How Much Are Points Worth? (Quarter 2 2022)


Now that Quarter 2 of 2022 has arrived, it’s once again time to revisit our Points Valuations, which we update on a quarterly basis.

Over the last three months, we’ve seen a few major movements of varying directions across loyalty programs, with quite a few implications on the landscape as a whole. 

Before we delve into the valuations, I should remind you that the focus of these valuations lies in the target redemption value of each points currency, rather than the acquisition cost that you might incur (which can vary significantly depending on how you prefer to earn points).

British Airways Avios: Huge Boost from New Qatar Airways Sweet Spots 

In late March 2022, Qatar Airways linked up with British Airways and adopted Avios as its own points currency, allowing Avios to be freely transferred 1:1 between the two programs.

Simultaneously, British Airways Avios aligned their pricing of Qatar Airways flights to match Qatar Airways’s pricing for their own flights.

The end result of this is that the value in redeeming Avios for Qatar Airways premium cabins (and the flagship Qsuites product in particular) is now dramatically elevated.

Sample redemptions include 70,000 Avios from North America to Doha, 80,000 Avios to India, 85,000 Avios to the Maldives, 90,000 Avios to Africa, or 95,000 Avios to continue to South East Asia in Qatar Airways A380 First Class. 

Needless to say, this development boosts the value of Avios significantly compared to before, when the points program had gotten rather stagnant due to a lack of truly compelling sweet points.

In recognition of this near-perfect alignment of an easily collectible points currency and a highly attractive aspirational redemption, I’m happy to bump up our Avios valuation by two whole units: from 1.7 cents/point (CAD) to 1.9 cents/point (CAD).

  • Previous valuation: 1.7 cents/point (CAD); 1.4 cents/point (USD)
  • Updated valuation: 1.9 cents/point (CAD); 1.5 cents/point (USD)

CIBC Aventura: 1.25cpp Through June 15

The CIBC Aventura program is putting on a special promotion through June 15, 2022, allowing cardholders to use points to redeem against any travel purchase at double the usual rate: 1.25 cents/point instead of 0.625 cents/point.

This promotion came to prominence back when CIBC was offering 45,000 Aventura points with no minimum spend and the first-year fee waived on their CIBC Aventura Visa Infinite and Gold cards, resulting in a net $563 earnings per card that you applied for. 

For Quarter 2 of 2022, then, the value of CIBC Aventura points is indeed temporarily elevated to 1.25cpp (cents per point), and we expect this to return to our regular valuation of 1.2cpp (which factors in the baseline redemption of 1cpp against travel purchases, plus the potential upside of the CIBC Aventura fixed-value redemption chart) next quarter when the promotion ends. 

  • Previous valuation: 1.2 cents/point (CAD)
  • Updated valuation: 1.25 cents/point (CAD)

HSBC Rewards: Bumped Up by Avios

HSBC Rewards points can be converted into British Airways Avios at a ratio of 25,000 points = 10,000 Avios. With the value of Avios significantly increasing this quarter, there are second-order effects on a few transferable currencies that lead to it.

Our previous valuation of HSBC Rewards points was 0.7cpp, factoring in the baseline redemption value against any travel purchase of 0.5cpp, along with the flexibility provided by a trio of transfer partners in Avios, Asia Miles, and Singapore Airlines KrisFlyer.

At 0.7cpp, 25,000 HSBC Rewards points would be worth $175. But since we’d now value the equivalent 10,000 Avios at $190, that necessarily means that the implicit valuation of HSBC Rewards points must go higher.

Thus, we now value HSBC Rewards points at 0.8 cents/point (CAD), at which 25,000 points would be valued at an internally consistent $200.

  • Previous valuation: 0.7 cents/point (CAD)
  • Updated valuation: 0.8 cents/point (CAD)

Marriott Bonvoy: Has Dynamic Pricing Affected Target Value?

Marriott Bonvoy‘s dynamic pricing model kicked in as of March 29, 2022. Taking a look at the aftermath, we observe that high-end resorts are now priced dynamically higher as a result (as predicted), while there has been a mixed share of results in the middle and low ends of the spectrum. 

As we learned in late 2021, only around 3% of Marriott properties have actually changed in pricing as of this round of changes in March 2022. The true impact of dynamic pricing won’t be felt until 2023, which is when the remaining 97% of properties will have free rein to fluctuate their pricing as they’d like.

Therefore, given that the middle and low ends of Marriott’s portfolio continue to be priced in line with before, I’m inclined to keep our valuation of Bonvoy points flat at 0.9 cents/point (CAD) for now.

In the middle or low end of the spectrum, 0.9cpp continues to be the benchmark I’d aim for, while the high end of the spectrum will still naturally exceed 0.9cpp even though the value proposition isn’t strong as before. 

Of course, this would change in the future if we discover that Marriott has quietly inflated points pricing across the board, as we suspect may (but not necessarily will) be the case come 2023.

A similar logic applies to our valuations of other hotel loyalty programs: both Hilton Honors and World of Hyatt had implemented changes this quarter that primarily affect the top end of their hotel portfolio, rather than broad-based devaluations across the majority of properties.

In terms of target redemption values, 0.6 cents/point (CAD) and 1.9 cents/point (CAD) continue to be reasonable benchmarks to aim for when redeeming Hilton and Hyatt points, respectively.

RBC Avion: Also Bumped Up by Avios

Similar to the HSBC Rewards adjustment above, we should also revisit our valuation of RBC Avion points given the significant boost to Avios this quarter.

