Points Valuations

This page aims to provide a valuation of the major points currencies in Canada and around the world.

Valuing points currencies is a highly subjective exercise, and the value of a point in each program is constantly changing as the program itself changes.

These valuations should therefore be treated as a general guideline, taking into account the general best-case usage of each program, rather than a definite representation of how much value you will get out of each point you earn.

We update our Points Valuations on a quarterly basis, so make sure to check back often.

Canadian Airline & Bank Programs

Below are our points valuations for Canadian and global loyalty programs to which we have easy access via the major Canadian credit cards. For the programs with significant participation from US residents, we’ve included the value in US dollars as well.

Aeroplan

  • 2.1 cents/point (CAD)
  • 1.6 cents/point (USD)

Aeroplan is one of Canada’s most versatile programs for long-haul international travel.

Its advantageous stopover policy allows you to book some pretty amazing trips that you’d never be able to pull off using cash.

Its ever-growing number of partner airlines provides you with access to some of the best products in the industry, including ANA First Class, Emirates First Class, Etihad Airways First Class, Lufthansa First Class, and more. When redeemed for travel in premium cabins, it’s not uncommon to get a value of upwards of 10 cents per point.

Domestic redemptions will be harder to extract value from, but 1.5–2 cents/point is still a reasonable target.

Air Miles

  • 10.5 cents/mile (CAD)

Air Miles Cash Rewards are typically redeemed at a ratio of 95 Air Miles = $10, giving you a baseline value of 10.5 cents/mile. Occasional promotions allow Cash Rewards to be redeemed at a higher value.

It’s also possible to earn Dream Rewards instead, which can be redeemed for flights around the world and in any class of service, but the value isn’t great and rarely exceeds 11.5 cents/mile. 

American Express (Canada) Membership Rewards

  • 2.2 cents/point (CAD)

Amex MR is by far the most flexible travel rewards currency in Canada. All things being equal, its optimal usage is probably through a 1:1 transfer to Aeroplan (2.1 cents/point).

The program’s overall flexibility (including other airline and hotel partners, Amex Fixed Points Travel, etc.) also gives it value a further boost to 2.2 cents/point.

BMO Rewards

  • 0.67 cents/point (CAD)

BMO Rewards can be redeemed towards the cost of travel booked through BMO’s in-house travel agency or into a BMO investment account at a ratio of 150 points = $1, thus giving you 0.67 cents/point. You can also redeem points at this value against any travel purchases charged to the card.

There aren’t many other compelling ways to redeem BMO Rewards, as you’ll get lower value from your points if you redeem them for gift cards or merchandise.

CIBC Aventura

  • 1.25 cents/point (CAD) 

CIBC Aventura points offer a baseline redemption option of offsetting the cost of travel booked through the CIBC in-house travel agency at 1 cent/point.

The fixed-value travel schedule, which allows you to get up to 2.2 cents/point on certain redemptions, gives the program some measure of upside.

CIBC Aventura is putting on a special promotion through March 31, 2024, 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.

MBNA Rewards

  • 1 cent/point (CAD)

MBNA’s in-house loyalty program, MBNA Rewards, can be used to book travel through the MBNA Rewards Redemption Centre at a rate of 1 cent per point. 

These points can be useful to book things like car rentals, independent hotels, and cruises, which are otherwise difficult to book with points.

In the future, it’s likely that MBNA Rewards will be transferable to Alaska Airlines Mileage Plan at a 1:1 ratio, which will make them both more versatile and valuable.

National Bank À la carte Rewards

  • 1 cent/point (CAD)

National Bank’s in-house loyalty program, À la carte Rewards, are best redeemed through the program’s online travel portal. Doing so will net you a value of 1 cent/point for travel bookings.

If you’d rather book directly with vendors, you can still redeem À la carte Rewards for a statement credit, albeit at a lower value. Redeeming fewer than 55,000 points will result in 0.83 cents per point, and redeeming more than 55,000 points will result in 0.91 cents per point.

RBC Avion

  • 2 cents/point (CAD) 

Unique among the Big 5 banks in Canada, RBC Avion points can be transferred to a wide range of airline partners.

The general best-case usage is probably converting to British Airways Executive Club or Cathay Pacific Asia Miles at a 1:1 ratio, or to American Airlines AAdvantage at a 1:0.7 ratio.

