AFF Point Valuations

[AFF Editor]

AFF has created a model that calculates the average value of a frequent flyer point in 12 different airline programs. It's not 100% perfect - no model is - but it should give you a pretty good benchmark, and make it easier to compare the value of points in different frequent flyer programs!

You can read in lots of detail how the model works, and our findings, here:

How Much a Frequent Flyer Point is Worth: Our Valuations

We've created a sophisticated model that calculates the average value to an Australian of frequent flyer points and credit card reward points with different programs. Find out which programs have the most and least valuable points!

www.australianfrequentflyer.com.au

These are the average values, and the range of values we found, for each of the 12 programs analysed as of July 2025:



We intend to update our valuations periodically, so these values will likely change over time.

Feel free to share your thoughts and comments in this thread!

 

[levelnine]

This would have taken an enormous amount of work. Well done.

It's interesting to compare to equivalent projects in the US: see, eg, Reasonable Redemption Values (RRVs).

It's striking that, as you note, this chart doesn't include Qantas' upcoming devaluation, which will drop their value. With that next drop, Qantas points will start to get very close to Classic Plus (1.5c/pt in premium cabins). As I've mentioned elsewhere, it means Qantas has solved the award availability problem — by devaluing points so much that Classic Plus basically reflects what they're worth!

 

[diamondhands]

Much better analysis than the garbage Point Hacks post for their valuations.

 

[AFF Editor]

This would have taken an enormous amount of work. Well done.

This has been months in the making, so we're happy to be able to share our findings with the AFF community today.

 

[Mwenenzi]

Much better analysis than the garbage Point Hacks post for their valuations.

Do you realize Point Hacks and AFF are one and the same.
Point Hacks purchased AFF from its founder some years ago.

 

[Human]

This is really interesting and I love the way that, unlike other attempts to value points, you've gone about it objectively and even scientifically! A few other thoughts...

• It reinforces the value of AmEx Membership Rewards, which can be used to acquire points in 3 of your top 4 programs at a 2:1 ratio.
• I wasn't expecting to see Virgin Atlantic at the top of the list but it's difficult to argue with your methodology.
• I do wonder whether you've undervalued KrisFlyer somewhat -- yes, it has its limitations (3 year expiry!) and it's getting more difficult to accumulate KrisFlyer miles in Australia, but it's relatively easy to find good-value redemptions and it's part of a top-shelf airline alliance. To me, at least, KrisFlyer points are more valuable and useful than Qantas and Velocity points.

Overall though this is great work and I'll be bookmarking the article and referring to it often!

 

[diamondhands]

Do you realize Point Hacks and AFF are one and the same.
Point Hacks purchased AFF from its founder some years ago.

Oh I realise. Doesn’t change the fact the content Points Hacks posts is mostly rubbish and what gets posted here is more thoughtful.

 

[andye]

Given the ability to swop between programmes QR Avios value is effectively the same as BA/AY/IB but slightly widens the earning and redemption ability. None of the other Avios are easier to earn with credit card in Aus.

KF feels undervalued to me given premium availability. Comes down on expiry (+Amex earn) as you say

 

[oz_mark]

Much better analysis than the garbage Point Hacks post for their valuations.

Even so, the valuations between Point Hacks and AFF don't look that far apart -

 

[WilsonM]

Given the ability to swop between programmes QR Avios value is effectively the same as BA/AY/IB but slightly widens the earning and redemption ability. None of the other Avios are easier to earn with credit card in Aus.

Agree with this - When we first started with this many months ago, BA wasn't added - we didn't feel that the value of BA was markedly different to QR in the majority of respects, and it didn't seem worth adding. Maybe in future additions we can.

I do wonder whether you've undervalued KrisFlyer somewhat -- yes, it has its limitations (3 year expiry!) and it's getting more difficult to accumulate KrisFlyer miles in Australia, but it's relatively easy to find good-value redemptions and it's part of a top-shelf airline alliance. To me, at least, KrisFlyer points are more valuable and useful than Qantas and Velocity points.

