How Much Are Your Points Actually Worth?

"Points" are not one thing. A Chase point, an Amex point, and a Delta mile are three different currencies with three different values — and the single biggest mistake in this hobby is treating them all as if they’re worth 1 cent each, all the time.

What points are worth in 2026, roughly

• Bilt Rewards: ~2.2 cents/point — currently valued as the single most valuable major transferable currency, largely on the strength of its airline transfer roster relative to its no-annual-fee cost of entry.
• Chase Ultimate Rewards: ~2.05 cents/point — the benchmark most other programs get measured against, driven by strong airline and Hyatt transfers.
• Amex Membership Rewards: ~1.8–2 cents/point when transferred well — ANA, Flying Blue, and now Leading Hotels of the World are among the strongest uses.
• Capital One miles: ~1.7–1.85 cents/point — a smaller partner roster than Chase or Amex, but a reliable 1-cent floor via the Capital One Travel portal with no redemption gymnastics required.
• Citi ThankYou Points: ~1.7–1.8 cents/point — comparable to Capital One, strongest when transferred to Turkish, Virgin Atlantic, or JetBlue for the right route.

These are averages for good redemptions, not guarantees — the same point can be worth 1 cent redeemed lazily for a statement credit, or 4–8 cents transferred into the right premium-cabin award seat.

The floor vs. the ceiling

Every major transferable-points program has a "floor" — cash back or a fixed-value travel portal redemption, usually 1 to 1.25 cents per point — and a much higher "ceiling" reached only by transferring to an airline or hotel partner for an aspirational redemption. The entire skill of this hobby is closing the gap between the two: learning which transfers deliver outsized value for the trips you actually want to take, instead of defaulting to the floor out of convenience.

The mistakes that quietly cost the most

• Redeeming for merchandise or gift cards. These redemptions routinely value points at 0.5–0.8 cents each — worse than cash back, let alone a transfer.
• Letting points sit uncategorized across too many programs. Small balances scattered across five programs are individually useless; consolidating into one or two flexible currencies (Chase, Amex, or Capital One) preserves optionality.
• Ignoring devaluations. Award charts move — Aeroplan and Hyatt both repriced meaningfully in 2026. A redemption that was great value last year may not be this year; always check current pricing before assuming an old value estimate still holds.

The bottom line

Points are worth what you make them worth. Held in a flexible, well-transferring currency and pointed at a premium-cabin flight or a high-end hotel night, the same balance can be worth two to six times more than redeeming it lazily. Knowing your points’ realistic cent-per-point range is the single most useful number in this hobby.