Airline Miles Worth More in 2026 as Cash Fares Outpace Award Prices

Full analysis

Airfare has risen roughly 26% over the past year, but award prices on some major U.S. airlines have not kept pace, meaning the same miles now buy more travel than before. NerdWallet's annual analysis of loyalty programs found American Airlines AAdvantage miles jumped from 1.3 to 1.7 cents each — the highest value among domestic carriers — while Alaska Atmos and Southwest Rapid Rewards both rose to 1.4 cents. Delta, United, and JetBlue values held flat. On the hotel side, World of Hyatt points remain the strongest at 1.8 cents each, more than double any competing hotel program, despite a restructured award chart introduced in May 2026. Marriott Bonvoy points fell from 0.8 to 0.7 cents after award costs rose at roughly 95% of its properties, and the program's shift to fully dynamic pricing makes redemptions harder to plan in advance. For travelers with accumulated points or miles — including those using rewards cards in retirement — the practical upshot is to prioritize American, Alaska, and Southwest for air redemptions, and Hyatt for hotel stays, while reconsidering how much weight to put on Marriott points.