What are points and miles worth? TPG’s December 2025 monthly valuations
In the world of travel rewards, one of the most frequently asked questions is about the value of points and miles. The answer, however, is not straightforward, as it varies based on individual goals and how effectively one utilizes a specific loyalty currency. The Points Guy (TPG) has historically assessed the worth of points and miles using a combination of purchase prices, award costs, and insider knowledge of loyalty programs. Recently, TPG has refined its approach by leveraging extensive data from the top seven U.S. airline loyalty programs, providing a clearer picture of what travelers can expect from their rewards. This data-driven valuation aims to help users understand the potential benefits and optimize their travel experiences.
As of December 2025, various loyalty programs have distinct valuations. For instance, American Express Membership Rewards are valued at 2.0 cents per point, while Chase Ultimate Rewards slightly edge ahead at 2.05 cents. Capital One follows closely with a valuation of 1.85 cents. In the airline category, Alaska Airlines’ Atmos Rewards stand at 1.45 cents, while Delta SkyMiles lag behind at 1.25 cents. Notably, Bilt Rewards points are currently the highest valued at 2.2 cents, a significant advantage for those looking to maximize their rewards. Additionally, TPG highlights the evolving landscape of credit card offers, with cards like the Capital One Venture X Rewards and Chase Sapphire Reserve offering substantial welcome bonuses and earning potential, making them attractive options for frequent travelers. The article emphasizes that understanding the value of points and miles is crucial for making informed decisions about travel rewards and credit cards, ultimately enhancing the travel experience for users.
https://www.youtube.com/watch?v=U3gHRf9dgCc
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 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 utilize extensive data for the top seven U.S. airline loyalty programs to more accurately estimate the value you should aim to achieve 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
December 2025 valuation (cents)
Latest news
American Express Membership Rewards
2.0
Capital One
1.85
Chase Ultimate Rewards
2.05
Want 175,000 Ultimate Rewards points? See if you’re eligible with Chase’s new preapproval tool.
You may be able to stack your hotel credit with Points Boost.
Chase added new welcome bonus restrictions to its no-annual-fee business cards.
Chase and Hyatt will expand their partnership in 2026.
Citi ThankYou Rewards
1.9
Here’s how and why to reallocate your Citi credit card lines of credit.
Wells Fargo Rewards
1.6
What are Bilt Rewards Points worth?
Program
December 2025 valuation (cents)
Latest news
Bilt Rewards
2.2
Bilt Card 2.0 is scheduled to launch in 2026 and will enable you to earn points on any mortgage. You can now earn Bilt Rewards points when shopping online through Rakuten.
What are airline points and miles worth?
Program
December 2025 valuation (cents)
Latest news
Aeromexico Rewards
0.8
Air Canada Aeroplan
1.4
Air Canada Aeroplan points will now expire (again). Air Canada and Porter Airlines’ battle over Toronto has temporarily lowered New York fares.
Alaska Airlines Atmos Rewards
1.45 (down from 1.55)*
Here’s how to reach Alaska Airlines elite status with just one card.
Alaska Airlines is plotting its global expansion. The airline has announced the start date for its Rome flights and is now accepting bookings.
American Airlines AAdvantage
1.55 (down from 1.65)*
ANA Mileage Club
1.4
Avianca LifeMiles
1.4
Avios
1.4
Iberia will strengthen its New York presence with flights from Newark to Madrid in 2026.
Cathay Asia Miles
1.3
Delta SkyMiles
1.25*
Delta Air Lines unveiled stylish new uniforms with Missoni accessories.
Delta cut two domestic routes, one from Atlanta and another from Salt Lake City. The airline also won’t return to London Gatwick Airport in 2026.
Here’s what to know before booking Delta’s new “Comfort Basic” tickets.
Emirates Skywards
1.2
Etihad Guest
1.2
Flying Blue
1.3
Frontier Miles
1.3 (up from 1.25)*
Frontier Airlines added four routes and is eyeing inflight Wi-Fi for its planes.
