| Program | CASH | TRAVEL PORTAL | PUBLISHED ESTIMATES |
|---|---|---|---|
| Chase: Freedom or another no-fee Chase card | 1¢ as cash back | 1¢ in Chase Travel | 1.4¢ to 2.3¢ (NerdWallet, Oct 2026; TPG, Aug 2026; CardRatings, Jun 2026) |
| Chase Sapphire Preferred | 1¢ as cash back | 1¢ in Chase Travel; Points Boost up to 1.5¢–1.75¢ on some bookings (sources conflict); 1.25¢ legacy rate if eligible (Table 2) | 1.4¢ to 2.3¢ (NerdWallet, Oct 2026; TPG, Aug 2026; CardRatings, Jun 2026) |
| Chase Sapphire Reserve | 1¢ as cash back | 1¢ in Chase Travel; Points Boost up to 2¢ on some bookings; 1.5¢ legacy rate if eligible (Table 2) | 1.8¢ to 2.3¢ (NerdWallet, Oct 2026; TPG, Aug 2026; CardRatings, Jun 2026) |
| American Express Membership Rewards | 0.6¢ as a statement credit; gift cards run about 0.5¢–1¢ by merchant | 0.7¢ on most non-flight travel in Amex Travel; about 1¢ on flights | 1.3¢ to 1.8¢ (NerdWallet, Oct 2026; Million Mile Secrets, undated page seen Oct 2026) |
| Capital One miles | 0.5¢ as cash back or a non-travel statement credit | 1¢ in Capital One Travel or when covering travel purchases from the last 90 days | 1.3¢ to 1.4¢ (NerdWallet, Oct 2026; Million Mile Secrets, undated page seen Oct 2026) |
| Citi ThankYou: Strata Premier, Elite or Prestige only | 0.75¢ as cash back | 1¢ in Citi Travel | about 1.7¢ (NerdWallet, Oct 2026; Million Mile Secrets, undated page seen Oct 2026) |
| Citi ThankYou: plus a Double Cash or Custom Cash in the same account | 1¢ as cash back | 1¢ in Citi Travel | 1.2¢ to 1.7¢ (NerdWallet, Oct 2026; Million Mile Secrets, undated page seen Oct 2026) |
| Citi Strata (no annual fee) | 0.5¢ as cash back | 1¢ in Citi Travel | about 1.2¢ (NerdWallet, Oct 2026) |
Enter your balance — or a booking — to see what you’re actually getting →
Deadline: Chase Sapphire cardholders approved before June 23, 2025: points earned before October 26, 2025 keep their old portal rate only until October 26, 2027. Jump to the Chase rules.
Values checked October 24, 2026 against published reports of each issuer’s redemption options. Programs change often.
Points Value Check
Two modes: see what a balance is worth, or see what a specific booking is worth. Nothing you enter leaves this page, and nothing is saved.
What is my balance worth?
What is this booking worth?
The Three Numbers, Explained
Every program in this guide has three numbers. They answer three different questions, and mixing them up is how people end up quoting 2.3 cents for a balance they can only cash out at 1.
- CASH
- What one point pays if you take money: a statement credit, direct deposit or cash back. It is the lowest dependable number, and for some programs it sits well under 1 cent.
- TRAVEL PORTAL
- What one point pays in the issuer’s own booking site, or when you use points to cover recent travel charges. This is the zero-effort travel value: no transfers, no award searching.
- PUBLISHED ESTIMATES
- What reviewers say a point is worth when it is moved to an airline or hotel partner and used well. Treat it as a ceiling you have to work for.
For planning, use the portal floor if you will book travel and the cash floor if you will take money. If a number above the portal floor is part of your plan, write down the specific booking that produces it. A plan that depends on an award you have not found yet is a hope, not a value.
How to Calculate Cents per Point
You can check any redemption yourself in one line. Both examples below assume a program with a 1¢ cash floor, such as Chase.
Cents per point = (cash price − taxes and fees you still pay on the award) ÷ points required × 100
For a more honest figure, subtract the value of the points you would have earned by paying cash. Value those earned points at the program’s cash floor, not at a best-case estimate.
Example A (hypothetical): a domestic economy fare near the floor. The fare is $320 in cash. The award costs 28,000 points plus $11.20 in taxes and fees. Cents per point: (320 − 11.20) ÷ 28,000 × 100 = 1.10¢. If paying cash would have earned 1,100 points, valued at 1¢ each ($11), the adjusted figure is (320 − 11.20 − 11) ÷ 28,000 × 100 = 1.06¢. That is barely above a 1¢ floor.
