How Points and Miles Values Changed in 2026

Nerdy takeawaysThe 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. 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. 🤓Nerdy TipThese 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.American, Alaska and Southwest miles gain valueThe 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.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 ProgramValue per mile in 2026 (cents)Value per mile in 2025 (cents)American Airlines AAdvantage1.71.3Alaska Atmos1.41.2Southwest Rapid Rewards1.41.3JetBlue TrueBlue1.41.4Delta SkyMiles1.21.2United MileagePlus1.21.2Hyatt holds steady while Marriott loses valueHyatt 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 ProgramValue per point in 2026 (cents)Value per point in 2025 (cents)World of Hyatt1.81.8Choice Privileges0.80.8Marriott Bonvoy0.70.8Wyndham Rewards0.70.7IHG One Rewards0.60.6Hilton Honors0.40.4What these values mean for your points strategyWelcome 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