What Miles, Points, and Credit Card Rewards Are Worth: 2023 Valuations

One of the keys to making the most of your points and miles is knowing what they are worth. That way, when it comes time to redeem them for travel, you’ll know whether you’re getting a great deal or just a so-so redemption. However, all points and miles aren’t worth the same amount — it varies by program and by how you use them.

To make things clearer, we’ve developed a set of valuations that factor in the strengths, weaknesses, and idiosyncrasies of 30 popular loyalty programs, including a variety of airline, hotel, and credit card rewards.

Each valuation assigns a cash value to each mile or point (in cents) and consists of three numbers:

  • The lowest represents a minimum threshold, and we advise against redeeming for anything less.
  • The middle number represents a reasonable average, and you should feel comfortable redeeming for any amount in that ballpark.
  • The highest number represents an aspirational (but attainable) value, and any redemption yielding over that amount is a great deal.

Value is subjective and depends on where and how you redeem your rewards — for example, JetBlue points are worth more to someone in Boston (one of JetBlue’s main hub airports) than they are to someone in Boise (which has limited JetBlue service).

Insider’s Featured Rewards Credit Cards

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Earn unlimited 3x points on restaurants, travel, gas stations, transit, popular streaming services and phone plans. Earn 1x points on other purchases.

20,000 bonus points when you spend $1,000 in purchases in the first three months from account opening

Earn 3x ThankYou® points on restaurant, supermarket, gas station, air travel, and hotel purchases. Earn 1x ThankYou® points on all other purchases.

60,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first three months of account opening

Earn 5x points on all travel purchased through Chase Ultimate Rewards. Earn 3x points on dining, including eligible delivery services, takeout, and dining out. Earn 3x points on select streaming services. Earn 3x points on online grocery purchases (excluding Target, Walmart, and wholesale clubs). Earn 2x points on other travel. Earn 1x point per dollar on everything else.

60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening

Loyalty programs also change with time, so the numbers below aren’t set in stone. Instead, we hope they help you use your rewards wisely by guiding you toward redemptions that offer a good return and away from those that don’t.

What are credit card and bank rewards points worth?

Credit Card Valuations Chart showing bank reward programs (cents per point) updated August 2022

Alyssa Powell/Insider

American Express Membership Rewards offers 17 airline and three hotel transfer partners. Most transfers occur instantaneously at a 1:1 ratio (meaning 200 Amex points would equal 200 miles). One great feature of the program is that all points are equal, so any account that earns Membership Rewards points has access to transfer partners.

Booking directly through Amex Travel (as opposed to transferring points) offers a decent return for some business cardholders, but otherwise, it’s a low-value option, since your points are capped at 1 cent apiece in value.

Cards that earn Arrival miles — including the Barclays Arrival Premier World Elite Mastercard, Barclaycard Arrival Plus World Elite Mastercard, and Barclaycard Arrival World Mastercard — are no longer available to new applications, but you can still earn and use Barclays Arrival miles if you’re an existing cardholder.

Arrival miles are worth 1 cent when you redeem them for statement credits against eligible travel purchases. Unfortunately, Barclaycard imposes a 10,000-mile minimum redemption threshold for travel charges of $100 or more with subsequent increments of 2,500 miles ($25), so you can’t use these miles to cover smaller charges. Arrival Premier cardholders can transfer miles to 10 airlines, but this option doesn’t add much value due to the subpar partner roster and transfer ratios.

Bank of America Premium Rewards is a no-frills cash-back program that offers a flat value of 1 cent per point. You can redeem points as a statement credit to your Bank of America credit card or a deposit to a linked bank account, with a minimum redemption threshold of 2,500 points.

You can also redeem for travel and gift cards at the same rate, but there’s no incentive to do that when you can get cash instead. 

Bilt Rewards is new to the award travel space, but has earned a spot among the most valuable programs. Bilt offers 12 airline and two hotel transfer partners, with none of the throwaway options that clutter the rosters of some transferable points programs.

The Bilt Rewards travel portal provides a solid value floor with the option to redeem points for travel directly at 1.25 cents per point. The ability to earn 1 point per dollar for rental payments presents a unique opportunity for renters.

Capital One miles used to be worth a flat 1 cent apiece as statement credits to cover travel purchases, but the program now also offers 15 airline and three hotel transfer partners, including several on this list.

Capital One offers a 1:1 transfer ratio for almost all partners, and revamped the Capital One Travel Portal with new features. While Capital One doesn’t have any US airlines as transfer partners, the other transfer options and improved ratios are enough to vault this program well above its pure cash-back competitors. Capital One also has no minimum redemption threshold and lets you pool unlimited miles with other members at no cost.

Chase offers 11 airline and three hotel transfer partners, with most transfers occurring instantaneously at a 1:1 ratio. Not all Chase Ultimate Rewards® credit cards earn transferable points, but Chase offers a bonus to many cardholders when redeeming for travel directly through the Chase Travel Portal.