By Joseph Hellman-Benjamin, Founder and CEO of The Points King. Last updated: October 12, 2026. Editorial Policy
Airline miles or credit card points: which should you earn? For most people, bank points such as Amex Membership Rewards or Chase Ultimate Rewards: they are valued at about 2 cents each against 1.2 to 1.55 cents for the big US airline programs, and they can move to many airlines instead of one. An airline’s own card wins when you fly that airline often enough to care about elite status, free checked bags or, since April 2026 at United, a higher earning rate on flights.
I am Joseph Hellman-Benjamin, and I have run The Points King since 2017. We buy both airline miles and bank points, which gives me a view of what people end up holding and what they wish they had earned instead. There are no affiliate links on this site, and this is not a card recommendation. If the words themselves are the confusing part, start with airline points vs. miles.
What Each Currency Is Worth in October 2026
| Program | Type | The Points Guy, October 1, 2026 | NerdWallet, 2026 |
|---|---|---|---|
| Chase Ultimate Rewards | Bank points | 2.05 cents | 1.8 cents (Sapphire Reserve) |
| Amex Membership Rewards | Bank points | 2.0 cents | 1.3 cents |
| Alaska Atmos Rewards | Airline miles | 1.55 cents | 1.4 cents |
| American AAdvantage | Airline miles | 1.45 cents | 1.7 cents |
| Southwest Rapid Rewards | Airline points | 1.25 cents | 1.4 cents |
| Delta SkyMiles | Airline miles | 1.2 cents | 1.2 cents |
| United MileagePlus | Airline miles | 1.2 cents | 1.2 cents |
Sources: The Points Guy and NerdWallet. The two sites measure differently, so treat the numbers as a range, not a price. The gap between bank points and airline miles is the point: a bank point can become a mile in several programs, so it is worth at least as much as the best use among them.
Why Bank Points Are the Default
- Choice. Chase points move to 10 airlines and Amex points to 16. When one airline raises award prices, you send points somewhere else.
- A cash floor. Chase pays 1 cent a point as cash back; Amex pays 1 cent on flights through its travel site. An airline mile has no fixed cash value.
- No early commitment. Points stay in the bank account until you find a seat. Miles are locked in one program from the day you earn them.
The catch is that the bank sets the exchange rate and can change it. On October 1, 2026, Chase cut its World of Hyatt transfer rate to 4:3 for Sapphire Preferred and Ink Business Preferred cardholders (Upgraded Points), and Amex dropped Etihad as a partner on June 30, 2026. For a side-by-side of the two big bank programs, see Amex points vs. Chase points.
When an Airline Card Wins: Elite Status
Bank points almost never count toward airline status. Spending on an airline’s own card usually does:
| Airline | What card spending earns toward status |
|---|---|
| Delta | 1 Medallion Qualification Dollar per $20 on Platinum cards, per $10 on Reserve cards, plus a 2,500 MQD head start each year |
| United | Premier qualifying points from spending, capped by card: up to 18,000 a year on the Quest card, at 1 point per $20 |
| American | 1 Loyalty Point per $1 on Citi and Barclays AAdvantage cards |
| Southwest | Tier qualifying points for every $5,000 spent: 1,500 to 2,500 depending on the card |
| Alaska | 1 status point per $3 on the Ascent card, per $2 on the Summit card |
Sources: The Points Guy on Delta, Chase on United, One Mile at a Time on American, Southwest and One Mile at a Time on Alaska.
If status matters to you, that table usually settles it. If it does not, it is the weakest reason to carry an airline card.
What Changed in 2026
- April 2, 2026, United: general members now earn 3 miles a dollar on United flights, or 6 with one of United’s annual-fee cards. Cardholders also get at least 10% off United award flights, 15% for Premier members (AwardWallet). This is the clearest case in years of an airline rewarding its own card over bank points.
- July 2026, American: award prices on routes that connect to Japan Airlines rose without notice, for example from 37,500 to 55,000 miles in economy from Dallas to Taipei via Tokyo (View from the Wing). Airline miles can lose value overnight.
- June 30 and October 1, 2026, the banks: Amex dropped Etihad and Chase cut Hyatt for some cards. Bank points can lose value too, just more slowly.
Who Controls the Currency
Both kinds of points are issued by companies that profit from them. The consultancy On Point Loyalty valued Delta SkyMiles at $31.78 billion in its 2026 ranking (PR Newswire, March 31, 2026). One analysis cited by One Mile at a Time estimated that Delta, United and American would each have posted an operating loss in 2024 without loyalty revenue. Much of that revenue comes from banks buying miles to give to cardholders. The practical meaning: the programs are run to make money, and the issuer can reprice your balance at any time. Earning is cheap; holding is the risk. Spend what you earn on a plan, not on hope.
How to Decide
- You fly one airline often enough that status changes your trips: get that airline’s card, and put your everyday spending on it.
- You fly several airlines, or mostly on price: earn bank points and transfer only when you have found the seat.
- You fly United a few times a year: one of United’s annual-fee cards now doubles what you earn on United flights, which may justify the fee by itself. Do the arithmetic for your own trips.
- You do not travel much: a card that pays cash may beat both. See airline miles vs. cash back cards.
- You already hold miles or points you will not use: see the section below.
If You Already Have Points You Will Not Use
Use them first if you can: when to use miles instead of paying cash shows how to check whether a redemption is worth it. If not, brokers, The Points King included, buy both airline miles and bank points for cash. Every major program forbids selling, and a program can take the points back or close the account of a member who sells them. Read the risks of selling miles and points before you decide, then see what we buy on our sell miles and sell points pages.
Frequently Asked Questions
Are credit card points worth more than airline miles?
Usually. In The Points Guy’s October 2026 valuations, Chase and Amex points are worth about 2 cents each, while the big US airline programs range from 1.2 to 1.55 cents.
Do credit card points earn airline status?
Generally no. Transferring bank points to an airline does not earn status. Spending on an airline’s own card often does.
Should I get an airline credit card or a bank rewards card?
An airline card if you fly that airline often and value status, bags or its 2026 earning boosts. A bank card if you fly different airlines or want the option of cash.
What changed at United in 2026?
Since April 2, 2026, general members earn 3 miles a dollar on United flights, or 6 with one of United’s annual-fee cards, and cardholders get at least 10% off United award flights.
Can I turn airline miles back into bank points?
No. Transfers from bank programs to airlines are one way.
Sources
- The Points Guy: monthly valuations, October 1, 2026
- NerdWallet: how points and miles values changed in 2026, October 1, 2026
- AwardWallet: United MileagePlus earning changes, 2026
- The Points Guy: Delta Medallion rules for 2026, updated October 31, 2025
- Chase: United card program updates, February 2026
- One Mile at a Time: AAdvantage status from card spending, updated March 1, 2026
- Southwest: 2026 tier qualification, read October 12, 2026
- One Mile at a Time: Atmos Rewards status, May 7, 2026
- View from the Wing: American raises Japan Airlines award prices, July 15, 2026
- Upgraded Points: Chase Hyatt transfer change, updated September 30, 2026
- PR Newswire: On Point Loyalty 2026 program ranking, March 31, 2026
- One Mile at a Time: airlines and loyalty revenue, updated October 10, 2025