Releases / R2, September 2026
Points bought 3.4% more in September. Hotel points fell 9.6%.
I priced the same flights and hotel nights in August and again in September, once in points and once in cash. In September 2026 (Release R2, prices checked September 4–10), one airline or hotel point bought 3.4% more travel than in August, across 151 searches priced in both months: prices in points fell 7.3% and cash prices fell 3.7%. That put the index at 103.4, where August 2026 is 100.
Value of one point, all programsRelease R2 · September 2026
103.4Index points · August 2026 = 100
Nº R2·2026·09 · 176 searches
How to read 103.4: the index started at 100 in August 2026. At 103.4, one point buys 3.4% more travel than it did then.
Table A. Summary · change from August to September
| Measure | Change | Trips compared |
|---|---|---|
| Value of a point | +3.4% | 151 |
| Price in points | −7.3% | 151 |
| Price in cash (US$) | −3.7% | 168 |
| Airline points | +9.5% | 106 |
| Hotel points | −9.6% | 45 |
Each figure compares the same trip, booked the same number of days ahead, in both months. Trips without a price in either month are left out.
Chart 1. Change in the value of a point, by program · Aug → Sep
Show the numbers as a table
| Program | Change | Trips compared |
|---|---|---|
| Air Canada Aeroplan | −8.8% | 6 |
| Air India Maharaja Club | +3.4% | 6 |
| American AAdvantage | +18.9% | 6 |
| ANA Mileage Club | +1.1% | 6 |
| Atmos Rewards | +10.0% | 6 |
| British Airways Club | −1.6% | 3 |
| Cathay Asia Miles | −9.6% | 3 |
| China Southern Sky Pearl | −25.7% | 4 |
| Delta SkyMiles | −0.8% | 6 |
| Emirates Skywards | +21.5% | 4 |
| Ethiopian ShebaMiles | −0.4% | 4 |
| Etihad Guest | +25.6% | 6 |
| Korean Air SKYPASS | +11.5% | 4 |
| LATAM Pass | −2.9% | 6 |
| Qantas Frequent Flyer | +49.9% | 6 |
| SAS EuroBonus | +55.5% | 6 |
| Singapore KrisFlyer | −12.2% | 6 |
| Turkish Miles and Smiles | +18.0% | 6 |
| United MileagePlus | −5.5% | 6 |
| Virgin Atlantic Flying Club | +52.2% | 6 |
| Choice Privileges | −11.7% | 8 |
| Hilton Honors | +2.1% | 6 |
| IHG One Rewards | +2.0% | 6 |
| Marriott Bonvoy | −18.1% | 8 |
| Radisson Rewards | −15.5% | 8 |
| World of Hyatt | −15.9% | 3 |
| Wyndham Rewards | −5.2% | 6 |
The biggest moves
Single trips whose value per point changed the most. Big swings usually mean a program priced one date very differently, not a change across the whole program.
Table B. Biggest gains · value of one point
| Trip | Points | Value |
|---|---|---|
| SAS EuroBonus Copenhagen → San Francisco, economy · ~60 days ahead | 381,140 → 30,000 | 0.66¢ → 8.42¢ +1183% |
| Virgin Atlantic Flying Club London → Bangalore, economy · ~60 days ahead | 42,000 → 6,000 | 0.93¢ → 9.46¢ +921% |
| Etihad Guest Abu Dhabi → New York, business · ~60 days ahead | 462,459 → 120,000 | 0.80¢ → 3.08¢ +285% |
| Turkish Miles and Smiles Istanbul → Johannesburg, economy · ~60 days ahead | 70,000 → 24,500 | 0.92¢ → 3.06¢ +231% |
| Qantas Frequent Flyer Sydney → Vancouver, economy · ~180 days ahead | 145,200 → 48,200 | 0.85¢ → 2.64¢ +210% |
Table C. Biggest drops · value of one point
| Trip | Points | Value |
|---|---|---|
| Singapore KrisFlyer Singapore → Seattle, economy · ~60 days ahead | 44,000 → 44,000 | 2.19¢ → 1.06¢ −52% |
| Choice Privileges Cambria Hotel LAX · ~180 days ahead | 40,000 → 30,000 | 1.54¢ → 0.75¢ −51% |
| Turkish Miles and Smiles Istanbul → Johannesburg, business · ~180 days ahead | 75,000 → 150,000 | 4.10¢ → 2.05¢ −50% |
| World of Hyatt Hyatt Regency Times Square · ~60 days ahead | 30,000 → 30,000 | 2.79¢ → 1.61¢ −42% |
| Virgin Atlantic Flying Club London → Bangalore, business · ~60 days ahead | 115,000 → 195,000 | 2.00¢ → 1.22¢ −39% |
Table D. What could not be priced · 176 searches
| Priced | 159 | 90% |
| No award seat or room | 8 | 5% |
| Sold out or no service | 5 | 3% |
| Site failed to load | 4 | 2% |
| No cash price | 0 | 0% |
A search with no award seat or room can’t produce a value per point, so it isn’t part of the averages above.