JetBlue TrueBlue
1.45*
JetBlue expanded its Florida service with two new routes and one new city. The airline also announced its two newest European destinations.
Qantas Frequent Flyer
1.3
Check out the plane that will fly Qantas’ 20-hour “Project Sunrise” flights.
Singapore KrisFlyer
1.3
Southwest Rapid Rewards
1.35 (down from 1.4)*
The true Southwest Airlines reboot is almost here. Here’s why now is the best time to apply for Southwest Airlines credit cards.
Southwest added Philippine Airlines as a partner and added five new routes from California (two to Hawaii) in a major West Coast expansion.
Spirit Airlines Free Spirit
1.1
Spirit dropped five more cities as bankruptcy cuts continue.
Turkish Airlines Miles&Smiles
1.2
United MileagePlus
1.30 (down from 1.4)*
United Airlines launched a mileage-earning debit card. MileagePlus members can now earn miles on Lyft rides.
United increased the cost of last-minute domestic award flights and axed Stockholm and Dakar, Senegal, from its route map.
Virgin Atlantic Flying Club
1.3
*Calculated using TPG’s data-backed valuations methodology launched in September 2023.
What are hotel points worth?
Program
December 2025 valuation (cents)
Latest news
Accor Live Limitless
2.0
Best Western Rewards
0.6
Choice Privileges
0.6
Choice Privileges announced positive changes to its loyalty program.
Hilton Honors
0.5
Hilton confirmed a new Diamond Reserve tier and Confirmable Upgrade Rewards for 2026.
Greece is getting a new Conrad — and the location couldn’t be dreamier.
IHG One Rewards
0.5
Marriott Bonvoy
0.7
Marriott and Sonder abruptly ended their partnership. But CitizenM is now live on Marriott Bonvoy.
A new 38-villa Autograph Collection resort just opened in the Maldives. Meanwhile, The Ritz-Carlton Key Biscayne, Miami is reopening after a $100 million makeover.
Here’s why W Hotels’ first all-inclusive resort is a game changer.
World of Hyatt
1.7
A beautiful, adults-only, all-inclusive resort is now open in Cancun.
Wyndham Rewards
1.1
Wyndham Rewards members can enroll in a status upgrade ahead of the holiday season.
Top points and miles news
While we regularly see
excellent welcome offers
from all of the major card issuers each month, we’ve recently seen some great offers from Capital One.
The
Capital One Venture X Rewards Credit Card
is currently offering its highest public bonus in four years: 100,000 bonus miles after you spend $10,000 on purchases within the first six months from account opening.
Outside of its November 2021 debut (when the card also offered 100,000 miles for only a few months), the
Venture X
has stayed at a standard 75,000-mile offer. That’s what makes this increase to 100,000 miles so exciting.
Not to be outdone, the
Capital One Venture X Business
is also offering its highest welcome offer ever — and it might be the biggest welcome offer we have ever seen on a business credit card. New applicants can earn 200,000 bonus miles after spending $30,000 on purchases in the first three months from account opening, and an additional 200,000 bonus miles after spending a total of $150,000 on purchases in the first six months.
Both of these cards have an annual fee of $395, but you’ll receive a
$300 annual travel credit
to use in each card’s respective booking platform, as well as 10,000 miles every account anniversary date (starting on your first anniversary). Both cards also offer complimentary access to
Capital One airport lounges
.
On top of the huge welcome bonuses, both cards have the same (generous) earning rates:
Earn 10 miles per dollar spent on hotels and rental cars booked via Capital One Travel and Capital One Business Travel
Earn 5 miles per dollar spent on flights and vacation rentals booked via Capital One Travel and Capital One Business Travel
Earn 2 miles per dollar spent on all other purchases
Earning at least 2 miles per dollar spent on all purchases is among the strongest base rates of any rewards credit card, and you can get great value from your Capital One miles by transferring them to
15-plus airline and hotel partner programs
.
Check out our
Capital One Venture X Rewards card review
and
Venture X Business card review
for more details.
