How Much Are Frequent Flyer Miles Worth?

Our hard-earned points and miles are more than a number on the screen. They are as good as gold because each one carries a cash value. Much like other currencies that we have around the world, each point and mile attached to a frequent flyer program has a different value. What makes this more confusing is that the value is often not fixed, but rather fluctuates based on the flight redemption you are looking at. 

The key to knowing when to use your points and miles versus cash when booking your next flight is knowing the baseline value that you should be redeeming at. This guide will provide you with our point valuations and what we believe are reasonable returns for your points based on our experiences and research. Let’s get into it!

Frequent Flyer Miles: Valuation Methodology

Much like our previous guide on the valuation of hotel loyalty points, frequent flyer miles and points usually operate on a flexible value system. There isn’t a rulebook or chart that will tell us exactly how much each point is worth. This lends well to airlines increasingly using dynamic pricing models, increasing and decreasing the number of points required for a flight redemption depending on availability, time of year, and route. 

Again, we will use the cent per point (CPP) calculation to determine how much our frequent flyer miles are worth. The formula to get this is simple: 

Point Value = Cash Price of Ticket / Total Points Required

We’ve searched all of the major airlines for both cash price and point redemptions to determine the median for what a point for that program is worth. Our valuations represent a reasonable redemption value, meaning that the valuation is not the maximum or minimum possible for the point. This is rather a “middle ground” value of what we expect the point to be worth. This is also the minimum value that we recommend you aim for when redeeming your hard-earned points and miles.

Frequent Flyer Miles: Valuations

While there are over 100 frequent flyer programs that are in existence, it would be impossible (and likely extremely irrelevant) to cover them all. Instead, we have focused on the major players in the points and miles space and the currencies that you will find yourself earning and using most often as a traveller based in North America.

Air Canada Aeroplan

We value Air Canada Aeroplan points to be worth 2.0 cents per point CAD. Aeroplan remains the heavyweight champion when it comes to points and miles because of the ease of earning points and the fact that every major Canadian airport is served by Air Canada. 

The biggest problem with Air Canada is its reliance on dynamic pricing on its own flights. Unfortunately, I’ve routinely seen redemption rates around 1 CAD CPP, which is not a great deal. Consider using your Aeroplan points on Star Alliance partner flights to unlock maximum value as a result of the fixed redemption costs.

Air France/KLM Flying Blue

We value Air France/KLM Flying Blue miles at 1.7 cents per point CAD. We think that Flying Blue is a bit of an underrated program, even with the increased taxes and fees they charge for redemptions on Air France and KLM aircraft.

American Express Membership Rewards in Canada and the United States both transfer to Flying Blue at a ratio of 1:1, and we have seen them routinely offer transfer bonuses of 1:1 when transferred to the program. When combined with the excellent redemption opportunity that is Flying Blue Promo Rewards, there are many opportunities to get outstanding value for your miles.

American Airlines AAdvantage

We value American Airlines AAdvantage miles at 1.8 cents per point CAD. Though harder to earn in Canada, AAdvantage miles are incredibly valuable for high-end partner redemptions, including Qatar Airways business class or Japan Airlines first class. Tickets purchased with AAdvantage miles have lower taxes and fees, and a very consumer-friendly change and cancellation policy.

The best way to earn American Airlines AAdvantage miles is through transferring from RBC Avion points or Marriott Bonvoy points. However, the transfer ratios can be unfavourable compared to other transfer partner options, so think about it before you transfer.

ANA Mileage Club

We value ANA Mileage Club miles at 2 cents per point CAD. 

ANA remains the “holy grail” for many points and miles enthusiasts who are interested in visiting Japan, as award availability for ANA business class and ANA first class seats is best within their own program.

While you’ll have to look to transferring points earned in the United States to take advantage, it is definitely worth it to fly these two somewhat elusive products.

Atmos Rewards

Atmos Rewards is the new combined program after the merger of Alaska Airlines and Hawaiian Airlines. We value Atmos Rewards points at 2 cents per point CAD. The rebrand to Atmos hasn’t changed the fundamental reason we love this program: it has arguably the most diverse and high-value set of airline partners in the world.

For Canadians, the most exciting development is the deepening partnership with Porter Airlines, allowing us to use Atmos points to book Porter flights for sometimes as much as 6 cents per point CAD. Check out our guide on how to book Porter flights with Atmos Rewards points to learn more!

British Airways Avios

The Avios program is actually very vast and does not only include British Airways, as the name might suggest. The Avios currency encompasses British Airways, Finnair, Iberia, Qatar Airways, and Aer Lingus. We value Avios points at 2 cents per point CAD. 

Check out our guide on how to transfer Avios points between partner programs and on the value of transferring Avios points to partner programs to learn more about how flexible your points can be!

Cathay Pacific Asia Miles

We value Cathay Pacific Asia Miles at 1.5 cents per point CAD. Asia Miles is one of the last programs to use a fixed award chart, meaning that the amount of Asia Miles required for a flight redemption is solely dependent on the distance flown and the cabin class. This means that the usual downfalls of dynamic pricing, such as the time of year when traveling, have no effect. 

Asia Miles are also extremely useful for booking once-in-a-lifetime multi-carrier awards with their oneworld partners. Not to mention, Cathay business class and Cathay first class are both excellent products worth flying in their own right.

Delta SkyMiles

We value Delta SkyMiles at 1.5 cents per point CAD. Unfortunately, the point redemption cost of Delta SkyMiles is usually tied to the cash price of the ticket. This means that you are extremely unlikely to find any outsized value when using SkyMiles to redeem Delta flights. 

