What are points and miles worth? TPG’s Nov. 2026 valuations – The Points Guy
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Ben SmithsonSenior writer
Ben Smithson is a senior writer for TPG and is based in London. Originally from Australia and a qualified lawyer with a financial services background, he has almost a decade of experience writing about a broad range of travel and loyalty topics.
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Brian KellyTPG Founder
Since launching TPG in 2010, founder Brian Kelly has expanded the team to include a distinguished editorial staff and an extensive network of freelancer contacts from around the globe. Today, TPG reaches 11 million unique monthly visitors and more than 3 million followers across social media platforms and has offices in New York City, Charlotte and the United Kingdom.
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don’t cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.
Editorial 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.
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.
Guides
Star 3
Star 4
Star 5
4
at American Express’s secure site.
Terms & restrictions apply. See rates & fees.
Rewards rate
| Rate | Category |
|---|---|
| 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. | |
| 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. | |
| Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App™. | |
| Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App™, or purchased directly from airlines. | |
| 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. | |
| Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro offer
As High As 100,000 points. Find Out Your Offer.
Annual fee
$325
Regular APR
See Pay Over Time APR
Recommended credit
Excellent to Good
Star 3
Star 4
Star 5
4
at American Express’s secure site.
Terms & restrictions apply. See rates & fees.
Rewards rate
| Rate | Category |
|---|---|
| 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. | |
| 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. | |
| Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App™. | |
| Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App™, or purchased directly from airlines. | |
| 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. | |
| Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro offer
As High As 100,000 points. Find Out Your Offer.
Annual fee
$325
Regular APR
See Pay Over Time APR
Recommended credit
Excellent to Good
Star 3
Star 4
Star 5
4
at American Express’s secure site.
Terms & restrictions apply. See rates & fees.
Rewards rate
| Rate | Category |
|---|---|
| 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. | |
| 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. | |
| Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App™. | |
| Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App™, or purchased directly from airlines. | |
| 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. | |
| Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro offer
As High As 100,000 points. Find Out Your Offer.
Annual fee
$325
Regular APR
See Pay Over Time APR
Recommended credit
Excellent to Good
Star 3
Star 4
Star 5
4
at American Express’s secure site.
Terms & restrictions apply. See rates & fees.
Rewards rate
| Rate | Category |
|---|---|
| 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. | |
| 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. | |
| Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App™. | |
| Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App™, or purchased directly from airlines. | |
| 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. | |
| Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro offer
As High As 100,000 points. Find Out Your Offer.
Annual fee
$325
Regular APR
See Pay Over Time APR
Recommended credit
Excellent to Good
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?
| Program | November 2026 valuation (cents) | Latest news |
|---|---|---|
| American Express Membership Rewards | 2.0 | American Express added more than 1 million Airbnb listings to American Express Travel and will open or expand four Centurion Lounges.
American Express added high-yield savings account deposits as a new Reward Dollars redemption method. American Express is offering a 30% transfer bonus to Virgin Atlantic Flying Club through Nov. 30 and a 35% transfer bonus to Marriott Bonvoy through Dec. 10. |
| Capital One | 1.85 | Capital One is offering a 30% transfer bonus to Virgin Atlantic Flying Club and Virgin Red through Nov. 20, a 20% transfer bonus to Air France-KLM Flying Blue through Nov. 30 and a 30% transfer bonus to Copa ConnectMiles through Dec. 1. |
| Chase Ultimate Rewards | 2.05 | Chase is offering a 30% transfer bonus to Avios through Dec. 1, a 30% transfer bonus to Wyndham Rewards through Dec. 3 and an 80% transfer bonus to IHG One Rewards through Dec. 3. |
| Citi ThankYou Rewards | 1.95 (up from 1.9) | Citi is offering a 10% transfer bonus to Cathay Asia Miles through Nov. 14. |
| Wells Fargo Rewards | 1.8 (up from 1.75) | |
| U.S. Bank Rewards | 1.6 (new) |
What are Bilt Points worth?
| Program | November 2026 valuation (cents) | Latest news |
|---|---|---|
| Bilt | 2.2 | Bilt will change Bilt Cash and hotel redemptions in 2027.
It also added JetBlue TrueBlue as a transfer partner and announced the transfer ratio for World of Hyatt will worsen on Jan. 1. |
What are Rove miles worth?
| Program | November 2026 valuation (cents) | Latest news |
|---|---|---|
| Rove | 2.05 (new) | Rove added JetBlue TrueBlue as a transfer partner and is offering a 20% transfer bonus through Nov. 14. |
What are airline points and miles worth?
| Program | November 2026 valuation (cents) | Latest news |
|---|---|---|
| Aeromexico Rewards | 0.8 | Aeromexico will launch daily service from Mexico City to Fort Lauderdale, Portland and Orange County in January 2027. |
| Air Canada Aeroplan | 1.45 (down from 1.5)* | World of Hyatt and Air Canada Aeroplan members can register for bonus Aeroplan points on eligible Hyatt stays, and select Hyatt elite members can enroll in an Aeroplan status challenge. |
| Alaska Airlines Atmos Rewards | 1.6 (up from 1.55)* | Alaska Airlines will launch nonstop service between Anchorage and Tokyo, and has announced new Osaka and Tahiti routes with Hawaiian Airlines.
