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What are points and miles worth? TPG’s September 2022 monthly valuations

Sept. 09, 2022
12 min read
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Editor’s note: This is a recurring post, regularly updated with new information and offers.


One of the questions I’m often asked is, “How much is a point or mile worth?”

The true answer varies from point to point and person to person and depends on your travel goals and how well you can maximize a particular loyalty currency. Still, some rewards are clearly worth more than others — my goal is to give you a sense of how they stack up.

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Historically, TPG has valued points and miles based on a combination of the price at which we would purchase the miles, award costs in the program (factoring in availability and fees) and our own expertise in the inner workings of the programs. However, we are in the process of evolving our valuations to become as data-driven as possible.

Looking for a convenient way to see all of your points and miles in one place? Download the free TPG App!

That data-driven process began in November with our four major transferable currencies — American Express Membership Rewards points, Chase Ultimate Rewards points, Citi ThankYou Rewards points and Capital One miles. Now, we are using a mathematical model that takes into account a number of factors specific to transferable points, including:

  • Unique transfer partners (not shared by other card issuers).
  • The most valuable individual partners in the program.
  • The base redemption value when you redeem points or miles directly for travel.

Based on this rollout, we are now rounding the valuations for our credit card currencies to the nearest five-hundredths of a point in order to better capture the real-world value they offer cardholders. We fully expect these numbers to fluctuate over time as we refine our equations and roll out additional data-backed hotel and airline valuations in the coming months.

Likewise, we moved three airline currencies — American AAdvantage, Delta SkyMiles and United MileagePlus miles — to a data-backed model last December. However, we have put these valuations on pause while we work out an issue with our data provider. We’re excited to have data-backed valuations updated in October.

Note: These valuations are not provided by card issuers.

Points and miles valuations

ProgramSeptember 2021August 2022September 2022Note
Accor Le Club2.02.02.0
Aeroplan Loyalty Program1.51.51.5

Launched online stopover booking.

Alaska Mileage Plan1.81.81.8
American AAdvantage1.41.77*1.77*
American Express Membership Rewards2.02.02.0

Announced a dozen new transfer bonuses.

Amtrak Guest Rewards2.52.52.5

Launched double points promotion.

ANA Mileage Club1.41.41.4
Asia Miles1.31.31.3
Avianca LifeMiles1.71.71.7
Avios1.51.51.5
Bank of America Premium Rewards1.01.01.0
Barclaycard Arrival Miles1.01.01.0
Best Western Rewards0.70.60.6
Bilt Rewards-1.81.8

Added British Airways as a transfer partner; earn 3 points per dollar on gas and EV charging through Oct. 31.

Brex Exclusive Rewards1.71.71.7
Capital One Rewards1.71.851.85
Chase Ultimate Rewards2.02.02.0
Choice Privileges0.60.60.6
Citi ThankYou Points1.71.81.8
Delta SkyMiles1.11.41*1.41*
Diners Club Rewards2.12.12.1
Discover Rewards1.01.01.0
Emirates Skywards1.21.21.2
Etihad Guest1.41.41.4
Flying Blue1.21.21.2

Announced new Promo Rewards from the U.S. to Europe.

Frontier Miles1.11.11.1
HawaiianMiles0.90.90.9
Hilton Honors0.60.60.6

Announced a new double points promotion.

IHG Rewards Club0.50.50.5
JetBlue TrueBlue Rewards Program1.31.31.3
Korean Air SkyPass1.71.71.7
Marriott Bonvoy0.80.840.84

Announced a new global promotion.

Radisson Rewards0.40.40.4
Singapore Krisflyer1.31.31.3
Southwest Rapid Rewards1.51.51.5
Spirit Airlines Free Spirit1.11.11.1
Turkish Airlines Miles and Smiles1.31.31.3
United MileagePlus1.31.21*1.21*
Virgin Atlantic Flying Club1.51.51.5
World of Hyatt Loyalty Program1.71.71.7

Announced a new Bonus Journeys promotion.

Wyndham Rewards1.11.11.1

* Calculated using TPG’s revamped data-backed valuations methodology, launched in December 2021.

Points and miles news

It was a relatively quiet month in the points and miles world, with only minor changes.

Bilt Rewards made some of the biggest changes of the month. First, it announced it would add three Avios programs as transfer partners: British Airways Executive Club, Aer Lingus AerClub and Iberia Plus. Transfers to British Airways are already live while Aer Lingus and Iberia will launch in the coming weeks. Additionally, Bilt is offering 3 points per dollar on gas and EV charging through Oct. 31.

Air Canada Aeroplan also made big news when it launched online stopover bookings. Now, you can add a stopover to any international award ticket online for just 5,000 miles. You can leverage this to see more cities on your trips around the globe and create very interesting itineraries.

A handful of travel companies also launched new promotions this month. Some of the most interesting came from Hyatt, Hilton and Marriott, which announced new global promotions for earning points on paid stays. We also saw Amtrak add a new double points promotion for fall train travel.