Learn more:
Capital One Venture X Rewards Credit Card
and
Capital One Venture X Business
Top offers for earning points and miles in December
Here are some of the other best options this month if you’re looking for a new
travel rewards card
that earns transferable points or miles.
American Express Platinum Card
Find out your offer on the
American Express Platinum Card®
and see if you are eligible for as high as 175,000 Membership Rewards points after spending $8,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
There are a host of new benefits for the
recently refreshed Platinum Card
, including the following new statement credits:
Up to a $75 quarterly
Lululemon statement credit
for purchases made at U.S. stores (excluding outlets) and online**
Up to a $200 annual Oura Ring statement credit (for hardware purchases only; not for memberships)**
Up to a $100 quarterly statement credit for U.S. Resy restaurant purchases**
Up to a $120 annual statement credit for Uber One membership (subject to auto-renewal)**
The card’s
hotel statement credit
increased to up to $600 each year (up to $300 biannually) when you book prepaid
American Express Fine Hotels + Resorts
or
The Hotel Collection
*** stays via
American Express Travel®
, and the
digital entertainment statement credit
has been raised to up to $25 per month, with Paramount+, YouTube Premium and YouTube TV added.**
**
Enrollment is required.
***The Hotel Collection requires a minimum two-night stay.
The annual fee is now $895 (see
rates and fees
). To learn more about all the changes, including new hotel status and dining perks, check out our
full review of the American Express Platinum Card
.
Official application link:
American Express Platinum Card
HISPANOLISTIC/GETTY IMAGES
Chase Sapphire Reserve
The
Chase Sapphire Reserve®
(see
rates and fees
) currently offers 125,000 bonus points after you spend $6,000 on purchases in the first three months from account opening. You can also
check Chase’s prequalification tool
to find out if you’re eligible for up to 175,000 bonus points (with the same spending requirements).
The
recently refreshed card
has updated earning rates, including 8 points per dollar spent on purchases made through
Chase Travel℠
(including
The Edit hotel bookings
), 4 points per dollar spent on flights booked directly and 4 points per dollar spent on hotels booked directly.
The new annual fee is $795, but cardholders will get up to $500 in
statement credits for hotel bookings made with The Edit
each calendar year (up to $250 in credits biannually on prepaid bookings with The Edit of two or more nights), up to $300 in statement credits each calendar year for dining at restaurants that are part of
Sapphire Reserve Exclusive Tables
(up to $150 in credits biannually) and more.
Check out our
Chase Sapphire Reserve card review
to learn more.
Official application link:
Chase Sapphire Reserve
Chase Sapphire Reserve for Business
Chase recently unveiled a brand-new business card, the
Chase Sapphire Reserve for Business℠
(see
rates and fees
). This card has a massive welcome offer of 200,000 bonus points after you spend $30,000 on purchases in the first six months from account opening.
This product earns 8 points per dollar spent on purchases through Chase Travel (including The Edit), 4 points per dollar spent on flights and hotels booked directly, and 3 points per dollar spent on social media and search engine advertising. It comes with multiple flexible statement credits but has an annual fee of $795.
See our
Chase Sapphire Reserve for Business card review
for more information.
Official application link:
Chase Sapphire Reserve for Business
DEJAN MARJANOVIC/GETTY IMAGES
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
American Express Gold Card
One of the most popular cards with TPG staffers, the
American Express® Gold Card
lets new cardholders find out their offer and see if they are eligible for as high as 100,000 Membership Rewards points after they spend $6,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
The American Express Gold Card 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 spent) and 4 points per dollar spent at restaurants worldwide (on up to $50,000 in purchases per calendar year, then 1 point per dollar spent).
The card has a $325 annual fee (see
rates and fees
), so check out our
Amex Gold review
to determine whether it’s a good fit.
Official application link:
American Express Gold Card
For rates and fees of the Amex Platinum, click
here
.
For rates and fees of the Amex Gold, click
here
.
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.
Eric
Eric is a seasoned journalist covering General news.
