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Oct. 01, 2026
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11 min read
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Editor’s Note
This is a recurring post, regularly updated with new information and offers. These valuations are not provided by card issuers. TPG founder Brian Kelly is a Bilt advisor and investor.
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.
Related: How TPG determines its points and miles valuations
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What are credit card points and miles worth?
What are Bilt Points worth?
What are airline points and miles worth?
| Program | October 2026 valuation (cents) | Latest news |
|---|---|---|
|
Aeromexico Rewards |
0.8 |
|
|
Air Canada Aeroplan |
1.5* |
The Chase Air Canada Aeroplan® Credit Card (see rates and fees) got a major refresh with new perks and a higher annual fee. |
|
Alaska Airlines Atmos Rewards |
1.55* |
|
|
American Airlines AAdvantage |
1.45* |
|
|
ANA Mileage Club |
1.4 |
|
|
Avianca Lifemiles |
1.6 (up from 1.55)* |
|
|
Avios |
1.4 |
|
|
Cathay Asia Miles |
1.3 |
|
|
Delta SkyMiles |
1.2* |
|
|
Emirates Skywards |
1.2 |
|
|
Etihad Guest |
1.2 |
|
|
Flying Blue |
1.4* |
Air France announced plans to open one of the largest lounges at New York JFK‘s Terminal One, though the terminal’s opening was pushed to early 2027. |
|
Frontier Miles |
1.3 |
|
|
JetBlue TrueBlue |
1.35 |
|
|
Qantas Frequent Flyer |
1.25 (up from 1.2)* |
|
|
Singapore KrisFlyer |
1.3 |
|
|
Southwest Rapid Rewards |
1.25 |
|
|
Turkish Airlines Miles&Smiles |
1.1 |
|
|
United MileagePlus |
1.2* |
|
|
Virgin Atlantic Flying Club |
1.5 (up from 1.45)* |
*Calculated using data provided by Points Path.
What are hotel points worth?
**Calculated using data from Gondola (a free hotel search and direct booking platform for frequent travelers).
Top points and miles news for October
Alaska Airlines has just made a slew of announcements that will be music to the ears of Atmos Rewards members.
Beginning in 2028, Alaska will roll out its Aurora premium experience across its Boeing 787 fleet and at least 25 Boeing 737 MAX 10s. It will be the first time Alaska has operated lie-flat seats on narrow-body aircraft, and even more exciting, the MAX 10s will have 12 lie-flat suites with direct aisle access.
Hawaiian’s A330s will also receive luxurious Leihoku Suites, and both airlines will add a premium economy cabin in 2028. New lounges are on the way, too, including a massive flagship lounge in Seattle for long-haul premium flyers and top-tier elite members.
Atmos Rewards members can now choose how they earn both redeemable points and elite status on flights taken from Jan. 1, 2027. There are three choices:
- By distance: 1 point per mile
- By spending: 5 points per dollar
- By segments: 500 points per flight
Existing members will default to distance, and new members will default to spend. But members can switch their earning method once per calendar year.
You can currently transfer Bilt and Marriott Bonvoy points to Atmos Rewards. But starting in 2027, select Bank of America cardholders will be able to transfer points to Atmos Rewards. We don’t yet know the transfer ratio or which cards will qualify, though. Atmos Rewards will also launch a new debit card in 2027 that earns points on everyday spending and refresh its business credit card later in 2026, adding perks such as lounge passes and same-day flight changes.
Top offers for earning points and miles in October
October’s cobranded credit card offer of the month is the suite of Delta SkyMiles credit cards, where you can earn up to 200,000 bonus SkyMiles, statement credits, Delta Comfort Flight Certificates and more.
Here are some of the best welcome offers this month for those seeking a new travel rewards card that earns transferable points or miles.
- American Express Platinum Card®: Find out your offer and see if you are eligible for as high as 175,000 Membership Rewards points after spending $12,000 on purchases in the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
- Capital One Venture X Rewards Credit Card: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening.
- Capital One Venture Rewards Credit Card: Earn 75,000 miles once you spend $4,000 on purchases within three months from account opening, plus receive a $300 credit to use on hotel and vacation rentals booked through Capital One Travel in the first cardholder year.
- Chase Sapphire Preferred® Card (see rates and fees): Earn 75,000 bonus points
after you spend $5,000 on purchases in the first three months from account opening. - American Express® Gold Card: Find out your offer and see if you are eligible for as high as 100,000 Membership Rewards points after spending $8,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.
- Chase Sapphire Reserve® (see rates and fees): Earn 100,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.
Featured image by JUSTIN PAGET/GETTY IMAGES
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.
Frequently asked questions
A points and miles valuation estimates how much a loyalty currency is worth, typically expressed in cents per point or mile. TPG uses these valuations to compare rewards programs and help travelers decide when to earn, redeem or transfer rewards.
TPG valuations are estimates based on factors such as award pricing, redemption opportunities, fees, program rules and extensive redemption data. However, the value you get when redeeming your rewards may be higher or lower depending on your goals, flexibility and how effectively you maximize a particular rewards currency.
A good redemption value is one that meets or exceeds TPG’s published valuation for a particular points or miles currency. While exceptional redemptions can deliver even greater value, our valuations provide a practical benchmark to help travelers determine whether they’re getting a strong return from their rewards.
Based on TPG’s October 2026 valuations, Bilt points are the most valuable transferable rewards currency at 2.2 cents per point. Chase Ultimate Rewards points rank second at 2.05 cents per point, followed by American Express Membership Rewards at 2.0 cents, Citi ThankYou Rewards at 1.9 cents and Capital One miles at 1.85 cents.
Based on TPG’s October 2026 valuations, Alaska Airlines Atmos Rewards is the most valuable airline currency at 1.55 cents per point. Atmos Rewards earns this distinction because it continues to offer strong redemption opportunities on flights with Alaska Airlines and Hawaiian Airlines, as well as on flights with its partners.
Based on TPG’s October 2026 valuations, Accor Live Limitless points are the most valuable hotel currency at 2.3 cents per point, followed by World of Hyatt points at 1.65 cents per point. Accor points have a fixed redemption value, while Hyatt’s award charts can help members secure outsize value on some hotel stays.
TPG featured card
Rewards rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 5X | Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App™. |
| 3X | Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App™, or purchased directly from airlines. |
| 2X | Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App™ and cruises booked and paid through AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
$325
See Pay Over Time APR