RBC Avion’s value is boosted even further by their frequent conversion bonuses and the option to redeem via the RBC Air Travel Redemption Schedule, which can deliver up to 2.33 cents per point in value.

Scene+

  • 1 cent/point (CAD)

Scene+ points can be used to offset the cost of travel purchases charged to your card at 1 cent/point.

They’re useful to collect for the purpose of reducing your out-of-pocket travel expenses, such as independent hotels, car rentals, trains, cruises, and the like.

TD Rewards

  • 0.5 cents/point (CAD)

TD Rewards can be redeemed at a value of 0.5 cents/point via the Expedia for TD online portal towards flights, hotels, car rentals, vacations, etc.

If you don’t go through Expedia for TD, the value is lower at 0.4 cents/point.

WestJet Rewards

  • $1.02/WestJet Dollar (CAD)

WestJet Rewards is unique in using “dollars” as their rewards currency: 1 WestJet dollar can be redeemed towards the cost of $1 off a WestJet flight.

WestJet’s Member Exclusive fares offer small discounts on the cost of a WestJet flight when you book with WestJet Dollars; hence, the valuation is a shade over par.

US Airline & Bank Programs

Below are our points valuations for the major US-based loyalty programs, some of which are accessible via the major Canadian credit cards; others may only be accessible by applying for US credit cards.

Alaska Airlines Mileage Plan

  • 2.2 cents/mile (CAD) 
  • 1.6 cents/mile (USD)

Alaska Airlines Mileage Plan features a wide array of unique airline partners, including some of the world’s best premium cabins.

In addition, the redemption rates on some premium flights are amongst the lowest in the industry, although there is uncertainty about the future of the pricing due to recent devaluations and the implementation of new award charts.

For the time being, a one-way transpacific flight in Cathay Pacific business class or Cathay Pacific First Class can be booked at around 50,000 or 70,000 miles, respectively, as long as you can find availability.

American Airlines AAdvantage

  • 1.4 cents/mile (USD)
  • 1.9 cents/mile (CAD)

American Airlines AAdvantage offers fairly competitive award pricing for premium flights on Oneworld airlines, including a few very attractive sweet spots like 75,000 miles for Qatar Airways Qsuites to Africa with no surcharges.

Other sweet spots lie in the AAdvantage program’s unique airline partnerships, like Air Tahiti Nui business class to French Polynesia for 80,000 miles one-way.

AAdvantage is a 1:0.7 transfer partner from RBC Avion points.

American Express US Membership Rewards

  • 1.8 cents/point (USD)
  • 2.4 cents/point (CAD)

Some of the most popular US-exclusive airline loyalty program partners, such as Virgin Atlantic Flying Club, Emirates Skywards, and Singapore Airlines KrisFlyer, are in fact common to all three major transferable currencies between Amex US MR, Chase Ultimate Rewards, and Citi ThankYou Rewards.

However, Amex packs the greatest punch with its own exclusive airline partners, such as ANA Mileage Club and their great-value round-the-world awards. Amex also tends to offer more frequent transfer bonuses to partner programs compared to Chase and Citi.

Bilt Rewards

  • 1.7 cents/point (USD)
  • 2.3 cents/point (CAD)

Bilt Rewards is a points currency that’s rapidly growing in prominence in the United States.

With transfer partners that include many of the best, including Air Canada Aeroplan, Air France KLM Flying Blue, Alaska Airlines Mileage Plan, American Airlines AAdvantage, British Airways Executive Club, Marriott Bonvoy, World of Hyatt, and more, Bilt Rewards is one of the most versatiles points currencies around.

Keep an eye out for lucrative offers on the monthly Rent Day promotion, which have historically included transfer bonuses of up to 150%.   

Capital One Miles

  • 1.7 cents/point (USD)
  • 2.3 cents/point (CAD)

Capital One Miles can be transferred to 15 airline programs and 3 hotel programs. Amongst these are some fan favourites, including Air Canada Aeroplan, Air France KLM Flying Blue, British Airways Executive Club, Singapore Airlines KrisFlyer, and more.

Meanwhile, on the hotel side, Capital One has transfer arrangements with Accor Live Limitless, Choice Privileges, and Wyndham Rewards.

However, Capital One Miles aren’t quite as flexible as American Express US Membership Rewards, hence the slightly lower value.