Perhaps most exciting, we saw Amex announce a dozen transfer bonuses in early September. Here's a look:

  • Aer Lingus AerClub: 25% bonus ending Sept. 30.
  • Aeromexico Club Premier: 20% bonus ending Sept. 30.
  • Air Canada Aeroplan: 15% bonus ending Sept. 30.
  • Air France-KLM Flying Blue: 25% bonus ending Sept. 30.
  • Avianca LifeMiles: 15% bonus ending Sept. 30.
  • British Airways Avios: 25% bonus ending Sept. 30.
  • Choice Privileges: 25% bonus ending Oct. 31.
  • Hawaiian Airlines HawaiianMiles: 20% bonus ending Sept. 30.
  • Hilton Honors: 30% bonus ending Sept. 30.
  • Marriott Bonvoy: 20% bonus ending Oct. 31.
  • Qantas Frequent Flyer: 20% bonus ending Sept. 30.
  • Virgin Atlantic Flying Club: 30% bonus ending Sept. 30.

Data-backed valuations update

As noted in the introduction, we moved to data-backed valuations for three major airline programs — American AAdvantage, Delta SkyMiles and United MileagePlus — last year. However, we’ve run into an issue with our data provider that’s caused us to put data-backed valuations on hold. What you see now are valuations calculated for March, but we will continue to publish up-to-date valuations for these three airlines in October.

Travel credit card offers

There is no shortage of incredible new welcome bonuses on many popular cards — here are a few of our favorites this month.

Capital One Venture X Rewards Credit Card

JOHN GRIBBEN/THE POINTS GUY

Toward the end of 2021, Capital One launched its first premium rewards card, and it is one of the most exciting travel credit cards on the market, thanks to great earning rates and included perks.

The card is currently offering a welcome bonus of 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening, worth $1,388 according to our valuations, thanks to Capital One’s excellent airline and hotel transfer partners.

For more details, check out our full review of the Capital One Venture X Rewards Credit Card.

Official application: Capital One Venture X Rewards Credit Card

Capital One Venture Rewards Credit Card

WYATT SMITH/THE POINTS GUY

The standard Capital One Venture Rewards Credit Card is currently offering the same welcome bonus as the Venture X. You can earn 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Like the Venture X, the Venture card earns 2 miles per dollar on everything.

For more details, check out our full review of the Capital One Venture Rewards Credit Card.

Official application: Capital One Venture Rewards Credit Card

The Platinum Card® from American Express

ISABELLE RAPHAEL/THE POINTS GUY

With the current welcome offer on the Amex Platinum, you’ll earn 100,000 points after you spend $6,000 on purchases in the first six months of cardmembership.

Of course, the card is jam-packed with benefits like airport lounge access, hotel elite status and more. These benefits can make your travel experience smoother and more luxurious than ever before — especially with the most recent additions. The card has a $695 annual fee (see rates and fees). Enrollment is required for select benefits.

For more details, check out our full review of the Amex Platinum Card.

Official application: The Platinum Card from American Express

American Express® Gold Card

WYATT SMITH/THE POINTS GUY

One of the most popular cards with TPG staffers during the pandemic, the Amex Gold offers 60,000 Membership Rewards points after spending $4,000 on eligible purchases on your new card within the first six months of cardmembership. This welcome offer is worth $1,200 based on our valuations, but be sure to check the CardMatch tool to see if you’re targeted for an even higher offer (offer is subject to change at any time).

The card is great for many everyday purchases. You’ll earn 4 points per dollar at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar) and 4 points per dollar on dining at restaurants. The card has a $250 annual fee (see rates and fees).

For more details, check out our full review of the Amex Gold Card.

Official application: American Express Gold Card

The Business Platinum Card® from American Express

RYAN PATTERSON/THE POINTS GUY

The Business Platinum Card offers 120,000 Membership Rewards points after you spend $15,000 on eligible purchases with your card in the first three months of cardmembership. Per our valuations, this welcome offer is worth at least $2,400, but you can get even more value when redeeming for high-end airfare.

The card also provides a slew of additional perks similar to (but slightly different from) the personal version — you can compare the two cards in this guide to see which one would be a better fit for your wallet.

For more details, check out our full review of the Amex Business Platinum Card.

Official application: The Business Platinum Card from American Express

Citi Premier® Card

JOHN GRIBBEN/THE POINTS GUY

The Citi Premier Card is an excellent choice for frequent travelers, road trippers and foodies alike. The card earns 3 Citi ThankYou points per dollar spent at restaurants, supermarkets and gas stations, and on air travel and hotels. You can transfer these points to top-notch transfer partners like Avianca LifeMiles, Turkish Airlines Miles&Smiles and others.

The card is currently offering a welcome bonus of 80,000 ThankYou points after you spend $4,000 on purchases within the first three months of account opening.

For more details, check out our full review of the Citi Premier Card.

Official application: Citi Premier Card

Related: 4 reasons the Citi Premier Card should be on your shortlist

Airline credit cards

AARONP/BAUER-GRIFFIN/GC IMAGES

Airline credit cards let you earn airline miles and give you perks with their respective airlines, like free checked bags.

