TPG Valuations: Amex Points Worth 2.0 Cents in July 2026

The Points Guy (TPG) released its monthly valuations for points and miles in July 2026, providing an updated estimate of their worth for consumers. American Express Membership Rewards and Chase Ultimate Rewards points are each valued at 2.0 cents per point. This valuation is based on a combination of factors including the price at which TPG would purchase the points, award costs, availability, fees, and the program's internal workings. TPG now also incorporates extensive data from nine U.S. airline loyalty programs and six hotel loyalty programs to refine these estimates.

Capital One miles are valued slightly lower at 1.85 cents per mile. These valuations serve as a benchmark for travelers to understand the potential value they can achieve from their rewards. TPG emphasizes that the actual value can fluctuate based on individual travel goals and how effectively a person maximizes their loyalty currencies. The company aims to provide a clear sense of how different rewards stack up against each other.

Recent news related to these programs includes updates from American Express, which added new language for its Resy credit. Capital One's Dulles lounge is undergoing renovations that will close many interior spaces for several months. Chase has refreshed its Sapphire Preferred Card, though it has reduced the transfer ratio for Hyatt. Notably, Chase Sapphire Preferred's best-ever 100,000-point offer has returned, and there are strategies to stack Chase Sapphire Reserve hotel credits for potential savings of up to $500 at select hotels. TPG also detailed how to stack Chase Sapphire Reserve hotel credits for up to $500 in savings at select hotels.