Chase Ultimate Rewards

  • 1.7 cents/point (USD)
  • 2.3 cents/point (CAD)

Among the exclusive partners for Chase Ultimate Rewards, the only airline partner that really jumps out as potentially valuable is United MileagePlus, although those same Star Alliance flights can also be booked at a good value using a program like Aeroplan

Along that vein, it’s fair to peg Chase at least the same valuation as Aeroplan, at 1.6 cents/point.

Meanwhile, on the hotel side, Chase has exclusive agreements with World of Hyatt and IHG One Rewards, both at a 1:1 ratio. 

Hyatt is the only truly “aspirational” exclusive Ultimate Rewards loyalty partner.

Citi ThankYou Rewards

  • 1.7 cents/point (USD)
  • 2.3 cents/point (CAD)

The Citi ThankYou Rewards program has a fair few unique airline partners, including Turkish Airlines Miles&Smiles for high-value North America redemptions, as well as Qatar Airways Privilege Club that can offer exceptional value on Qsuites business class bookings.

That’s in addition to well-established airline partners that are common to all three, like Virgin Atlantic Flying Club, Emirates Skywards, and Singapore Airlines KrisFlyer, plus other popular programs like Avianca LifeMiles and Air France KLM Flying Blue.

ThankYou Rewards points can certainly be very useful to collect as a supplement to your Amex US MR points, in case you need to pool together a big balance in a certain program on short notice.

Delta SkyMiles

  • 1.2 cents/mile (USD)
  • 1.6 cents/mile (CAD)

Delta SkyMiles is a dynamically priced program that is subject to frequent unannounced devaluations.

For Canadians, it’s often not worth using Delta SkyMiles to book premium international flights, as there are other programs that are more fit for that purpose.

Instead, it can be a great deal to redeem SkyMiles towards domestic flights within Canada on WestJet at a fixed price of 12,500 SkyMiles one-way.

United MileagePlus

  • 1.2 cents/mile (USD)
  • 1.6 cents/mile (CAD)

United MileagePlus is one of the weaker Star Alliance loyalty programs, which recently went through a hefty devaluation.

You’re mostly better off booking Star Alliance flights with other programs, as you’ll get a much more preferable rate.

On the other hand, if you can make use of the Excursionist perk, there is still some value to be found in the program.

International Airline Programs

Air France KLM Flying Blue

  • 2 cents/point (CAD) 
  • 1.5 cents/point (USD) 

Air France KLM Flying Blue offers useful redemption options in otherwise underserved or hard-to-book markets, such as Bora Bora, Mauritius, or New Caledonia.

It also provides Canadians with another option for booking transatlantic flights, especially with a monthly rotating selection of Promo Rewards. You won’t find a much cheaper way to fly economy to Europe, which is a big draw to some

On the other hand, carrier-imposed surcharges can get quite expensive when redeeming Flying Blue miles for premium cabins. 

British Airways Executive Club Avios

  • 2.0 cents/Avios (CAD)
  • 1.5 cents/Avios (USD) 

With a unique distance-based award chart, British Airways Executive Club has a wide range of redemption sweet spots. The best example is to book Qatar Airways Qsuites starting at only 70,000 Avios. 

Avios are also incredibly useful for short-haul side-trips on Oneworld partners while you’re travelling internationally.

Cathay Pacific Asia Miles

  • 1.6 cents/mile (CAD)
  • 1.2 cents/mile (USD) 

Asia Miles‘s very generous routing rules and access to additional availability on Cathay Pacific’s own flights make it a good program to consider for Canadians travelling to Asia and points beyond.

The program underwent a devaluation in October 2023, which resulted in increased costs for redemptions, especially in premium cabins. On the upside, award availability is better than it used to be.

Qatar Airways Privilege Club Avios

  • 2.0 cents/Avios (CAD)
  • 1.5 cents/Avios (USD) 

Qatar Airways Privilege Club is one of the best programs to use for booking Qatar Airways Qsuites and Qatar Airways First Class.

Since the points can be transferred instantly to other flavours of Avios, our valuation of Qatar Airways Avios is the same as British Airways Avios.

