TPG updates September 2026 valuations for major loyalty currencies
The Points Guy has published its monthly valuations for major credit card, hotel, and airline rewards programs. For September 2026, American Express Membership Rewards are valued at 2.0 cents each, Chase Ultimate Rewards at 2.05 cents, and Capital One at 1.85 cents. These figures help travelers compare the relative worth of different points and miles.
The September 2026 valuations show notable upward movement for several airline programs, with Air Canada Aeroplan rising from 1.45 to 1.5 cents per point, American Airlines AAdvantage climbing from 1.4 to 1.45, and Avianca Lifemiles jumping from 1.45 to 1.55. Among credit card currencies, Bilt Points lead at 2.2 cents, followed by Chase Ultimate Rewards at 2.05 and Amex Membership Rewards at 2.0. The accompanying program news highlights recent changes, including Amex expanding its hotel collections and adding a Resy credit extension to Tock restaurants, while Chase removed Sapphire Lounges from Priority Pass access. American Airlines confirmed seatback screens returning across all cabins by 2028 and launched a vacation promotion offering up to 11 miles per dollar.
These monthly valuations could significantly influence how travelers choose which credit cards to carry and how they redeem accumulated points. Consumers planning major trips may time their award bookings around favorable valuation shifts, while those deciding between competing cards might weigh the relative stability of each program's currency. Frequent flyers could also adjust their earning strategies based on which airlines raised their per-point worth, potentially concentrating spending on programs showing upward momentum.