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.
Each year, BW 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 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.
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.
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 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.
1.8 cents
each. That’s more than double the value of any other hotel program.
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.
Consider diversifying your points across multiple loyalty programs. With varying values per point, it may be beneficial to spread your points across different programs to maximize their worth.