Marriott Bonvoy 2026 Devaluation Explained: What Changed, Where the Increases Land, and How to Adapt

Marriott Bonvoy quietly walked up award pricing by 5 to 10% across category tiers in 2026, and the flagship dynamic-pricing drift kept pace. If you are sitting on a Bonvoy balance, the calculus for holding versus burning changed this year, and it changed in parallel with Hilton and Delta running their own quiet devaluations. Here is what actually moved, where the pain lands hardest, and how to adapt before the next round.

The verdict

Marriott Bonvoy's average per-point value dropped from about 0.84 cents in 2024 to roughly 0.7 to 0.8 cents in mid-2026, according to third-party valuations from The Points Guy, NerdWallet, and One Mile at a Time (TPG's May 2026 valuation sits at 0.8 cents; some sources trend lower). Award pricing across the portfolio is up 5 to 10 percent on average, with individual properties moving between 2 and 16 percent higher (per LoyaltyLobby and View from the Wing coverage of the mid-2026 changes), and heavier hits at aspirational flagships (Ritz-Carlton St. Thomas, W Barcelona, JW Marriott Maldives, Edition Reykjavik among the most-cited names in loyalty press this year). Elite thresholds (Silver 10 / Gold 25 / Platinum 50 / Titanium 75 / Ambassador 100 nights + $23K spend) are unchanged, and Free Night Award mechanics (85,000-point cap with a 25,000-point top-off, increased from 15,000 in March 2024) are unchanged. The right defensive playbook: burn balances over 50,000 points within 12 months, lock in specific aspirational awards early, top off co-brand FNAs at Category 6 and 7 properties before further drift, and rebalance transfer strategy before the Chase Ultimate Rewards to Hyatt ratio changes on 1 October 2026 for existing Sapphire Preferred and Ink Business Preferred accountholders.

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What actually changed at Bonvoy in 2026

Marriott has not published an award category chart since March 2022, when the last remaining fixed pricing was replaced with dynamic pricing across the portfolio. In practical terms, that means every 2026 change is a pricing drift rather than a chart update, and the drift compounds year over year.

Reporting across the points-and-miles press converges on the same rough picture. Standard-room award prices at category-tier properties climbed 5 to 10% on average in the first half of 2026, most visibly at the flagship luxury brands (Ritz-Carlton, St. Regis, JW Marriott, W, Edition) where dynamic pricing has always run hottest. Standard-room nights that priced around 85,000 to 100,000 points at these flagships in 2022 to 2023 now regularly clear 120,000 to 140,000 points on peak dates, and select resort properties have breached 150,000 points on marquee peak nights.

The unchanged mechanics are worth cataloging because they define what still works:

• Elite thresholds unchanged: Silver 10 nights, Gold 25, Platinum 50, Titanium 75, Ambassador 100 nights plus $23,000 spend
• Elite Night Credits from Marriott co-brand cards unchanged: 15 per card per year, capped at 15 across all cards
• Free Night Award mechanics unchanged: co-brand FNAs capped at 85,000 points, top-off with up to 25,000 points to stretch against higher-priced standard properties
• Annual Choice Benefit for Platinum, Titanium, Ambassador unchanged: 40,000-point Free Night Award remains a common pick
• Fifth-night-free ("Stay for 5, Pay for 4") on Standard Room Reward Stays unchanged
• Transfer to airline partners unchanged: 3:1 ratio, 5,000-mile bonus at 60,000-point transfers

What changed is the redemption side. A point held is worth less this year than last year, and the flagship properties where aspirational redeemers cash in their points are absorbing most of the increase.

The specific properties that jumped hardest

Loyalty press coverage in the first half of 2026 kept surfacing the same short list of properties where the increase was most visible.

Ritz-Carlton St. Thomas anchored a lot of the early-year devaluation coverage. Standard-room award pricing at peak dates has drifted well above 150,000 points, from a prior peak closer to 110,000 to 120,000 points. As a Category 8 flagship in a peak-demand Caribbean market, it is the type of property most exposed to dynamic pricing.

W Barcelona priced standard-room awards around 100,000 to 110,000 points at peak in 2023 to 2024. Third-party tracking now shows peak-date pricing above 140,000 points, with mid-week off-peak dates still hovering closer to 90,000. It remains one of the visible "before and after" case studies in points forums.

