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)
• 1.5 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, 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) or British Airways Executive Club (2 cents/point), or to Air France KLM Flying Blue (2 cents/mile) at a 1:0.75 ratio.

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 CIBC Aventura Airline Rewards Chart allows you to get up to 2.2 cents/point on certain redemptions, giving the program some measure of upside.

CIBC Aventura has indefinitely extended it special promotion that allows 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.

Redeemed this way, Aventura Points are the most valuable fixed-value points currency in Canada.

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.

Previously, MBNA signalled that MBNA Rewards will be transferable to Alaska Airlines Mileage Plan at a 1:1 ratio. However, it’s now been over a year since the announcement was made, and there have been no updates.

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 base fare for any 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)
• 2.5 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, 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.

Finnair Plus Avios

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

Finnair Plus is the newest member of the Avios family, after it adopted Avios its points currency in March 2024.

If you have your eyes set on a trip to Finland, be sure to consider booking through Finnair Plus, since it guarantees a minimum number of “Saver”-level award seats on every flight.

Plus, the pricing is competitive, at 62,500 Avios between Helsinki and North America for business class.

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.