Book a flight with points when the value you get per point beats your personal target, and pay cash when it doesn’t. The math is simple: subtract the award’s taxes and fees from the cash fare, then divide by the points required. For flexible bank points, many travelers set a target somewhere around 1.3 to 1.5 cents per point. Anything well above that is a good use of points, and anything near 1 cent usually isn’t.
How to calculate cents per point #
Cents per point = (cash fare − award taxes and fees) ÷ points required × 100
Example 1: a domestic economy flight #
- Cash fare: $350
- Award: 28,000 points + $5.60
- ($350 − $5.60) ÷ 28,000 × 100 = 1.23 cents per point
That’s close to what bank points get as a straight travel redemption, so paying cash and saving the points is usually the better call.
Example 2: international business class #
- Cash fare: $4,200
- Award: 80,000 points + $250
- ($4,200 − $250) ÷ 80,000 × 100 = 4.94 cents per point
This is the kind of redemption points are for.
What’s your baseline value? #
Your baseline is the value you can always get without trying. For bank points after the 2025 changes:
- Chase: points on the Sapphire Reserve are worth 1 cent each in Chase Travel, and Points Boost offers raise that to up to 2x on select flights and hotels (Chase).
- Capital One: miles cover travel purchases at 1 cent each.
So 1 cent is the floor. Set your target above it, and let the difference between the floor and your target decide how picky you are. Someone with a big balance and no specific trip in mind can accept 1.3 cents. Someone saving for a honeymoon in business class should hold out for more.
When points are the better choice #
International premium cabins. Business and first class fares often cost several times the economy price, while award prices usually rise much less. That’s where 3 to 5 cents per point is common.
Peak dates. Holiday and big-event fares spike. Award prices on programs with published charts often don’t move as much.
Last-minute trips. Cash fares close to departure can be very high. Some programs price last-minute awards the same as any other day.
Short, overpriced routes. Some short flights on routes with little competition are expensive in cash, and programs that price by distance, like British Airways Avios, can make them cheap in points.
When cash is the better choice #
Cheap fares. A $79 fare booked with 15,000 points is about half a cent per point. Pay cash.
You’re earning elite status. Most major airline programs don’t give status credit for award tickets. If you’re close to the next tier, paid tickets do the work.
You’re working on a sign-up bonus. Paying cash for a trip you’d book anyway gets you closer to a minimum spend. Credit Card Central shows your progress and the daily pace you need, so you’ll know whether that $1,200 fare finishes the bonus before the deadline.
Bank travel portal or transfer partner? #
| Booking method | How it prices | Good for | Drawbacks |
|---|---|---|---|
| Bank travel portal | Fixed value per point, plus portal promotions | Cheap economy, flights with no award space | Rarely beats the portal rate |
| Transfer to an airline | Airline’s award price | Premium cabins, peak dates | Needs award availability; transfers are one way |
Portal bookings are generally treated as paid tickets, so they usually earn airline miles and status credit. Award tickets booked with transferred points usually don’t. To pick a program to transfer to, see the best Capital One transfer partners for flights and the best way to redeem Chase Ultimate Rewards points. If your points are in Marriott, transferring Marriott points to airlines shows the ratios.
Earn more points so you have the choice #
Being able to choose between points and cash depends on having enough points to choose with. Most people lose points at the register by using the wrong card for a category. Credit Card Central’s Which Card? screen ranks the cards you own for dining, groceries, gas, travel and streaming, using the rates you’ve entered, so every purchase earns at the best rate you have.
Frequently asked questions #
Do I earn airline miles on flights booked with points? #
Award tickets booked with an airline’s miles usually don’t earn miles or status credit on the big U.S. airlines. Flights booked through a bank’s travel portal are usually treated as paid tickets and generally earn miles.
What’s a good cents-per-point value? #
For flexible bank points, many travelers treat 1.5 cents or more as good and 2 cents or more as very good. Below about 1.2 cents, paying cash and saving the points is usually better.
Should I use points plus cash? #
Usually not. Points-plus-cash options often value your points below what a full points or full cash booking would. Run the cents-per-point math on the points portion before accepting.
Can I book a flight for someone else with my points? #
Usually, yes. Most airline programs let you book awards for other travelers. See can you book a flight for someone else with points for the rules by program.