How much is a point worth? It’s the question everyone asks. The answer isn’t a single number. It shifts. Depending on who you are. Depending on where you’re going. But if you need a benchmark? A baseline for deciding whether to book now or keep saving?
TPG just released its August 2026 points and miles valuations.
The landscape has changed slightly. Some programs are climbing. Others are dipping. Here is what’s actually happening with the major loyalty currencies right now. And what it means for your wallet.
The transferable point leaders
Transferable rewards still rule the roost for high-value travel. If you’re looking to stretch every dollar, these are the ones that matter.
Bilt Points have taken the top spot. The valuation sits at 2.2 cents per point. That’s an uptick. It makes Bilt the most valuable transferable currency in the ecosystem. Why? Because it’s flexible. You can use it for rent, travel, and more, without the friction of traditional airline miles.
Chase Ultimate Rewards holds second place. At 2.05 cents per point, it’s a powerhouse. The Chase Freedom Flex will lose its cellphone protection plan starting September 20, but the core points remain strong.
American Express Membership Rewards follows closely at 2.0 cents per point. There’s been a tweak on the ground. Amex has tightened eligibility for its digital entertainment credit, specifically targeting Peacock subscriptions. It’s a small change. But it hints at stricter controls on perks.
Citi ThankYou Rewards sits at 1.9 cents. Capital One is at 1.85 cents.
The takeaway: If you have Bilt points, they are currently your most potent tool for high-value redemptions. Chase and Amex are a virtual tie for second.
Airline miles: The volatility you can’t ignore
Airline programs are tricky. One month they’re hot. The next, they cool down.
Alaska Airlines Atmos Rewards is the winner here. At 1.55 cents per point, it edges out the competition. This isn’t hype. It’s data. The program continues to offer solid redemption opportunities on Alaska, Hawaiian Airlines, and key partners. If you fly West Coast or have family in Hawaii, this matters.
But look at the drops.
- Air Canada Aeroplan fell to 1.45 cents (down from 1.5).
- American Airlines AAdvantage is at 1.4 cents.
- Avianca Lifemiles dropped to 1.4 cents.
- Flying Blue slid to 1.45 cents (from 1.55).
- United MileagePlus is now 1.25 cents (from 1.3).
- Virgin Atlantic Flying Club dipped to 1.45 cents (from 1.5).
Why the dips? Program changes. Availability shifts. Sometimes it’s just the math of what travelers are actually booking.
There are positives, though. Air Canada and World of Hyatt announced a new partnership. This could open up new routing options for business travelers. American Airlines added three Chicago routes, including one to Japan. Southwest launched a new Debit Card and a 15-route expansion, keeping their Rapid Rewards system active and growing, even if the valuation remains steady at 1.25 cents.
Frontier Miles got a boost, too. You can now transfer Rove miles directly to Frontier. A niche move. But useful for budget travelers.
Hotel points: Fixed vs. Flexible
Hotel valuations are a mixed bag. Some programs offer fixed values. Others rely on fluctuating award charts.
Accor Live Limitless (ALL) is the outlier. At 2.3 cents per point, it’s not just the top hotel currency. It’s the highest-value program on this entire list. That’s because Accor points have a fixed redemption rate. No guessing. No chasing availability. You know exactly what you get. It went up from 2.0 cents last month.
World of Hyatt comes in at 1.6 cents. This remains the gold standard for traditional hotel programs. Hyatt has made changes. Some elite members get earlier access to award inventory. That’s huge for last-minute planners. But it’s not all good news. Two popular Hyatt properties have stopped accepting suite upgrade awards. If you relied on those upgrades, look elsewhere.
The big chains? They’re struggling.
- Marriott Bonvoy dropped to 0.75 cents (from 0.8).
- IHG One Rewards fell to 0.55 cents (from 0.6).
- Best Western Rewards sits at 0.6 cents.
- Wyndham Rewards is at 0.7 cents.
Marriott raised award prices at popular destinations. They also ousted Pepsi as the official soda provider worldwide, replacing it with Coca-Cola. A strange corporate move. But it reflects their pivot toward premium partnerships.
There’s news on the ground, though. A new JW Marriott is opening on a conservancy in Kenya. A stylish Joshua Tree property is now bookable with points. But does that offset the drop in valuation? Maybe. Maybe not.
The reality check: Unless you have a specific loyalty tier or a fixed-rate program like Accor, hotel points are generally harder to maximize than airline miles.
How we calculate these numbers
You might wonder: where do these numbers come from? They aren’t guesses.
For certain airline programs, we use data from Points Path. We look at millions of searches over three months. We factor in the 10-month booking window. We subtract taxes and fees. We strip out the outliers. The result? A trimmed average that reflects what a typical traveler actually pays.
For hotels, we rely on Gondola. This platform provides real-time data from frequent travelers. We calculate the median value. We focus on one-night stays booked shortly before publication.
When data is thin? Our team of experts steps in. They look at award pricing, fees, and the cost of buying the points outright. For fixed-value programs, we use the exact redemption rate.
Should you redeem or wait?
Here’s the practical question.
Take your cash price. Subtract taxes and fees. Divide that by the points required. Compare the result to the TPG valuation above.
If your number is higher? Redeem. You’re getting more value than the benchmark.
If it’s lower? Keep your points. Or pay cash.
For example. If an Alaska Airlines flight costs $300 (after fees) and requires 20,000 miles, your value is 1.5 cents per mile. The valuation is 1.55. You’re slightly under. Is it worth it? It’s close.
Conversely. If a Hyatt stay requires 40,000 points and costs $600 cash, that’s 1.5 cents per point. The valuation is 1.6. You’re beating the average. Book it.
We also have a points vs. cash calculator on our site. Use it. Don’t guess.
What’s next for your wallet
Earning points is only half the battle. Spending them wisely is the other.
For new cardholders, August offers some serious sign-up bonuses. The Atmos Rewards suite is pushing up to 80,002 bonus points. Amex Platinum is offering up to 175,00 points for $12,00 in spend. Chase Sapphire Reserve is throwing in 100,000 points for $6,00 spend.
But remember. A card is just a tool. The value comes from how you wield it.
Bilt points are up. Marriott is down. Alaska is holding strong. The market moves fast. Stay alert. Check your balances. And don’t let points sit idle in a drawer. They expire. Or worse—they lose value faster than your money in the bank.
What’s your biggest win this year? A business class flight to Europe? A free night in the Caymans? Share the story. Or just keep saving. The next opportunity is coming.
