Reasonable Redemption Values (RRVs) are *estimates* of how much value you can reasonably expect to get from your points. With almost all points programs, it’s possible to get very little value or, sometimes, huge value from your points. RRVs are intended to be mid-point values that are reasonably easy to achieve with just a bit of work in finding good rather than poor value awards.

With hotel points, we took an easy approach: the RRVs are the median observed values found when users search for hotel awards. Half of the available awards offered better value and half worse. You can read more about hotel RRVs and how they are determined here. Airline miles are more complicated since award values vary tremendously based on a huge number of factors. So, we developed a methodology to simplify things. You can learn about that here: Airline Miles are worth 1.4 cents each. A simplified approach to Reasonable Redemption Values.

With transferable points, the RRV is a simple formula: We increased the standard airline mile RRV by 30%. The reason for this adjustment is that with transferable points currencies there is a much larger pool of high value awards one can pick from. So, it is assumed that the median award value for informed consumers, in practice, will be higher for transferable points.

### 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 | 0.58 | Pointimize Median Observed Value as of 11/14/2017 |

Choice | 0.81 | Hotel Hustle Median Observed Value (as of 11/14/2017) |

Club Carlson Gold Points | 0.38 | Pointimize Median Observed Value as of 11/14/2017 |

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

Hilton Honors | 0.45 | Pointimize Median Observed Value as of 11/14/2017 |

Hyatt Gold Passport | 1.74 | Pointimize Median Observed Value as of 11/14/2017 |

IHG Club | 0.57 | Pointimize Median Observed Value as of 11/14/2017 |

Marriott Rewards | 0.72 | Pointimize Median Observed Value as of 11/14/2017 |

Starwood Preferred Guest | 0.72 | SPG rewards points are identical to Marriott Rewards points as of 8/18/18 |

Wyndham | 0.70 | Pointimize Median Observed Value as of 11/14/2017 |

### 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 | 1.5 | FlexPerks moves to fixed 1.5 cents per point value as of 1/1/2018 |

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. |

### Update History

**4/5/2018: Changed Southwest RRV from 1.6 to 1.5 due to devaluation in Wanna Get Away fare awards.**

**11/14/2017: Updated hotel values based on more recent data. Changed source from Hotel Hustle to Pointimize for many values
**

**3/28/2017: Added CNB Rewards, PenFed Premium Travel Rewards**

Last updated on October 6th, 2018

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.

The problem is you are talking about two different things: RRV is what you can “reasonably redeem” for — if transfer partners tend to be 1.4 then the flex currency RRV will be 1.4. The “value” of flex currencies will obviously be higher than the fixed currencies but the value of fixed currencies will be below the RRV (if I can redeem for 1.4 then I certainly value them less than 1.4 due to time value, devals, etc.).

tl;dr: flexcurrency RRV should be 1.4, value of any currency is < RRV

That’s not how I see it. With a single currency like UA miles we have argued that it is reasonable to get 1.4 cents per mile value, or better. With Ultimate Rewards points (which transfer to UA, Hyatt, and more), the pool of available awards which are worth more than 1.4 cents per point is much higher. Therefore it is reasonable to expect to get higher than 1.4 cents per point value because there are so many more high value awards available to you.

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.

[…] seemed like a way to get great value out of my points. After all, based on Frequent Miler’s reasonable redemption values, 7500 Marriott points is worth ~$51. Getting a $210 room for those points seems like a steal. But […]

[…] rewards card, though, those points can be transferred to many different airlines. My current reasonable redemption value for Membership Rewards points is 1.82 cents per point. That means that if you use your points […]

[…] point valuations equally tedious and tenuous. Don’t get me wrong — I like having the reasonable redemption values as a benchmark. I find those values most useful for recognizing when a redemption is clearly […]

[…] to Frequent Miler’s Reasonable Redemption Values, JetBlue points are worth about 1.46 cents per point (this does vary a bit; check your preferred […]

[…] earn 2,400 miles in addition to your normal credit card earnings. Based on Frequent Miler’s Reasonable Redemption Values chart, that is worth about $33.60 — a return of about 9.6%. That is a pretty good return for […]

[…] SkyMiles are currently offering 15 miles per dollar at eBags. According to Frequent Miler’s Reasonable Redemption Values, at 1.4 cents per mile, Delta SkyMiles are worth a bit more than the Avios. Buying the above bag, […]

[…] Southwest points = $1,836 Based on our Reasonable Redemption Values, 1 Southwest point is worth about 1.6 cents towards Wanna Get Away fares, but Greg has since […]

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.

