How Much Are Points And Miles Worth?

Whether you’re new to travel rewards or have been scoring free trips for years, the world of points and miles can be confusing. Not only are there dozens of airline, hotel and credit card rewards programs to sort through, but each one comes with its own rewards currency, transfer partners and other redemption quirks.

Add to this that not all points and miles carry the same value. That means that 50,000 points from one program could end up being more valuable than 100,000 points from another program. With so many variables at play, how can you determine your points to miles value and how to best use the points you have?

What do points valuations mean?

The value of airline and hotel rewards vary dramatically between rewards programs and booking details, ranging in value from roughly 0.4 cents per point or mile to 3 cents per point or mile. This can make it tough to judge how far your rewards will take you when planning a trip.

Many general travel credit cards earn rewards that can be redeemed at one value for travel with the issuer, usually 1.0 cent per point, or transferred to an airline or hotel program and redeemed at another (potentially higher) value.

How to calculate rewards values

To see how much value you can get out of your rewards on an individual flight or hotel stay, divide the cost of a booking in cash by its cost in points or miles.

For example, a flight that costs $139 or 21,500 points will offer about 0.6 cents per point in value ($139 / 21,500 points = ~$0.006). If the same flight costs $250, you’d get about 1.2 cents per point in value ($250 / 21,500 points = ~$0.012).

Keep in mind that the value you can get out of your rewards will depend not only on the program but also the details of your booking. Some airline and hotel rewards carry a better point value than others on average, but your experience may vary based on when and where you travel, as well as whether you opt for a luxury or budget fare class or hotel tier.

Credit card rewards vs. airline and hotel rewards

Credit card issuer rewards programs — like Chase Ultimate Rewards or Amex Membership Rewards — typically offer more dependable value than points and miles tied to a specific airline or hotel program. These programs also stand out for their unmatched flexibility.

Although airline and hotel rewards programs may provide higher rewards rates with loyalty status, you can only redeem those rewards with that program and its partners. Instead of being stuck redeeming your rewards with a certain airline or hotel (and taking whatever value you can get), the best general travel rewards cards give you the flexibility to move your points/miles between programs to find the one that offers the best value. You can redeem rewards through the issuer’s travel portal or transfer to an airline or hotel program if that gets you more value for your rewards.

Plus, with many credit card rewards programs, you may not have to redeem for travel at all. Many issuer programs let you redeem rewards for cash back, gift cards, merchandise and even purchases through Amazon.com or PayPal. That said, to maximize the value of your credit card rewards, you’ll most likely want to redeem for travel through the issuer or leverage the card’s top transfer partners.

Current rewards value trends

Some rewards programs are starting to look a bit less lucrative.

For example, Southwest Airlines recently reduced its program rewards rate on Wanna Get Away fares, dropped the first two free checked bags for all flyers and changed Rapid Rewards point redemptions to a variable value in March 2025. That same month, Air Canada introduced variable Aeroplan rewards pricing.

Perhaps most notably, Chase has made major changes to point redemption values on the Chase Sapphire Preferred® Card and Chase Sapphire Reserve®. Where these cards have typically offered a higher redemption value when you use points to book via Chase Travel℠, they now only offer 1 cent per point in redemption value by default. To get a higher value, you’ll have to find a Points Boost offer for your booking, which is by no means guaranteed.

Add other headwinds like proposed credit card legislation and diminished consumer protections — including the uncertain fate of a U.S. Department of Transportation airline rewards probe and the continued gutting of the Consumer Financial Protection Bureau (CFPB), which has historically protected users from anti-consumer reward devaluations — and the future of point values is up in the air.

Even so, Bankrate’s 2025 Chasing Credit Card Rewards survey shows there’s still a high demand for rewards cards.

Our advice? Keep an eye out for dynamic pricing and crunch the numbers before you redeem to make sure you’re getting a solid value from your hard-earned rewards. And if you’re concerned about airline or hotel rewards being devalued, consider a more flexible, general-purpose rewards card that allows you to transfer points to different airlines and hotels or redeem for cash back at a decent value.

How Bankrate experts value their rewards

“I definitely have an ‘earn and burn’ mindset with points and miles.

“Over the years, I’ve seen too many devaluations where the rewards significantly weaken overnight. To be sure I get solid redemption value, I plan my trips far in advance so that I can identify which points or miles I need to earn.

“I also tend to use flexible points that can transfer partners. For instance, I transfer most of my Chase points to Southwest or Hyatt and use my Amex points for international flights in business class. But I’ll never turn down a co-branded card with a great rewards rate.

“I’m probably more willing than most to put in  time and effort to squeeze maximum value out of my points, but most people can start by considering what they want most from a travel rewards program.”

Ryan Flanigan, CCC, Writer, Bankrate credit cards

“I prefer cash back because it’s simple, straightforward and universally appealing. Our research has found that many others agree — who couldn’t use more cash, right? Cash back is Americans’ favorite credit card feature.

“Travel rewards can be great, too, of course. Travel is potentially more lucrative on a cents-per-point or -mile basis. But you have to jump through a few hoops: You need to put in the legwork to understand the ins and outs of various rewards programs, and you need the flexibility to travel on the optimal dates. Flexibility is an obstacle for my family. With two young kids, we’re beholden to the school calendar. Also, while we travel some, it’s not a major passion of mine. And living in New York, we don’t have a dominant airline. We tend to play the field according to price and convenience.

“All of this helps explain why I like getting cash back from my family’s many daily expenses. It feels like getting free money in exchange for things we would have bought anyway.”

Ted Rossman, Senior industry analyst, Bankrate credit cards

2-cent-per-point benchmark value

“My benchmark redemption value for travel rewards is 2 cents per point.

“Several cash back cards earn 2% back on every purchase, so unless the total points I’ll earn with a travel card have a redemption value of at least 2 cents each, I’d rather use a cash back card.

“This applies to any type of travel rewards, and it’s a quick and easy way to make sure you’re getting value from them.

“For example, if I put $15,000 on my American Airlines card to earn 15,000 AAdvantage miles at 1X rate, I want those miles to be worth at least $300 in airfare. Otherwise, I’m better off with a plain ol’ 2% cash back card.”

Harlan Vaughn, Bankrate credit cards