Buying Points and Miles: When It’s Worth It (and When It’s Not)

Every major airline and hotel loyalty programme lets you buy points or miles directly. The programmes want you to, because purchased points generate immediate revenue with no guarantee of high-value redemption. Sales run regularly — sometimes offering 40%, 70%, even 100% bonuses — and the headline numbers can look compelling.

But buying points is not earning points. When you buy, you exchange real money for a loyalty currency whose value depends entirely on how and when you redeem it. Get the redemption right, and purchased points can deliver premium travel at a steep discount to cash prices. Get it wrong, and you have spent real money on a depreciating asset you might never use well.

The Golden Rule: Never Buy Speculatively

Programmes devalue without warning. British Airways overhauled its Avios award chart in late 2024, increasing many redemptions substantially. IHG and Marriott both use dynamic pricing that can shift overnight. Virgin Atlantic introduced dynamic pricing that makes some routes excellent value and others terrible. Emirates restricted first class award availability to elites only.

Points you buy today at a price that looks attractive can become poor value tomorrow if the programme changes its redemption rates before you use them. The only reliable protection is to buy with a specific booking already identified — ideally one you can complete within days of purchase.

Airline Points: What You Can Buy and What It Costs

Avios (BA, Qatar, Finnair, Iberia, Aer Lingus)

Avios is the shared currency across British Airways, Qatar Airways, Finnair, Iberia and Aer Lingus. You can buy Avios through any of these programmes, and transfer freely between them at a 1:1 ratio. This means the cheapest source of Avios at any given time is the one to use — regardless of which programme you plan to redeem through.

British Airways: Sells Avios directly via ba.com, with periodic promotions offering 30–50% bonuses. BA also runs a “Balance Boost” feature that lets you multiply recently earned Avios for a fee — occasionally enhanced to 4x or 5x during limited-time promotions, bringing the effective purchase price down to roughly 1.0–1.2p per Avios. Standard (non-sale) pricing is poor value. BA caps purchases at 200,000 Avios per calendar year (before bonus).

Qatar Airways: Sells Avios through Privilege Club with regular promotions, typically up to 50% bonus. During strong sales, the effective price reaches approximately 1.1–1.2p per Avios — often the cheapest route to buying Avios. Qatar allows purchases of up to 250,000 Avios per year (before bonus). Purchased Avios can be transferred to BA, Iberia, Finnair or Aer Lingus instantly and for free.

Finnair: Sells Avios through Finnair Plus with regular promotions (up to 50% bonus). Pricing is typically comparable to Qatar at the top tier. Finnair requires a minimum balance of 50–100 Avios to qualify for bonus rates, so transfer a small number of Avios into your Finnair account before buying. Finnair also awards tier points on purchased Avios, which is unique — buying 200,000 Avios during a promotion can earn enough tier points for Finnair Silver (oneworld Ruby) status.

Best sale price (approximate): 0.9–1.2p per Avios during the strongest promotions across these programmes. At this price, Avios are worth buying for specific premium cabin redemptions where the cash fare substantially exceeds the purchase cost plus taxes.

Virgin Atlantic Flying Club (Virgin Points)

Virgin sells points directly through Virgin Red, with regular promotions offering up to 70% bonus. UK-based accounts get significantly better pricing than US accounts — during a 70% bonus promotion, UK members can buy points for approximately 0.88p each (£15 per 1,000 base points, plus a one-off £15 transaction fee). The annual purchase limit is normally 200,000 points but is often increased to 300,000 during promotions.

At 0.88p per point, Virgin Points are among the cheapest directly purchasable airline currencies in the world. However, Virgin’s shift to dynamic pricing means redemption value varies enormously. Upper Class to New York can be outstanding value at the lowest dynamic pricing levels, while other routes or dates may offer poor returns. Always check the award cost for your specific dates before buying.

Virgin also offers a “Points Booster” feature on upcoming or recent flights, allowing you to multiply your flight-earned points for approximately 1p per point — slightly more expensive than buying during a 70% bonus sale, but useful for smaller top-ups.

Emirates Skywards

Emirates sells Skywards miles directly with periodic promotions, typically offering 25–35% bonus. The best promotional price is roughly 1.5–1.9p per mile, which is more expensive than Avios or Virgin Points. Emirates caps purchases at 100,000 miles per year (before bonus), further limiting the utility.

Buying Emirates miles is rarely the best approach for UK collectors. Amex Membership Rewards transfers to Skywards (at 1:0.8 during standard periods, occasionally with bonus) are generally more cost-effective if you hold an Amex card. Emirates miles also have a strict three-year expiry regardless of account activity (unless you hold Platinum status), adding risk to any speculative purchase.

The one scenario where buying Emirates miles might make sense: you are a few thousand miles short of a specific premium cabin redemption, the award space is confirmed and available, and the cost of buying the shortfall is less than the alternative of earning or transferring from another source.