JW Marriott Maldives Resort & Spa has always priced high because Maldives resorts run at 90%+ occupancy in peak season. Standard-room over-water villa awards now clear 150,000 points on many peak dates, from a prior norm around 120,000 to 130,000 points. The heavier hit compounds with the property's already-thin standard-room availability on award nights.

Edition Reykjavik and Al Maha (a Luxury Collection Desert Resort & Spa) are two other flagships repeatedly named in coverage of the 2026 changes. Al Maha in particular has drifted higher because it operates as an all-inclusive-style resort where Marriott's redemption value historically tilted favorable.

The pattern is consistent. Flagship, one-in-a-market luxury properties (Ritz-Carlton, St. Regis, Edition, JW Marriott, W, select Luxury Collection resorts) are drifting fastest. Mid-scale properties (Courtyard, Fairfield, SpringHill Suites) are drifting slower because they compete on a wider inventory and less dynamic pricing pressure. If your aspirational redemption target is a flagship, your point balance has quietly lost more purchasing power than the 5 to 10% average suggests.

The cash-per-point math on the devaluation

The average per-point value trend is worth pausing on because it is how points-and-miles writers translate abstract pricing into practical decisions.

Third-party valuations of Marriott Bonvoy points, over time (estimates, not published rates):

• 2022 to 2023: approximately 0.84 cents per point average (The Points Guy monthly valuations, NerdWallet)
• 2024 to early 2025: approximately 0.7 to 0.84 cents per point (post-dynamic-pricing full rollout)
• Mid-2026: approximately 0.7 to 0.8 cents per point (TPG's May 2026 valuation at 0.8 cents; NerdWallet and Frequent Miler trend closer to 0.7 cents after the 2026 pricing lift)

These are aggregate averages across a portfolio ranging from Fairfield Inn to Ritz-Carlton, and individual redemptions still range widely. A Category 6 or 7 property redemption topped off from an 85,000-point Free Night Award to 110,000 points, at a property that would cash-price above $1,100 per night, still returns 1 cent per point or better. Dynamic pricing at flagship resorts on peak dates can push a redemption below 0.5 cents per point.

What the drift means in practice for a typical Bonvoy balance (using a rough 0.8 cents in 2024 to 0.75 cents in mid-2026 midpoint):

• A 200,000-point balance was worth roughly $1,600 in 2024 redemption value; that same balance is worth roughly $1,500 in mid-2026
• A 500,000-point balance moved from roughly $4,000 to roughly $3,750
• A 1,000,000-point balance moved from roughly $8,000 to roughly $7,500

The gap is not catastrophic, but it is real, and it is one-directional. Points programs do not devalue upward.

The Points Guy publishes an updated Bonvoy valuation in its monthly valuations column, and One Mile at a Time updates its reasonable-redemption-values page periodically. Both are the load-bearing third-party sources cited across loyalty press, and both agree on the direction and rough magnitude of the drift.

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Comparison to Hilton and Hyatt devaluations happening in parallel

2026 is not a Bonvoy-only devaluation story. Hilton and Hyatt made simultaneous moves, and Delta ran a quieter airline-side devaluation in the same window.

Hilton Honors devalued three times through 2025, raising its standard-room ceiling from 120,000 points a night to 250,000 points across the portfolio's dynamic-pricing model. In practical terms, that means top resort properties (Conrad Maldives Rangali Island, Waldorf Astoria Maldives Ithaafushi, select Waldorf resort properties in the Caribbean and Hawaii) now regularly price above 200,000 points on peak nights, with the highest-demand dates clearing 250,000. Fifth-night-free on Standard Room Reward Stays remains unchanged and remains one of the strongest single benefits in US hotel loyalty. Diamond status thresholds are being adjusted for 2026 alongside a new super-elite tier announced in late 2025. The Hilton Honors Aspire Amex still grants Diamond outright as a card benefit.

World of Hyatt implemented a new award chart on 20 May 2026. 112 properties moved up one Award Category and 24 moved down, while more than 90 percent stayed in place. The chart also expanded from three pricing tiers (off-peak, standard, peak) to five (Lowest, Low, Moderate, Upper, Top). Category-cost increases translate to a few thousand additional points per night at most affected hotels. Hyatt's approach differs from Marriott's dynamic-pricing model because Hyatt still publishes an actual chart, which means the increase is bounded and visible in advance. Globalist benefits (60 elite nights, 4 Suite Upgrade Awards per year, guaranteed 4 p.m. late checkout at non-resort hotels, resort fee waivers on award stays) are unchanged. Bookings made before 20 May 2026 kept their original pricing even if the property later moved up a category.

