Program rules, transfer ratios and valuations change — check the program before you move points.
Points and miles are rewards currencies you earn from credit cards, flights and hotel stays and spend on travel. The word doesn't matter much (a "mile" and a "point" work the same way); what matters is who issues the currency. Transferable points from banks like Chase, Amex, Capital One, Citi and Bilt can be moved into many airline and hotel programs, which is why we value them at 1.8 to 2.0 cents each, well above most airline miles and hotel points. This page is the map: the kinds of currency, what each is worth, how to earn and redeem, and where to go for each step.
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Quick answer
- Transferable points (Chase Ultimate Rewards, Amex Membership Rewards, Bilt, Capital One miles, Citi ThankYou) move into airline and hotel programs, usually 1:1. They're the most valuable kind.
- Co-brand miles and points (United, Delta, Hilton, Marriott and so on) stay in one program.
- What they're worth: 2.0 cents for Chase, Amex and Bilt, 1.85 for Capital One, 1.8 for Citi in our valuations; most airline miles are 1.2 to 1.65 cents and most hotel points under 1 cent (Hyatt is 1.7).
- Best use: transferring to a partner for a flight or hotel worth more than the baseline. Worst use: cashing out, often around 0.6 cents a point.
- New to this? Our beginner's guide walks through your first card and first trip step by step.
Transferable points vs co-brand currencies
Every rewards currency falls into one of three groups.
Transferable (bank) points. You earn them on a bank's own cards, then move them into partner programs when you're ready to book. One Chase point can become a United mile, an Air Canada Aeroplan point or a World of Hyatt point. Because you choose the partner at redemption time, you can pick whichever gives the most value for that trip, and a devaluation at one airline doesn't trap you.
Co-brand (airline and hotel) currencies. Delta SkyMiles, United miles, Hilton Honors points and Marriott Bonvoy points are earned on that brand's cards, flights and stays, and can only be spent in that program. They're useful, especially paired with the brand's perks, but they carry the risk of one company changing its prices.
Fixed-value points. Southwest Rapid Rewards, JetBlue TrueBlue and points used through a bank's travel portal are worth a set amount toward a fare. They're simple, but there's no upside: a fixed-value point can't turn into a $5,000 business-class seat.
What points and miles are worth
These are our current baselines, the realistic value you can expect from each currency. Use them to decide whether a redemption is good.
| Currency | Type | Our value |
|---|---|---|
| Chase Ultimate Rewards | Transferable | 2.0¢ |
| Amex Membership Rewards | Transferable | 2.0¢ |
| Bilt Rewards | Transferable | 2.0¢ |
| Capital One miles | Transferable | 1.85¢ |
| Citi ThankYou | Transferable | 1.8¢ |
| Wells Fargo Rewards | Transferable | 1.65¢ |
| American AAdvantage | Airline | 1.65¢ |
| Air Canada Aeroplan | Airline | 1.5¢ |
| United MileagePlus | Airline | 1.35¢ |
| Delta SkyMiles | Airline | 1.2¢ |
| World of Hyatt | Hotel | 1.7¢ |
| Marriott Bonvoy | Hotel | 0.8¢ |
| Hilton Honors | Hotel | 0.5¢ |
The full table, with every airline and hotel program, is on how much are your points worth. A low cents-per-point value doesn't make a program bad: Hilton cards earn many more points per dollar, so the return per dollar spent can still be competitive.
To check a specific redemption, use the formula from that page: (cash price − taxes and fees on the award) ÷ points used × 100. A $500 flight that costs 25,000 miles plus $5.60 works out to 1.98 cents per mile. Beat the baseline and the redemption is good; fall short and pay cash.
How transfers work
Each bank has its own list of airline and hotel partners. Most transfers are 1:1 and many are instant, but there are exceptions worth knowing: Amex to JetBlue is 250:200, Amex to Hilton is 1:2, and since June 2026 Chase points from the Sapphire Preferred and Ink Preferred move to Hyatt at 4:3 rather than 1:1. Banks also run frequent transfer bonuses of 15% to 30% or more to specific partners.
