How Much Are Your Points and Miles Actually Worth? (2026 Beginner's Guide)

How Much Are Your Points and Miles Actually Worth? (2026 Beginner's Guide)

Here's a secret that trips up almost everyone when they start collecting points: a "point" isn't worth a fixed amount of money. One Chase point and one hotel point are not the same thing - not even close. So before you go redeeming that shiny stash you've been building, let's figure out what your points are actually worth, in plain English.

Why points don't have one fixed value

Think of points like foreign currency. A dollar and a peso are both "money," but they buy very different amounts. Points work the same way - the value depends on the program and, crucially, on how you redeem them. Cash out for a statement credit and you might get less than a penny each. Use those same points for a well-chosen flight or hotel, and you could get two, three or four times that. Same points, wildly different value.

To give everyone a common yardstick, points sites publish monthly "valuations" - basically their best estimate of what one point is worth in cents when you use it well. They're not gospel, but they're a great sanity check.

What the big currencies are worth in 2026

According to TPG's August 2026 valuations, here's the rough pecking order for the flexible "bank" points (the kind you earn on cards and can move to airlines and hotels):

• Bilt - about 2.2 cents each (currently the most valuable transferable currency)

• Chase Ultimate Rewards - about 2.05 cents

• Amex Membership Rewards - about 2.0 cents

• Citi ThankYou - about 1.9 cents

• Capital One miles - about 1.85 cents

Airline and hotel points generally land lower - Hyatt hotel points around 1.6 cents, and many airline miles in the 1 to 1.5 cent range. (Yes, this is why points nerds get so excited about Hyatt. It punches above its weight, although it just had a huge devaluation earlier this year.)

The catch: "worth" only counts if you actually get it

A valuation is a target, not a guarantee. You only capture 2 cents a point if you redeem smartly - usually by transferring flexible points to an airline or hotel partner for a specific award, rather than cashing out. Transferring to a "partner" just means moving your bank points into an airline or hotel program (like moving Chase points to Hyatt). That's where the big value tends to hide.

What this means for you

Two simple takeaways. First, don't judge a card only by its point total - 100,000 of a weaker currency can be worth less than 60,000 of a strong one. Second, before redeeming, do a five-second gut check: divide the cash price of what you want by the points it costs. If you're clearing about a penny per point, fine; if you're clearing two or more, you're winning. That quick math will save you from cashing out great points for mediocre value.

Want us to walk through real redemption examples? We do exactly that here on the blog - we keep it simple, honest, and jargon-free. Valuations change more frequent than you think; check the linked source for the latest.