Singapore Airlines KrisFlyer

  • 1.8 cents/mile (CAD) 
  • 1.3 cents/mile (USD) 

Singapore Airlines traditionally limits its aspirational business class and First Class redemptions to members of its own KrisFlyer loyalty program, which makes KrisFlyer an essential program for anyone wanting to sample some of the world’s best flying experiences.

However, despite the potential for incredible flight redemptions, KrisFlyer’s strict mileage expiration policy (in which miles expire on a rolling basis of three years after you’ve earned them) certainly counts against it. 

Hotel Loyalty Programs

Accor Live Limitless

  • 2.7 cents/point (CAD)
  • 2 cents/point (USD)

Accor Live Limitless (ALL) Reward point redemptions for hotel stays give you a fixed value: parting with 2,000 points will take €40 ($59 CAD, $43 USD) off the cost of a hotel stay, converted to the local currency. You can also transfer your points into miles with 30 airline partner programs, which will usually result in a similar or lower value than hotel stays.

Since your redemptions are locked in at a fixed rate for hotel stays, there’s no way to get outsized value from the program. However, you’re also guaranteed a minimum return for your points, which can’t be said for other hotel loyalty programs.

Best Western Rewards

  • 0.8 cents/point (CAD)
  • 0.6 cents/point (USD)

Best Western Rewards redemptions cost up to 70,000 points per night, with pricing generally reflecting the nightly cash rate.

While one of Best Western’s strengths is that it often has hotels in places that other hotel chains lack coverage, an unannounced devaluation in late 2019 slashed the value of the program dramatically.

Hilton Honors

  • 0.7 cents/point (CAD)
  • 0.5 cents/point (USD)

Hilton Honors does not publish an award chart, so each hotel’s award price point can vary based on many factors. On balance, 0.7 cents/point (CAD) is a reasonable target to aim for.

In general, award redemptions at both the very lowest and highest ends of the spectrum will give you the greatest chance of maximizing your value.

IHG One Rewards

  • 0.5 cents/point (CAD)
  • 0.4 cents/point (USD)

IHG One Rewards is generally considered one of the weaker among the major hotel loyalty programs. The program uses dynamic pricing that varies frequently, and redemption price points are often devalued without notice.

There are select pockets of value at the lower and higher end of the spectrum, but on average, an IHG One Rewards point is worth a fair bit less than other hotel points currencies.

Marriott Bonvoy

  • 0.8 cent/point (CAD) 
  • 0.6 cents/point (USD) 

Marriott Bonvoy is one of the most useful hotel loyalty programs in Canada. The value in redeeming points for hotel nights is quite variable, as there are plenty of high-value and low-value opportunities. Overall, I’d say that  0.8 cents/point (CAD) is a reasonable target to aim for.

Marriott Bonvoy points can also be transferred to 40+ airlines, giving it some added value in terms of flexibility as well.

World of Hyatt

  • 2 cents/point (CAD)
  • 1.5 cents/point (USD)

World of Hyatt points are considered one of the more valuable points currencies for hotel rewards.

Despite a limited global footprint, Hyatt’s hotels are impressive in quality and offer a high level of service, especially for World of Hyatt elite members.

With Hyatt’s top-tier hotels costing only 45,000 World of Hyatt points per night (compared to 100,000+ points in other hotel loyalty programs), it’s no wonder Hyatt’s valuation is much higher than its peers.

 
12 Comments
  1. Mike

    How did you come up with 0.8 cents/point for HSBC Rewards?

    1. Pothead

      25,000 HSBC points = 10,000 Avios. So we divide HSBC by 2.5

      1 HSBC point divided by 2.5 = 0.4 Avios. The value of Avios is 2.0 cents. Multiply 0.4 Avios by 2 cents and you have a valuation of 1 HSBC point = 0.8 cents

      1. Paul D YYZ

        It’s hard to tell but it doesn’t seem like the points valuations take into account the cost of acquisition. I took my last 12 statements for my HSBC Metal Mastercard. Average points per dollar was 2.9 and that’s just regular day-to-day spend (no travel which gets the highest acquisition rate).

        If you redeem for a travel credit (not the best option but not the worst either), that’s 25,000 points for $125 or 0.5 cents. But the effective redemption rate is almost triple that, or 1.45 cents, if you are comparing to your spend to earn them.

