How Much Are Points Worth? (Quarter 3 2025)

We’re now in Quarter 3 of 2025, and it’s once again time to revisit our Points Valuations, which we update on a quarterly basis.

Late in Quarter 2, 2025, Aeroplan made the most significant changes to the program since its relaunch in Fall 2020 with the debut of a revamped Flight Reward Chart.  The program should be updating the median values any day now, and I’m keen to see what (if anything) changes.

On April 30, 2025, WestJet Rewards underwent a massive transformation. WestJet dollars became WestJet points, and many of the program’s previous pain points were eliminated. 

Meanwhile, Porter Airlines launched a duo of co-branded credit cards with BMO this spring. VIPorter points are now easier than ever before to earn, and as an added bonus, there are excellent redemption opportunities for economy travel within North America.

South of the border, Amex US Membership Rewards has seen a few rather significant changes in the recent past. You’re no longer able to convert MR points into HawaiianMiles (and thus to Alaska miles), and the transfer ratio to Emirates Skywards has been devalued.

Before we delve into the valuations, a friendly reminder that the focus of these valuations lies in the target redemption value of each points currency, rather than the acquisition cost that you might incur (which can vary significantly depending on how you prefer to earn points).

Air Canada Aeroplan

In late March, Aeroplan published a new Flight Rewards Chart, and made the most significant changes to the program we’ve seen since its relaunch in Fall 2020.

A handful of partner airlines – officially termed as Select Partners – became subject to dynamic pricing, and our initial analysis showed a bit of a mixed bag.

One aspect of the new chart that I’m keeping a close eye on is the median values, which are supposed to be updated every quarter. I haven’t noticed a refreshed Flight Reward Chart yet, but I’m curious to see what changes (if anything does).

Aeroplan remains an excellent loyalty program – one of the best in the world – and we’re fortunate in Canada to have so many ways to access it. 

• Continued valuation: 2.1 cents per point (CAD)

WestJet Rewards

In late April, WestJet Rewards underwent a significant overhaul as WestJet dollars became WestJet points, and the ways in which you can earn and redeem WestJet points were expanded.

It’s true that the program is better than it used to be, while it’s important to acknowledge that there were negative changes announced last fall, too. Many of the pain points – like only being able to redeem WestJet points against the base fare – were removed, and the program remains a simple, straightforward program (which is by design).

In my opinion, the program still doesn’t really allow for a lot of intrigue, since it’s essentially a fixed-value points program that’s more aligned with Scene+, CIBC Aventura, TD Rewards, BMO Rewards, etc., than it is with, say, Aeroplan or VIPorter. 

In fact, if your primary goal is to save money on WestJet flights through earning rewards on credit cards, I’d argue you’re much better off earning Scene+ points instead.

In some cases, you can get a slight amount of outsized value through Member Exclusive Fares, but in most cases, you can redeem WestJet points at 1 cent per point (against base fares, Other ATC, baggage fees, and seat selection fees during the booking process), or for slightly less for third-party taxes and fees or redemptions applied after the booking.

• Valuation: 1 cent per point (CAD)

VIPorter

This spring, Porter Airlines launched its first-ever co-branded credit cards in conjunction with BMO. Prior to this, coming across VIPorter points was rather difficult, which was a shame since the program offers excellent opportunities for economy redemptions.

Presently, Porter Airlines is undergoing a rapid expansion of its fleet, and it offers a growing roster of destinations across Canada, the United States, Mexico, the Caribbean, and Costa Rica.

If you’re based in Toronto, Ottawa, or even Montreal, you’ll have the best access to Porter’s network, and the program should definitely be on your radar for great economy redemptions within North America.

It’s not uncommon to get redemption values north of 2–3 cents per point, which is a high standard for economy redemptions. 

Plus, the transatlantic redemption rates with Air Transat are a great deal, and Porter’s growing relationship with Alaska Airlines (and other carriers) is definitely something to keep an eye on.

For now, we’ll maintain a very conservative valuation of VIPorter points, though I imagine this figure will grow as the program offers even more flexibility to members.

• Valuation: 1.5 cents per point (CAD)

American Express US Membership Rewards

In the United States, American Express Membership Rewards has seen some adjustments to its roster of transfer partners in the recent past.

Ever since 1:1 points transfers between Alaska Airlines Mileage Plan and HawaiianMiles became possible, many members of the Miles & Points community have been converting their US MR points into Hawaiian miles, and then to Alaska miles.

This represented an outstanding opportunity to pad your Mileage Plan balance, as Alaska miles are generally quite difficult to earn.

As of June 30, 2025, HawaiianMiles is no longer a transfer partner with US Membership Rewards, which means that Alaska miles are once again relatively inaccessible.

Meanwhile, the transfer ratio for Emirates Skywards was recently devalued from 1:1 to 5:4. In other words, you’ll get 20% fewer Skywards miles than you used to. 

There are still plenty of outstanding ways to get outsized value from your US MR points, but they’re not quite as flexible as they used to be.

• Continued valuation: 2.5 cents per point (CAD) / 1.8 cents per point (USD)

Points Valuations, Quarter 3 2025

Here’s a summary of our Points Valuations for Quarter 3 of 2025. You can refer to the Points Valuations page for a full list with additional notes.

Conclusion

The second quarter of 2025 saw some positive improvements which is great for Miles & Points enthusiasts, while others changed for the worse.

Remember, treat these numbers as merely a suggestion for reasonable target redemption values when deciding whether to redeem points or pay cash for your next trip.

Ultimately, the value derived from every redemption will be subjective to the individual traveller, and our valuations are designed to illustrate an average benchmark across the community to help inform your decision as you consider your next points redemption.