Whether you are considering adding a new credit card to your wallet or you’ve just gotten approved for a new credit card with a hefty welcome bonus, you might be wondering how much value you can expect to get from your welcome bonus. Simply put, not all bank loyalty programs are the same, and the currencies of each loyalty program can differ greatly in value, in addition to having different methods of redemption to receive maximum value.
To better understand how these currencies compare and how you can get the most value from them, I’ve shared my valuation methodology and estimated valuations for the major bank loyalty program points in Canada and the United States. Let’s get into it.
Bank Loyalty Program Points: Valuation Methodology
There is a two-pronged approach to determining the value of bank loyalty program points, as the valuation methodology is a bit different depending on whether they are fixed-value or flexible points.
Many of the bank loyalty program points issued by financial institutions in Canada tend to lean towards the fixed-value side of the spectrum (with a few exceptions). This means that there is typically a ceiling as to the value you can expect to receive when redeeming these points, and you should always be shooting for that ceiling when making a redemption to receive the maximum value. Since there is a ceiling, it is easy to set a valuation for these points currencies.
On the other end of the spectrum are flexible bank loyalty program points. These are points that can be transferred to frequent flyer and hotel loyalty program partners, which greatly increases their value and removes any sort of theoretical ceiling on redemption value. Instead, to properly evaluate these currencies, we will look at what you should aim to receive when making a redemption based on available partners and redemption options.
The valuations with these flexible currencies are tougher to determine, but the number we provide should be a rough estimate of what you should aim for when redeeming. That being said, always make the redemption you actually want, as opposed to only being focused on the highest cent per point redemption.
Canadian Bank Points: Valuations
American Express Membership Rewards
American Express Membership Rewards points are a flexible points currency and are valued at approximately 2 cents per point.
The greatest value that Membership Rewards points offer is that they are the most transferable points currency in Canada, offering the ability for cardholders to convert their points to other valuable programs, including Air Canada Aeroplan, British Airways Avios, and Marriott Bonvoy. This is where outsized value can be received if you can make some high-value redemptions, such as business class or first class flights, or aspirational hotel bookings.
While we would always recommend transferring your Membership Rewards points to a partnered loyalty program, cardholders can also redeem their points via the American Express Fixed Points Travel Program, where they can receive up to 2 cents per point in value when booking flights that fall within a specific band. If you want to learn how you can get the most out of your points, check out our guide to the American Express Membership Rewards program.
If you want to build your Membership Rewards points balance, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
120,000 Membership Rewards points Estimated value: $2,400 |
|
 |
100,000 Membership Rewards points Estimated value: $2,000 |
|
 |
60,000 Membership Rewards points Estimated value: $1,200 |
|
BMO Rewards
BMO Rewards points are a fixed-value currency and are valued at 0.67 cents per point, or 100 BMO Rewards points equals $0.67.
To get the maximum value from your BMO Rewards points, you can redeem them towards ‘Book Any Way Travel’ at a rate of 0.67 cents per point. This is an excellent redemption method as it allows cardholders to apply their points towards eligible travel transactions already made on their credit card, including flights, hotels, and other travel purchases.
A second redemption option would be to cash out your BMO Rewards points for a credit towards a BMO investment account. Eligible investment accounts include the BMO Premium Rate Savings Account, the BMO Smart Saver Account, and BMO Investorline accounts. Using your BMO Rewards points for this redemption method also results in the maximum value of 0.67 cents per point. If you want to learn more about getting the most out of your points, check out our guide to the BMO Rewards program.
If you want to build your BMO Rewards points balance, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
120,000 BMO Rewards points and $100 FlyerFunds Estimated value: $904 Ends Jan 31, 2026 |
|
 |
100,000 BMO Rewards points Estimated value: $670 Ends Dec 13, 2025 |
|
 |
90,000 BMO Rewards points and $125 FlyerFunds Estimated value: $728 Ends Jan 31, 2026 |
|
CIBC Aventura Points
CIBC Aventura points are a fixed-value currency and are valued at 1 cent per point, or 100 Aventura points equals $1.