[…] current Reasonable Redemption Value for IHG points is .54 cents, so this isn’t really much of a deal. There’s no guarantee […]

[…] current Reasonable Redemption Value for Choice points is .67 cents each, so the ability to buy points for around .45 cents each is […]

[…] or mattress could end up with a nice rebate in terms of Membership Rewards points. According to our Reasonable Redemption Values, Membership Rewards points are worth 1.82 cents a piece, though we know that some people can get 2 […]

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.

[…] and income. That said, if you meet the criteria, this could be a pretty good deal. According to our Reasonable Redemption Values, 50,000 TrueBlue points are worth approximately $730. There are apparently regular referral offers […]

[…] annual fee). Both automatically give you 40,000 points each year when you renew. At the current Reasonable Redemption Value of .36 cents per point, that works out to $144 of travel value. I keep the cards because I […]

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.

[…] cards in my family. It’s worth logging in to see if you are targeted. According to our Reasonable Redemption Values, Membership Rewards points should be worth about 1.82 cents each on average — meaning that 5X […]

[…] offer requires hefty spend, but the signup bonus is very valuable. Our Reasonable Redemption Value of 1.82 cents per point pegs the value of the bonus at $2,730. However, you can easily get well […]

[…] points are worth about 0.4 cents per point (under half a cent per point) according to our Reasonable Redemption Values. That makes 10,000 points worth about $40. While that’s not as good as the bonus for adding […]

I’ve read that the Go Far points from Wells Fargo can be redeemed for 1.5 cpp when using their portal to book airfare. However, when I tried it today, it seems that airfare and hotels are charging 1 cpp. I know I can redeem for 1 cpp directly into my Wells Fargo checking or savings account, so I do not see any reason to ever use their travel portal. Might I be doing something wrong?

I don’t have any experience with that program so I couldn’t say

You need the visa signature card to redeem it at higher value

[…] First, Starpoints are significantly more valuable than Hilton points — according to our Reasonable Redemption Values, the 10K total possible bonus is worth about $208, though you can certainly get a lot more value […]

[…] looking at a cruise with Crystal Cruises, this would be an awesome rebate. According to our Reasonable Redemption Values, 25K Membership Rewards points is worth about $455 — though you can certainly get more value […]

[…] way, this looks like a good bonus. According to our Reasonable Redemption Values, Club Carlson points are worth about 0.36 cents per point (though you can certainly do better at […]

[…] to our Reasonable Redemption Values, British Airways Avios are only worth about 1.17 cents each. Based on that value and these rates, […]

[…] isn’t a great deal. According to our Reasonable Redemption Values, Amex Membership Rewards points are worth around 1.82 cents each, yet Hilton Honors points are […]

[…] to use more points than that as you’re only getting 1 cent per point in value (well below our Reasonable Redemption Value of 1.82 cents per point). Note that this promotion is not for paying with Discover or Citi points […]

[…] enough deal. However, I’d prefer 11,500 Membership Rewards points in this spot. Based on our Reasonable Redemption Values, those are worth north of $200 — though you can certainly get more value by putting them […]

[…] get a nice rebate here even if you’re not looking for something from Staples. Based on our Reasonable Redemption Values, 2K Membership Rewards points are worth about $36, making this […]

Alaska and all the shitty US airlines at the same price.

No comprendo.

Shouldn’t Starwood be valued as if it were a Transferable Point program given all the airlines that it transfers to at 1 Starwood to 1.25 Airline Miles, assuming trasferring in multiples of 20,000? And shouldn’t that make Starwood worth 1.25 as much as UR and MR?

That would also increase the value of Marriot to 1/3 the vale of Starwood.

That’s a good point. Given that the two calculation options come up with similar numbers vs. 2.28 and 2.16, I opted for the more conservative value: 2.16. It is reasonable to get 2.28 cents per point value or better when transferring to airline miles; and it is reasonable to get 2.16 cents per point value or better when transferring to Marriott.

I’m a newbie and rather than complain about some perceived esoteric valuation difference, I want to thank you for doing ALL the heavy lifting for guys like me. I had a vague idea what these things were worth but I would never have done the in-depth analysis you have. And come on, folks, it’s FREE to us! I am very grateful to you for all the work you continue to do.

My wife and I do our part by always using Business Saver mileage seats to visit exotic lands – i can’t find a better, more valuable use for our miles.

Thank you!

