How Points and Miles Values Changed in 2026
Nerdy takeaways
- The value of American Airlines AAdvantage miles is higher than any other domestic airline at 1.7 cents each.
- World of Hyatt points held steady at 1.8 cents each; more than double other hotel points.
- Marriott Bonvoy points dropped to 0.7 cents each after a program-wide devaluation in 2026.
Each year, NerdWallet compares the cost of booking travel with points and miles with the cash price of equivalent flights and hotel stays. This analysis produces a median value that can help travelers decide whether to redeem their rewards or pay cash.
🤓Nerdy Tip
These valuations are benchmarks representing the median value of rewards in each program. Aim to receive at least this “middle-of-the-road” value when redeeming your points and miles. For more details, check out How to Use Points and Miles Valuations.
American, Alaska and Southwest miles gain value
The gains in value for American, Alaska and Southwest miles weren’t evenly distributed, with American posting the largest year-over-year increase.
The gain was especially pronounced for domestic flights booked 15 days before departure. For example, a New York-to-St. Louis redemption delivered 3.5 cents per mile — more than double the median value of 1.7 cents.
Alaska Atmos and Southwest Rapid Rewards points also increased in value to 1.4 cents each, up from Alaska’s 1.2 cents in 2025 and Southwest’s 1.3 cents.
Alaska Atmos points are an excellent option for booking international award flights to Asia and the Caribbean, while Southwest loyalists will find added value across the airline’s extensive domestic network.
Delta SkyMiles, United MileagePlus and JetBlue TrueBlue point values remain unchanged from 2025. While these airlines didn’t see an increase in the average value for their miles, avoiding devaluations is still a positive.
|
Loyalty Program |
Value per mile in 2026 (cents) |
Value per mile in 2025 (cents) |
|---|---|---|
|
American Airlines AAdvantage |
1.7 |
1.3 |
|
Alaska Atmos |
1.4 |
1.2 |
|
Southwest Rapid Rewards |
1.4 |
1.3 |
|
JetBlue TrueBlue |
1.4 |
1.4 |
|
Delta SkyMiles |
1.2 |
1.2 |
|
United MileagePlus |
1.2 |
1.2 |
Hyatt holds steady while Marriott loses value
Hyatt and Marriott made the most consequential changes to their respective loyalty programs this year, with very different results for members.
Meanwhile, Marriott Bonvoy points lost value. Award nights at approximately 95% of Marriott properties became more expensive in mid-2026, resulting in a devaluation from 0.8 cents per point in 2025 to 0.7 cent per point in 2026.
Unlike Hyatt, which still anchors redemptions to a published award chart, Marriott has moved further into dynamic pricing. Nightly award rates can fluctuate with cash prices and demand, making redemptions more difficult to plan.
|
Loyalty Program |
Value per point in 2026 (cents) |
Value per point in 2025 (cents) |
|---|---|---|
|
World of Hyatt |
1.8 |
1.8 |
|
Choice Privileges |
0.8 |
0.8 |
|
Marriott Bonvoy |
0.7 |
0.8 |
|
Wyndham Rewards |
0.7 |
0.7 |
|
IHG One Rewards |
0.6 |
0.6 |
|
Hilton Honors |
0.4 |
0.4 |
What these values mean for your points strategy
-
Welcome offers from certain airline cards are now more valuable. Higher valuations for American, Alaska and Southwest miles increase the estimated value of rewards earned through welcome offers and ongoing spending.
-
Look for cards that allow you to transfer points to some of the high-value programs. You may also receive more value when transferring Citi ThankYou Points to American, Bilt Rewards to Alaska Atmos, and Bilt Rewards or Chase Ultimate Rewards® to Southwest. Before applying for or keeping a card, weigh that potential value against its annual fee and benefits.
-
Look to Hyatt for hotel redemptions for fewer points. Its point value held steady despite the expanded award chart and remains by far the highest-value hotel currency in our analysis.