To receive 1 cent per point, cardholders can book travel via the CIBC Rewards Travel Centre, which is an online travel agency where members can book flights, hotels, and other eligible travel bookings. Cardholders can also redeem their points through the Shopping With Points feature, which offers a value of 1 cent per point towards a travel purchase that was recently charged on the card.
There is another redemption option available, which can offer increased value, and that is the CIBC Aventura Airline Rewards Chart. Cardholders can redeem their CIBC Aventura points for flights within a destination band that cost up to a set value, offering cardholders in excess of 2 cents per point for certain itineraries. If you want to learn how to get the most out of your points, check out our guide to the CIBC Aventura loyalty program.
If you want to earn more points, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
100,000 Aventura points Estimated value: $2,200 |
|
 |
100,000 Aventura points Estimated value: $2,200 |
|
 |
80,000 Aventura points Estimated value: $1,760 |
|
MBNA Rewards
MBNA Rewards points are a fixed-value currency and are valued at 1 cent per point, or 100 MBNA Rewards points equals $1.
If you are interested in receiving the maximum value for your MBNA Rewards points, you will need to book travel via the MBNA Rewards Travel Portal. This portal is similar to booking travel through any online travel agency, and cardholders can redeem their points towards flights, hotels, vacation packages, car rentals, and more.
Another slightly less valuable option is redeeming MBNA Rewards points for gift cards, which will result in your points being worth 0.88 to 0.89 cents per point. If you don’t have any travel that you need to book, this is a pretty solid option. If you want to learn more about how to get the most out of your points, check out our guide to the MBNA Rewards loyalty program.
If you want to earn more points, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
30,000 MBNA Rewards points and $125 FlyerFunds Estimated value: $425 |
|
 |
10,000 MBNA Rewards points and $75 FlyerFunds Estimated value: $175 |
|
National Bank À la Carte Rewards
National Bank A la Carte Rewards points are a fixed-value currency and are valued at 1 cent per point, or 100 A la Carte Rewards points equals $1.
If you are interested in redeeming your National Bank A la Carte Rewards points for maximum value, you will need to make travel bookings via the A la Carte Travel Agency powered by Transat. Points will be worth 1 cent per point when redeemed through this method, and cardholders can make flight, hotel, and other travel bookings similar to any online travel agency.
A la Carte Rewards points can also be redeemed towards ‘Book Any Way Travel’, which are travel purchases that have already been charged to the eligible National Bank credit card. This redemption option offers slightly less value, but can still be good if you are someone who values flexibility in how you book your travel.
However, the value you can expect to receive from the ‘Book Any Way Travel’ redemption option depends on how many points you are redeeming. If you are redeeming fewer than 55,000 points, your points will be redeemed at a rate of 0.833 cents per point, or 12,000 points = $100 in travel credit.
On the other hand, if you are redeeming more than 55,000 points, your points will be redeemed at a rate of 0.91 cents per point, or 11,000 points = $100 in travel credit. If you want to learn more about how you can get the most out of your points, check out our guide to the National Bank A la Carte Rewards program.
If you want to earn more points, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
25,000 À la carte Rewards Estimated value: $250 Ends Feb 2, 2026 |
|
 |
None Estimated value: $0 |
|
RBC Avion Rewards
RBC Avion Rewards points are both a fixed-value and flexible currency that are valued at 2 cents per point.
The greatest value you can expect to receive for your RBC Avion Rewards points is by transferring them to frequent flyer programs. Points can be transferred to British Airways Avios at a rate of 1:1, Cathay Pacific Asia Miles at a rate of 1:1, and American Airlines AAdvantage at a rate of 10:7. RBC Avion Rewards does offer transfer bonuses multiple times during the year, so keep an eye out for these opportunities to receive even more points.
All three of these frequent flyer programs offer some exceptional redemption opportunities, such as Etihad First Class bookable on AAdvantage, Cathay Pacific First Class bookable with Asia Miles, and Japan Airlines Business Class bookable with Avios.