Example B (hypothetical): a premium-cabin fare above the floor. The fare is $2,400 in cash. The award costs 80,000 points plus $85 in taxes and fees. Cents per point: (2,400 − 85) ÷ 80,000 × 100 = 2.89¢. If paying cash would have earned 4,800 points, valued at 1¢ each ($48), the adjusted figure is (2,400 − 85 − 48) ÷ 80,000 × 100 = 2.83¢. The number is high because the cash price is high, not because points became more valuable.
Both examples use the same program’s points, and you should too. Compare a result only to that program’s own floors in Table 1. A Chase result tells you nothing about what an Amex statement credit pays.
Why Published Valuations Disagree
The same Chase points were valued at 1.4¢ for the Sapphire Preferred and 1.8¢ for the Sapphire Reserve by NerdWallet (October 2026), at 2.05¢ by TPG (August 2026) and at 2.3¢ by CardRatings (June 2026). None of those numbers is invented. They answer a different question than the one on your statement: what could a point be worth if you use it well? Three things drive the gap.
Best-case partner
NerdWallet says its credit card estimates use the highest-value airline or hotel transfer partner for each program. Its October 2026 table anchors Chase to World of Hyatt, Amex and Capital One to Avianca LifeMiles, and Citi to American Airlines AAdvantage. The number holds only if you have a trip that fits that partner.
Cabin class
Premium-cabin awards produce big cents-per-point figures because the cash fare is large. One Amex guide puts business-class awards at about 3–5 cents. A valuation that includes them is higher than one built on economy fares, and neither is wrong.
Who publishes
Methods differ: medians across searched routes, editors’ own valuations, or averages of what members actually booked. Several publishers also say on their own pages that they may earn commissions when readers apply for cards through their links. That is a disclosed fact, not an accusation. It is a reason to ask what each number assumes.
One example shows how fragile a best-case partner is. NerdWallet’s October 2026 page says Chase devalued Hyatt transfers in 2026 for everyone except holders of the Sapphire Reserve or Sapphire Reserve for Business, and that the ratio is now 4:3 if you hold another card that earns Chase points. When one partner’s terms move, the headline number moves with it.
What that means for you. Plan with the floor. Treat anything above it as a bonus you have to find, price and book. NerdWallet also lists a baseline value next to its estimate (1¢ for most programs), which is the honest comparison. One publisher, AwardWallet, derives its values from award bookings its members actually made rather than from the best case; its figures are another useful cross-check.
Chase Ultimate Rewards — and the October 2027 Deadline
- CASH
- 1¢ per point as cash back on Chase cards that earn Ultimate Rewards. Some pay-with-points shopping options pay less than 1¢.
- TRAVEL PORTAL
- 1¢ in Chase Travel unless a Points Boost offer applies. Boost can reach up to 2¢ on the Sapphire Reserve and Sapphire Reserve for Business. For the Sapphire Preferred, sources conflict between 1.5¢ and 1.75¢ at the top, so take that figure from Chase’s page. Legacy rates of 1.5¢ (Reserve) and 1.25¢ (Preferred) apply to eligible points through October 26, 2027.
- PUBLISHED ESTIMATES
- 1.4¢ to 2.3¢ (NerdWallet, October 2026; TPG, August 2026; CardRatings, June 2026). NerdWallet lists 1.8¢ for Sapphire Reserve cardholders and 1.4¢ for Sapphire Preferred, based on transfers to World of Hyatt (the Preferred figure also draws on JetBlue and Southwest).
What Points Boost replaced. Until June 23, 2025, Chase Travel paid a flat 1.5¢ per point to Sapphire Reserve cardholders and 1.25¢ to Sapphire Preferred cardholders. Points Boost replaced that flat rate. Now a booking pays 1¢ unless it carries a Points Boost offer, and an offer can be worth up to 2¢. For anyone who applied on or after June 23, 2025, the new system applied immediately.
