What’s a point worth? Here is Australian Frequent Flyer’s latest valuation

Knowing the rough value of a point is an essential step in your planning. Why? Because it’ll help you plan how to earn and use your points systematically and rationally.

While Point Hacks previously maintained its own point valuations, we have now aligned with Australian Frequent Flyer’s (AFF’s) valuations, which are calculated objectively and updated quarterly. In this guide, we run through the valuations and briefly summarise AFF’s methodology.

Ultimately, everyone will value points differently, so think of these as a guide rather than a gospel.

AFF’s points valuations – December 2025

Here is AFF’s valuation as of December 2025. Compared to the August 2025 valuation, there have been a few changes:

• The value of Qantas Points and Singapore Airlines KrisFlyer miles both went down due to these programs having a devaluation during that period, with increases in the number of points or miles needed for many redemptions. In Qantas’ case, the amount of carrier charges also increased.
• Atmos Rewards (a new combined program for Alaska Airlines and Hawaiian Airlines) launched during that period and made its debut, taking out the top spot due to its excellent redemption rates and wide range of partners.

Program name	Est. value per point (cents AUD, as of Dec 2025)
Atmos Rewards (Alaska Airlines)	2.5
Flying Club (Virgin Atlantic)	2.2
Privilege Club (Qatar Airways)	2.1
Cathay (Cathay Pacific)	2.1
Flying Blue (Air France/KLM)	1.9
Aeroplan (Air Canada)	1.7
Velocity Frequent Flyer (Virgin Australia)	1.7
Qantas Frequent Flyer (Qantas)	1.6
MileagePlus (United)	1.5
KrisFlyer (Singapore Airlines)	1.5
Etihad Guest (Etihad)	1.4
Skywards (Emirates)	1.3
Airpoints (Air New Zealand)	1.0

How does AFF calculate its valuations?

The ‘basket method’

To build its estimate, AFF uses a method similar to how economists calculate inflation: rather than picking one redemption, it constructs a “basket” of 16 typical redemptions Australians might choose, including gift cards, economy and business reward flights, and upgrades.

Each redemption is converted to a “cents per point” figure by comparing the reward’s cash price to the number of points required, accounting for any taxes and carrier charges. AFF then calculates an average for each program by removing the highest and lowest value in the basket (a trimmed mean) to avoid skew from outliers.

Taking into account program quirks

Finally, AFF applies a qualitative weighting of up to 20 per cent based on factors that affect how useful points are for Australian members – such as reward flight availability, ease of redeeming points online, consistency of redemption pricing, points expiry rules, and how easy it is to earn points domestically.

This adjustment reflects the likelihood that an average Australian traveller can actually use the points for good value. For example, Singapore Airlines’ three-year hard expiry on miles and recent increase in the number of points needed have impacted its valuation.

That’s not to say it’s a bad program – it still offers some of the best availability we’ve seen and some sweet spots still exist. But these factors do make it harder for the average Australian member to consistently extract top-end value unless they’re actively managing their balances and redemptions.

The final result

Together, this approach produces an average valuation in Australian cents per point, which can serve as a benchmark for comparing loyalty programs and for deciding whether specific redemptions or earning strategies offer good value.

Remember – no methodology is perfect. The value of your points ultimately depends on how you acquired them and how you eventually redeem them.

But AFF’s method provides a practical, Australian-focused benchmark to help you compare programs, assess offers and decide whether a redemption is genuinely good value.

Read more about AFF’s methodology here →

Recent guide updates by Brandon Loo.