How Much Are Points Worth? (Quarter 2 2026)

We're now in Quarter 2 of 2026, and it's once again time to revisit our Points Valuations, which we update on a quarterly basis.

This quarter brings the most consequential program changes we've covered in some time, with multiple high-profile programs stepping back at once.

On April 26, 2026, Aeroplan announced an updated Flight Reward Chart that takes effect on June 1, 2026. The headline impact lands on transatlantic and transpacific premium cabin redemptions, with some pricing bands rising by as much as 67%.

Meanwhile, World of Hyatt is launching a new five-tier award chart on May 20, 2026. The new Moderate tier sits 20–37.5% above today's Standard pricing across every category, while the new Top tier reaches as high as 67% above today's Peak pricing.

On the Canadian credit card front, Neo Financial launched the United® MileagePlus® Neo World Elite® Mastercard on April 15, 2026, giving Canadians a direct path to earn MileagePlus miles for the first time.

Before we delve into the valuations, a friendly reminder 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).

Air Canada Aeroplan

On April 26, 2026, Aeroplan announced its first chart-wide pricing update since the relaunch of the Flight Reward Chart in March 2025. The new pricing applies to all bookings made on or after June 1, 2026.

The bulk of the changes are increases, with most premium cabin pricing bands rising by 5,000 to 40,000 points depending on the route. Transatlantic business class between 4,001 and 6,000 miles now costs 75,000 points (up from 70,000), while ultra-long-haul Atlantic-Pacific business class on Air Canada metal jumps from 60,000 to 100,000 points.

First class on those same long-haul routes also moves up substantially, with several bands rising by 20,000 to 30,000 points.

There are a handful of bright spots, mainly on the lower end of the chart. Short-haul economy redemptions to the Atlantic and within North America drop by 2,500 points, and intra-Europe business class on the shortest distance band falls from 15,000 to 12,500 points.

The everyday Canadian use case – think North American economy, transcontinental business class, or short-haul Star Alliance partner flights – is largely unaffected. Most of the pain is concentrated at the top end of the chart, where premium cabin redemptions on long international routes were already the most aspirational pieces of the program.

Aeroplan remains one of the most rewarding loyalty programs available to Canadians, and the multitude of credit card earning options, plus the strong Star Alliance partner roster, continues to set it apart. Even so, this is a real shift, and we're trimming our valuation modestly to reflect the higher cost of headline premium cabin redemptions.

• Updated valuation: 2 cents per point (CAD), down from 2.1 cents per point

World of Hyatt

On February 25, 2026, World of Hyatt announced a sweeping overhaul of its award chart, with the new structure taking effect on May 20, 2026.

Hyatt is replacing the existing three-tier system (Off-Peak, Standard, Peak) with a five-tier model spanning Lowest, Low, Moderate, Upper, and Top. While the Lowest tier holds steady or trims pricing by up to 14% at certain categories, the new Moderate tier, the closest equivalent to today's Standard pricing, comes in 20% to 37.5% higher across the board.

The top end of the chart fares much worse. Top-tier pricing rises as much as 67% above today's Peak pricing, with the most expensive Category 8 nights pushing well past anything members have seen previously.

Hyatt has also confirmed that 136 properties will see category shifts on launch day, with 82% of those moving up rather than down. The program has indicated that broader migration into the Upper and Top tiers will roll out gradually, but the direction of travel is unmistakable.

The program retains a published award chart, which keeps it ahead of competitors that have moved to fully dynamic pricing. Sweet spots remain at properties priced toward the Lowest and Low tiers, particularly within the legacy Hyatt portfolio.

Even so, the median value of a Hyatt point is heading lower. We're adjusting our valuation accordingly to reflect what most members will realistically experience post-launch.

• Updated valuation: 1.8 cents per point (CAD) / 1.4 cents per point (USD), down from 2 cents and 1.5 cents per point respectively

Marriott Bonvoy

While Marriott Bonvoy hasn't issued a formal chart announcement this quarter, the program continues to drift in a less favourable direction at the high end of its inventory.