The legacy rule needs both conditions. You keep the old rate only if you were approved before June 23, 2025, and the points were earned before October 26, 2025. Points earned on or after October 26, 2025 get 1¢ unless a Boost offer applies. Chase applies the better of the legacy rate or a Boost offer automatically. After October 26, 2027, non-Boost Chase Travel bookings pay 1¢.
| Condition | Detail | Date |
|---|---|---|
| Approved before | You applied for, or upgraded to, the Sapphire Reserve or Sapphire Preferred before this date. | June 23, 2025 |
| Points earned before | Only points earned before this date carry the legacy rate. | October 26, 2025 |
| Legacy rate | 1.5¢ (Sapphire Reserve) or 1.25¢ (Sapphire Preferred) in Chase Travel, or a Points Boost offer if it is better. | Until October 26, 2027 |
| Ends | After this date, non-Boost Chase Travel bookings pay 1¢ per point. | October 26, 2027 |
Reports also say that points moved from other Chase cards into an eligible Sapphire card by October 25, 2025 qualified for the legacy rate. If that is you, confirm on Chase’s page before you rely on it.
How often does Points Boost appear? In a test NerdWallet published after the launch, a Boost option showed up on 12.2% of 2,907 flight departures searched with a Sapphire Reserve, and on 8.5% of 7,557 departures searched with a Sapphire Preferred. That is one publisher’s test of flight searches. Your routes and dates will differ, but it shows why a 2¢ headline is not the usual result.
What to do with that. The legacy 1.5¢ only helps if you were going to book in Chase Travel at a competitive price anyway, so compare the portal’s cash price with the same trip elsewhere. Run the booking through the calculator above. If your Chase points qualify, the calculator also shows the days left to use them.
Amex Membership Rewards
- CASH
- 0.6¢ per point as a statement credit. Gift cards vary by merchant, from about 0.5¢ to 1¢.
- TRAVEL PORTAL
- About 1¢ on flights in Amex Travel and about 0.7¢ on most other travel such as hotels and rental cars. Some sources give the range as 0.5¢ to 1¢ depending on what you book.
- PUBLISHED ESTIMATES
- 1.3¢ to 1.8¢ (NerdWallet, October 2026, anchored to Avianca LifeMiles; Million Mile Secrets, undated page seen October 2026).
At 0.6¢, 10,000 Amex points are $60 as a statement credit. The same 10,000 points are about $100 on a flight booked in Amex Travel. Amex sets these rates, and it does not publish why the statement credit is the low one. What is visible is the result: it is among the least valuable ways to use the points.
Gift cards are the most uneven option. Some merchants cost about 1¢ per point and others closer to 0.5¢ or 0.7¢, so check the exact points price against the card’s face value before you redeem. Use the formula above.
Capital One Miles
- CASH
- 0.5¢ per mile as cash back or a non-travel statement credit. A minimum redemption may apply, so check your account.
- TRAVEL PORTAL
- 1¢ per mile in Capital One Travel, or when you cover travel purchases made within the last 90 days.
- PUBLISHED ESTIMATES
- 1.3¢ to 1.4¢ (NerdWallet, October 2026, anchored to Avianca LifeMiles; Million Mile Secrets, undated page seen October 2026).
Capital One has two floors, and they are a factor of two apart. The same 50,000 miles are worth $250 as cash and $500 against travel. The travel number does not require using Capital One’s booking site. You can book anywhere, then use the “cover travel purchases” option within 90 days of the charge and still get 1¢ per mile.
Gift cards and some shopping options sit in between. Published sources disagree on the gift card rate, putting it between about 0.8¢ and 1¢ per mile depending on the merchant, so check the exact miles price against the card’s face value before you redeem.
Citi ThankYou Points
- CASH
- Depends on which Citi cards you hold: 0.75¢, 1¢ or 0.5¢ (Table 3).
- TRAVEL PORTAL
- 1¢ per point in Citi Travel.
- PUBLISHED ESTIMATES
- 1.2¢ to 1.7¢ (NerdWallet, October 2026, anchored to American Airlines AAdvantage; Million Mile Secrets, undated page seen October 2026). NerdWallet lists 1.7¢ for Strata Elite and Strata Premier cardholders and 1.2¢ for other Citi cards.
Citi is the program where your card mix changes the answer. Since August 24, 2025, cashing out ThankYou points through a Strata Premier, Strata Elite or Prestige account pays 0.75¢ per point: 10,000 points are $75, down from $100. Reports at the time said a Double Cash or Custom Cash card in the same ThankYou account kept the rate at 1¢, and that workaround was confirmed with Citi by one travel blog.
| Cards in your ThankYou account | Cash value per point |
|---|---|
| Strata Premier, Strata Elite or Prestige only | 0.75¢ |
| Plus a Double Cash or Custom Cash | 1¢ |
| Citi Strata (no annual fee) | 0.5¢ |
Other Programs in One Line Each
These figures come from NerdWallet’s October 2026 table. We did not check the issuers’ own pages for them, so treat them as reported, not confirmed.