You can, however, redeem Delta SkyMiles for WestJet flights, which can present some pretty solid value on the right route and dates.

Emirates Skywards

We value Emirates Skywards miles at 1.3 cents per point CAD. The problem with the Skywards program is that Canadians do not have a great way of earning points. This makes it very difficult to make redemptions for their iconic first and business class products. 

Fortunately, you are in luck if you have access to the US credit card market. Capital One Miles and Chase Ultimate Rewards both transfer to Emirates at a ratio of 1:1, while American Express Membership Rewards US transfers at 5:4.

Etihad Guest

We value Etihad Guest miles at 1.3 cents per point CAD. While Etihad has moved toward more dynamic pricing for its own “The Residence” and First Class apartments, the program remains a sleeper hit for partner redemptions.

For Canadians, earning these is a bit of a grind and is done primarily through Marriott Bonvoy transfers or American Express Membership Rewards Canada transfers at 4:3 (which we don’t recommend). 

However, if you can bridge the gap using US credit cards (American Express Membership Rewards US, Citi, and Capital One all transfer 1:1), the value increases significantly when booking partners like Royal Air Maroc business class or Brussels Airlines. 

Do note that the ability to transfer to this program from American Express US will end in June 2026, and more importantly, the Etihad Guest cancellation policy for award flights can be downright brutal. Ensure you understand the ins and outs of that policy before you transfer points or make a booking.

JAL Mileage Bank

We value JAL Mileage Bank miles at 1.6 cents per point CAD. This is arguably one of the most valuable currencies in the world, but it’s notoriously “boutique” because it is so hard to earn.

Your only real path is transferring from Capital One Miles (4:3) and Marriott Bonvoy (3:1), which are tougher rates to swallow. If you can stockpile them, their distance-based award chart for partners is a goldmine. This means that you could fly Emirates or Qatar Airways business class products for a fraction of the points other programs charge.

Porter Airlines VIPorter

We value VIPorter points at 1.5 cents per point CAD. They offer great value within Porter Airlines’ network in North America, and are pretty easy to redeem for good value.

Don’t let this modest valuation cause you to overlook the program, as VIPorter is a fan-favourite for us lately at Frugal Flyer. With their swift expansion across North America and the BMO VIPorter World Elite Mastercard, VIPorter points are becoming stronger and more versatile.

Singapore Airlines KrisFlyer

We value Singapore Airlines KrisFlyer miles at 1.5 cents per point CAD. If you want to fly in the fancy Singapore Suites, this program is your only shot, as they rarely release long-haul premium cabin space to partners. 

Luckily, if you have access to US credit cards, you can transfer from American Express Membership Rewards US, Capital One, Chase Ultimate Rewards, and Citi ThankYou points to build your KrisFlyer miles balance.

Turkish Airlines Miles&Smiles

We value Turkish Airlines Miles&Smiles at 1.4 cents per point CAD. Unfortunately, the program had a few devaluations back-to-back in recent years, making its points less powerful. On top of that, their website is notoriously hard to use. 

However, if you utilize some search tools, you will still be able to find some great value using Miles&Smiles. Plus, this program has my favourite name!

United Airlines MileagePlus

We value United Airlines MileagePlus miles at 1.8 cents per point CAD. Unfortunately, United has fully embraced dynamic pricing, which means the “floor” for point value is stable, but the “ceiling” for outsized value has lowered. It will be hard to get outsized value from United moving forward. 

It can be hard to earn MileagePlus miles in Canada, but the best option is through the co-branded United MileagePlus Neo World Elite Mastercard.

Virgin Atlantic Flying Club

We value Virgin Atlantic Flying Club points at 1.4 cents per point CAD. Its main downfall is that Virgin Atlantic charges a boatload of taxes and fees when redeeming for a flight with their airline.

However, Virgin Atlantic Flying Club points are very valuable for redeeming for SkyTeam partners such as ANA business or first class flights, or even when redeeming Virgin points for intra-Europe flights.

WestJet Rewards

WestJet Rewards points have the most fixed valuation on the list, as 1 WestJet point is worth a maximum of 1 cent per point CAD.

Consistency is great when it comes to getting the most out of your points, but it does mean that there aren’t any excellent or outsized value redemptions to be had. WestJet points can also be redeemed towards seat selection and upgrades, but often at a lesser value than 1 cent per point.

Summary of Frequent Flyer Miles Valuations

Frequent Flyer Program	CAD Value (Cents Per Point)
Air Canada Aeroplan	2.0
Flying Blue (Air France/KLM)	1.7
American AAdvantage	1.8
ANA Mileage Club	2.0
Atmos Rewards (Alaska)	2.0
British Airways Avios	2.0
Cathay Pacific Asia Miles	1.5
Delta SkyMiles	1.5
Emirates Skywards	1.3
Etihad Guest	1.3
JAL Mileage Bank	1.5
Porter Airlines VIPorter	1.5
Singapore Airlines KrisFlyer	1.5
Turkish Miles&Smiles	1.4
United MileagePlus	1.8
Virgin Atlantic Flying Club	1.4
WestJet Rewards	1.0

Conclusion

Understanding these baseline valuations is essential for making that critical decision: should I pay cash or use my hard-earned points? As a general rule, if your specific redemption yields a value higher than the targets listed above, you should proceed with using points. However, if the value falls below these numbers, you are better off paying cash and saving your points for a future aspirational booking where you can extract a superior return on your investment.

Check out our valuation guide for hotel loyalty points and our valuation guide for bank loyalty points to make sure you are getting the best value possible on your next redemption.