Notes recorded during collection (60)
- China Southern Sky Pearl · Guangzhou → Sydney, business · ~180 days“no business award inventory on this flight/date”
- Korean Air SKYPASS · Seoul → Paris, economy · ~60 days“cash: economy standard sold out, so had to book economy flex”
- Korean Air SKYPASS · Seoul → Paris, business · ~60 days“cash: prestige standard sold out, had to book prestige plus. award inventory unable to book, but calculator showed price of 62,500 miles”
- Korean Air SKYPASS · Seoul → Paris, business · ~180 days“award inventory sold out, but calculator showed a price of 62,500 miles”
- Cathay Asia Miles · Hong Kong → Melbourne, business · ~60 days“showed a price of 60k, but said nothing is redeemable”
- Cathay Asia Miles · Hong Kong → Melbourne, business · ~180 days“showed a price of 60k, but said nothing is redeemable”
- Emirates Skywards · Dubai → Sao Paulo, business · ~60 days“business class award redemption unavailable”
- Etihad Guest · Abu Dhabi → Cairo, economy · ~180 days“award was promo fare”
- Etihad Guest · Abu Dhabi → New York, economy · ~60 days“award was promo fare”
- Etihad Guest · Abu Dhabi → New York, business · ~60 days“award was promo fare”
- Etihad Guest · Abu Dhabi → New York, business · ~180 days“award was promo fare”
- Ethiopian ShebaMiles · Addis Ababa → Frankfurt, business · ~60 days“flight unavailable for this date”
- Ethiopian ShebaMiles · Addis Ababa → Frankfurt, business · ~180 days“business award unavailable for this flight/date”
- United MileagePlus · San Francisco → Sydney, business · ~60 days“decoy effect present”
- Delta SkyMiles · Atlanta → Seoul, business · ~180 days“created urgency by including "1 left at this price"”
- LATAM Pass · Sao Paulo → Los Angeles, economy · ~60 days“cheapest cash option was 700.13 but included 1 stop.”
- Air Canada Aeroplan · Toronto → Delhi, economy · ~60 days“one stop cash fare available for 1715. one stop award fare available for 60k + 155”
- Air Canada Aeroplan · Toronto → Delhi, economy · ~180 days“60k redemption available nonstop operated by air india”
- Air Canada Aeroplan · Toronto → Delhi, business · ~60 days“one stop cash fare available for 4329. 270.7k + 91 available award fare one stop”
- Atmos Rewards · Seattle → Los Angeles, economy · ~180 days“$124 1 stop fare available”
- Atmos Rewards · Seattle → Tokyo, economy · ~60 days“cheaper 1 stop via tpe available”
- Atmos Rewards · Seattle → Tokyo, business · ~60 days“cheaper 1 stop via tpe available”
- Qantas Frequent Flyer · Brisbane → Melbourne, economy · ~60 days“award fare operated by jetstar, a subsidiary of qantas”
- Qantas Frequent Flyer · Brisbane → Melbourne, economy · ~180 days“award fare operated by jetstar, a subsidiary of qantas”
- Qantas Frequent Flyer · Sydney → Vancouver, economy · ~60 days“1686 sale cash fare available”
- Qantas Frequent Flyer · Sydney → Vancouver, economy · ~180 days“1686 sale cash fare available”
- Qantas Frequent Flyer · Sydney → Vancouver, business · ~180 days“award fare had banner "Seats nearly gone". cash fare said "Only 5 left at this price"”
- SAS EuroBonus · Copenhagen → San Francisco, economy · ~60 days“award fare was marketed as a "SAS Bonus" -- no non-bonus nonstop available”
- SAS EuroBonus · Copenhagen → San Francisco, economy · ~180 days“award fare was marketed as a "SAS Bonus" -- no non-bonus nonstop available”
- British Airways Club · London → Munich, economy · ~60 days“award fare cash add-on shown in inr; cash fare showed in eur. converted inr -> eur”
- British Airways Club · London → Munich, economy · ~180 days“award fare cash add-on shown in inr; cash fare showed in eur. converted inr -> eur”
- British Airways Club · London → Singapore, economy · ~60 days“1 stop cash fare available for 530. award fare cash add-on shown in inr; cash fare showed in eur. converted inr -> eur”