- Bilt: NerdWallet lists a 1.25¢ baseline and a 1.8¢ estimate based on World of Hyatt. Bilt Cash is a separate currency, not part of your points balance.
- Wells Fargo Rewards: NerdWallet lists a 1¢ baseline and a 1.4¢ estimate based on JetBlue TrueBlue.
- Bank of America Travel Rewards: NerdWallet lists 1¢ for both, based on the fixed value of the points.
- Discover miles: NerdWallet lists 1¢ for both, based on the fixed value of the miles.
When Cash Back Beats Points
A points card needs to earn enough extra value to cover its annual fee. Table 4 compares a hypothetical points card with a hypothetical flat cash-back card, using the realistic 1¢ floor instead of a best-case estimate.
| Annual spend | Points card: points earned × 1¢ − $95 annual fee | Flat 1.5% cash back, no fee |
|---|---|---|
| $5,000 | $5 | $75 |
| $10,000 | $105 | $150 |
| $20,000 | $305 | $300 |
| $30,000 | $505 | $450 |
On those assumptions the points card pulls ahead at about $19,000 a year, because the extra 0.5% has to cover the $95 fee. If you reliably get more than 1¢ per point, the break-even drops. If you will not use the travel side, or you take cash at 0.5¢ or 0.6¢, it rises. For more on whether a fee is worth paying, read Are Credit Card Annual Fees Worth It?
If you are deciding which card to get, our guide to travel and rewards credit cards covers that. For how to earn more in the first place, see Credit Card Rewards Strategy.
How Not to Lose Your Points
Rules differ by issuer and by card, so check your issuer’s rewards terms before you act. Some programs forfeit points when you close the last card that earns them. Some let you move points to another eligible card in the same program before closing, and some keep points through a product change. Pooling rules matter too: at Citi, for example, points can be transferred to partners only from certain cards.
Before closing or switching a card, redeem the points, move them to a card you are keeping, or confirm in writing what happens to them. Our guides on how to cancel a credit card and on what happens when your card moves to a new bank go through the steps.
On taxes: rewards earned from spending are generally treated as a rebate, while bonuses with no spending requirement may count as income. See Are Credit Card Rewards Taxable? This is general information, not tax advice.
Before You Redeem
- Check the cash floor and the portal floor for your program (Table 1).
- Run the booking through the calculator. Below the portal floor? Pay cash or use the portal instead.
- Count the fees. Award taxes and fuel surcharges reduce your value.
- Count what you give up: points or miles you would earn on a cash booking, hotel elite credit, refund flexibility.
- Chase Sapphire legacy points? Use them before October 26, 2027, if the legacy rate beats your alternatives.
- Citi: if you are cashing out, see whether a Double Cash or Custom Cash in the same account raises the rate.
- Closing a card? Move or use the points first (see How to Cancel a Credit Card).
- Don’t hoard indefinitely. Programs change values; points are not savings.
Frequently Asked Questions
How much are credit card points worth?
With no effort, about 1 cent each for most major programs when used in the issuer’s travel portal or as cash. Some cash-outs pay less: 0.5¢ at Capital One, 0.6¢ at Amex, 0.75¢ on some Citi cards. Published estimates run from about 1.2¢ to 2.3¢ because they assume transfers to partners and good award availability.
How much are 100,000 points worth?
It depends on the program, so here is each one separately. 100,000 Chase points are $1,000 as cash or in Chase Travel at the 1¢ floor, and $1,500 in Chase Travel if they qualify for the Sapphire Reserve legacy rate before October 26, 2027. 100,000 Amex points are $600 as a statement credit. 100,000 Capital One miles are $500 as cash back or $1,000 toward travel. 100,000 Citi ThankYou points are $750 as cash, $1,000 with a Double Cash or Custom Cash in the account, or $500 on a Citi Strata alone. Published estimates put a balance like this between roughly $1,200 and $2,300 if you can use partners well.
How much are 50,000 points worth?
Half of each figure above. 50,000 Chase points are $500 at the floor ($750 at the Sapphire Reserve legacy rate). 50,000 Amex points are $300 as a statement credit. 50,000 Capital One miles are $250 as cash back or $500 toward travel. 50,000 Citi ThankYou points are $375, $500 or $250 as cash, depending on your cards.
Why do websites give different values for the same points?
They assume different best cases: different transfer partners, different cabin classes and different methods. Some publishers also earn commissions when you apply for a card, as their own pages disclose. See why published valuations disagree.
What is the minimum value of Chase points?