KF feels undervalued to me given premium availability. Comes down on expiry (+Amex earn) as you say

We got surprised when we did this, as both Matt and I really do recommend KrisFlyer as a good program, and we still would. But as you both say, it does get impacted by ease of earn and the 3 year hard expiry, as well as some pretty high points requirements on routes we tested.

I do agree that availability is great especially for premium cabins, hence why we put it in the top category - but the raw cents per point value was surprisingly low for some routes, such as Australian domestic routes.

For those who know where to use their KrisFlyer miles (AFFers), they'll probably get a lot more value from each individual mile than our valuation. But for someone who only earnt KF miles by doing a return Y flight to Europe, chances are their only option is a domestic Y redemption or something like this - where KF performs worse.

Definitely doesn't mean you're wrong if you value KF miles higher either.

 

[Dr Ralph]

Not sure that I agree with the methodology that you have employed and therefore the conclusions that you have reached, but nonetheless a very useful and clearly explained point of reference. Well done.

 

[drcam]

Thank you for your work. This is a very useful reference document.
It would be good to also release an estimate of the worth, for airline miles manipulators, of each Amex MR point in Ascent/Ascent Plus, and Citi Prestige rewards, etc.

 

[RAM]

How about creating a more user-defined listing....

This should be pretty simple to do (cough/u/ming a spreadsheet of some sort was used to create the results).

Using the routes shown in the article, provide a value per point for purely domestic redemptions and a value for international redemptions, to complement your 'total' valuation figure.

This way, people who predominantly only redeem for domestic will get a more accurate result for their circumstances, those who target international will similarly get a more accurate indication. Win, win & win outcome?

 

[AFF Editor]

It would be good to also release an estimate of the worth, for airline miles manipulators, of each Amex MR point in Ascent/Ascent Plus, and Citi Prestige rewards, etc.

Watch this space.

 

[kpc]

Well done. Whether you agree or not with the methodology used, this analysis involved a lot of work and you explained how you calculated the values so very well done. I'm a bit surprised by the (under) valuing of KrisFlyer but Wilson does explain this. At the end of the day, the wise approach is to have miles available in as many programs as possible.

Just today I booked a saver J on Sq with Krisflyer miles for +1 from Ams to Syd to go with the earlier Syd-Man that I had booked earlier. This is when I attend conferences in Manchester and Amsterdam next year where my airfares are covered by work.

 

[Sbsydney]

Thanks very much - really useful.

It would be great to allow some user manipulation of weightings. Those of us who hoard our points in Amex would assign 0% to points expiry policies, for example.

 

[AviatorPJ]

I agree with your only rating of Very Good for "Redemption Experience" with Aeroplan. IMHO their call centre experience has been outstanding. Useful to check Montreal time with one's own call time from Aus. beforehand to assist mitigate any length of time on hold. Overall, really appreciate the extensive work undertaken, Matt G., Wilson M., and method shared.

Next iteration - perhaps consider the value implications for bonus points/discount pricing on the key programmes? Since VR, AC and QR each now offer bonus/discount point purchase options?
Renewed thanks for sharing this thoughtful work.

 

[RooFlyer]

Very instructive, thanks. Could 'ability to purchase points at less than our valuation' be factored in to the weighting, somehow?

 

[flyguy77]

Appreciative of the time & research involved BUT any methodology that spits out a result of Qantas Points (and Velocity Points) being more valuable than Krisflyer Miles is flawed in my books.

If I theoretically offered to swap my 500,000 Qantas Points for 500,000 Krisflyer Miles I think it would be a long, long wait for any takers....

 

[drcam]

Qantas points to me have far less value simply for the fact that available premium redemptions in Qantas are next to nil.

Qantas business class is also inferior to a lot of other business classes. That's not an insult, that's an objective statement.