Not All Points Are Equal
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It’s easy to assume that bigger numbers mean better value. After all, 150,000 points sounds a lot more exciting than 60,000. But when it comes to travel rewards, not all points are created equal.
Want to see how different programs compare? Jump to Point Values by Category.
In Rewards Cards 101, we covered which types of points tend to offer the most flexibility and value. But how do you actually compare offers in real life? It’s simple when you’re looking at 60,000 Chase Ultimate Rewards® points versus 50,000, but what about 150,000 Hilton Honors points versus 60,000 Chase Ultimate Rewards® points?
That’s where things get tricky. The number of points alone doesn’t always tell the full story. So, are Chase points really worth twice as much as Hilton points? Let’s take a closer look.
Not all points are equal. Some will go farther than others.
Now, let’s walk through how to figure out which credit card offer might be the best fit, and why not all points hold the same value. We’ll use Hilton Honors and Chase Ultimate Rewards® as examples, but you can use the same approach anytime you’re comparing offers.
Why Order Matters When You Apply
Step 1: Check for bonus restrictions
Before getting too excited about an offer, start by finding out whether the bank has any rules that could limit your ability to earn the bonus. For example, Chase has the 5/24 rule, which may prevent you from being approved for certain cards if you’ve opened five or more personal credit cards in the past 24 months.
In the example above, opening a card with 150,000 Hilton Honors points might sound like a no-brainer. But here’s the catch: doing so could use up one of your Chase 5/24 slots, meaning you might not qualify later for a Chase card offering 60,000 Chase Ultimate Rewards® points.
The reverse isn’t true, though. If you start with the Chase card, you can still apply for the Hilton Honors card afterward.
So which would you rather have? 150,000 Hilton Honors points on their own, or 150,000 Hilton Honors points plus 60,000 Chase Ultimate Rewards® points? This is what we call opportunity cost — by choosing one offer first, you might close the door on another.
Determine What Your Points Are Worth By Seeing What You Can Get With Them
Step 2: Compare real value
One of the easiest ways to see which points are more valuable is to compare what they can actually get you. While we share examples like how to use Citi ThankYou® Points, it really depends on your goals. Some points stretch further for a free trip to Hawaii, while others are better for luxury hotels or international flights.
Let’s stick with our example of 60,000 Chase Ultimate Rewards® points versus 150,000 Hilton Honors points, both of which were available through recent offers.
I like to use points for high-end stays, so let’s compare two well-known hotels in the Maldives:
- The Park Hyatt Maldives, bookable with World of Hyatt® (a Chase transfer partner)
-
The Conrad Maldives, part of Hilton Honors
Note: I’m choosing Hyatt because you can transfer Ultimate Rewards to World of Hyatt, Hyatt’s award program.
To make a fair comparison, we’ll look at cash prices for the same dates in April of next year:
- At Park Hyatt Maldives, the room will cost you $1,036 per night.
- The Conrad Maldives will cost a bit more, at $1,180 per night.
Although the cash price is similar, the points price is vastly different.
You can book the Park Hyatt Maldives for only 35,000 points per night.
However, the Conrad Maldives will cost 180,000 points per night.
You can now compare the value in two ways. First, you can determine the cents per point you’re getting. Just simply take the cash price, multiply it by 100, and divide by the number of points you’re using. In this example, you’re getting 2.9 cents per point for each Ultimate Reward point you’re redeeming at the Park Hyatt Maldives. For Hilton, you’re getting 0.7 cents per point. This directly shows you that not all points are equal. You’re getting more than four times the value from each Chase Ultimate Reward for a luxury vacation.
Both hotels are incredible, and you’d enjoy either. But, here’s where the difference really shows:
- With 150,000 Hilton Honors points, you couldn’t even afford one night at the Conrad Maldives.
- With 60,000 Chase Ultimate Rewards® points, you could stay almost two nights at the Park Hyatt Maldives.
When you look at it that way, it’s clear that not all points are created equal.
Still, your travel goals matter most. Some destinations or redemptions favor Hilton Honors, while others give Chase Ultimate Rewards® more value. The key is to look at where you want to go and compare based on your own plans.
Do You Have A Plan For Your Bonus?
Earning a big welcome bonus can feel exciting. But, before you hit “apply,” it’s worth asking yourself: Do I have a plan for how I’ll use these points?
Beyond the value of the bonus itself or the opportunity cost of which card you choose first, the biggest factor is having a clear goal.
If you’re collecting points just to watch your collection grow, it might be time to pause. Points can lose value over time or even expire if you don’t use them. They’re meant to unlock travel, not sit idle.
In our example, it might be tempting to grab 60,000 Chase Ultimate Rewards® points simply because it sounds like a strong offer. But without a plan, those points could lose some of their value if Chase changes transfer partner rates or reduces the value of redemptions through the Chase Travel℠ portal.
The key takeaway? Not all points are equal, and no points are worth hoarding. You’ll always get more joy (and more value) when you earn points with a specific trip or goal in mind.
Be sure you have a plan for your points before applying for a new bonus
Point Values by Category*
*These point valuations have been used with permission from Frequent Miler. These values were current as of 10/30/25, but note that they change from time-to-time.
Transferable Points
| Program | Value | Best Way to Redeem |
|---|---|---|
| Chase Ultimate Rewards® | 1.5 | Travel Portal and Transfer Partners |
| American Express Membership Rewards® | 1.5 | Travel Portal and Transfer Partners |
| Citi ThankYou® Points | 1.5 | Travel Portal and Transfer Partners |
| Capital One® Miles | 1.45 | Travel Portal, Reimbursement, and Transfer Partners |
Airline Rewards
Most airline miles are around the same value. So choosing airline credit cards comes down to preference, travel goals, sign-up bonuses, and extra benefits like free bags. There are also some intangibles such as Southwest's flexible cancellation and change policy (no fees and miles are re-deposited quickly).| Airline Program | Redemption Value (Cents per point) |
|---|---|
| Air Canada Aeroplan | 1.4 |
| Alaska Airlines Mileage Plan™ | 1.5 |
| American Airlines AAdvantage® program | 1.4 |
| Avianca LifeMiles | 1.3 |
| British Airways Executive Club Avios | 1.1 |
| Cathay Pacific Asia Miles | 1.1 |
| Delta SkyMiles® | 1.1 |
| Frontier Miles | 1 |
| HawaiianMiles | 1.5 |
| JetBlue TrueBlue | 1.3 |
| Korean Air SKYPASS Club | 1.3 |
| LATAM Pass | 0.62 |
| Miles & More (Lufthansa) | 1.3 |
| Southwest Airlines | 1.3 |
| United MileagePlus | 1.3 |
| Virgin Atlantic Flying Club | 1.4 |
Hotel Rewards
The main takeaway is that Hilton often has higher welcome bonuses for their credit cards compared to Hyatt or Marriott, but Hilton Honors points are far less valuable than other programs.| Hotel Program | Redemption Value (Cents per point) |
|---|---|
| Best Western Rewards | 0.61 |
| Choice Privileges® Rewards | 0.67 |
| Expedia OneKey | 0.9 |
| Hilton Honors | 0.41 |
| World of Hyatt | 1.8 |
| IHG One Rewards | 0.61 |
| Marriott Bonvoy® | 0.76 |
| Radisson Rewards | 0.34 |
| Wyndham Rewards | 0.7 |
If you’re not sure where to start, we’re here to help. Feel free to send me an email with your questions. I’m happy to help you discover which cards are right for you and your travel plans.
Want to be sure you’re getting the best value points for you? Be sure your Travel Freely profile is up to date and check out the CardGenie™ tool to see which card is right for you.