1¢ as cash back or in Chase Travel without a Boost offer. Some pay-with-points shopping options pay less than 1¢, so check before you click. Points that qualify for the legacy rate are worth more in Chase Travel until October 26, 2027.
Can I still get 1.5 cents per point with the Sapphire Reserve?
Only if you were approved before June 23, 2025 and the points were earned before October 26, 2025, and only in Chase Travel until October 26, 2027. Otherwise it is 1¢ unless a Points Boost offer applies.
Is Chase Points Boost worth it?
Sometimes. A Boost offer can pay up to 2¢ per point with the Sapphire Reserve, but it shows up on only some bookings. In NerdWallet’s test it appeared on 12.2% of 2,907 flight departures searched with a Reserve. Compare the Boost price with the cash price and with the same trip elsewhere, then calculate cents per point.
Why are Amex points worth only 0.6 cents as cash?
Because Amex sets the statement-credit rate at 0.6¢. Amex does not publish its reasoning. Its travel and some gift card options pay more, so the statement credit is one of the weakest uses.
Are Capital One miles worth 1 cent?
For travel, yes: 1¢ in Capital One Travel or when you cover travel purchases from the last 90 days. As cash back it is 0.5¢, and gift cards run about 0.8¢ to 1¢ depending on the merchant.
Why do Citi points cash out at different rates?
The rate depends on which Citi cards share your ThankYou account: 0.75¢ with a Strata Premier, Strata Elite or Prestige only, 1¢ with a Double Cash or Custom Cash in the account, and 0.5¢ on the no-fee Citi Strata. See Table 3.
How do I calculate cents per point?
Subtract the taxes and fees you still pay from the cash price, divide by the points required, and multiply by 100. Use the calculator’s booking mode to do it for you and to compare the result with your program’s floors.
Is cash back better than travel points?
It can be. If you will not travel, if you only reach 1¢ per point, or if your annual spending is low, flat cash back often wins once the fee is counted. Table 4 shows a hypothetical break-even.
Should I cash out my points now?
That is your decision, and this is not financial advice. Some facts to weigh: cash-outs often pay the least, programs change values without notice, and points are not savings. If you hold Chase legacy points, the legacy rate ends October 26, 2027.
Do credit card points expire?
Many bank programs do not expire points while the account is open and in good standing, but terms differ by issuer. Airline and hotel programs have their own expiration rules. Check your issuer’s rewards terms.
Do I lose points if I close my card?
You can, depending on the issuer and the card. Move or use the points first. See How to Cancel a Credit Card.
Are credit card points taxable?
Rewards earned from spending are generally treated as a rebate. Bonuses with no spending requirement may be income. See Are Credit Card Rewards Taxable? This is not tax advice.
Sources
Each issuer’s own redemption page is the final word on its rates: Chase (Points Boost terms and the Sapphire Reserve and Sapphire Preferred benefit changes), American Express (Membership Rewards redemption options), Capital One (rewards redemption terms) and Citi (ThankYou redemption terms and the 2025 cardholder notice). Published estimates and reports used here:
- NerdWallet: How Much Are Travel Points and Miles Worth in 2026? (updated October 13, 2026)
- NerdWallet: Chase’s Points Boost on Flights (flight search test)
- TPG: ways to use 100K Ultimate Rewards points (August 2026 valuation)
- TPG: new Chase Sapphire Reserve benefits (October 2025)
- Frequent Miler: Chase Travel ending 1.5c and 1.25c redemptions
- Frequent Miler: best uses for Citi ThankYou points
- Doctor of Credit: Citi cash-out change
- NerdWallet: Citi Strata Card review
- point.me: how much Amex Membership Rewards points are worth
- Million Mile Secrets: Amex points value
- TPG: how to redeem Capital One miles
- AwardWallet: points and miles values (updated September 1, 2026)
- CardRatings: Chase Ultimate Rewards valuation (June 2026)
Last updated:
This article is general information, not financial advice. Values come from issuer redemption options and published estimates as of October 24, 2026 and change frequently. Card names are for identification only. AdvoraHQ does not use affiliate links in this article.
Daniel Hayes is the founder and sole researcher at AdvoraHQ. He covers U.S. personal finance, insurance, and consumer law — working directly from IRS publications, federal and state statutes, court opinions, and SEC filings rather than secondary summaries. His focus is the gap between what readers think they know and what the source documents actually say. Daniel is not a licensed attorney, CPA, or financial advisor; his articles are educational and not personalized advice. Reach him at Daniel.Hayes@advorahq.com.
