How Much Are Airline Miles Worth?
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Written and reviewed by the Points Plug team. Last reviewed .
Airline miles have no fixed value. The same 100,000 miles might buy a business class seat to Europe or barely cover two domestic economy tickets, depending on the program, the route and the date. Understanding how value is measured is the first step to deciding whether to spend your miles or sell them.
Value is measured in cents per mile
The standard way to value miles is cents per mile (CPM): the cash price of a ticket divided by the miles it costs. A $400 flight that costs 25,000 miles gives 1.6 cents per mile. A $2,000 business class seat for 80,000 miles gives 2.5 cents per mile.
Two rules of thumb follow from this. Economy redemptions on major US airlines usually land between 1 and 1.5 cents per mile. Premium cabin awards on international partners can reach 2 to 5 cents per mile, but only when award space is available on the dates you want, which is the hard part.
Why the same miles are worth different amounts
- Award pricing. Programs with fixed award charts (Alaska, Aeroplan, KrisFlyer, Miles & More) offer predictable value. Programs with dynamic pricing (Delta, United, American on many routes) charge more miles when cash fares are high, which pushes value toward 1 cent per mile.
- Partners. Miles in an alliance program can book dozens of airlines. Miles in a non-alliance program like Emirates Skywards or Etihad Guest have fewer outlets.
- Surcharges. Some programs, notably British Airways Avios on long-haul flights, add hundreds of dollars in fuel surcharges to award tickets, which cuts the effective value of the miles.
- Availability. A high theoretical value is worth nothing if there are no award seats when you can travel. Popular premium cabins often release only one or two seats per flight.
- Expiry. Miles that lapse are worth zero. Several programs expire miles after 18 to 36 months without activity.
Typical values by program
These are the values most frequent flyers assign to each currency when redeeming for flights, based on the programs' award charts and partners. They are what your miles could be worth if you find the right award, not what any single redemption will return.
- Alaska Mileage Plan, Singapore KrisFlyer, Air Canada Aeroplan, Lufthansa Miles & More: high value, often 1.5 to 2 cents or more, thanks to strong partner awards. See Alaska, KrisFlyer, Aeroplan and Miles & More.
- United MileagePlus, American AAdvantage, Air France-KLM Flying Blue, Turkish Miles&Smiles, Cathay Asia Miles, Qantas: solid mid-range value, typically 1.2 to 1.7 cents, with occasional standout partner awards. See United, American, Flying Blue and Turkish.
- Delta SkyMiles, British Airways Avios (long-haul), Virgin Atlantic, Emirates Skywards, Etihad Guest: value often close to 1 cent because of dynamic pricing, surcharges or limited partners. See Delta, British Airways and Emirates.
What miles are worth in cash
When you sell miles, the price is quoted in the same cents-per-mile terms, so it is easy to compare against the redemption values above. Cash offers are always below the best theoretical redemption value, because the buyer takes on the work and risk of finding and booking awards, but they are often above what a casual member actually gets from economy tickets on dynamically priced programs.
Points Plug prices offers by program and by balance size, with higher per-mile rates at 100,000, 200,000 and 500,000 miles. The quote form shows your exact offer and price per mile in seconds, with no obligation.
A simple test: if your realistic plan for the miles is a domestic economy ticket at around 1 cent per mile, a cash offer at a similar rate gives you the same value with none of the availability problems, and the money can be spent on anything.
Credit card points are different
Chase Ultimate Rewards, Amex Membership Rewards, Capital One and Citi ThankYou points are more flexible than airline miles because they transfer to many airlines. That flexibility gives them a higher floor value, and they usually sell for more than airline miles as a result. Our guide to selling credit card points covers the details.
Frequently Asked Questions
- How much is 100,000 airline miles worth?
- Redeemed for economy flights on a major US airline, 100,000 miles is typically worth $1,000 to $1,500. Redeemed for a premium cabin partner award it can be worth $2,000 or more. Sold for cash, the value depends on the program and is shown instantly by the quote form.
- Which airline miles are worth the most?
- Programs with fixed award charts and strong partners, such as Alaska Mileage Plan, Singapore KrisFlyer, Air Canada Aeroplan and Lufthansa Miles & More, are generally valued highest by frequent flyers.
- Are airline miles worth more than cash back?
- Only if you redeem them well. Cash back is worth exactly one cent per point every time. Miles can be worth more on premium awards and less on dynamically priced economy tickets, and they carry expiry and availability risk that cash does not.
- Do airline miles lose value over time?
- Usually yes. Airlines periodically raise award prices, and some programs expire miles after a period of inactivity, so a balance held for years tends to buy less than it did when earned.