        If I do the same basic math for the RBC Visa Infinite Privilege (closest card and it has 1:1 transfer to Avios) then 10,000 points would cost me $8,000 to earn. At my 2.9 point per dollar rate at HSBC, it would cost me $8,634 to earn the 25,000 points needed for the 10,000 Avios points which suggests my HSBC point is worth 0.93 of an Avios, not 0.4. Obviously YMMV and the variability on the RBC side is lower because of the fixed earn rate.

        Am I thinking about this wrong?

        1. Steve Camp

          As the base earn rate on the HSBC Metal MC is 2 points per dollar, you must also be spending in the 4x categories of gas, grocery, and drugstores to achieve the average 2.9 points per dollar you mentioned. If simplicity and acceptance (Mastercard) as well as no FX fees are your priorities, then you may be happy with your current solution. However, the opportunity cost you should consider is the multiplier you are missing out on in categories like grocery, where you could be earning 5x transferable points (ie. Cobalt). Even non-category spend, you could be achieving 1.25x with AMEX Aeroplan (Reserve), AMEX MR (Business Platinum), TD/CIBC Aeroplan (VIP), or RBC Avion (VIP) spending. The 2x spend on HSBC yields only 0.8 BA Avios/$, and even less Asia Miles and Singapore Krisflyer points because of the transfer ratios (25,000:10,000, 8000, and 9000). Rounding up your quoted 2.9 to 3, you are still only earning 1.2 airline points per dollar spent, vs 1.25 or better with the options mentioned above.

          1. Paul D YYZ

            Thanks Steven. My comment was more about not buying into the math for the relative value of points unless you take into account the relative earning rates. Your numbers on those rates are helpful – especially the comparison of the base category spend relative value.

            As it turns out because HSBC is disappearing I am in fact looking for an alternative and am really struggling to figure out the best approach. RBC is where I will end up by default and could probably get the standard Avion Visa Infinite at no annual fee. My current HSBC points (about 750k) could transfer to Avios and I could generate more Avios with the RBC card. But the best value redemption then would be with BA which I’ve never flown on in my life, I don’t have plans to fly to the UK and would generally try to avoid LHR. I’m retiring shortly and we plan to spend a lot of time in France (although we’ll see if that pans out). Air France/Skyteam would be a good fit (especially if we ended up living there for a period) and so maybe switching to the Brim Air France MC with the 60,000 mile bonus would be useful. On the other hand, Star Alliance would give me more useful options to get in and out of France at good values so maybe sticking with Aeroplan as my primary would be better – that would push me to TD Aeroplan but leave me with a question about what to do with my HSBC points. Too many issues with AMEX acceptance so I’m not going there again. I will miss the no FX fees on my HSBC card though!

            Ultimately, I have a big spreadsheet with our estimated spend on various categories and estimated % return but it’s all kinda BS because it really depends on your ability to actually find a useful reward (which apparently I am not very good at). Sometimes I feel like a good cash back with a guaranteed 1.5% return would save me time and grief…

  2. Sam

    I was told by MBNA that the MBNA reward points can only be transferred to Alaska Mileage point on a 1:1 basis if it is accumulated with the MBNA Rewards Platinum Plus Mastercard that replaces the old Alaska Airline Mastercard. If the MBNA reward points were accumulated with the MBNA Rewards World Elite® Mastercard, then no such MBNA-Alaska point conversion option is available. Can anyone confirm?

  3. Husein

    What is the valuation for Lifemiles? Is it worth buying and collecting them? And how easy is it to redeem and use them as a Canadian (major airport YYZ).

  4. Andy

    Can we please have Radisson points program and the Asiana added in too.

  5. Ashes

    Unless I’m missing something, couldn’t you convert MR Select to Aeroplan at huge value?

    1. Convert MR Select to Bonvoy at 1:1.2
    2. Convert Bonvoy to Aeroplan at 3:1

    1. Ricky YVR

      You weren’t missing anything. But now, MR Select points can convert to Aeroplan 1:1 and other frequent flyer partners too – so I guess we’ll be phasing out this valuation next quarter.

  6. Jeff H TOR

    There’s a beautiful GRAND HYATT BGC in metro Manila where i’m at a lot. I’m curious how I can get and maximize points/redemptions there now. I’m Titanium elite for Bonvoy and have a lot of amex MR plus Hilton points. Do they status match?

  7. Hasnain

    Is there a way to convert miles/points from Aeroplan or Aventura to Asia Miles?

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