[…] FrequentMiler and TPG have monthly valuations that tell you what each point are worth. They update them as things changes, as transfer partners are added, as the rules of redemptions are changed etc. The question is should we abide by these valuations? […]

If flexible point main strength is transferring them to airlines and if airlines miles (according to your own valuations above) are worth 1.4 to 1.6 then how come you evaluate the various flexible currencies at 1.82??! I wonder…

Our approach to valuing most airline miles at 1.4 cents is outlined here:

https://frequentmiler.boardingarea.com/2016/12/02/airline-miles-worth-1-4-cents-simplified-approach-reasonable-redemption-values/

Our approach to valuing oddball miles is here:

https://frequentmiler.boardingarea.com/oddball-airline-miles-worth/

In the case of the former (the more “standard” 1.4c-value miles), the point in having a “Reasonable redemption value” is to standardize what you can reasonably expect. You certainly *can* get much more value out of them. The value in having a transferable currency is that you have the power to cherry-pick for a better-than-average redemption by choosing the partner with the best value. Therefore, it’s reasonable to expect that you can do better. Furthermore, if you only hold airline miles in Airline A, but Airline A and its partners do not fly to Airport Y (where you need to go), you’re out of luck. Having a transferable currency gives you the option to transfer to Airline B and take advantage of a different set of partners that do fly to Airport Y — so, again, the flexibility of the points adds value.

In the case of some points, you can also get great value with hotels — like Hyatt (from Ultimate Rewards) and SPG. In the case of SPG, you can often get well over 2 cents per point with SPG hotels, and you also have the ability to transfer to Marriott and get 3 Marriott rewards points for every 1 SPG point. Since Marriott points generally give you .72 cents per point in value, it makes sens to value 1 Starpoint at 3x that valuation.

Does that help give you some clarity?

[…] points per night (or 8,334 Starpoints converted to Marriott at 1:3), that’s well above our Reasonable Redemption Value for Marriott points. If you’re able to book a 5-night stay for 100K Marriott points (33,334 […]

[…] After applying the VDAY150 coupon code, the total came down $150 to $587.35 — a real-world savings of $137.04 — and note that the trip earns 3,771 TrueBlue points — worth about $55 according to our Reasonable Redemption Values. […]

[…] as good a bonus as we’ve ever seen on the personal Platinum card. Based on our Reasonable Redemption Values, 100K Membership Rewards points are worth somewhere around $1,820 — though you could […]

[…] to our Reasonable Redemption Values, JetBlue TrueBlue points are worth about 1.46 cents per point, though this value does vary […]

[…] other promotions you’re able to find and stack) is an excellent return. According to our Reasonable Redemption Values, Membership Rewards points are worth about 1.82 cents per point (though you could clearly do much […]

[…] La Quinta stay is potentially a good return, especially for one night stays. Frequent Miler’s Reasonable Redemption Value for Amtrak Guest Rewards points is 2.9 cents per point (cpp), making 1,000 points worth […]

[…] at least a portion in Membership Rewards points. As you only get a value of 1 cent per point (our Reasonable Redemption Value of Membership Rewards points is 1.82c), it would only make sense to use 1 Membership Rewards point […]

[…] the Membership Rewards offer and value those points beyond 1c each, that’s even better. Our Reasonable Redemption Value for Membership Rewards points is 1.82c each, and you can certainly get more than that with the […]

[…] to our Reasonable Redemption Values, JetBlue TrueBlue points are worth about 1.46 cents each toward airfare. With this transfer bonus, […]

[…] (10x). This means that $30,000 in spending yields 150,000 Club Carlson points. According to our Reasonable Redemption Values, which are based on the Pointimize Median Observed Values of 11/14/17, Club Carlson / Radisson […]

[…] up front, you coudl trigger that Amex Offer for 5,000 Membership Rewards points. According to our Reasonable Redemption Value of 1.82c for Membership Rewards points, that’s worth about another $91. That’s not […]

[…] include free breakfast and some of the Nordic Choice brands also include a free evening meal. Our Reasonable Redemption Value for Choice points is 0.81 cents per point, though it’s often easy to do better in […]

[…] of those packaes are well below our Reasonable Redemption Value of 0.81 cents for Choice points (based on the Hotel Hustle median observed value in November […]

[…] 1pm Eastern time today (Wednesday, April 11th, 2018). That’s actually a bit higher than our Reasonable Redemption Value for IHG points (0.57 cents per point), meaning that you should only get in on this if you have a […]

[…] be earning less – just 2 Marriott Rewards points per dollar on unbonused spend. Since our Reasonable Redemption Value for Marriott Rewards points is only 0.72 cents per point, it won’t make sense to put […]

[…] 1.5x Hyatt points isn’t a bad rate of return. According to our Reasonable Redemption Values, Hyatt points are worth about 1.74 cents each when used towards Hyatt stays. That makes the return […]

[…] snoozer. The 2,000 points per stay (starting with stay #2) are worth about $14.40 according to our Reasonable Redemption Values – and since that only begins with your second stay, your average return per stay drops from […]

[…] them out for $0.01 each, but are much more valuable if transferred to partners strategically. Our Reasonable Redemption Value for Ultimate Rewards points is 1.82 cents each, meaning that you can reasonably expect to redeem […]

