**Last Updated: 3/28/2017 (Added CNB Rewards, PenFed Premium Travel Rewards)
**

The following tables show the estimated Reasonable Redemption Values (RRVs) for many different types of points and miles. For each of these programs, it is reasonable to get this much value or more per point. See this post for more information: Airline Miles are worth 1.4 cents each. A simplified approach to Reasonable Redemption Values.

### Transferable Points

Program | Reasonable Redemption Value | Source |
---|---|---|

Amex Membership Rewards | 1.82 | 30% over standard airline mile value (based on the idea that you can transfer points to any of a number of programs in order to find the best award deals) |

Chase Ultimate Rewards | 1.82 | 30% over standard airline mile value (based on the idea that you can transfer points to any of a number of programs in order to find the best award deals) |

Citi ThankYou Rewards | 1.82 | 30% over standard airline mile value (based on the idea that you can transfer points to any of a number of programs in order to find the best award deals) |

### Airline Miles

### Hotel Points

Program | Reasonable Redemption Value | Source |
---|---|---|

Best Western | 0.57 | ValuePenguin Post |

Choice | 0.67 | Hotel Hustle Median Observed Value (as of 12/14/2016) |

Club Carlson Gold Points | 0.36 | Hotel Hustle Median Observed Value (as of 12/14/2016) |

Expedia+ | 0.71 | 3500 points = $25 hotel coupon = .71 cents per point |

Fairmont | 1.0 | Estimated value of Fairmont credit card points based on ability to exchange 2500 points for $25 gift card |

Hilton HHonors | 0.40 | Hotel Hustle Median Observed Value (as of 12/14/2016) |

Hyatt Gold Passport | 1.7 | Hotel Hustle Median Observed Value (as of 12/14/2016) |

IHG Club | 0.54 | Hotel Hustle Median Observed Value (as of 12/14/2016) |

Marriott Rewards | 0.68 | Hotel Hustle Median Observed Value (as of 12/14/2016) |

Starwood Preferred Guest | 2.08 | Hotel Hustle Median Observed Value (as of 12/14/2016) of 1.6 with 30% increase for transferable points |

Wyndham | 0.55 | Hotel Hustle Median Observed Value (as of 12/14/2016) |

Other

Program | Reasonable Redemption Value | Source |
---|---|---|

Amtrak Guest Rewards | 2.9 | Fixed value best available redemption option |

Arrival+ Points | 1 | Even though there is a 5% rebate when points are redeemed for travel, this estimate is based on the amount of travel that can be bought with existing points regardless of rebates. |

CNB Rewards | 1.25 | 6/5/17 note: I recently ran a number of sample itineraries to find the point value. Almost all came out to very close to 1.25 cents per point despite what I had found previously. See: How much are those 100,000 Crystal Visa Infinite points worth? |

FlexPerks | 1.8 | Assumes using 20,000 points for $360 flight |

Merrill+ Points | 1.44 | Assumes using 25,000 points for $360 flight |

PenFed Premium Travel Reward | 0.85 | How much are PenFed points worth? |

Most other bank points | 1 | Most bank point programs have points redeemable for 1 cent each for gift cards or travel. |

Fairmont points should really be worth 1.0 because they can be redeemed for giftcards (Amazon and other retailers) for 1.0 in 2500 point increments.

Thanks! Updated.

There is something I do not understand – if flexible points can be transferred to airline loyalty programs at a ration of 1:1 and if most airlines points are worth 1.4 cents a point, then how come the flexible point is valued at 1.82 cents a point?

I don’t have a great answer for this. The basic idea is that transferable points give you many more ways to get award flights, so it is reasonable to assume that one could find opportunities for higher value awards. I basically just inflated these by 30%. I’m hoping to find a better way to estimate transferable points, but that’s what I’ve got for now!

Makes little sense to value flexible currencies like that. The usual problem (which I think is far and away the most common) I encounter is lack of finding reasonable redemptions due to lack of seat availability. It’s rare as hen’s teeth to consistently find outsized value.

Also, I think it’s more appropriate to use average values from Hotel Hustle, not median values.

Transferable points should help because you can then search for award space on all alliances rather than just within one.

Why do you think mean values are more appropriate? When using the mean, large outliers will pull the values up.

Makes no sense to me to inflate transferable points by 30%. In fact, I will go as far as to say the value of transferable points equals the value of the partner where points will be transferred into and the value of the flexible points cannot exceed the value of its highest transfer partner. Makes no sense to value UR points at 1.82 cpp when 1.70cpp (Hyatt) is based on your calculations the highest possible redemption value. Someone who collects UR points for the sole purpose of booking Southwest flight will always get 1.6cpp value whether they hold points in the form or UR points or Southwest Points. Saying the points are worth 1.82cpp makes no sense at all because it cannot be redeemed at that value.

That assumes that all of the transfer partners have fixed redemption values (like Southwest). Most are highly variable. Transferable points give you the ability to pick the program that gives you the best value for a given situation. I agree that 30% is an arbitrary amount, but I disagree with the assertion that transferable points are no more valuable than a single program that they can transfer to.

For what it’s worth, I think 30% is just about perfect. To say there should be no increase in valuation due to flexibility is nuts. If I offer you 50000 AA miles or the same # of chase points, the vast majority will choose the latter because it gives them lots of options. Even if you know you want to use them for a trip from A to B, the chase points will let you look at lots of options and choose the one with available seats (or better flight times) before you transfer the points.

Thanks! I would still prefer a more logic based approach. 30% is arbitrary and doesn’t account for differential value of, for example, Ultimate Rewards over Citi ThankYou. But I haven’t thought of a good option for capturing that.

Greg,

Shouldn’t Bank Points (AMEX, CITI, CHASE) be worth at maximum the value of the most valuable transfer partner? I understand the ability to transfer to multiple partners some may value more than just transfer to one partner, but I fail to see how you can justify valuing a bank point at something more than the most valuable redemption.

My $0.02

I would agree with you if point values are fixed, but Keep in mind that the RRVs for the various transfer partners are just estimates. Reality is that actual redemption values range from much lower to much higher. With hotels, for example, the RRV is the median observed value via the Hotel Hustle web site. That means that half of those who used Hotel Hustle found hotels with better redemption values.

When you have transferable points, you have a much wider selection of better redemption opportunities and my belief is that a rational person will take advantage of that to consistently get better values.

I have found that CNB air rewards, secured through the CNB Crystal Visa Infinite card are much less than the advertised airline rewards for the same flights and/or the reasonable cost of the flight. In general, from my home base of Washington DC, flying any real distance to another city, I will use, for example, 67000 or 81,000 points for a roundtrip business class ticket that would cost more than twice that much in dollars and most typically over 100,000 airline points (comparing United and/or American airlines typically). Note: this does not work for foreign flights. ONLY domestic.

Can you give me a specific example that I can look at? I just tried a bunch of flight examples domestic and international, coach and business, and I found that CNB point values were almost always around 1.25 cents per point. That’s better than I had seen previously but not as high as it sounds like you’ve seen.

I’ve updated CNB points. The new RRV is 1.25 (up from 1.18 previously). Thanks to Michael Bodaken I ran a number of scenarios and found 1.25 cents per point in almost all cases.