Delta SkyMiles is worth approximately 1.2 cents per mile in TPG's June 2026 valuations, down from roughly 1.3 cents in prior years. The drop is not tied to a chart change (Delta has no published chart) but reflects continued dynamic-pricing drift on both domestic and international awards. SkyMiles remains the dominant US airline currency by earnings volume but consistently the weakest of the three big US programs (Delta, United, American) on per-mile value in third-party trackers.

The takeaway: 2026 is a portfolio-wide loyalty devaluation year, not a Bonvoy anomaly. If you are diversified across programs, all three of your hotel currencies are worth slightly less, and one of your airline currencies (Delta) moved with them.

How to adapt: burn balances, lock in awards early, top off strategically

There is a defensive playbook that works across every hotel devaluation cycle, and 2026 is not different in structure, only in magnitude.

Burn balances over 50,000 points within 12 months if you do not have a specific goal. A point held is a point exposed to next year's devaluation. Fifty thousand points is the practical threshold because below that, most Bonvoy redemptions are single-night stays where the marginal utility is limited. Above that, you have optionality that erodes if you sit on it.

Book aspirational awards as far out as Marriott allows. Marriott's booking window is approximately 350 days ahead, and standard-room award availability at flagships is thinnest inside 60 days. Locking in a Category 6 or 7 property for travel 10 to 11 months out, at today's pricing, is one of the strongest hedges against next year's continued drift. Cancellation policies on award bookings vary by property; most allow cancellation up to a few days out with points returned, which makes the lock-in near-zero risk.

Top off co-brand Free Night Awards to stretch against dynamic pricing. The Bonvoy Boundless Chase ($95 annual fee) and Bonvoy Brilliant American Express ($650) both grant an annual FNA capped at 85,000 points, and both accept up to a 25,000-point top-off from your balance. A 110,000-point ceiling still covers many Category 6 and 7 properties on off-peak dates and mid-week dates. If you are holding an FNA that expires within a few months, applying it at a Category 6 or 7 property with the top-off is one of the highest-value redemptions in the Bonvoy program right now.

Use fifth-night-free on any 5+ night award stay. "Stay for 5, Pay for 4" waives the lowest point-value night on 5-night Standard Room Reward Stays. On a 7-night stay, book as 5+2 to capture two fifth-night benefits. The math effectively gives 20% off on weekly award redemptions, which fully offsets a 5 to 10% average award-price increase and then some.

Transfer to airline miles selectively. Marriott's 3:1 ratio to airline partners, with a 5,000-mile bonus at 60,000-point transfers, still returns strong value at specific programs (Alaska Mileage Plan for Cathay Pacific and JAL redemptions; Aeroplan for Star Alliance business class; Air France Flying Blue for European saver awards). Avoid blanket transfers to Delta or United where the airline valuations have themselves drifted downward.

Avoid the 24-month inactivity clock. Any qualifying activity (a stay, a co-brand card transaction, a point earn or redemption) resets the clock. If you are pausing loyalty engagement, keep a card active or run a periodic partner transaction to protect the balance.

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Credit card impact for Bonvoy Amex, Chase Bonvoy, and Bilt

The Bonvoy co-brand card ecosystem is the most complex in hotel loyalty because Marriott is unique in offering cards from both American Express and Chase simultaneously, alongside a rewards partnership with Bilt.

Marriott Bonvoy Brilliant American Express ($650 annual fee). The Brilliant grants Platinum Elite status as a card benefit (worth the fee for travelers who would not otherwise reach 50 nights), 25 Elite Night Credits per year, an annual Free Night Award capped at 85,000 points with the 25,000-point top-off option, $300 in dining credit ($25 per month), $100 in property incidental credit at Ritz-Carlton and St. Regis, and 6x on Marriott stays, 3x on flights booked direct and restaurants worldwide, and 2x on everything else. Post-devaluation, the FNA remains the load-bearing benefit because 110,000 points still covers most Category 6 and 7 flagships on off-peak and mid-week dates. Verify current benefits and fees with American Express before applying; card terms are subject to change.

Marriott Bonvoy Boundless Chase ($95 annual fee). The Boundless grants Silver Elite status and 15 Elite Night Credits per year, an annual Free Night Award capped at 35,000 points that upgrades to 85,000 points via product-change tenure or spend threshold on some legacy variants, and 6x on Marriott stays, 3x on gas and grocery up to a cap, and 2x on everything else. The Boundless FNA is more constrained than the Brilliant's, which limits its post-devaluation utility, but it remains the best-value entry-level Bonvoy card for occasional travelers.

