Points vs. Miles: Understanding Every Rewards Currency (2026)

Last Updated: March 2026

Summary: Points and miles are not all created equal. A Chase Ultimate Rewards point is worth more than a Delta SkyMile, and an Amex Membership Rewards point has different value depending on how you redeem it. This guide breaks down every major rewards currency so you know exactly what your points are worth.

Earned With: Sapphire Preferred, Sapphire Reserve, Ink Business Preferred, Ink Cash, Freedom Flex

Our Valuation: 1.5-2.0 cents per point

Cash Back Value: 1 cent per point

Travel Portal Value: 1.25 cents (Sapphire Preferred) or 1.5 cents (Sapphire Reserve) per point

Transfer Partners (Airlines): United, Southwest, British Airways, Air France/KLM Flying Blue, Singapore Airlines, Virgin Atlantic, Aer Lingus, Iberia, JetBlue, Air Canada Aeroplan, Emirates

Transfer Partners (Hotels): Hyatt (best value), Marriott, IHG

Chase Ultimate Rewards is the most popular program in the U.S. and for good reason. The transfer to Hyatt is the single best hotel transfer in any program (Hyatt points average 1.7 cents each). The airline partners cover all three major alliances through United (Star Alliance), British Airways (oneworld), and Air France (SkyTeam). The travel portal provides a guaranteed floor of 1.25-1.5 cents per point, and cash back always gets you 1 cent.

Best Redemptions: Transfer to Hyatt for hotels (1.7-2.5 cpp), transfer to United or Air France for economy flights (1.5 cpp), transfer to Singapore or Virgin Atlantic for business/first class (2-5 cpp)

Earned With: Amex Platinum, Amex Gold, Business Platinum, Amex Green, Blue Business Plus

Our Valuation: 1.2-2.0 cents per point

Cash Back Value: 0.6 cents per point (avoid this)

Travel Portal Value: 1 cent per point (Amex Travel)

Transfer Partners (Airlines): Delta, ANA, Singapore Airlines, Air France/KLM, Air Canada Aeroplan, British Airways, Cathay Pacific, Emirates, Etihad, Hawaiian, JetBlue, Avianca LifeMiles, Virgin Atlantic

Transfer Partners (Hotels): Hilton (1:2 ratio), Marriott (1:1.2 ratio with bonus)

Amex has the largest transfer partner network, especially for international premium cabin flights. The ANA transfer is legendary: 55,000-88,000 miles for first class on ANA, one of the world's best airlines. The Singapore Airlines transfer unlocks Singapore Suites, the most exclusive airline product in the sky. The downside: cash back value is terrible (0.6 cents), so you must use transfers or the travel portal to get fair value.

Best Redemptions: Transfer to ANA for first class to Japan (3-5 cpp), transfer to Avianca LifeMiles for Star Alliance partner flights (1.5-2 cpp), transfer to Virgin Atlantic for Delta flights (1.5-2.5 cpp)

Earned With: Citi Strata Premier, Citi Double Cash (with Premier), Citi Custom Cash (with Premier)

Our Valuation: 1.0-1.5 cents per point

Cash Back Value: 1 cent per point

Travel Portal Value: 1 cent per point

Transfer Partners (Airlines): Avianca LifeMiles, Air France/KLM, Singapore Airlines, Turkish Airlines, Virgin Atlantic, JetBlue, Qatar Airways, Cathay Pacific, Etihad, Thai Airways

Transfer Partners (Hotels): Accor, Choice Hotels, Wyndham

Citi ThankYou has quietly built an excellent transfer partner list that rivals Amex. The Turkish Airlines transfer is exceptional for Star Alliance business and first class redemptions, and the Avianca LifeMiles transfer offers some of the cheapest partner award bookings available. The 1 cent cash back floor means your points never lose value, unlike Amex MR.

Best Redemptions: Transfer to Turkish for Star Alliance business class (1.5-3 cpp), transfer to Avianca for partner flights (1.5-2 cpp), transfer to Virgin Atlantic for ANA first class (2-4 cpp)

Earned With: Venture X, Venture, VentureOne, SavorOne, Savor, Spark Miles

Our Valuation: 1.0-1.5 cents per mile

Cash Back Value: 0.5 cents per mile (avoid)

Travel Portal Value: 1 cent per mile

Transfer Partners (Airlines): Air Canada Aeroplan, Turkish Airlines, Air France/KLM, Singapore Airlines, Avianca LifeMiles, British Airways, Cathay Pacific, Emirates, Etihad, Finnair, TAP Air Portugal, Qantas

Transfer Partners (Hotels): Accor, Wyndham

Capital One has built a surprisingly strong transfer partner network. The "Purchase Eraser" feature lets you erase any travel purchase at 1 cent per mile, and the transfer partners overlap significantly with Amex and Citi. The main advantage of Capital One Miles: the earning cards (Venture X, SavorOne) are competitively priced and simple to use.

Best Redemptions: Transfer to Air Canada for Star Alliance flights (1.5-2 cpp), transfer to Turkish for business class (1.5-3 cpp), Purchase Eraser for guaranteed 1 cpp

Airline Program	Our Valuation	Best Use	Worst Use
United MileagePlus	1.2 cpp	Partner business class	Short domestic flights
Delta SkyMiles	1.1 cpp	Delta One business	Peak domestic flights
American AAdvantage	1.3 cpp	Oneworld partner awards	Dynamic pricing peaks
Southwest Rapid Rewards	1.4 cpp	Wanna Get Away fares	Business Select fares
Alaska Mileage Plan	1.5 cpp	Partner premium cabins	Short-haul economy
JetBlue TrueBlue	1.3 cpp	Mint business class	Short East Coast hops

Hotel Program	Our Valuation	Best Use	Transfer From
Hyatt (World of Hyatt)	1.7 cpp	Cat 1-4 properties	Chase UR (1:1)
Hilton Honors	0.5 cpp	5th night free awards	Amex MR (1:2)
Marriott Bonvoy	0.7 cpp	Off-peak Cat 1-5	Chase UR (1:1), Amex MR
IHG One Rewards	0.5 cpp	4th night free awards	Chase UR (1:1)

Currency	Cash Back	Travel Portal	Transfer (Economy)	Transfer (Business/First)
Chase UR	1.0 cpp	1.25-1.5 cpp	1.3-1.5 cpp	2-5 cpp
Amex MR	0.6 cpp	1.0 cpp	1.2-1.5 cpp	2-5 cpp
Citi TY	1.0 cpp	1.0 cpp	1.2-1.5 cpp	2-4 cpp
Capital One	0.5 cpp	1.0 cpp	1.2-1.5 cpp	2-4 cpp

Start with Chase Ultimate Rewards

For most travelers, Chase Ultimate Rewards offers the best combination of value, flexibility, and ease of use. The Sapphire Preferred ($95/year) is the ideal starting card.

Apply for Chase Sapphire Preferred