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If you’re planning to fly home for the holidays, you’ll pay more this year compared to last year.
Rising fuel prices and strong demand have contributed to airfare soaring 23.4% above last year’s prices, according to consumer price index data released in September.
This begs the question: Is now the best time to use credit card rewards for flights?
The answer is yes. No. Maybe.
Airlines may have fixed or dynamic prices for award flights, so you could get more value for your miles — or you could end up paying more miles than before.
Regardless of what’s happening with ticket prices, it’s always a good idea to use your miles and points regularly. Rewards are subject to inflation through consistent devaluations, so in that sense, now is always the best time to use your credit card and loyalty rewards.
Is now the best time to use points for flights?
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Yes. Fixed-priced awards offer more value
Many international airline loyalty programs feature fixed award prices based on zones or the distance traveled. Even if you’re not planning to visit a European Christmas market this holiday season, these programs can be valuable for booking domestic travel.
Airlines partner with each other, which allows you to use rewards from one program to book flights with another. For example, Avios is the loyalty currency for airlines such as British Airways, Iberia, Finnair, Qatar and others. Through certain Avios-affiliated airlines, you can book award flights with American Airlines, Alaska Airlines and Hawaiian Airlines.
You can book American Airlines flights within the U.S. and Canada for only 16,500 points each way through Finnair, although you’ll have to book over the phone or through Finnair’s chat service. British Airways has an unpublished partner award chart based on distance, and many of its nonstop flights could cost less than booking through Finnair. However, British Airways charges per segment, so connecting flights cost the same as two individual flights at that distance.
When airfare is high, fixed-priced awards offer more value. I was able to book my family’s holiday travel on United Airlines for only 20,000 Avianca Lifemiles per person. However, partner reward flights typically have limited availability, and you may need to book well in advance. I reserved those flights when other people were still trying to secure summer travel plans.
The great thing about these airlines is that you can earn the rewards with all sorts of travel credit cards. All of the major transferable travel rewards programs partner with at least one Avios airline (and you can freely move points between airlines in the Avios program).
American Express Membership Rewards® points transfer to both Avianca and several Avios programs (British Airways, Iberia, Aer Lingus) and other airlines with fixed award prices. If you need to boost your Amex points balance, the American Express Platinum Card® offers a generous welcome bonus and a massive array of perks, including airport lounge access and shopping and travel credits.
The American Express Platinum Card® is a premium card loaded with annual statement credits, entertainment benefits, extensive airport lounge access, elite status perks and more. (Enrollment required for select benefits mentioned)
- Access to 1,550+ airport lounges, including Priority Pass™ lounges (enrollment required) and Amex Centurion lounges
- Statement credit offers worth up to twice what the annual fee costs
- Elite status perks for hotels and rental cars (Enrollment required for select benefits mentioned)
- High annual fee
- Many statement credit offers are complicated and are earned in increments or limited to specific purchases
- Not as rewarding for purchases as other lower-fee travel cards
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- You may be eligible for as high as 175,000 Membership Rewards® points after you spend $12,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Get more for your travels with 5X Membership Rewards® points on all flights and prepaid hotel bookings through American Express Travel®, including Fine Hotels + Resorts® and The Hotel Collection bookings. You earn 5X points on flights purchased directly from airlines or through American Express Travel® on up to $500,000 on these purchases per calendar year.
- With over 1,550 airport lounges – more than any other credit card company on the market* – enjoy the benefits of the Global Lounge Collection, over $850 of annual value, with access to Centurion Lounges, 10 Delta Sky Club visits (subject to visit limitations) when flying on an eligible Delta flight, Priority Pass™ membership (enrollment required), and other select partner lounges. *As of 01/2026
- $200 Uber Cash + $120 Uber One Credit: With the Platinum Card® you can receive $15 in Uber Cash each month plus a bonus $20 in December when you add your Platinum Card® to your Uber account to use on rides and orders in the U.S when you select an Amex Card for your transaction. Plus, when you use the Platinum Card® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
- $300 Digital Entertainment Credit: Experience the latest shows, news and recipes. Get up to $25 in statement credits each month when you use your Platinum Card® for eligible purchases on Disney+, a Disney+ bundle, ESPN streaming services, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium, and YouTube TV when you purchase directly from one or more of the providers. Enrollment required.
- $600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection* bookings through American Express Travel® using the Platinum Card®. *The Hotel Collection requires a minimum two-night stay.
- $400 Resy Credit + Platinum Nights™ by Resy: Get up to $100 in statement credits each quarter when you use the Platinum Card® to pay for eligible purchases with Resy, including dining purchases at over 10,000 qualifying U.S. Resy restaurants. Enrollment required. As a Platinum Card® Member you have special access to reservations on select nights at participating sought after Resy restaurants in select cities through Platinum Nights™ by Resy. Simply add your Platinum Card® to your Resy profile to book your reservation.
- $219 CLEAR+ Credit: CLEAR+ helps get you to your gate faster by using your face to verify you are you at 55+ airports nationwide. You can cover the cost of a CLEAR+ Membership* with up to $219 in statement credits per calendar year after you pay for CLEAR+ with your Platinum Card®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Platinum Card® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
- Start your vacation sooner and keep it going longer. When you book Fine Hotels + Resorts® through American Express Travel®, enjoy noon check-in, when available, and guaranteed 4PM late check-out.
