A lot of people treat credit card points as worth "about a penny each" because that's the typical cash-back redemption rate. But transferable points programs -- Chase Ultimate Rewards, Amex Membership Rewards, Capital One miles, Bilt Rewards -- are consistently worth more than that when redeemed well, and the exact number changes from program to program and month to month.
How much are my credit card points worth, by program
Per The Points Guy's current monthly valuations: Chase Ultimate Rewards sits at 2.05 cents per point, Amex Membership Rewards at 2.0 cents, Capital One miles at 1.85 cents, and Bilt Rewards at 2.2 cents. A 100,000-point balance in any of these is worth roughly double what the same balance would be worth as flat cash back.
Chase ultimate rewards points value calculator: why 2.05 cents, not 1
That higher valuation assumes you're transferring points to an airline or hotel partner and redeeming for a flight or stay that would otherwise cost more in cash -- not cashing out points directly for a statement credit, which is usually worth closer to 1 cent each.
Amex membership rewards cents per point: what moves the number
TPG revisits these valuations monthly based on realistic average redemptions across each program's transfer partners. A string of partner devaluations can push the number down over time, which is part of why checking a current figure (not a number from a few years ago) matters.
Credit card points value 2026: a real devaluation that just happened
On March 1, 2026, Amex cut its Membership Rewards-to-Cathay Pacific Asia Miles transfer ratio from 1:1 to 5:4 -- meaning the same flight now costs 25% more Membership Rewards points than it did before. Chase made a similar move on its Ultimate Rewards-to-Hyatt transfer starting October 1, 2026 (1:1 down to 4:3 for most cardholders). Points balances are real money, but they're not a fixed asset -- issuers can and do change what they're worth.
The Credit Card Rewards Points Value Calculator converts your balance into a dollar estimate using these current per-program rates, or your own custom cents-per-point figure for any program not listed.
Try the Credit Card Rewards Points Value Calculator →
Sources: The Points Guy monthly valuations (Amex, June/August 2026; Chase, June 2026); Mainly Miles and InsideFlyer coverage of 2026 transfer-ratio devaluations.