Advertiser Disclosure

Award Rate is an independent publisher and comparison service, not an investment or financial advisor. Some of the card offers on this site are from advertisers who compensate us when you are approved through our links. That compensation may affect where and in what order offers appear, but it never affects our ratings, our point valuations, or what we recommend. We do not review every card on the market, and card offers displayed here may not include all available offers.

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Independent research · Q3 2026 valuations published

Points and miles, priced with the math shown

Chase Ultimate Rewards and World of Hyatt points are worth 1.9¢ each; Hilton Honors points are worth 0.5¢ — the top and the floor of the 16 currencies Award Rate prices every quarter, Q3 2026. Each figure is the median of its own sample, between 3,120 and 22,400 priced redemptions per currency and 184,620 in total, measured against the cash cost of the same seat or room, on the same date, in the same cabin. Bank-currency samples include fixed-rate travel-portal redemptions alongside partner transfers, in the proportion holders actually use them. Not the best redemption anyone ever found.

Every valuation carries its sample size, its quarterly move and the reason it moved. One named editor maintains the model, no issuer sees a word before publication, and 17 of the 17 cards in our database pay us nothing — the unpaid listings and the pulled offers alike stay on the site, named and labeled, a few paragraphs down this page. Read the valuation method or how we work.

Currencies valued
16
Award prices sampled
184,620
Programs documented
21
Listings that pay us nothing
17 of 17
Data last reconciled

Maintained since 2019 by 1 named editors. What each of them has actually done:

  • Editor, Award Rate

    Earns, tracks and redeems points across ten loyalty programs for real family travel — most recently a Korea–Japan–Hawaii itinerary flown mostly on points

Every one of those claims is evidenced on the editor pages — the redemptions logged, the cards held and closed, the changelog entries signed. About Award Rate.

Start where you actually are

Three questions bring almost everyone here. Pick the one that is yours — each route ends at a page that answers it, not at another list of links.

The dataset

What is a point actually worth?

Between 0.5¢ and 1.9¢, depending on which currency it is. Chase Ultimate Rewards and World of Hyatt points lead at 1.9¢ because a fixed award chart does not follow cash prices upward — the points price of a seat or a room is set by category, so a fare spike raises the cash you avoid without raising what you pay. Hilton Honors sits at the floor at 0.5¢ and IHG One Rewards just above it at 0.6¢, because uncapped dynamic pricing means the award price rises with the cash price it was supposed to protect you from. Underneath every figure is one ratio: the cash you avoid spending, divided by the points you spend to avoid it, taken as a median across that currency's own sample rather than a highlight reel.

Award Rate point valuations, Q3 2026 — 5 of 16 currenciesAward Rate valuation model, Q3 2026, published . Each figure is the median cents-per-point across a fixed basket of sampled award redemptions priced against the cash cost of the same seat or room, on the same date, in the same cabin or room class — not the best redemption anyone has found. Sample sizes are rounded to the nearest ten. Read the full method.
What drives the value upWhat caps it
Chase Ultimate RewardsTransferable — priced through partners1.9¢ per pointDown 0.1¢ from 2.0¢ last quarter14,820 redemptions pricedHyatt at 1:1 and Aeroplan business class carry the median almost single-handedly.Chase Travel redemptions cap at a fixed 1.25–1.5¢, and they are common enough in the sample to hold the median below what transfer partners alone would pay.
World of HyattFixed award chart1.9¢ per pointUnchanged from 1.9¢ last quarter8,640 redemptions pricedA published award chart in a dynamic-pricing world. Category 1–4 redemptions are the best value in hotels.Small footprint — in many cities there is simply no Hyatt.
Amex Membership RewardsTransferable — priced through partners1.8¢ per pointUnchanged from 1.8¢ last quarter19,340 redemptions pricedANA, Flying Blue promo awards and frequent 20–40% transfer bonuses.Delta transfers and the 1¢ Pay With Points floor drag the median.
Delta SkyMilesRevenue-based pricing1.2¢ per pointDown 0.05¢ from 1.25¢ last quarter15,600 redemptions pricedOccasional domestic flash sales and Virgin Atlantic partner pricing.Revenue-based pricing with no award chart. The mile is pegged near a cent.
Hilton HonorsDynamic award pricing0.5¢ per pointUnchanged from 0.5¢ last quarter17,900 redemptions pricedFifth night free and premium-property redemptions during peak cash pricing.Uncapped dynamic pricing; the currency earns fast and spends slowly.