- British Airways Club · London → Singapore, economy · ~180 days“award fare cash add-on shown in inr; cash fare showed in eur. converted inr -> eur”
- British Airways Club · London → Singapore, business · ~60 days“1 stop cash fare available for 3457. award fare cash add-on shown in inr; cash fare showed in eur. converted inr -> eur”
- British Airways Club · London → Singapore, business · ~180 days“business class award fare unavailable on this flight/date”
- Virgin Atlantic Flying Club · Bridgetown → Kingstown, economy · ~60 days“economy light unavailable”
- Virgin Atlantic Flying Club · Bridgetown → Kingstown, economy · ~180 days“economy light unavailable”
- Virgin Atlantic Flying Club · London → Bangalore, economy · ~60 days“award fare for economy classic, cash fare for light. award fare labelled "saver"”
- Virgin Atlantic Flying Club · London → Bangalore, economy · ~180 days“award fare for economy classic, cash fare for light”
- World of Hyatt · Hyatt Ziva Cancun · ~60 days“anchoring effect present. website lagging, wouldn't load award fare for this property. tried 5x”
- World of Hyatt · Hyatt Ziva Cancun · ~180 days“anchoring effect present. website lagging, wouldn't load award fare for this property. tried 5x”
- World of Hyatt · Park Hyatt Zurich · ~60 days“website lagging, wouldn't load for this property. tried 5x”
- World of Hyatt · Park Hyatt Zurich · ~180 days“website lagging, wouldn't load for this property. tried 5x”
- Wyndham Rewards · Wyndham Grand Rio Mar Puerto Rico · ~60 days“hotel unavailable on this date”
- Choice Privileges · Cambria Hotel LAX · ~180 days“urgency signalling present”
- Choice Privileges · Radisson Blu Aruba · ~60 days“urgency signalling present”
- Choice Privileges · Radisson Blu Aruba · ~180 days“anchoring bias and drip pricing present”
- Choice Privileges · Radisson Blu Mall of America · ~60 days“anchoring bias and drip pricing present”
- Choice Privileges · Radisson Blu Mall of America · ~180 days“anchoring bias and drip pricing present”
- Hilton Honors · Hilton Frankfurt City Centre · ~60 days“hotel sold out on this date”
- Hilton Honors · Hilton Frankfurt City Centre · ~180 days“hotel sold out on this date”
- IHG One Rewards · Crowne Plaza Amsterdam - South by IHG · ~60 days“hotel sold out on this date”
- Radisson Rewards · Radisson Blu Hotel Nairobi Upper Hill · ~60 days“tax excluded cash fare, tax included award fare. anchoring effect present”
- Radisson Rewards · Radisson Blu Hotel Nairobi Upper Hill · ~180 days“tax excluded cash fare, tax included award fare. anchoring effect present”
- Radisson Rewards · Radisson Blu Resort and Spa Malta Golden Sands · ~60 days“tax excluded cash fare, tax included award fare. anchoring and urgency effect present”
- Radisson Rewards · Radisson Blu Resort and Spa Malta Golden Sands · ~180 days“tax excluded cash fare, tax included award fare. anchoring effect present”
- Radisson Rewards · Park Inn by Radisson Brussels Airport · ~60 days“tax excluded cash fare, tax included award fare. anchoring effect present”
- Radisson Rewards · Park Inn by Radisson Brussels Airport · ~180 days“tax excluded cash fare, tax included award fare. anchoring effect present”
- Radisson Rewards · Radisson Collection Hotel Roma Antica · ~60 days“tax excluded cash fare, tax included award fare. anchoring effect present. Award fare was 130,009, but it also had 130,009 crossed out with a 15% off written (false marketing)”
- Radisson Rewards · Radisson Collection Hotel Roma Antica · ~180 days“tax excluded cash fare, tax included award fare. anchoring effect present. Award fare was 103,384, but it also had 103,384 crossed out with a 15% off written (false marketing)”
Program news in this period
Rule changes
Rule 10 was clarified on Sep 4, 2026. Read the change and the reason