Cardholders can also transfer their Avion points to the WestJet Rewards program at a rate of 1:1, but since this is a fixed redemption program, they will only receive a value of 1 cent per point. This probably isn’t a great transfer option, unless you are desperate for WestJet points.
If you would prefer a simpler option than transferring your points and finding award availability, the RBC Air Travel Redemption Schedule is another great redemption option that offers between 2-2.33 cents per point. If you want to learn more about maximizing your points, check out our guide to the RBC Avion Rewards program.
If you want to earn more points, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
70,000 Avion points Estimated value: $1,330 |
|
 |
35,000 Avion points Estimated value: $665 |
|
 |
35,000 Avion points Estimated value: $665 |
|
Scene+ Points
Scene+ points are a fixed-value currency and are valued at 1 cent per point, or 100 Scene+ points equals $1.
To get the maximum value from your Scene+ points, you can either redeem them towards ‘Book Any Way Travel’, Scene+ Travel by Expedia, towards grocery or liquor purchases, or towards purchases at Cineplex, Playdium, or the Rec Room. While all of these redemption options may have different minimum redemption amounts, members will always receive a value of 1 cent per Scene+ points redeemed.
Simply put, as long as you aren’t using your Scene+ points for a statement credit or towards gift cards, you should receive the maximum value. Refer to our guide about Scene+ points for more details about the Scene+ program
If you want to build your Scene+ points balance, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
80,000 Scene+ points and $200 FlyerFunds Estimated value: $1,000 Ends Jan 1, 2026 |
|
 |
80,000 Scene+ points and $200 FlyerFunds Estimated value: $1,000 Ends Jan 1, 2026 |
|
 |
50,000 Scene+ points and $150 FlyerFunds Estimated value: $650 Ends Jan 1, 2026 |
|
TD Rewards
TD Rewards points are a fixed-value currency and are valued at 0.5 cents per point, or 100 TD Rewards points equals $0.50.
To get the maximum value from your TD Rewards points, you’ll need to book travel via Expedia for TD. Whether you are booking flights, hotels, or any other travel-related bookings, TD Rewards points can be redeemed at a rate of 0.5 cents per point when using this platform.
If you would rather redeem TD Rewards points against your own travel purchases, ‘Book Any Way Travel’ is an option that allows cardholders to redeem their points at a slightly lower rate of 0.44 cents per TD Rewards point. While not as optimal, it is a great redemption option for cardholders who don’t want to book through Expedia. Refer to our guide about TD Rewards points for more details about the TD Rewards program.
If you want to build your TD Rewards balance, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
175,000 TD Rewards points Estimated value: $875 |
|
 |
165,000 TD Rewards points Estimated value: $825 |
|
 |
50,000 TD Rewards points Estimated value: $250 |
|
United States Bank Points: Valuations
American Express Membership Rewards
American Express Membership Rewards points (US) are a flexible points currency and are valued at 1.7 cents USD per point.
American Express Membership Rewards are the gold standard transferable currency in the United States, as they offer many transfer partners and frequent transfer bonuses, offering even more value from your earned points. Many of the transfer partners available via Membership Rewards also also available from other programs in this article, but the fact that there are so many Membership Rewards earning cards available makes it stand out as an excellent loyalty program amongst the crowd.
If you want to build your Membership Rewards balance, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
200,000 Membership Rewards points Estimated value: $4,000 |
|
 |
100,000 Membership Rewards points Estimated value: $2,000 |
|
 |
80,000 Membership Rewards points Estimated value: $1,600 |
|
Capital One Miles
Capital One Miles are a flexible points currency and are valued at 1.7 cents USD per point.
Since Capital One Miles are a flexible points currency, cardholders will receive the most value for their points when transferring them to partnered frequent flyer and hotel loyalty programs.
Capital One partners with over 18 loyalty programs, including popular options such as Air Canada Aeroplan, Air France KLM Flying Blue, and British Airways Avios. Refer to our guide about Capital One Miles for more details about the Capital One Miles loyalty program.