[…] SPG points. At a value of about 2.19 cents per point, it’s ever so slightly higher than our Reasonable Redemption Value for SPG points (2.16 cents per point) — meaning it’s certainly reasonable, but not […]

[…] Reasonable Redemption Values pegs most airline miles, including American Airlines miles, at 1.4 cents each (For more on why we […]

[…] to our Reasonable Redemption Values, Membership Rewards are worth around 1.82 cents each (though you could certainly get more value […]

[…] 10 points per dollar spent on IHG stays (5 at Staybridge Suites & Candlewood Suites). With a Reasonable Redemption Value (RRV) of 0.57cpp (cents per point), that works out at a 5.7% return. If they credited those stays to […]

[…] an offer for 2,000 Membership Rewards points rather than $20 (a better deal in my opinion since our Reasonable Redemption Value for MR points puts the points at a significantly higher […]

[…] though be aware that it takes a large purchase to snag that low rate. That’s higher than our Reasonable Redemption Value for American Airlines miles, though it is certainly possible to redeem miles for greater value with […]

[…] on right now), which would translate to 1.67c per United mile. While that’s more than our Reasonable Redemption Value for United miles, it’s certainly possible to get more value than that out of your miles. As […]

[…] to our Reasonable Redemption Values, that’s worth a median value of $3,480. Of course, the suite I showed above at the Park Hyatt […]

[…] of this card, but this is the best we’ve seen on the business version. According to our Reasonable Redemption Values, TrueBlue points are worth around 1.46 cents each, making the signup bonus worth somewhere around […]

[…] Cruise. Assuming you value Membership Rewards at more than 1c each (and you should — our Reasonable Redemption Values has them pegged at 1.82c each), the Membership Rewards version of this offer is much stronger […]

[…] on the Reasonable Redemption Value of 0.38 cpp for Radisson Rewards, that equals a return of 20.9%. It’s possible to get far […]

[…] in August, the various Marriott and SPG cards will offer 6x on Marriott spend. According to our Reasonable Redemption Values, Marriott points are worth about 0.72 cents each. That makes earnings of 6x comaprable to about a […]

[…] you have a stay planned at a Four Seasons, this is an excellent offer. According to our Reasonable Redemption Values, 15K Membership Rewards points are worth around $273. That said, you could certainly get a lot more […]

[…] The terms note that it is not valid for e-gift card purchases, though you should be able to buy gift cards in-store. Clearly, the Membership Rewards version of the offer is much stronger if you value Membership Rewards points at anything above $0.01 each (we value them at 1.82 cents each according to our Reasonable Redemption Values). […]

[…] a great deal for your Hyatt points as they can often be worth more toward paid stays. In fact, our Reasonable Redemption Values has the median value of Hyatt points at 1.74 cents each when used towards hotel […]

[…] it offers 7,500 points every year at anniversary. According to our Reasonable Redemption Values, that’s worth about $112.50, though it can be worth as much as $143 depending on the […]

[…] ranked these based on overall point valuations using Frequent Milers’ Reasonable Redemption Valuations. Remember these are based on averages and that you should plug in your own evaluations since […]

[…] you value United miles at our Reasonable Redemption Value of 1.4c each (See: Airline Miles are worth 1.4 cents each. A simplified approach to Reasonable […]

[…] these lines or ships, but if you value Membership Rewards points, this is a very nice return. Our Reasonable Redemption Values pegs Membership Rewards at 1.82 cents each, meaning this offer is worth about $273 – though […]

[…] still not a great deal. You’d be redeeming Membership Rewards on a 1cpp basis, whereas the Frequent Miler Reasonable Redemption Value is 1.82. That’s giving up a huge amount of […]

[…] Reasonable Redemption Value for Hilton points is 0.45 cents each, meaning that you can reasonably expect to get that much value […]

[…] then calculate the value of each set of bonus points, I’ve used the Frequent Miler Reasonable Redemption Values for each […]

[…] these lines or ships, but if you value Membership Rewards points, this is a very nice return. Our Reasonable Redemption Values pegs Membership Rewards at 1.82 cents each, meaning this offer is worth about $273 – though […]

[…] to our Reasonable Redemption Values, Hilton Honors points are worth around 0.45c each, making the return on 13x worth the equivalent of […]

[…] to the trip. For those keeping score at home, that’s a value of 0.72 cents per point. Our Reasonable Redemption Value for Amex points, which it’s important to note is based on value you can reasonably expect to […]

[…] Hilton night: 22,000 miles. While prices were really low, we decided to use our Hilton points. At $99, this is about .45 cents per point ($99/22,000) which is pretty standard for a Hilton redemption. […]