Points Valuations
What the major transferable currencies are actually worth — as a range, not a single magic number — and how we get to each figure.
Last reviewed: June 11, 2026
Why a range and not one number?
A point has no fixed value — the same Chase point pays 1.0¢ as a statement credit and 3–5¢ on the right partner award. Any site quoting a single decimal (“Chase points are worth 2.05¢”) is averaging redemptions you may never make. We publish the floor (the weakest common redemption), the baseline (the value you get with zero effort), and the ceiling (strong transfer-partner awards), so you can judge any redemption against the option you'd actually use.
Valuations by program
| Program | Floor | Baseline | Ceiling | Notes |
|---|---|---|---|---|
| Chase Ultimate Rewards | 1.0¢ | 1.25¢ | 3–5¢ | Statement credit pays a flat 1.0¢; the travel portal pays 1.25¢ with Sapphire Preferred and 1.5¢ with Reserve. Transfer-partner awards on the right routes reach 3–5¢. |
| Amex Membership Rewards | 0.6¢ | 1.00¢ | 3–5¢ | Merchandise and some gift-card redemptions fall to ~0.6¢. Airline transfers unlock the 3–5¢ ceiling. |
| Capital One Miles | 1.0¢ | 1.00¢ | 1.5–3¢ | The travel eraser pays a fixed 1.0¢ against travel purchases. Airline transfers can push value to 1.5–3¢+. |
| Citi ThankYou | 0.5¢ | 1.00¢ | 1.5–3¢ | Cash-equivalent redemptions typically pay 0.5–1.0¢. Transfers (incl. Singapore KrisFlyer) reach 1.5–3¢+. |
| Cash-back points (fixed value) | 1.0¢ | 1.00¢ | 1.0¢ | $10 is always $10 — nothing to optimize. Fixed value by design. |
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Methodology
Floors are each program's published fixed-value redemption (statement credit, travel eraser, or cash equivalent). Baselines are the no-effort travel value: the portal rate where one exists, otherwise the fixed travel rate. Ceilings reflect what transfer-partner awards commonly return on well-priced economy and premium redemptions — they are attainable values, not record-setting outliers. We review this table when programs make material changes (portal rates, partner lists, or award pricing), and the date above always reflects the last review.
The full reasoning, worked examples, and program-by-program detail live in our guide: How Much Are Credit Card Points Worth?