These are the figures every “worth $X” calculation on Award Rate is derived from, including welcome-bonus valuations in our card comparisons. We revalue every currency quarterly and publish the previous figure alongside the current one, so a devaluation is visible rather than quietly edited away. How we value points →

See all 16 currencies, each with its sample size, its quarterly move and the reason it moved

The 5 rows above are an excerpt: the two fixed-chart leaders, the largest bank currency by sample, a revenue-based airline mile in the middle and the dynamic-pricing floor. The other 11 currencies, the per-currency reasoning and every prior revision live on the point valuations page, which is the canonical copy of this dataset. If you cite a figure from here, cite the quarter with it — these numbers move, and we publish when they do.

The research this site is built on

Six pages carry the rest. Each is maintained rather than published once, and each names the date its underlying data was last reconciled against the issuer or the program.

  1. The dataset

    What points and miles are worth

    Every currency we cover, priced against cash on the same seat or room, with the sample size, the quarterly move and the reason for the move printed beside it.

  2. Ranked

    The best travel credit cards

    Scored on rewards, perks, fee justification and flexibility, then re-scored against the offers that are actually live rather than the ones that were live when we published.

  3. Reference

    Every transfer partner and ratio

    The complete partner list for each bank currency, including the ratios we tell you not to use. A partner table is only trustworthy when it is complete.

  4. Start here

    Points and miles for beginners

    What a transferable point is, what a transfer irreversibly does, and the three mistakes that cost new collectors the most money.

  5. Redemptions

    Business class sweet spots

    The routes where a published award chart still prices a lie-flat seat far below its cash fare, and which program to hold points in to reach each one.

  6. Method

    How we value points

    The sampling frame, why we publish the median rather than the maximum, what we deliberately exclude, and the full revision history of every number.

Most recently updated

  • Guide

    Are Credit Card Annual Fees Worth It?

    The net-cost framework for deciding whether to pay a card annual fee, why statement credits are worth less than face value, and how to run your own numbers.

  • Guide

    The Chase 5/24 Rule, Explained

    What the Chase 5/24 rule is, which accounts count toward it, how to audit your own status, and when the rule should be ignored entirely.

  • Guide

    Credit Card Welcome Offers Explained

    How welcome offers work, the rules that quietly disqualify applicants, what counts toward minimum spend, and why the advertised number is not the value.

  • Guide

    How to Earn Points Fast, Without Doing Anything Stupid

    The earning channels ranked by what they return per hour of effort, the arithmetic of a welcome offer, and the issuer rules that cap how fast anyone can go.

Ranked by score, not by payout

The highest-rated travel cards we track

These 3 sit at the top of our editorial score, which is computed from four sub-scores — rewards value, perks value, fee justification and flexibility — stored alongside the card data. The order on this page is produced by the same numbers printed in each review, and compensation is not one of the inputs. The tiles show the sticker annual fee; the net cost after credits is on the full ranked list.

  1. 1

    Chase Sapphire Preferred® Card

    Chase · Visa

    4.7Our rating

    Welcome bonus
    75,000 points after you spend $5,000 on purchases in the first 3 months from account opening
    Bonus value on this card
    $750 – $1,125 — 75,000 points, Chase Travel℠ at 1.0¢ if you never transfer, Air Canada Aeroplan at 1.5¢ if you do. How we value points
    Annual fee
    $95
    Top earn rates
    • 5×Travel purchased through Chase Travel℠
    • 3×Dining, including eligible delivery and takeout
    • 3×Gas stations and electric vehicle charging
    View at Chase

    We are not compensated for this card. It is here because it earned its place.

    Read our full Sapphire Preferred review

    Terms Apply$95 annual fee · 19.24% – 27.49% variable APR

    See full rates & feesHide rates & fees
    Annual fee
    $95
    Purchase APR
    19.24% – 27.49% variable
    Balance transfer APR
    19.24% – 27.49% variable
    Balance transfer fee
    Either $5 or 5% of the amount of each transfer, whichever is greater.
    Foreign transaction fee
    None
    Cash advance APR
    29.99% variable
    Cash advance fee
    Either $10 or 5% of the amount of each transaction, whichever is greater.
    Penalty APR
    Up to 29.99%. Applies if you make a late payment.
    Late payment fee
    Up to $40
    Returned payment fee
    Up to $40
    Minimum interest charge
    $0.50

    Cards are issued by JPMorgan Chase Bank, N.A. Member FDIC. Offers, rates and terms are subject to change without notice.

