The redemption sets the value
Statement credits and cash out usually pay around one cent a point in flexible programs.
Gift cards and merchandise often pay less.
Transfers to airline and hotel partners can pay more, sometimes much more, for the right award.
Why published valuations run high
Many published valuations assume premium-cabin flights or peak hotel nights.
If you would not have paid cash for that trip, the real value to you is lower.
Use a valuation you have actually achieved, not a best case.
A planning rule
Value flexible points at one cent unless you transfer them regularly.
Value airline and hotel points lower than flexible points, because you can use them in fewer ways.
When two cards are close, prefer the one paying cash or flexible points.