Atmos Rewards introduced four new Communities. |
| American Airlines AAdvantage | 1.45* | American Airlines is testing Cash + Miles bookings for select domestic flights.
Citi and American refreshed two AAdvantage credit cards. |
| ANA Mileage Club | 1.3 (down from 1.4) | |
| Avianca Lifemiles | 1.65 (up from 1.6)* | |
| Avios | 1.35 (down from 1.4) | British Airways will increase existing service to Cincinnati, Las Vegas, San Francisco and St. Louis in summer 2027. |
| Cathay Asia Miles | 1.3 | |
| Delta SkyMiles | 1.2* | Delta will leave its 2027 Medallion qualification thresholds unchanged.
The airline closed its last Pacific Wi-Fi coverage gap and has equipped more than 95% of its fleet for complimentary Wi-Fi. Delta will resume its seasonal Boston-Reykjavik service in 2027. |
| Emirates Skywards | 1 (down from 1.2) | Emirates is considering adding flights to Denver, Detroit and Philadelphia. |
| Etihad Guest | 1.1 (down from 1.2) | |
| Flying Blue | 1.45 (up from 1.4)* | |
| Frontier Miles | 1.3 | Frontier reported a major surge in airfare as high jet fuel costs pinch consumers. |
| JetBlue TrueBlue | 1.35 | JetBlue BlueFirst is on sale and will launch Dec. 8. The carrier will add space-available first-class upgrades and new elite benefits in 2027. |
| Qantas Frequent Flyer | 1.3 (up from 1.25)* | |
| Singapore KrisFlyer | 1.25 (down from 1.3) | |
| Southwest Rapid Rewards | 1.25 | Southwest will overhaul Rapid Rewards in 2027. Credit card welcome bonuses will generally no longer count toward Companion Pass qualification. |
| Turkish Airlines Miles&Smiles | 1.1 | |
| United MileagePlus | 1.2* | United will eliminate Premier qualifying flights and raise the Premier 1K threshold to 32,000 Premier qualifying points in 2027.
The airline opened a 54,000-square-foot United Club in Houston and will add service to Bermuda and three San Francisco routes in 2027. |
| Virgin Atlantic Flying Club | 1.5* |
*Calculated using data provided by Points Path.
What are hotel points worth?
| Program | November 2026 valuation (cents) | Latest news |
|---|---|---|
| Accor Live Limitless | 2.25 (down from 2.3) | |
| Best Western Rewards | 0.6 | Best Western Rewards and WorldHotels Rewards will merge in early 2027.
Members can earn double points at participating hotels through Dec. 31. |
| Choice Privileges | 0.85** | |
| Hilton Honors | 0.4** | Hilton launched in-app Pay with Points at an initial 150 U.S. hotels and is offering a best-ever 120% bonus on purchased points.
Amex and Hilton launched the first Hilton Honors credit card in Canada. |
| IHG One Rewards | 0.6** | IHG revamped its credit card lineup, including the launch of a new premium card. |
| Marriott Bonvoy | 0.75** | Marriott is beta-testing a complimentary upgrade waitlist and will introduce a new lounge experience in February 2027.
Mereshi Safari Camp Serengeti, Autograph Collection will open soon. |
| World of Hyatt | 1.65** | World of Hyatt replaced its paper points-transfer form with an online process and changed its new-hotel promotion. The Chase-to-Hyatt transfer ratio is now 4:3 for some cardholders.
The StandardX Times Square will open in the second half of 2028. |
| Wyndham Rewards | 0.55** |
**Calculated using data from Gondola (a free hotel search and direct booking platform for frequent travelers).
Top points and miles news for November
Rove has grown from an intriguing newcomer into one of the most valuable transferable rewards programs we track. So, we’ve decided to add Rove miles to TPG’s valuations at 2.05 cents apiece.
That puts Rove on a par with our valuation of Chase Ultimate Rewards points and behind only Bilt Points as the most valuable transferable currencies we track. Using our updated methodology, we considered the value available when redeeming Rove miles, as well as the number and quality of the Rove transfer partners.
Rove now has an impressive 22 transfer partners, including multiple currencies that have traditionally been difficult for U.S. travelers to earn, such as Japan Airlines Mileage Bank and Lufthansa Miles & More. Most transfers are at a 1:1 rate, and the roster also includes TPG favorites Air Canada Aeroplan, Flying Blue, Qantas Frequent Flyer and Virgin Atlantic Flying Club.
Rove miles are also easy to earn without opening a new credit card. Members can collect miles by booking flights and hotels or shopping online. New members who join through TPG can earn 1,500 bonus miles, then earn another 5,000 miles after making their first hotel booking of more than $500 with code “BRIANKELLY500.”
Top offers for earning points and miles in November
November’s cobranded credit card offer of the month is the Southwest Rapid Rewards personal credit cards, offering welcome bonuses of up to 90,000 Rapid Rewards points. Applicants approved by Dec. 2 can still have their welcome bonus points count toward Companion Pass qualification, even if those points post in 2027.
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.
- Capital One Venture X Business: Earn up to 300,000 bonus miles and a $1,000 travel credit: 150,000 bonus miles after spending $40,000 on purchases in the first four months from account opening, plus an additional 150,000 bonus miles and a $1,000 Capital One Business Travel credit (to use in the first cardholder year) after spending $120,000 total on purchases in the first four months from account opening.
