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.
Airfare is up 26% over the past year, but there’s a potential upside for travelers. Airline miles from some major U.S. airlines are now worth more because award prices haven’t risen as quickly as cash fares. Hotel points, however, haven’t experienced the same gains.
A combination of factors has pushed up economy fares, including rising fuel costs, the introduction of new fare classes and less competition from budget carriers such as Spirit Airlines, which shut down in May 2026.
Meanwhile, hotel prices are only up 2.6% over the same period.
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.
In 2026, American Airlines, Alaska Airlines and Southwest Airlines miles gained value. World of Hyatt retained its industry-leading hotel-point value despite changes to its award chart, while Marriott Bonvoy points lost value following a program-wide devaluation.
🤓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.» Learn more: How much are travel points and miles worth in 2026?
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.
American Airlines AAdvantage miles increased in value to 1.7 cents each (up from 1.3 cents in 2025). That means 10,000 miles are worth around $170 — the highest value among the domestic airline programs in our analysis. This can be especially useful for Oneworld Alliance travelers, since American miles can be used to book partner awards for both domestic and international travel.
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.
The higher median valuation also means the welcome offers on American Airlines credit cards are more valuable than ever.
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.
World of Hyatt points are still in a league of their own. Although Hyatt revamped its award chart in May 2026, the value of World of Hyatt points remained unchanged at 1.8 cents each. That's more than double the value of any other hotel program.
Hyatt replaced its three-tier award chart with five tiers and raised the maximum price of some Category 8 properties from 45,000 to 75,000 points per night. But the highest prices affected a relatively small group of properties and were phased in gradually. Most 2026 award pricing therefore remained close enough to 2025 levels for Hyatt’s median point value to hold steady.
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.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2026:
- Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card
- No annual fee: Wells Fargo Autograph® Card
- Flat-rate travel rewards: Capital One Venture Rewards Credit Card
- Bonus travel rewards and high-end perks: Chase Sapphire Reserve®
- Luxury perks: American Express Platinum Card®
- Business travelers: Ink Business Preferred® Credit Card
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