The honest answer to “how much are these points worth?” is: it depends on what you redeem them for. But you can bound the range. The ecosystem you earn in decides the floor; the redemption you pick decides where between floor and ceiling you land.
One rule that changes everything else: flexible currencies (the ones you can transfer to multiple partners) protect you from any single carrier changing its chart on a Tuesday. Single-carrier miles do not. That’s less an opinion than a structural fact — see the full argument in this essay for the specific example (an ANA business-class seat) where the insurance policy pays out.
The reference ranges
Practical range = what most redemptions actually produce on typical trips. Aspirational range = what the sweet-spot redemptions produce when you’re paying attention.
| Currency | Type | Practical | Aspirational |
|---|---|---|---|
| American Express Membership Rewards | Flexible (transferable) | 1.0¢ – 1.5¢ | Up to ~2¢+ on premium-cabin awards |
| Chase Ultimate Rewards | Flexible (transferable) | 1.0¢ – 1.5¢ | Up to ~2¢+ via transfer partners |
| Capital One Miles | Flexible (transferable) | 1.0¢ – 1.4¢ | Up to ~1.8¢ on partner sweet spots |
| Citi ThankYou Points | Flexible (transferable) | 1.0¢ – 1.4¢ | Up to ~1.7¢ on airline partners |
| Bilt Rewards | Flexible (transferable) | 1.0¢ – 1.5¢ | ~2¢+ on premium-cabin sweet spots |
| Delta SkyMiles | Single-carrier | 1.0¢ – 1.3¢ | Occasional flash sales lift the ceiling |
| United MileagePlus | Single-carrier | 1.2¢ – 1.5¢ | Higher on Star Alliance partner awards |
| American AAdvantage | Single-carrier | 1.3¢ – 1.6¢ | Higher on oneworld premium-cabin sweet spots |
| Southwest Rapid Rewards | Single-carrier | 1.3¢ – 1.5¢ | Companion Pass is the aspirational tier, not a per-point rate |
How to calculate your own redemption
The formula is boring on purpose. For any specific redemption:
A round-trip that would cost $2,400 in cash but is available for 120,000 miles + $85 in taxes gives you (2400 − 85) / 120000 × 100 = 1.93¢ per point. That’s above the practical range for almost every currency above — a genuinely good redemption. A round-trip that costs $380 in cash but “costs” 40,000 miles + $85 taxes gives you (380 − 85) / 40000 × 100 = 0.74¢ per point. You’ve just paid retail for miles and would have been better off buying the ticket.
Where to go from here
Once you have a sense of what your points are worth, the next question is which card actually earns them in the categories you spend in. Travel rewards cards are the natural entry point if you fly at least once a year; the category-comparison page walks through the trade-offs if you’re not sure which category fits your situation.