When cash beats pointsFive test cases with real math

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What we'd do first: price your flight three ways: in cash, in your card's travel portal, and as an award with a transfer partner. Then use the cents-per-point formula below.

The rule we use

Cents per point = (cash fare − cash due on the award − rewards you'd earn paying cash) ÷ points × 100

We compare the result with an assumed yardstick of 1 cent per point. That's roughly what a fixed-value redemption gives: Chase says that "as a general rule of thumb, one point equates to $0.01 in redeemable value", though it "can fluctuate" (Chase: How to use Ultimate Rewards for travel, checked 13 Nov 2026, 21:44 Lima). It's not a market value, and it's not a promise.

For rewards you'd earn paying cash, we use a flat 2% card as the baseline. Citi describes the Citi Double Cash card as earning "unlimited 2% cash back on purchases: 1% when you buy, 1% as you pay", with a $0 annual fee (Citi Double Cash card, checked 13 Nov 2026, 21:46 Lima; check current rates and fees). Our cents-per-point guide explains each part in detail.

Every award departing a US airport carries cash, too. The TSA security fee "is currently $5.60 per one-way trip in air transportation that originates at an airport in the U.S.", capped at $11.20 per round trip (TSA: Security Fees, checked 13 Nov 2026, 21:46 Lima).

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The three ways to pay

• Cash. You pay the fare, earn your card's rewards, and keep your points.
• Portal. You book a paid fare through your card's travel site using points at a rate the issuer sets. Chase's Sapphire Preferred page also describes Points Boost: "your points are worth up to 1.5x on top-booked hotels and flights with select airlines through Chase Travel", with offers "available on a rotating basis" (Chase Sapphire Preferred benefits, checked 13 Nov 2026, 21:52 Lima). Capital One lets you cover "an eligible recent travel purchase" with miles "within 90 days of purchase" (Capital One: ways to redeem Venture miles, checked 13 Nov 2026, 21:47 Lima).
• Transfer. You move points to an airline program and book an award. Value depends on the award price, and transfers are generally final.

Test case 1: a cheap domestic fare (hypothetical)

New York (LGA) to Chicago, one way, one traveler, economy.

• Cash: $129. Award: 15,000 miles + $5.60.
• Lost rewards: 2% × $129 = $2.58.
• Value: ($129 − $5.60 − $2.58) ÷ 15,000 × 100 = 0.81 cents.

Verdict: cash. Below the yardstick. Even at a 1-cent portal rate, you'd spend 12,900 points instead of 15,000 miles. Cheap fares rarely make good awards.

Test case 2: portal versus transfer (hypothetical)

Atlanta to Denver, one way, one traveler, economy, Chase points.

• Cash: $400. Award via a transfer partner: 30,000 points + $5.60.
• Transfer value: ($400 − $5.60 − $8) ÷ 30,000 × 100 = 1.29 cents.
• Portal at 1 cent: 40,000 points. Value: ($400 − $8) ÷ 40,000 × 100 = 0.98 cents.
• Portal with a 1.5x Points Boost offer, if one appears on this flight: about 26,667 points. Value: ($400 − $8) ÷ 26,667 × 100 = 1.47 cents.

Verdict: depends on the offer. The transfer beats the standard portal rate. A Points Boost offer, if shown, beats the transfer, and the paid ticket booked through a portal may also earn airline miles. Check both before moving points.

Test case 3: heavy surcharges to Europe (hypothetical)

Boston to London, one way, one traveler, economy.

• Cash: $780. Award: 35,000 miles + $420 in taxes and carrier surcharges.
• Lost rewards: 2% × $780 = $15.60.
• Value: ($780 − $420 − $15.60) ÷ 35,000 × 100 = 0.98 cents.

Verdict: cash, or a different program. More than half the fare is still due in cash. Delta's award page notes that international awards "may include up to $600 for foreign government taxes and fees and/or carrier-imposed fees" (Delta: Travel with Miles, checked 13 Nov 2026, 21:45 Lima). Price the same flight in a program that passes on smaller surcharges before deciding.

Test case 4: business class to Europe (published starting price and hypothetical)

New York to Paris, one way, one traveler, business class.

• Cash: $3,200 (hypothetical).
• Award: 60,000 points (Aeroplan published price for 0–4,000 miles flown: fixed on most partners, "starting at" on Air Canada and Select Partners such as United) + $120 in taxes and fees (hypothetical), plus a partner booking fee shown at checkout (Aeroplan Flight Reward Chart, PDF, checked 13 Nov 2026, 21:47 Lima).
• Lost rewards: 2% × $3,200 = $64.
• Value: ($3,200 − $120 − $64) ÷ 60,000 × 100 = 5.03 cents.

Verdict: points, if you'd buy business anyway. If you'd really fly economy, compare with the economy fare instead and the value falls sharply. Availability at the published price is never guaranteed.

Test case 5: two travelers on a peak date (hypothetical)

Dallas to Orlando, round trip, two travelers, economy, school holiday week.

• Cash: $450 each, $900 total. Award: 45,000 miles each + $11.20 each, so 90,000 miles + $22.40.
• Lost rewards: 2% × $900 = $18.
• Value: ($900 − $22.40 − $18) ÷ 90,000 × 100 = 0.95 cents.

Verdict: cash. Dynamic award prices often rise on busy dates faster than cash fares. Two seats double the points without improving the rate.

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What the test cases show

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Points did best when the cash fare was high relative to the points price: a premium cabin on a chart-priced route. Cash won when the fare was cheap, when surcharges were heavy, or when a busy date pushed the points price up. The portal sat in the middle: never spectacular at its standard rate, but predictable, and potentially better than a transfer when a boosted offer appears.

Trade-offs

• Earning on paid fares. A cash or portal booking may earn airline miles that an award doesn't. That nudges close calls toward cash.
• Flexibility. Some awards can be changed or cancelled with the miles returned; some paid fares can't. Compare like for like.
• Points you'll never use are worth nothing. If your balance would otherwise sit idle, a 0.9-cent redemption may still be sensible. Just know the trade.
• Prices move. All of these numbers can change within hours.

Fallback

If neither option looks good, wait. Set a fare alert, check the award calendar across nearby dates, and price the same flight in another transfer partner. If you need to book now, pay cash with a card that earns well on airfare and keep your points for a better redemption. For why the same seat costs different amounts in different programs, see award charts versus dynamic pricing.

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Points or cash: FAQs

For which currencies reach which airlines, see transferable points explained.