Points vs. Miles

The four kinds of travel rewards

• Fixed-value points or "miles": Capital One and Discover call their rewards miles, but when used as travel statement credits they're worth about 1 cent each. Bank of America Travel Rewards works the same way.
• Transferable points: Chase Ultimate Rewards, Amex Membership Rewards, Citi ThankYou, Capital One, Bilt and Wells Fargo Rewards can move to multiple airline and hotel programs.
• Airline miles: Delta SkyMiles, United MileagePlus, AAdvantage, Rapid Rewards and Atmos Rewards. Usable mainly with that airline and its partners.
• Hotel points: Marriott Bonvoy, Hilton Honors, World of Hyatt and IHG One Rewards.

What each is worth

The Points Guy publishes monthly estimates of achievable value. These are targets for good redemptions, not guarantees. October 2026 figures:

Why transferable points are worth more

Flexibility has value. If United raises award prices, Chase points can go to Air Canada Aeroplan, British Airways or Southwest instead. Airline miles locked in one program can't move. That's why most people do best with a transferable currency as their main card, adding a co-brand card only for perks like free bags.

Notice that Capital One miles appear twice in practice: about 1 cent each as statement credits, or an estimated 1.85 cents when transferred. How you redeem matters as much as what you earn.

Comparing earning rates fairly

To compare cards, multiply the earning rate by the value per point. A hotel card's 12x at 0.4 cents (about 4.8 cents per dollar) is not three times better than 4x at 1.65 cents (about 6.6 cents). Likewise, 2x Delta miles at 1.2 cents is roughly 2.4 cents per dollar, while 3x Chase points at 2.05 cents is roughly 6.15 cents. Our hotel card guide applies this to each card.

How to redeem each type

• Fixed-value rewards: book travel with the card, then redeem to erase the charge as a statement credit. Simple, but capped at about 1 cent each.
• Transferable points: search for award seats or rooms on the partner's site first, then transfer the exact amount you need. Check the ratio — most are 1:1, but some, like Sapphire Preferred to Hyatt (4:3) or Capital One to JetBlue (5:3), are not.
• Airline miles: book award flights directly with the airline or its partners.
• Hotel points: book award nights, and look for perks like IHG's fourth night free on award stays of four nights or more.

When fixed-value rewards make more sense

If you don't want to search for award availability, or you travel at times when award seats are scarce, a fixed rate you can always count on may beat a higher estimated value you rarely reach. Valuations like The Points Guy's assume you find good redemptions; if you won't, use about 1 cent per point in your comparisons instead.

Which should you collect?

• You want simplicity: fixed-value rewards, or a flat card like the Capital One Venture. Also consider whether cash back suits you better.
• You want the most value and don't mind some research: transferable points. Start with the Sapphire Preferred or compare top travel cards.
• You're loyal to one airline or hotel: a co-brand card for its perks, paired with a flexible card. See best airline cards.

For redemption tactics, read how to maximize travel rewards. Programs can change transfer ratios and award prices, so check the issuer's site before you apply or transfer.

Frequently Asked Questions