The unofficial nightly cap, which previously sat near 150,000 points, has now stretched into the 200,000 to 300,000 range at a number of premium and resort properties. There's no published chart to reference, since Marriott moved to dynamic award pricing back in 2022, so members are increasingly relying on point-by-point comparisons against cash rates to evaluate whether a redemption holds up.

On the positive side of the ledger, Marriott raised the points top-up cap on Free Night Awards to 25,000 points in March 2026. That's useful flexibility, since Free Night Award certificates can now stretch further on properties that fall above the 35,000-point or 50,000-point base certificate value.

The everyday redemption picture for the bulk of the Bonvoy portfolio is roughly unchanged from last quarter. Mid-tier and category-comparable properties still tend to land near the 0.8 cents per point mark, which is in line with how we've been valuing the program.

Where members need to be more careful is at the top end of the portfolio. If you're eyeing a flagship resort or a high-demand date, expect the per-point return to fall well below the headline valuation, and run the math against the cash rate before committing.

• Continued valuation: 0.8 cents per point (CAD) / 0.6 cents per point (USD)

Cathay Pacific Asia Miles

While the headlines this quarter belong to Aeroplan and Hyatt, Cathay Pacific Asia Miles has been quietly chipping away at its award chart in the background. The latest round of changes took effect on May 1, 2026, with most premium economy and business class distance bands rising by 1,000 to 4,000 miles per ticket.

On its own, the May 2026 update isn't a major hit. Combined with the prior rounds in 2023 and 2025, however, long-haul business class redemptions on Cathay Pacific metal are now roughly 40% more expensive than they were less than three years ago.

Sweet spots remain at the short and ultra-short-haul economy end of the chart, and for redemptions on Cathay Pacific's own Asia network. We're trimming our valuation by a tenth of a cent to reflect the cumulative drift.

• Updated valuation: 1.5 cents per point (CAD) / 1.1 cents per point (USD), down from 1.6 cents and 1.2 cents per point

Singapore Airlines KrisFlyer

Toward the end of last year, Singapore Airlines KrisFlyer rolled out its largest award chart overhaul in years. The program has continued to make smaller adjustments through the spring of 2026.

The November 1, 2025 reshuffle introduced new Saver, Advantage, and Access award tiers, with rates rising as much as 20% on partner redemptions. KrisFlyer then quietly trimmed the Access tier by up to 10.9% in economy and premium economy on March 28, 2026.

Fixed-rate Saver awards on Singapore Airlines metal still represent some of the best value in the points world, particularly the well-known sweet spots between North America or Frankfurt and Singapore. Across the full redemption chart, however, the program is asking for more miles than it did this time last year, so we're nudging our valuation down accordingly.

• Updated valuation: 1.7 cents per point (CAD) / 1.2 cents per point (USD), down from 1.8 cents and 1.3 cents per point

United MileagePlus

United MileagePlus hasn't seen any changes to its underlying redemption charts this quarter, but the program is suddenly a lot more accessible to Canadians thanks to the launch of Neo's co-branded United® MileagePlus® Neo World Elite® Mastercard on April 15, 2026.

The redemption value of a MileagePlus mile remains roughly where it was last quarter, with sweet spots like short-haul partner economy and trans-Pacific business class still doing the heavy lifting. The big shift is that Canadians can now earn MileagePlus miles directly, rather than relying on Aeroplan for every United redemption.

We'll continue to track how this earning path matures, but for now the per-point valuation holds steady.

• Continued valuation: 1.6 cents per point (CAD) / 1.2 cents per point (USD)

Points Valuations, Quarter 2 2026

Here's a summary of our Points Valuations for Quarter 2 of 2026. You can refer to the Points Valuations page for a full list with additional notes.

Conclusion

The second quarter of 2026 has been a difficult one for Miles & Points enthusiasts, with Aeroplan and World of Hyatt headlining a broader wave of devaluations that also touches Cathay Pacific Asia Miles and Singapore Airlines KrisFlyer.

The Canadian credit card landscape is more encouraging, with Neo Financial's MileagePlus card opening up a new direct earning path to United, and the broader transferable currencies holding their ground.

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.