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How much is a point or mile worth? The answer varies with the programs one chooses to participate in. Mileage is a type of currency - some reward points are for sure worth more than others; while some are like the Rupiah of the wondrous world of reward programs (looking at you - Delta...).
There are 2 main categories of points I am going to discuss: credit card points and airline miles. These valuations are based on what I would pay to "buy" points if given the opportunity and the overall value I could get from redeeming them usually.
Now is about airline miles! To be unbiased - I just ranked the ones I use and evaluate the most frequently.
Asia Miles - 1.6 cents/mile
(Cathay Pacific Business Class? - Use Asia Miles for ultra-longhaul redemptions! Refer to previous post on the best ways to spend Asia Miles!)
British Airways Executive Club Avios - 1.6 cents/mile
(Short-haul redemptions through British Airways could be extremely useful - refer to previous post for the best ways to spend the "KING OF SHORTHAUL")
IberiaPlus Avios - 1.6 cents/mile
(Iberia transatlantic off-peak can be great value! Also - you can convert British Airways Avios directly into Iberia's Program!)
Alaska Airlines Mileage Plan Miles - 1.9 cents/mile
(Mileage Plan offers a diverse variety of transfer partners although it doesn't belong to an alliance. Hint: Use it on Hainan Airlines or Cathay Pacific business class transpacific for an amazing value!)
Singapore Airlines Krisflyer - 1.6 cents/mile
(The Krisflyer program gives you access to exclusive amount of Singapore Airlines award space - in coach, business and First/Suites Class)
American Airlines AAdvantage Miles - 1.8 cents/mile
(Qsuites? Yes - best way to redeem for this industry-leading Business Class product is through American Airlines! 40,000 miles from Asia to Doha for 13 hours on Qsuites!)
Etihad Guest Miles - 1.6 cents/mile
(Etihad Guest program has some random, but VERY sweet redemptions - including Transcontinental on American Airlines Flagship First Class from New York to Los Angeles for only 25,000 miles!)
Delta Skymiles - 1.2 cents/mile
(Yep - historically I'm not a great fan of SkyTeam and Delta - it has a dynamic award chart so depending on days, you might be paying over 200,000 miles for a transatlantic flight! Sheesh... But you could still find some values on domestic off-peak awards starting 12,000 miles! - or.... sometimes they have sales of basic economy within US for as low as 4.5K miles!)