
| Program | March 2025 valuation (cents) | Latest news |
| Accor Live Limitless | 2.0 | |
| Best Western Rewards | 0.6 | |
| Choice Privileges | 0.6 | |
| Hilton Honors | 0.6 | Hilton Honors’ status match opportunity returns, offering up to two years of top-tier Diamond status. |
| IHG One Rewards | 0.5 | Earn an easy 500 points for installing and opening the IHG app.
IHG just opened the first luxury hotel in Indianapolis in 20 years. |
| Marriott Bonvoy | 0.7 (down from 0.85) | Reservations are open for the first all-inclusive W resort in Punta Cana.
Trailborn’s outdoorsy hotels are joining Marriott. |
| World of Hyatt | 1.7 | Here are the new Hyatt hotels where you can get 500 extra points per night.
World of Hyatt announced its annual category changes, with 118 properties getting pricier. Hyatt will buy major all-inclusive resort operator Playa Hotels & Resorts for $2.6 billion. The hotel group launched a new brand for efficient, affordable stays nationwide. |
| Wyndham Rewards | 1.1 |
News highlight of the month
Following a January 2025 increase in the cost of some of the world’s best Marriott Bonvoy properties, TPG Associate Points and Miles Writer Rachel Craft led a comprehensive deep dive into the award versus cash rates of 51 properties worldwide for all available dates in May, June, September, November and December 2025.
This was the first time TPG had done this since our analysis in 2022 when the Bonvoy program commenced pricing award nights dynamically.
Unfortunately, our results revealed that you now get 15% less value from your Marriott points at these properties than in 2022.
The drop in value varied depending on the region of the properties. Our analysis showed a modest 10% drop in value when redeeming Marriott points at U.S. mainland hotels and resorts, while the drop was 28.4% in Europe.
There are some properties — including the JW Marriott Essex House New York in New York City, the Fiji Marriott Resort Momi Bay, the Moxy Paris Bastille and The Westin Tokyo — where our analysis revealed you will get a higher cents per point value now than you would have in 2022 when redeeming Marriott points.
However, the overall decrease in value means we’ve reduced our valuation of Marriott Bonvoy points from 0.85 to 0.7 cents in this month’s valuations. We also believe that because of the overall increase in average redemption rates, Marriott should update the points thresholds on free night certificates.
Related: 5 ways to maximize Marriott Bonvoy award night redemptions
Travel credit card offers
Here are some of the best options if you’re looking for a new travel rewards card that earns transferable points or miles.
Chase Sapphire Preferred Card
The Chase Sapphire Preferred® Card is one of our favorite travel rewards cards, especially if you’re just getting started with points and miles. The Chase Sapphire Preferred currently offers a welcome bonus of 60,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening.
The card comes with a $95 annual fee but offers many perks, including a $50 annual hotel credit for reservations made through Chase Travel℠ and a 10% anniversary points bonus based on your previous year’s spending. For more details, check out our Chase Sapphire Preferred Card review.
Official application link: Chase Sapphire Preferred Card
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 once 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 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 has a limited-time welcome offer of 75,000 bonus miles when you spend $4,000 on purchases within the first three months from account opening, plus a $250 Capital One Travel credit to use in your first cardholder year.
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 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 you spend $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 for you.
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 Membership Rewards points after they spend $20,000 on eligible purchases with their card in the first three months of membership. Per our valuations, this welcome offer is worth $3,000.
You’ll find many lesser-known Amex Business Platinum perks similar to (but slightly different from) those of the personal version. For more details, check out our Amex Business Platinum review. Then, check out 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 has a welcome offer of 90,000 bonus points after you spend $8,000 on purchases in the first three months from 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.
