What are points and miles worth? TPG’s March 2026 monthly valuations

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.

Historically, TPG has valued points and miles based on a combination of factors: the price at which we would purchase the points or miles, award costs in the program (factoring in availability and fees), and our expertise in the program’s inner workings.

However, we now utilize extensive data for the top seven U.S. airline loyalty programs to more accurately estimate the value you should aim to achieve from your rewards. Read our explainer post on our data-driven valuations for a full methodology breakdown.

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*Calculated using TPG’s data-backed valuations methodology launched in September 2023.

What are hotel points worth?

Top points and miles news for March

United Airlines recently made a bold announcement for MileagePlus members: Carry a United-branded credit or debit card, or risk falling behind in your mileage earnings.

Effective on tickets purchased on or after April 2, noncardholders will see their base earning rate drop from 5 miles per dollar spent to just 3. Cardholders, by contrast, climb to 6 miles per dollar spent. Elite members will also be affected. Top-tier Premier 1K members without a cobranded credit card drop from 11 miles per dollar spent to 9, while those who do carry a card rise to 12.

The changes don’t stop at earning rates. Cardholders also unlock automatic award discounts of at least 10% on every award flight, with Premier members accessing redemption savings of 15% or more. And when it comes to booking saver award space, the cheapest inventory, cardholders get broader access to that, too.

If you’re the sort of United traveler who usually books the cheapest fare you can find, you may want to adjust your strategy. Passengers in basic economy without a United card or elite status will earn zero MileagePlus miles on flights for tickets purchased on or after April 2.

United’s new strategy rewards cobranded cardholders while punishing those without a card. It will be interesting to see whether other major players, such as American Airlines and Delta Air Lines, follow suit.

Related: Earn up to 100,000 bonus miles with these limited-time United card welcome offers (worth up to $1,500)

Top offers for earning points and miles in March

March’s cobranded card offer of the month is for Delta Air Lines American Express cards: You can earn up to 125,000 SkyMiles until April 1.

Here are some of the best options this month for those seeking a new travel rewards card that earns transferable points or miles.

American Express Platinum Card

Find out your offer on the American Express Platinum Card® 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.

The Platinum Card offers many useful statement credits, including:

• Up to a $75 quarterly Lululemon statement credit for purchases made at U.S. stores (excluding outlets) and online**
• Up to a $200 annual Oura Ring statement credit (for hardware purchases only; not for memberships)**
• Up to a $100 quarterly statement credit for U.S. Resy restaurant purchases**
• Up to a $120 annual statement credit for Uber One membership (subject to auto-renewal)**
• Up to a $25 monthly digital entertainment statement credit**

The card’s hotel statement credit offers up to $600 each year (up to $300 biannually) when you book prepaid American Express Fine Hotels + Resorts or The Hotel Collection*** stays via American Express Travel®.

**Enrollment is required.
***The Hotel Collection requires a minimum two-night stay.

The Platinum Card has a $895 annual fee (see rates and fees). To learn more, check out our full review of the American Express Platinum Card.

Official application link: American Express Platinum Card

Chase Sapphire Reserve

The Chase Sapphire Reserve® (see rates and fees) currently offers 125,000 bonus points after you spend $6,000 on purchases in the first three months from account opening.

The Sapphire Reserve earns 8 points per dollar spent on purchases made through Chase Travel℠ (including The Edit hotel bookings), 4 points per dollar spent on flights booked directly and 4 points per dollar spent on hotels booked directly.

The annual fee is $795, but cardholders receive up to $500 in statement credits for hotel bookings made with The Edit each calendar year (up to $250 twice a year on prepaid bookings with The Edit of two or more nights), up to $300 in statement credits each calendar year for dining at restaurants that are part of Sapphire Reserve Exclusive Tables (up to $150 in credits biannually) and more.

Check out our Chase Sapphire Reserve card review to learn more.

Official application link: Chase Sapphire Reserve

Chase Sapphire Reserve for Business

Chase unveiled the Chase Sapphire Reserve for Business℠ (see rates and fees) in June of 2025. This card has a welcome offer of 150,000 bonus points after you spend $20,000 on purchases within the first three months from account opening.

This product earns 8 points per dollar spent on purchases through Chase Travel (including The Edit), 4 points per dollar spent on flights and hotels booked directly, and 3 points per dollar spent on social media and search engine advertising. It comes with multiple flexible statement credits but has an annual fee of $795.

See our Chase Sapphire Reserve for Business card review for more information.

Official application link: Chase Sapphire Reserve for Business

Capital One Venture X Business

New applicants for the Capital One Venture X Business can earn 150,000 bonus miles after spending $30,000 on purchases in the first three months from account opening.

This card has an annual fee of $395, but you’ll receive a $300 annual travel credit to use with Capital One Business Travel. You’ll also receive 10,000 miles every account anniversary date (starting on your first anniversary) as well as complimentary access to Capital One airport lounges.

You can get great value from your Capital One miles by transferring them to 15-plus airline and hotel partner programs.

Check out our Capital One Venture X Business card review for more details.

Learn more: Capital One Venture X Business

Capital One Venture Rewards Credit Card

The Capital One Venture Rewards Credit Card offers 75,000 bonus miles after you spend $4,000 on purchases within the first three months from account opening. Plus, upon approval, you’ll receive a $250 Capital One Travel credit to use during your first year. The annual fee for the Capital One Venture card is $95 — a reasonable amount for a card with such a generous welcome offer.

See our Capital One Venture Rewards card review for more details.

Learn more: Capital One Venture Rewards Credit Card

American Express Gold Card

One of the most popular cards with TPG staffers, the American Express® Gold Card lets new cardholders find out their offer and see if they are eligible for as high as 100,000 Membership Rewards points after they spend $6,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.

The American Express Gold Card is great for many everyday purchases. You’ll earn 4 points per dollar spent on groceries at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1 point per dollar spent) and 4 points per dollar spent at restaurants worldwide (on up to $50,000 in purchases per calendar year, then 1 point per dollar spent).

The card has a $325 annual fee (see rates and fees), so check out our Amex Gold review to determine whether it’s a good fit.

Official application link: American Express Gold Card

For rates and fees of the Amex Platinum, click here.
For rates and fees of the Amex Gold, click here.