If you want to build your Capital One Miles balance, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
400,000 Capital One Miles Estimated value: $7,400 |
|
 |
100,000 Capital One Miles Estimated value: $1,850 |
|
 |
75,000 Capital One Miles Estimated value: $1,388 |
|
Chase Ultimate Rewards
Chase Ultimate Rewards points are a flexible points currency and are valued at 1.7 cents USD per point.
As a flexible currency, you will receive the best value for your points by transferring them to frequent flyer and hotel loyalty program partners.
Chase Ultimate Rewards has a unique loyalty program transfer partner, World of Hyatt, which is often the go-to transfer partner. World of Hyatt has many valuable redemption opportunities and still offers an award chart as opposed to dynamic pricing. Refer to our guide about Chase Ultimate Rewards points for more details about the Chase Ultimate Rewards program.
If you want to build your Chase Ultimate Rewards balance, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
200,000 Ultimate Rewards points Estimated value: $3,400 |
|
 |
100,000 Ultimate Rewards points Estimated value: $1,700 |
|
 |
90,000 Ultimate Rewards points Estimated value: $1,530 |
|
Citi ThankYou Rewards
Citi ThankYou Rewards points are a flexible points currency and are valued at 1.7 cents USD per point.
Similar to other bank loyalty program points in the United States, the best value for your Citi ThankYou Rewards points is to transfer them to frequent flyer and hotel loyalty program partners.
Citi has 18 partnered programs, making it easy to find a partner that is worth transferring to as you look to book your next vacation. Refer to our guide about Citi ThankYou Rewards points for more details about the Citi ThankYou Rewards program.
If you want to build your Citi ThankYou Rewards balance, we’ve captured the cards with the current best welcome bonuses below:
| Credit Card | ||
|---|---|---|
 |
100,000 ThankYou Points Estimated value: $2,000 |
|
 |
60,000 ThankYou Points Estimated value: $1,200 |
|
 |
30,000 ThankYou Points Estimated value: $600 |
|
Wells Fargo Rewards
Wells Fargo Rewards points are a flexible points currency and are valued at 1.4 cents USD per point.
Wells Fargo Rewards points are valued slightly less than points from other bank loyalty programs in the United States, as the range of transfer partners is much smaller comparatively. While popular partners like Air France KLM Flying Blue, British Airways Avios, and Virgin Atlantic Flying Club are all available to transfer to (in addition to a few more programs), the smaller number of options results in a lower valuation.
Summary of Bank Points Valuations
Canadian Banks
| Loyalty Program | Value Per Point (Cents) |
|---|---|
| American Express Membership Rewards | 2.00 |
| BMO Rewards | 0.67 |
| CIBC Aventura Points | 1.00 |
| MBNA Rewards | 1.00 |
| National Bank Bank À la Carte Rewards | 1.00 |
| RBC Avion Rewards | 2.00 |
| Scene+ | 1.00 |
| TD Rewards | 0.50 |
United States Banks
| Loyalty Program | Value Per Point (Cents*) |
|---|---|
| American Express Membership Rewards | 1.70 |
| Capital One Miles | 1.70 |
| Chase Ultimate Rewards | 1.70 |
| Citi ThankYou Rewards | 1.70 |
| Wells Fargo Rewards | 1.40 |
Conclusion
Understanding how much your bank loyalty program points are worth is an important piece of information to ensure you aren’t selling yourself short when it comes to earning and redeeming your points. Whether you are looking to burn your existing points balances or are trying to plan ahead for your next credit card application, keep these valuations in mind as you continue your journey in the world of miles and points.
Josh Bandura
Latest posts by Josh Bandura (see all)
- Best Credit Cards in Canada (December 2025) - Dec 1, 2025
- Best Bank Accounts in Canada (December 2025) - Dec 1, 2025
- Hilton Honors Diamond Reserve: A New Elite Tier Approaches - Nov 29, 2025
- How Much Are Bank Loyalty Program Points Worth? - Nov 14, 2025
- How to Get a Bank of America Credit Card with an ITIN - Nov 8, 2025