Two rules matter more than any chart:
- Transfers are one-way. Once points are in an airline account, you can't move them back.
- Find the award first. Confirm the seat or room is available at the price you want, then transfer the exact amount.
Partners overlap a lot. Air France-KLM Flying Blue, British Airways, Virgin Atlantic and Aeroplan take points from several banks, so holding two currencies gives you more ways into the same airline. Citi is the only one of the big four banks with 1:1 transfers to American AAdvantage. The complete lists, with ratios and transfer times, are in our transfer partners guide. Each currency also has its own hub: Chase Ultimate Rewards, Amex Membership Rewards, Capital One miles, Citi ThankYou points and Bilt Rewards.
How to earn points and miles
- Welcome bonuses. The fastest way. A single bonus is often enough for a round-trip flight; check each card page for the current offer.
- Everyday spending. Use cards with bonus categories where you spend most: dining, groceries, travel. At 2.0 cents a point, 3x on dining is about 6% back in travel value.
- Flying and staying. Airlines and hotels award miles and points on paid trips, more with elite status.
- Pairing cards. Some no-fee cards earn transferable points only when paired with a premium card from the same bank, such as Chase Freedom cards with a Sapphire. A few, like the Capital One VentureOne, transfer on their own.
- Rent. The Bilt cards let renters earn transferable points tied to rent payments.
Which card fits depends on your spending; our best travel credit cards page has picks by traveler type.
How to redeem them
From usually best to usually worst:
- Transfer to an airline for premium cabins. Long-haul business class is where points can reach 5 to 8 cents or more. See the best sweet spots.
- Transfer to Hyatt for hotels. Hyatt's award chart regularly beats its 1.7-cent baseline at upscale properties.
- Transfer for economy awards when cash fares are high.
- Book through the bank's travel portal at a fixed rate, worth it when the cash fare is cheap and award space is poor.
- Cash back or statement credits. Often around 0.6 to 1 cent a point. Fine in an emergency, but a big loss of value.
Know the program mechanics before you transfer. Some airlines price awards with a published chart; others (Delta, United, American) use dynamic pricing that moves with cash fares. Some pass on carrier-imposed surcharges, such as British Airways through Avios. Partner awards through an alliance member are often the cheapest way to fly a given airline; our airline alliances guide explains how that works, and program guides like Avios and Aeroplan cover the details.
Where to fly: route guides by city
Our city guides show which programs and cards work best from your home airport:
- Europe: New York · Boston · Washington · Atlanta · Miami · Chicago · Dallas · Houston · Denver
- India: New York · Chicago · Dallas · Houston · San Francisco
- Asia: New York to Tokyo · Los Angeles to Tokyo · San Francisco to Asia · Seattle to Asia
- Hawaii: Los Angeles · Dallas
By region: Europe · Asia · India · Middle East · Australia · Beach destinations.
FAQ
What's the difference between points and miles? Mostly the name. Airlines tend to say miles and banks and hotels say points, but both are rewards currencies whose value depends on how you redeem them.
What are transferable points? Points earned on bank cards (Chase, Amex, Capital One, Citi, Bilt) that can be moved into several airline and hotel programs, usually 1:1. They're more valuable than single-program miles because you pick the partner when you book.
How much are points worth? It depends on the currency and the redemption. Our baselines are 2.0 cents for Chase, Amex and Bilt, 1.85 for Capital One and 1.8 for Citi. Cashing out usually gets far less.
Do points and miles expire? Bank points generally don't while your card account is open. Airline and hotel programs have their own rules, and some expire after a period of inactivity, so check each program.
Should I transfer points now so they're ready? No. Keep them in the bank account until you've found a specific award, because transfers can't be reversed.
Related guides
- Points and miles for beginners
- How much are your points worth?
- Credit card transfer partners
- The best award sweet spots
- Best travel credit cards
- Airline alliances explained
Award prices and transfer partners change. Search for award space before you transfer points — transfers are one-way.
