Reading the Valuation Reference Table: Which Publisher Describes Your Situation

Three publishers track the same 28 loyalty programs. Three publishers publish different numbers. That is not a flaw in the data — it is the data. The Points Guy, CardRatings, and Upgraded Points each answer a slightly different question when they assign a cents-per-point figure, and the question they answer determines which figure is useful to you.

The Points & Miles Valuation Reference shows all three figures side by side for every tracked program, with the as-of date for each and the spread between the highest and lowest estimate. The spread is often 0.3–0.8 cents per point — enough to change whether a redemption looks good or mediocre. Before you treat any single figure as a benchmark, it helps to know what each publisher is actually measuring.

What Each Publisher Optimizes For

The Points Guy

TPG publishes what it calls a "monthly valuations" figure. It is explicitly aspirational: the number represents what a point can be worth when redeemed for a high-value award — typically a business- or first-class international flight booked through a partner airline at a saver-level rate. TPG's methodology weights toward the ceiling of observed redemptions, not the median.

That makes TPG's figure useful for one specific question: Is this redemption competitive with the best realistic use of these points? If your redemption yields more cents per point than TPG's figure, you are doing well by almost any standard. If it yields less, that does not mean the redemption is wrong — it means you are not at the ceiling, which is true of most redemptions most people make.

TPG's figure is the one most likely to appear in card marketing copy, which is worth keeping in mind.

CardRatings

CardRatings tends to publish a more conservative estimate. Its figures are generally closer to the midpoint of observed redemptions — economy flights, mid-tier hotel awards, and portal bookings are all weighted in. The result is a number that describes what a typical engaged redeemer actually gets, not what the best redemption in a given program yields.

If you fly economy more than business, or if you redeem hotel points for standard rooms rather than aspirational suites, CardRatings' figure is often the closer match to your real experience.

Upgraded Points

Upgraded Points publishes figures that sit roughly between TPG and CardRatings for most programs, with some notable exceptions where their methodology diverges more sharply. They weight transfer partner value heavily and tend to update figures after program changes more quickly than the other two publishers. Their figures are often the most recently dated in the reference table, which matters for programs that have devalued or restructured award charts in the past 12 months.

Why the Spread Is a Finding, Not Noise

For Chase Ultimate Rewards, as of mid-2026, the three publishers' figures span roughly 0.4 cents per point. For American Airlines AAdvantage, the spread is wider — over 0.6 cents — because the publishers weight partner redemptions differently against AAdvantage's own award chart. For a flat-rate program like Capital One miles used through the travel portal, all three figures converge near the portal's fixed redemption rate, because there is no variability to argue about.

The size of the spread tells you something real: a wide spread means the program has high-variance redemptions where your outcome depends heavily on how you use the points. A narrow spread means the program's value is fairly predictable regardless of use case. That is useful information before you transfer points or plan a redemption strategy.

A Worked Example: 50,000 Chase Ultimate Rewards Points

Suppose you have 50,000 Chase Ultimate Rewards points and are comparing two options: transferring to Hyatt for a hotel award, or booking through the Chase travel portal at a fixed 1.5 cents per point (assuming a card that offers that rate).

The portal path yields a fixed value:

50,000 × $0.015 = $750

Now apply each publisher's figure to the transfer path. Using approximate mid-2026 figures (check the reference table for current as-of dates):

• TPG values Ultimate Rewards at approximately 2.0 cents per point → 50,000 × $0.020 = $1,000
• CardRatings values them at approximately 1.7 cents per point → 50,000 × $0.017 = $850
• Upgraded Points values them at approximately 1.8 cents per point → 50,000 × $0.018 = $900

All three publishers suggest the transfer path can beat the portal — but the margin ranges from $100 to $250 depending on which figure you use. More importantly, those publisher figures represent potential value. Whether your specific Hyatt redemption actually hits 1.7 or 2.0 cents per point depends on the cash rate of the property on your dates. You can price that exactly using the Cents-Per-Point Calculator, which takes the actual cash fare and the actual points cost and returns the real number for your booking.

The publisher figures tell you whether a transfer is worth exploring. The calculator tells you whether this specific redemption clears the bar.

What This Framework Does Not Capture

Publisher valuations are program-level averages over a range of redemptions. They do not reflect:

• Your specific redemption. A Hyatt redemption at a Category 1 property on a cheap cash night yields far less than the publisher figure. A Category 8 property on a peak night can exceed it significantly.
• Availability. A valuation assumes you can book the award. Partner availability and program-specific restrictions can make the high-value redemptions that anchor a figure difficult to actually access.
• Transfer bonuses and promotions. If a transfer partner is running a 30% bonus, the effective value of your bank points changes. Publisher figures are not updated in real time for promotions.
• Taxes and fees on award tickets. Some carriers impose carrier-imposed surcharges that reduce the net value of an award. Publisher figures handle this inconsistently.

The guide on when a low cents-per-point value is actually the right choice covers the cases where a redemption that falls below any publisher's figure is still the correct decision — a useful companion to this one if you are evaluating a specific booking that looks subpar on paper.

How to Use the Reference Table in Practice

Start by identifying which publisher's methodology matches your redemption style. If you regularly book business-class partner awards, TPG's figure is the right benchmark — it describes your ceiling and your peers. If you mostly book economy or hotel standard rooms, CardRatings' figure is closer to your realistic experience.

Then look at the spread for your specific program. A wide spread is a signal to price your actual redemption before committing, because your outcome is highly dependent on which award you pick. A narrow spread means the program is more predictable and the publisher figures are more interchangeable.

Finally, treat any publisher figure as a starting point for the calculation, not the answer to it. The answer is the cents per point your specific redemption yields — and that requires the actual numbers from your actual booking.

This guide is informational only and does not constitute financial or travel advice. Valuation figures change when publishers update their methodologies or when programs restructure. Always verify figures against the reference table's as-of dates before making a redemption decision.

Last reviewed: August 2026. By Eric, PointCents founder.

Frequently asked questions

Why do the three publishers disagree so often?

They disagree because they are answering different questions. TPG weights toward the best realistic redemption in a program; CardRatings weights toward the median engaged redeemer; Upgraded Points weights transfer partner value heavily. None of them is wrong — they are measuring different things, and the disagreement is informative rather than a sign that one figure should be ignored.

Which publisher's figure should I use as my personal benchmark?

Match the publisher to your redemption style. If you pursue premium cabin partner awards, TPG's figure describes your ceiling. If you redeem for economy flights and standard hotel rooms, CardRatings' figure is closer to your realistic outcome. If you transfer frequently and care about recent program changes, Upgraded Points' figures tend to be more current.

Can I just average the three figures?

You can, but it obscures more than it reveals. An average hides the spread, which is one of the most useful pieces of information in the table. A wide spread tells you the program has high-variance redemptions; a narrow spread tells you the program is predictable. Averaging collapses that signal into a single number that may not describe any real redemption.

What does the spread between the highest and lowest figure actually mean?

The spread measures how much the publishers' methodologies diverge for a given program. A large spread — say, 0.6 cents or more — means the program has a wide range of redemption outcomes, and your result will depend heavily on which award you pick. A small spread means the program's value is fairly consistent across redemption types, and any of the three figures is a reasonable estimate.

How often do publisher valuations get updated?

TPG updates its figures monthly. CardRatings and Upgraded Points update less frequently, though Upgraded Points tends to revise after major program changes. The reference table shows the as-of date for each publisher's figure so you can see how current each estimate is before relying on it.