How Much Are Your Points Actually Worth? 2026 Valuations Guide

“I have 100,000 points — what’s that worth?”

It’s the most common question in the points game, and the answer is: it depends entirely on how you use them.

The same 100,000 Chase points could be worth $1,000 or $3,000+ depending on your redemption strategy. Here’s the complete breakdown for 2026.

Credit Card Points Valuations

Chase Ultimate Rewards

Baseline value: 2.0¢ per point

Redemption Method	Value Per Point
Transfer to Hyatt	2.0-3.0¢
Transfer to airlines	1.5-2.5¢
Pay Yourself Back	1.5¢
Book through Chase portal	1.25-1.5¢
Cash back	1.0¢

Best use: Transfer to World of Hyatt for hotel stays. Chase → Hyatt is consistently the highest-value option.

Worst use: Cashing out at 1¢. You’re literally throwing away half your value.

Amex Membership Rewards

Baseline value: 2.0¢ per point

Redemption Method	Value Per Point
Transfer to ANA/Virgin Atlantic	2.0-3.0¢
Transfer to other airlines	1.5-2.0¢
Schwab cashout	1.1¢
Amex Travel portal	1.0¢
Gift cards	0.5-1.0¢

Best use: Transfer to ANA for business/first class to Japan, or Virgin Atlantic for partner awards.

Worst use: Gift cards. Never redeem Amex points for gift cards.

Capital One Miles

Baseline value: 1.85¢ per mile

Redemption Method	Value Per Mile
Transfer to partners	1.5-2.5¢
Erase travel purchases	1.0¢
Capital One Travel portal	1.0¢

Best use: Transfer to JAL (exclusive partner) or Air France/Flying Blue for promo awards.

Worst use: Erasing purchases. Transfer partners offer much better value.

Citi ThankYou Points

Baseline value: 1.7¢ per point

Citi has fewer transfer partners, but Turkish Miles & Smiles and Avianca LifeMiles offer solid value for Star Alliance awards.

Airline Miles Valuations

Here’s what the major airline miles are worth in 2026:

Program	Value	Trend
Alaska Mileage Plan	1.8¢	Stable
American AAdvantage	1.4¢	Declining
Delta SkyMiles	1.2¢	Declining
United MileagePlus	1.2¢	Stable
Southwest Rapid Rewards	1.4¢	Stable
JetBlue TrueBlue	1.3¢	Stable

Why Alaska Miles Are Worth More

Alaska has incredible partner awards that most people don’t know about:

• Cathay Pacific First: 70k one-way (vs 110k on other programs)
• JAL Business: 60k one-way to Japan
• Qantas Business: 55k one-way to Australia

Plus, Alaska miles never expire with any account activity.

Why Delta Miles Are Worth Less

Delta uses dynamic pricing with no award chart. This means:

• Prices fluctuate like cash fares
• Business class awards can cost 300,000+ miles
• Difficult to get consistent value

I generally value Delta miles at 1.2¢ but often see 0.8-1.0¢ redemptions.

Hotel Points Valuations

Program	Value	Sweet Spots
World of Hyatt	2.0¢	Category 1-4 properties
Marriott Bonvoy	0.8¢	Off-peak nights, 5th night free
Hilton Honors	0.5¢	5th night free, points + cash
IHG Rewards	0.5¢	PointBreaks list

Why Hyatt Dominates

A Park Hyatt room that costs $800/night might only cost 30,000 points. That’s 2.7¢ per point.

Compare to Marriott where that same value tier property might cost 85,000 points — just 0.9¢ per point.

The takeaway: If you’re choosing between Chase and Amex, Chase’s Hyatt partnership is a major advantage.

How to Calculate Your Own Value

Use this formula:

CPP = (Cash Price - Taxes/Fees) ÷ Points Required

Example:

• Flight cash price: $1,200
• Award cost: 50,000 miles + $50 taxes
• Value: ($1,200 - $50) ÷ 50,000 = 2.3¢ per mile

If that’s higher than the baseline value, it’s a good redemption.

Common Mistakes That Destroy Value

1. Cashing Out Points

Converting points to cash gives you 1.0-1.1¢ per point. You’re losing 50%+ of potential value.

2. Booking Economy Awards

Airline miles are most valuable for premium cabins. A business class award might get you 3-5¢ per mile, while economy often yields 1.0-1.5¢.

3. Transferring Without a Plan

Once you transfer points to an airline, you can’t get them back. Always confirm award availability BEFORE transferring.

4. Ignoring Transfer Bonuses

A 30% transfer bonus can turn a mediocre redemption into a great one. Check current transfer bonuses before any transfer.

5. Letting Points Expire

Some programs have expiration policies:

• Delta: No expiration
• United: 18 months of inactivity
• American: 24 months of inactivity

Set calendar reminders or link a dining program to keep miles active.

My 2026 Point Valuations

Based on current award charts and availability:

Best value:

1. Chase → Hyatt (2.0-3.0¢)
2. Amex/Chase → Virgin Atlantic → ANA (2.5-3.5¢)
3. Alaska partner awards (2.0-2.5¢)

Solid value: 4. United awards (1.5-2.0¢) 5. American off-peak awards (1.5-2.0¢) 6. Flying Blue promo awards (2.0-3.0¢)

Avoid:

• Cash back redemptions
• Amazon checkout
• Gift cards
• Merchandise

The Bottom Line

Points are a currency, and like any currency, the exchange rate matters.

Rules to live by:

1. Never cash out below baseline value
2. Transfer only when you have a specific redemption
3. Premium cabins = premium value
4. Chase → Hyatt is almost always the right answer for hotels
5. Check our tools page for the CPP calculator before any redemption

Your points are worth what you make them worth. Treat them accordingly.

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What’s your best redemption ever? Share your CPP wins in the comments!