Right now, the Alaska Airlines Visa® Business card is offering a heightened bonus of 70,000 bonus miles after you spend $4,000 in the first 90 days of account opening. Additionally, you’ll enjoy Alaska’s Companion Fare, which lets you bring another passenger on eligible paid itineraries from just $121 ($99 fare plus taxes and fees from just $22) with this offer.

Additionally, the Alaska Airlines Visa Signature credit card offers 50,000 bonus miles plus Alaska’s Companion Fare from $121 ($99 fare plus taxes and fees from $22). To qualify, you must make $2,000 or more in purchases within the first 90 days of opening your account.

Hotel credit cards

Several hotel credit card welcome bonuses provide a simple way to boost your points balances. You can use these points to save money on hotel stays around the world, no matter where your travels take you.

The portfolio of IHG Rewards credit cards underwent major upgrades earlier this year, and there are currently some solid offers available:

All of these new offers put you in a great position to earn a ton of bonus points or miles as you get ready to travel again, and there may be more to come. If you haven’t already, be sure to sign up for our daily newsletter to stay in the loop on the biggest travel news of the day.

For rates and fees of the Amex Gold Card, click here.
For rates and fees of the Amex Platinum Card, click here.

Additional reporting by Andrew Kunesh and Benji Stawski.


This is The Points Guy’s permanent page for the most up-to-date valuations, so you can bookmark it and check back each month for updates.

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.

TPG featured card

Best starter travel card
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

1 - 3X points
3XEarn 3 Points per $1 spent at Restaurants and Supermarkets
3XEarn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
1XEarn 1 Point per $1 spent on all other purchases

Intro offer

Earn 80,000 ThankYou® points60,000 points
For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening

Annual Fee

$95

Recommended Credit

670-850
Excellent, Good
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

The Citi Premier’s 3 points per dollar spent across a wide range of popular categories is one of the more lucrative offerings in the world of points and miles. The Citi Premier comes with a $95 annual fee and is currently offering a solid sign up bonus of 80,000 points after you spend $4,000 on purchases within the first three months. It also has some valuable transfer partners to make the most of your rewards. Add in access to Citi Entertainment plus a $100 hotel credit for any single-stay hotel booking that exceeds $500 or more, excluding taxes and fees, booked through the Citi travel website, there are few reasons why the Citi Premier should not be in every traveler’s wallet.

Pros

  • Earns 3x points on restaurants, supermarkets, gas stations, air travel and hotels.
  • $100 annual hotel savings benefit (on single hotel stay bookings of $500 or more, excluding taxes and fees, booked through thankyou.com)
  • Points transfer to 16 airline programs, from JetBlue to Virgin Atlantic.
  • World Elite Mastercard benefits, extended warranty, damage and theft protection.

Cons

  • $95 annual fee
  • Lacks travel protections that other travel rewards cards come with
  • For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening
  • Earn 3 Points per $1 spent at Restaurants and Supermarkets
  • Earn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
  • Earn 1 Point per $1 spent on all other purchases
  • Annual Hotel Savings Benefit
  • 80,000 Points are redeemable for $800 in gift cards when redeemed at thankyou.com
  • No expiration and no limit to the amount of points you can earn with this card
  • No Foreign Transaction Fees on purchases
Best starter travel card
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

3XEarn 3 Points per $1 spent at Restaurants and Supermarkets
3XEarn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
1XEarn 1 Point per $1 spent on all other purchases
  • Intro Offer
    For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening

    Earn 80,000 ThankYou® points
    60,000 points
  • Annual Fee

    $95
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Excellent, Good

Why We Chose It

The Citi Premier’s 3 points per dollar spent across a wide range of popular categories is one of the more lucrative offerings in the world of points and miles. The Citi Premier comes with a $95 annual fee and is currently offering a solid sign up bonus of 80,000 points after you spend $4,000 on purchases within the first three months. It also has some valuable transfer partners to make the most of your rewards. Add in access to Citi Entertainment plus a $100 hotel credit for any single-stay hotel booking that exceeds $500 or more, excluding taxes and fees, booked through the Citi travel website, there are few reasons why the Citi Premier should not be in every traveler’s wallet.

Pros

  • Earns 3x points on restaurants, supermarkets, gas stations, air travel and hotels.
  • $100 annual hotel savings benefit (on single hotel stay bookings of $500 or more, excluding taxes and fees, booked through thankyou.com)
  • Points transfer to 16 airline programs, from JetBlue to Virgin Atlantic.
  • World Elite Mastercard benefits, extended warranty, damage and theft protection.

Cons

  • $95 annual fee
  • Lacks travel protections that other travel rewards cards come with
  • For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening
  • Earn 3 Points per $1 spent at Restaurants and Supermarkets
  • Earn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
  • Earn 1 Point per $1 spent on all other purchases
  • Annual Hotel Savings Benefit
  • 80,000 Points are redeemable for $800 in gift cards when redeemed at thankyou.com
  • No expiration and no limit to the amount of points you can earn with this card
  • No Foreign Transaction Fees on purchases