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Sept. 01, 2026
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9 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 | September 2026 valuation (cents) | Latest news |
|---|---|---|
|
Aeromexico Rewards |
0.8 |
|
|
Air Canada Aeroplan |
1.5 (up from 1.45)* |
|
|
Alaska Airlines Atmos Rewards |
1.55* |
Alaska added Paris and Athens to its growing European network. |
|
American Airlines AAdvantage |
1.45 (up from 1.4)* |
|
|
ANA Mileage Club |
1.4 |
|
|
Avianca Lifemiles |
1.55 (up from 1.45)* |
|
|
Avios |
1.4 |
Avios launched a new award finder tool to make it easier to find British Airways, Iberia and Aer Lingus award seats. |
|
Cathay Asia Miles |
1.3 |
|
|
Delta SkyMiles |
1.2* |
|
|
Emirates Skywards |
1.2 |
|
|
Etihad Guest |
1.2 |
|
|
Flying Blue |
1.4 (down from 1.45)* |
Flying Blue added Light, Standard and Flex award fares, making cheaper redemptions more restrictive. |
|
Frontier Miles |
1.3 |
Frontier will make it easier to earn top-tier elite status under its 2026 program changes, but it will penalize basic economy and travelers without a Frontier credit card. |
|
JetBlue TrueBlue |
1.35 |
JetBlue opened a new BlueHouse lounge in Boston and extended lounge access to domestic Mint flyers. |
|
Qantas Frequent Flyer |
1.2 (down from 1.25)* |
|
|
Singapore KrisFlyer |
1.3 |
|
|
Southwest Rapid Rewards |
1.25 |
|
|
Turkish Airlines Miles&Smiles |
1.1 |
|
|
United MileagePlus |
1.2 (down from 1.25)* |
|
|
Virgin Atlantic Flying Club |
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 September
August was a huge month for new long-haul route announcements, especially to Europe, opening up more destinations to redeem your points and miles.
United unveiled 10 new international destinations across 13 routes for summer 2027, the largest announcement of its kind in the airline’s history, including the first U.S. nonstop flights to Slovenia and Luxembourg. American answered two days later, adding Vienna, Reykjavik and Porto among seven new international routes and will become the only U.S. carrier flying to Vienna when service begins in May.
Many of these new routes are possible thanks to both airlines’ new Airbus A321XLRs, single-aisle aircraft capable of flying deep into Europe. With fewer seats to fill than a wide-body aircraft, American and United can launch flights to lesser-known destinations. For passengers, the convenience is nonstop service from major U.S. airports to destinations that previously required a connection. The trade-off is the onboard experience, which may not be as comfortable as flying on larger planes, with business-class seats facing the aisle rather than the window and potentially longer waits for fewer bathrooms.
You can expect the most plentiful award availability for these new flights to be offered through the American Airlines AAdvantage program (for American Airlines flights) and United’s MileagePlus program (for United flights). As both programs use dynamic pricing for their flights, redemption rates may be high during peak travel periods, such as summer school holidays.
As such, it’s also worth searching partner programs (try British Airways Club for American Airlines flights and Air Canada Aeroplan for United flights) that don’t dynamically price these flights. Availability will be worse than booking through American AAdvantage or United MileagePlus, but the rates may be lower.
Most of the new flights launch between March and June 2027 and run seasonally, which is worth keeping in mind when searching for award space. A handy tip is to search the first and last few weeks of the schedule, where you may find award availability more readily available and lower-priced.
Related: 9 European summer destinations to beat the heat
Top offers for earning points and miles in September
September’s cobranded credit card offer of the month is the suite of Atmos Rewards credit cards, where you can earn up to 80,000 bonus Atmos Rewards points, companion awards 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.
- 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 150,000 bonus miles once you spend $30,000 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 September 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 September 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 September 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