- $300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. That’s up to $300 in statement credits each calendar year. Enrollment required.
- $155 Walmart+ Credit: Get up to a $12.95* statement credit back each month after you pay for a monthly Walmart+ membership (subject to auto-renewal) with your Platinum Card®. *Up to $12.95 plus applicable taxes on one membership fee.
- Whenever you need us, we’re here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- $895 annual fee.
- Terms Apply.
- See Rates & Fees
Balance transfer fee
Foreign transaction fee
The American Express® Gold Card may be a more interesting option, even though it has a smaller welcome offer. You’ll earn more points on dining and grocery purchases, and its annual fee is only $325 (see rates and fees). It also comes with $400 in annual statement credits for dining and rideshares, so the value and cost may be easier to justify compared to the Amex Platinum.
The American Express Gold Card is great for earning valuable Membership Rewards® points at restaurants worldwide and U.S. supermarkets. Membership Rewards® points transfer to many of the top airline and hotel loyalty programs, which makes this card one of the best options for earning travel rewards.
- You can earn $400+ in dining and rideshare credits every year (Enrollment required for select benefits mentioned)
- Exceptionally rewarding for eligible restaurant and U.S. supermarket purchases
- No foreign transaction fees
- Large annual fee
- Credits are more complicated, you earn them monthly or semi-annually
- Spending caps on the top bonus categories
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App™.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App™, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App™ and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You’ll know upfront exactly how much you’ll pay.
- $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That’s up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin’ Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin’ locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you’ll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- Enjoy complimentary Hertz Five Star® Status benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Book two nights or more with The Hotel Collection through AmexTravel.com or the Amex Travel App™ and receive a $100* credit towards eligible charges at over 1,400 upscale hotels worldwide. *Eligible charges vary by property.
- Book your travel through the Amex Travel App™ with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we’re here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- See Rates & Fees
Foreign transaction fee
No. You could pay more for dynamically-priced awards
The major domestic airlines all use dynamic pricing for their own award flights, and many international airlines do the same. When award prices vary based on demand and other factors, it can be harder to plan or know exactly where your miles can take you.
You can usually save miles or points by traveling on less popular days or at times when demand isn’t as strong. With the same stash of points, you may be able to book two round-trip flights departing and returning on a Tuesday. But shift that trip to Friday to Sunday, and you may not have enough rewards for a single round-trip flight.
If you aren’t flexible and can’t take advantage of partner award prices, increased airfare prices can interfere with your plans. Your rewards won’t necessarily become less valuable in this situation; you could still receive the same value per point if you have enough for a flight. But your rewards could be less useful because you may not be able to book as many flights.
Protect your next trip with travel insurance
Maybe. Transferable points can lead to consistent savings
The value of flexible travel rewards programs lies in the options you have. When you earn rewards with Bilt, Chase, Capital One, Amex, Wells Fargo or Citi, you can transfer to airlines with fixed prices or dynamic prices.
When prices are high and you can find partner award flights, you can take advantage of those deals. If prices are low and dynamic prices are working in your favor, you can skip the partner booking option.
Most credit card rewards programs also allow you to pay for travel with points or cash out rewards, which you could then use to pay for travel. While you typically will receive less value per point with this method, it has advantages. You can book any available flight this way, and if you don’t have enough points for an award booking, you can redeem rewards to offset part of the cost.
Capital One miles are a great example of this. They transfer to airlines and hotels, and you can redeem them to offset travel charges purchased in the previous 90 days.
That makes the Capital One Venture Rewards Credit Card’s limited-time offer worth at least $1,050 in travel. You can earn 75,000 bonus miles after spending $4,000 on purchases in the first three months of account opening. Plus, you’ll receive a $300 credit for hotels and vacation rentals booked through Capital One Travel in your first cardholder year.
The Capital One Venture Rewards Credit Card has a reasonable annual fee and earns flexible travel rewards, which makes it a great travel card for both beginners and frequent travelers.
- Valuable welcome offer
- You can transfer miles to Capital One’s travel partners
- Global Entry or TSA PreCheck application fee credit
- No foreign transaction fees
- Lacks ongoing travel benefits such as statement credits or lounge access
- Limited bonus spending category that only applies to certain Capital One Travel bookings
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- LIMITED-TIME OFFER: Enjoy $300 to use on hotel and vacation rental bookings through Capital One Travel in your first cardholder year, plus earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening – that’s more than $1,000 in travel value
- Earn unlimited 2X miles on every purchase, every day
- Earn 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel
- Miles won’t expire for the life of the account and there’s no limit to how many you can earn
- Receive up to a $120 credit for Global Entry or TSA PreCheck®
- Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
- Enjoy a $50 experience credit and other premium benefits with every hotel and vacation rental booked from the Lifestyle Collection
- Transfer your miles to your choice of 15+ travel loyalty programs
- Top rated mobile app
Balance transfer fee
$0at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee
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For rates and fees of the American Express Platinum Card®, click here.
For rates and fees of the American Express® Gold Card, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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