Marriott Bonvoy Bevy (Amex) and Bountiful (Chase) sit between Boundless and Brilliant with mid-tier annual fees and mid-tier FNA caps. Both grant Gold Elite status and 15 Elite Night Credits. Bevy runs $250 and offers a 50,000-point FNA; Bountiful runs $250 and offers a 50,000-point FNA. Verify current terms directly with the issuer.

Bilt Mastercard Bonvoy partnership. Bilt's monthly Rent Day promotion has intermittently offered a 100% or higher transfer bonus from Bilt Points to Bonvoy, effectively doubling the value of the rent-based earn. When active, this is one of the highest-return currency-earn mechanics in the Bonvoy ecosystem for renters. The bonus is not permanent and rotates with Bilt's monthly programming; verify the current month's Rent Day details on Bilt's app.

Applying for a hotel co-brand card through ShopBack layers a cashback bonus on top of the issuer's sign-up bonus. Sign-up bonus point values are typically the largest single-event payback in hotel loyalty (a 125,000-point Bonvoy Brilliant offer at 0.65 cents per point is worth around $812 on its own). Route your card application through the relevant merchant page on shopback.com/marriott-international where offers are listed; complete the application in one session for tracking. Card offers, bonuses, and terms change monthly; verify current terms with the issuer before applying.

Elite status implications

Devaluation on the award side does not automatically devalue elite status, but the interaction is worth mapping.

Platinum (50 nights) remains the practical status ceiling for most travelers. Platinum benefits include a 50% point-earning bonus, 4 p.m. late checkout subject to availability, lounge access at participating brands (Sheraton, Westin, Marriott, Le Meridien, and select others), enhanced room upgrade subject to availability up to suite level (recognition varies heavily by property), and the 40,000-point Free Night Award via the Annual Choice Benefit. At 0.65 cents per point average, the Choice Benefit is worth roughly $260, and if used at a $300+ property it comes out ahead. The devaluation reduces the Choice Benefit's marginal value by roughly 7% in cent terms.

Titanium (75 nights) adds a 75% point-earning bonus, 48-hour room guarantee, and enhanced eligibility for United MileagePlus status match. For travelers heavy on business travel, Titanium remains meaningfully more valuable than Platinum because the additional bonus points at 75% versus 50% compound over a year of heavy stays. The devaluation compresses the cash-equivalent value of the bonus but does not change the tier structure.

Ambassador (100 nights + $23K spend) adds a personal ambassador relationship manager and Your24, a flexible check-in time benefit that lets you effectively check in at any time within a 24-hour window. For the small population of travelers who earn Ambassador, Your24 is the load-bearing benefit; the relationship manager is nice-to-have. The devaluation does not affect either.

Elite Night Credits from co-brand cards are the cheapest path to Silver, Gold, and Platinum for lower-frequency travelers. With Boundless granting 15 nights and Brilliant granting 25 nights (capped at 15 counted toward status across all cards), a traveler holding both cards banks 15 nights per year purely from card membership before staying anywhere. At 35 additional actual stays, they clear Platinum. This structural math is unchanged.

Status match programs from Marriott, Hilton, and Hyatt occasionally offer trial status conversions to full status after crediting a defined number of nights within 90 days. These are limited-time programs and not always available. If you were considering a status match away from Bonvoy after the devaluation, the parallel Hilton and Hyatt moves make a match less attractive than a year ago.

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Frequently asked questions

What actually changed at Marriott Bonvoy in 2026?

Award prices across the Bonvoy portfolio increased by roughly 5 to 10% on average in 2026, with heavier hits at flagship luxury properties. Marriott has not published a category chart since 2022, and dynamic pricing continues to push the standard-room point cost at Ritz-Carlton, St. Regis, JW Marriott, W, and Edition properties above prior norms. Elite status thresholds (Silver 10 nights, Gold 25, Platinum 50, Titanium 75, Ambassador 100 nights plus $23,000 spend) are unchanged. Free Night Award mechanics (co-brand FNAs capped at 85,000 points, top-off with up to 25,000 points) are unchanged.

How much has the average Marriott Bonvoy point value dropped?

