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Airline miles that are hardest to earn and why you want them anyway Ethan Steinberg © Provided by The Points Guy MSN has partnered with The Points Guy for our coverage of credit card products. MSN and The Points Guy may receive a commission from card issuers. When we publish our monthly valuation series for airline, hotel and credit card points, we focus on the redemption side of things. For example, Amex Membership Rewards points are valued at 2 cents each, thanks to strong transfer partners like Avianca LifeMiles. Scarcity is an important and often overlooked element of value, though. If everyone had access to an unlimited supply of Membership Rewards points, we would snap up all the best first-class redemptions, forcing airlines to devalue their award charts. In many ways, scarcity helps your miles retain their value over time.

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