    Rates and fees reconciled against Chase’s published pricing and terms on . Issuers may change offers, rates and terms at any time without notice; confirm current terms on the issuer’s own page before you apply. Chase rates & terms

  2. 2

    Elevated — up from 100,000

    American Express® Gold Card

    American Express · American Express

    4.5Our rating

    Welcome bonus
    100,000 points after you spend $8,000 on purchases in the first 6 months from account opening, the ceiling of an offer American Express varies by applicant — the issuer states welcome offers vary and that you may not be eligible for one at all
    Bonus value on this card
    $1,000 – $1,760 — 100,000 points, Amex Travel flights at 1.0¢ if you never transfer, Aeroméxico Club Premier at 1.76¢ if you do. How we value points
    Annual fee
    $325
    Top earn rates
    • 5×Prepaid hotels booked through American Express Travel
    • 4×Restaurants worldwide, including takeout and delivery in the US
    • 4×US supermarkets
    View at American Express

    We are not compensated for this card. It is here because it earned its place.

    Read our full Amex Gold review

    Terms Apply$325 annual fee · 19.49% – 28.49% variable APR

    See full rates & feesHide rates & fees
    Annual fee
    $325
    Purchase APR
    19.49% – 28.49% variable
    Foreign transaction fee
    None
    Cash advance APR
    28.74% variable
    Cash advance fee
    Either $10 or 5% of the amount of each cash advance, whichever is greater.
    Penalty APR
    Up to 29.99%. May apply if you do not pay at least the minimum payment due by the payment due date, or a payment is returned. Once applied it lasts at least six months.
    Late payment fee
    Up to $40
    Returned payment fee
    Up to $40
    Authorized user fee
    $35 per card

    Terms apply to American Express benefits and offers. Enrollment may be required for select benefits. Visit americanexpress.com to view rates and fees.

    Rates and fees reconciled against American Express’s published pricing and terms on . Issuers may change offers, rates and terms at any time without notice; confirm current terms on the issuer’s own page before you apply. American Express rates & terms · American Express card page

  3. 3

    Capital One Venture X Rewards Credit Card

    Capital One · Visa

    4.4Our rating

    Welcome bonus
    75,000 miles after you spend $4,000 on purchases in the first 3 months from account opening
    Bonus value on this card
    $750 – $1,200 — 75,000 miles, Capital One Travel at 1.0¢ if you never transfer, Turkish Airlines Miles&Smiles at 1.6¢ if you do. How we value points
    Annual fee
    $395
    Top earn rates
    • 10×Hotels and rental cars booked through Capital One Travel
    • 5×Flights and vacation rentals booked through Capital One Travel
    • 5×Capital One Entertainment purchases
    View at Capital One

    We are not compensated for this card. It is here because it earned its place.

    Read our full Venture X review

    Terms Apply$395 annual fee · 19.49% – 28.49% variable APR

    See full rates & feesHide rates & fees
    Annual fee
    $395
    Purchase APR
    19.49% – 28.49% variable
    Balance transfer APR
    19.49% – 28.49% variable
    Balance transfer fee
    4% of the amount of each transferred balance that posts at a promotional APR Capital One may offer you. No fee for balances transferred at the standard Transfer APR. Transfers cannot be requested until 10 days after the account is opened, and balances cannot be moved from another Capital One card.
    Foreign transaction fee
    None
    Cash advance APR
    28.49% variable
    Cash advance fee
    Either $5 or 5% of the amount of each cash advance, whichever is greater.
    Late payment fee
    Up to $40

    Credit cards are issued by Capital One, N.A. Offers, benefits, rates and terms are subject to change without notice and may vary by applicant.

    Rates and fees reconciled against Capital One’s published pricing and terms on . Issuers may change offers, rates and terms at any time without notice; confirm current terms on the issuer’s own page before you apply. Capital One rates & terms · Capital One card page

The ratings are ours; the offers are the issuers'. Read the full ranked list with our reasoning, put any of them side by side, or browse every review we have written.

How Award Rate makes money, and what that does not buy

Award Rate is an independent publisher and comparison service, not an investment or financial advisor. Some of the card offers on this site are from advertisers who compensate us when you are approved through our links. That compensation may affect where and in what order offers appear, but it never affects our ratings, our point valuations, or what we recommend. We do not review every card on the market, and card offers displayed here may not include all available offers.

Our editorial team writes and scores every review before any commercial arrangement is considered. Issuers do not review, approve, or endorse our content.

Three things follow from that, and they are checkable rather than promised — the checking starts in the list below, which names every card in the first two categories. Cards we are paid nothing for sit next to cards we are paid for and carry an unpaid label: 15 of the 17 cards we track are in that state today. When an offer is pulled the apply button disappears everywhere on the site within one deploy and the card stays on the page with its status shown, because deleting it would quietly rewrite what we had already recommended; that is another 2. Those two things are not the same thing, and adding them together to advertise a bigger number would be the exact move this section exists to rule out. And every dollar figure attached to points comes from our published valuation model, never from an issuer's own marketing valuation.

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