Third-party valuation sources place the average Marriott Bonvoy point at roughly 0.7 to 0.8 cents in mid-2026, down from about 0.84 cents in 2024 (per The Points Guy monthly valuations and NerdWallet). One Mile at a Time and Frequent Miler estimate similar downward drift. These are estimates derived from typical redemption spreads, not published rates from Marriott. Individual redemption values vary; a well-placed Free Night Award top-off at a flagship can still return 1 cent per point or more, while dynamic pricing at peak dates often prices below 0.5 cents.

Which properties saw the biggest Bonvoy award increases?

Points-and-miles reporting from One Mile at a Time, View from the Wing, and The Points Guy consistently cite Ritz-Carlton St. Thomas, W Barcelona, JW Marriott Maldives, Edition Reykjavik, and select St. Regis resort properties as heavier hits, with standard-room nights that priced around 85,000 to 100,000 points now regularly clearing 120,000 to 140,000 points on peak dates. Some properties have breached the 150,000-point mark on peak nights. Verify live pricing on marriott.com before committing points; dynamic pricing means the number changes by date.

Are Hilton and Hyatt also devaluing in 2026?

Hilton Honors devalued three times through 2025, raising its standard-room ceiling from 120,000 points a night to 250,000 points, and top resort properties (Conrad Maldives Rangali Island, Waldorf Astoria Maldives Ithaafushi) now regularly price above 200,000 points on peak nights. World of Hyatt implemented a new award chart on 20 May 2026, moving 112 properties up one category and 24 down, and expanding pricing tiers from three to five (Lowest, Low, Moderate, Upper, Top). Delta SkyMiles is valued at approximately 1.2 cents per mile in TPG's June 2026 valuations, down from roughly 1.3 cents in earlier years. Hotel and airline devaluations in 2026 are broad, not Bonvoy-specific.

Should I burn my Bonvoy points now?

If your balance exceeds 50,000 points and you do not have a specific redemption goal within 24 months, burning is the right instinct. Devaluations in points programs are one-directional; a point held is a point at risk of being worth less next year. Options to burn efficiently: book an aspirational award now for travel up to 12 months out (Marriott allows booking approximately 350 days ahead), use PointSavers or off-peak dates where available, apply a co-brand Free Night Award with a 25,000-point top-off at a Category 6 or 7 property, or convert points to airline miles at the standard 3:1 rate. Avoid the 24-month expiration by earning or redeeming any activity that resets the clock.

Are the Bonvoy co-brand credit cards still worth it after the devaluation?

For most travelers, yes, because the Free Night Award (FNA) mechanics are unchanged. The Bonvoy Brilliant American Express ($650 annual fee) and the Bonvoy Boundless Chase ($95) both grant an FNA capped at 85,000 points that can be topped off with up to 25,000 points from your balance. A 110,000-point ceiling still covers many Category 6 and 7 properties even after 2026 pricing drift. The Brilliant also grants 15 elite nights per year toward status. The Bilt Mastercard partnership with Bonvoy remains a strong transfer option during monthly Rent Day when a transfer bonus is active. Verify current terms with the issuer before applying; annual fees and rewards structures are subject to change.

What is happening to Chase Ultimate Rewards to Hyatt transfers?

Chase Sapphire Preferred and Ink Business Preferred are dropping the Ultimate Rewards to Hyatt transfer ratio from 1:1 to 4:3. New Chase Sapphire Preferred applicants approved on or after 15 June 2026 receive the 4:3 ratio immediately; existing Sapphire Preferred cardholders keep 1:1 through 30 September 2026 and drop to 4:3 on 1 October 2026. Ink Business Preferred existing cardholders keep 1:1 through 30 September 2026 and drop to 4:3 on 1 October 2026; new Ink Business Preferred applicants approved on or after 1 October 2026 receive 4:3 immediately. Chase Sapphire Reserve and Sapphire Reserve for Business retain 1:1 to Hyatt. Verify current terms in your Chase account before transferring. If you have Ultimate Rewards you plan to move to Hyatt, transfer at 1:1 before 1 October 2026.

Does the 2026 devaluation change Bonvoy elite status thresholds?

No. Silver Elite (10 nights), Gold Elite (25 nights), Platinum Elite (50 nights), Titanium Elite (75 nights), and Ambassador Elite (100 nights plus $23,000 of qualifying spend) remain unchanged for 2026. Elite Night Credits from Marriott co-brand cards (15 per card per year, capped at 15 across all cards) are also unchanged. The devaluation affects award pricing and per-point value, not what it takes to earn status.