We’ve previously valued RBC Avion points at 1.9cpp, which is equal to the new Avios valuation. But there’s inherent value in the flexibility of Avion points compared to Avios, since Avion points can be converted into Avios but also redeemed in a myriad of other ways.

We’ll therefore adjust our RBC Avion valuation upwards to 2 cents/point (CAD), reflecting the increased value of the Avion ecosystem as a whole now that one of its key constituents has gotten itself a brand-new aspirational sweet spot.

  • Previous valuation: 1.9 cents/point (CAD)
  • Updated valuation: 2.0 cents/point (CAD)

Points Valuations, Quarter 2 2022

Here’s a summary of our Points Valuations for Quarter 2 of 2022. You can refer to the Points Valuations page for a full list with additional notes.

Points Program

Value (CAD)

Value (USD)


2.1 cents/point

1.7 cents/point

Air France/KLM

Flying Blue

1.6 cents/mile

1.3 cents/mile

Air Miles

11.5 cents/mile

Alaska Airlines

Mileage Plan

2.3 cents/mile

1.8 cents/mile

American Airlines


1.7 cents/mile

1.4 cents/mile

American Express (Canada)

Membership Rewards

2.2 cents/point

American Express (US)

Membership Rewards

2.3 cents/point

1.8 cents/point

Best Western Rewards

0.7 cents/point

0.6 cents/point

BMO Rewards

0.67 cents/point

British Airways Avios

1.9 cents/Avios ▲

1.5 cents/Avios ▲

Cathay Pacific Asia Miles

1.6 cents/mile

1.3 cents/mile

Chase Ultimate Rewards

2.1 cents/point

1.7 cents/point

CIBC Aventura

1.25 cents/point ▲

Citi ThankYou

2.1 cents/point

1.7 cents/point

Delta SkyMiles

1.5 cents/point

1.2 cents/mile

Hilton Honors

0.6 cents/point

0.5 cents/point

HSBC Rewards

0.8 cents/point ▲

IHG Rewards

0.5 cents/point

0.4 cents/point

Marriott Bonvoy

0.9 cents/point

0.7 cents/point

RBC Avion

2.0 cents/point ▲


1 cent/point

Singapore Airlines


1.9 cents/point

1.5 cents/point

TD Rewards

0.5 cents/point

WestJet Rewards

$1.02/WestJet Dollar

World of Hyatt

1.9 cents/point

1.5 cents/point


The first quarter of 2022 has seen witnessed a few major developments in the loyalty landscape.

The Avios program has offered up the most joyful good news, while Marriott Bonvoy and its fellow hotel loyalty programs have devalued the highest ends of their portfolios, while leaving the rest of their properties alone – for now.

Remember, treat these numbers as merely a suggestion for reasonable target redemption values when deciding whether to redeem points or pay cash for your next trip.

Ultimately, the value derived from every redemption will be subjective to the individual traveller, and our valuations are designed to illustrate an average benchmark across the community to help inform your decision as you consider your next points redemption. 



  1. yashen taher

    I completely disaggree with the aeroplan/amex evaluation. whenever i try redeeming for a flight the points price for a ticket is extremely high. What i’ve found is im always better off redeeming AP for 1cpp using the fixed points travel. I always book economy so maybe you can get better value by booking business class. But the vast majority of the population dont want premium travel, we just want affordable travel so we can save money and spend more on experiences. I think you really need to adjust the AP evals

    1. Mike

      I think the mass majority wants premium travel. If we’re all doing fixed point redemption, what’s the point of visiting this site? Anyone can figure it out.

    2. Ricky YVR

      For economy class, you’re likely to be better off with Fixed Points Travel at a maximum of 2cpp in most cases.

      In my view, the only reason the vast majority of the population don’t want premium travel is because they don’t know it’s possible for anyone to book premium travel at a low cost. That’s exactly what we’re trying to change here, and why our target points valuations are geared towards travellers who are looking to maximize the value of their points with premium travel experiences.

  2. Alex

    Would you be able to elaborate a bit on the point value per $1 spent? For example, BMO’s Visa infinite eclipse gives 5 points per $1 spent on dining, gas etc. If their new reduced point value is 0.67 per point, would it not mean for every $1 spent on the highest spend category you get back $0.335 (5 points earned x $0.067 per point) in travel value?

    Really curious which card would give the best value when we factor in the amount of points earned per dollar spent. VIP cards will typically rank higher as they allow you to earn more points per $1 spent, but another question would be which one amongst them is the best.


  3. Andrea

    Aeroplan does have its merit. I’d been able to use my Aeroplan points to book 2 ANA premium tickets in the past couple of weeks: one for the ANA business class (the Room) and one for the ANA 1st class (the Suite); both from JFK to Tokyo. Will also need to use Aeroplan points to book the positioning flights from YVR to JFK, but it should be plenty of choices, either via Air Canada, West Jet, Delta, United, etc…

  4. Louis

    The RBC point exchange rate for AAdvantage 1: 0.7. Is it hard to believe that there is still great value? I am not a mathematician.

  5. Ericinnl

    Interesting that you are staying solid on AP valuations. I’ve found that the dynamic pricing has profoundly affected the pricing on routes I hope to fly (particularly Australia and NZ). It’s still possible to get good redemptions on partner airlines but I’ve found it difficult to achieve the results I had hoped for.

    Further, with revenge travel around the corner I anticipate the dynamic element to reduce the value across the board for AC metal. That’s speculative but seems obvious.

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