How can I earn cashback on paid Marriott stays through ShopBack?

Activate ShopBack before clicking through to Marriott for the full Bonvoy portfolio, including Ritz-Carlton, St. Regis, Edition, W, JW Marriott, Marriott, Sheraton, Westin, Autograph, Renaissance, Le Meridien, Courtyard, Fairfield, and more. Complete the booking in one session so cashback tracks on the eligible booking total. Cashback is a separate rebate paid to the shopper and does not affect base points, bonus points, elite qualifying nights, or member benefits at check-in. Verify the current cashback rate on the merchant page before booking; rates vary by merchant and change monthly.

Is it worth transferring Bonvoy points to airline miles instead?

Sometimes. Marriott transfers to airline partners at a 3:1 ratio, with a 5,000-mile bonus when you transfer 60,000 Bonvoy points (making the effective rate 3:1.083). At an average Bonvoy point value of 0.65 cents and an average airline mile value of 1.2 to 1.5 cents (varies by program), the math is close to breakeven and depends on how you would use the miles. Transfer partners include Delta SkyMiles, United MileagePlus, American AAdvantage, Alaska Mileage Plan, Air Canada Aeroplan, Singapore KrisFlyer, and Air France Flying Blue, among others. Transfers are best reserved for specific award redemptions where the airline redemption clearly beats the hotel redemption per point.

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Key takeaways

• Marriott Bonvoy award pricing rose 5 to 10% on average across category tiers in 2026, with heavier hits at flagship luxury properties (Ritz-Carlton, St. Regis, JW Marriott, W, Edition)
• Third-party valuations place the average Bonvoy point at roughly 0.7 to 0.8 cents in mid-2026 (TPG May 2026 at 0.8 cents), down from about 0.84 cents in 2024
• Elite status thresholds and Free Night Award mechanics (85K cap, 25K top-off increased from 15K in March 2024) are unchanged
• Hilton Honors raised its standard-room ceiling from 120K to 250K a night across three 2025 devaluations; Hyatt shifted 112 properties up one category and 24 down on 20 May 2026 and expanded to five pricing tiers; Delta SkyMiles sits at about 1.2 cents per mile in TPG's mid-2026 valuations
• Chase Ultimate Rewards to Hyatt transfers drop to 4:3 for new Sapphire Preferred applicants from 15 June 2026; existing Sapphire Preferred and all Ink Business Preferred cardholders keep 1:1 until 1 October 2026, then drop to 4:3
• Defensive playbook: burn balances over 50K within 12 months, lock in aspirational awards up to 350 days out, top off co-brand FNAs at Category 6 and 7 properties, use fifth-night-free on 5+ night award stays
• Bonvoy Brilliant ($650) still worth it for the FNA and Platinum status grant; Boundless ($95) remains the entry-level pick
• Bilt Mastercard Rent Day transfer bonuses to Bonvoy are periodically the highest-return currency-earn mechanic
• Apply for hotel co-brand cards via ShopBack to layer cashback on top of the issuer sign-up bonus
• Structural interpretation: 2026 is a portfolio-wide loyalty devaluation year, not a Bonvoy anomaly

💡 Whether you burn or hold your Bonvoy balance, route your paid stays and card applications through ShopBack to stack cashback on top of points and status.

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• Best US Airline Credit Cards in 2026: Delta, United, American, Alaska, Southwest Compared
• Delta SkyMiles vs United MileagePlus vs American AAdvantage for US 2026: Which Airline Loyalty Program Earns You the Most
• Chase Sapphire Preferred vs Amex Platinum for US 2026: Which Points Card Wins

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Disclaimer

The views and recommendations expressed in this article are those of the author.

Award pricing, per-point valuations, elite thresholds, credit card benefits and annual fees, transfer partner ratios, and program mechanics are subject to change. Marriott Bonvoy, Hilton Honors, World of Hyatt, Delta SkyMiles, Chase, American Express, and Bilt each set their own terms and update them without notice. Per-point cent values in this article are third-party estimates from The Points Guy, One Mile at a Time, View from the Wing, and Award Wallet, not published rates from any of the programs.

This article is intended for general informational purposes only and should not be considered professional travel, financial, or tax advice. Points-program devaluation risk is one-directional and continuous; individual redemption values vary widely by date, property, and availability. Verify current terms directly with the relevant program or issuer before booking or applying.