Other Airlines

Turkish Miles&Smiles: Occasionally runs purchase promotions. Interesting for Star Alliance redemptions (Turkish has some of the lowest award rates for business class on partner airlines), but the programme’s reliability and service quality are inconsistent.

Singapore KrisFlyer: Does not typically offer direct purchase promotions that represent good value for UK-based collectors.

Air France/KLM Flying Blue: Sells miles with periodic bonuses. Worth monitoring if you fly SkyTeam regularly, though Virgin Points (via SkyTeam partnership) often provide better value for the same routes.

Hotel Points: What You Can Buy and What It Costs

Marriott Bonvoy

Marriott sells Bonvoy points directly with regular promotions, typically offering 30–40% bonus. During a 40% bonus promotion, the effective price is approximately 0.7p per point. Marriott allows purchases of up to 100,000 points per year (before bonus), sometimes increased during promotions.

Marriott uses dynamic pricing, which means the points cost of a given night fluctuates with cash rates. At 0.7p per point, buying makes sense when the points price of a stay produces a cost per night that is substantially lower than the cash rate — this is most likely at higher-end properties (Ritz-Carlton, St. Regis, W, Edition, Luxury Collection) where cash rates can be extreme but points pricing occasionally lags. It rarely makes sense for budget or mid-tier Marriott brands where cash rates are already reasonable.

Marriott’s 5th-night-free benefit on award stays (available to all members) is a powerful multiplier when buying points. A five-night stay effectively gives you a 20% discount on the points cost, which combined with a purchase bonus can produce exceptional value at luxury properties.

Hilton Honors

Hilton runs frequent purchase promotions — often every two to three months — with up to 100% bonus. During a 100% bonus, the effective price drops to approximately 0.4p per point. Hilton allows purchases of up to 80,000 points per year (before bonus), typically increased to 240,000 during promotions — meaning you could buy up to 480,000 points with a 100% bonus.

Hilton also uses dynamic pricing, and Hilton points are worth less per point than Marriott or Hyatt (roughly 0.3–0.4p each in typical redemptions). At 0.4p per point with the 100% bonus, buying Hilton points represents roughly break-even value for average redemptions. The value emerges at high-end Hilton brands (Waldorf Astoria, Conrad, LXR) where cash rates are very high but points pricing can remain moderate, particularly when combined with Hilton’s 5th-night-free benefit on award stays.

Hilton also offers free pooling — up to 10 members can combine points at no cost. A household can have multiple people each buy points during a 100% bonus promotion and pool them for a single high-value redemption.

IHG One Rewards

IHG runs frequent purchase promotions with up to 100% bonus — often monthly. During a 100% bonus, the effective price is approximately 0.4p per point. IHG allows purchases of up to 200,000 points per year (before bonus), sometimes increased to 300,000+ during promotions.

IHG uses dynamic pricing, and the per-point value is similar to Hilton — roughly 0.3–0.5p per point on typical redemptions. The maths works best at IHG’s premium brands (InterContinental, Kimpton, Six Senses, Regent, Vignette) where cash rates are high. IHG also offers a 4th-night-free benefit on award stays for members holding certain IHG credit cards — though the relevant card (IHG One Rewards Premier) is not available in the UK.

IHG points purchases are processed by Points.com and charged in USD, so UK buyers should use a card with no foreign transaction fees.

World of Hyatt

Hyatt sells points but rarely offers promotional bonuses comparable to Hilton or IHG. Purchase pricing is typically 1.7–2.0p per point, and Hyatt points are worth more per point (roughly 1.2–1.5p in typical redemptions). The premium purchase price means buying Hyatt points is almost never worthwhile unless you are topping up a small shortfall for a specific booking. Hyatt’s category-based award chart (with modest dynamic adjustments) means you can identify value in advance, but the cost of purchasing enough points for a full stay is usually prohibitive.

The Maths: When Buying Beats Cash

The calculation is straightforward. Take the cash price of the flight or hotel stay. Subtract any taxes, fees and surcharges you would still pay on the award booking (these can be substantial, particularly on BA flights). Divide the remaining value by the number of points required. This gives you the value per point of that specific redemption.

If the value per point exceeds your purchase cost per point, buying is cheaper than paying cash. If it does not, buying destroys value.

Example: Avios for BA Business Class

London to Cape Town in BA Club World might cost £3,200 cash or 75,000 Avios plus approximately £600 in taxes and surcharges. The cash saving from using Avios is £2,600. At 75,000 Avios, each Avios is delivering 3.5p of value. If you can buy those Avios during a Qatar promotion at 1.1p each, the total cost of purchasing is approximately £825. Add £600 in taxes: total cost £1,425 versus £3,200 cash. That is a saving of over £1,700 — buying points made clear financial sense.

Example: Avios for BA Short-Haul Economy

London to Barcelona in economy might cost £85 cash or 13,000 Avios plus £35 in taxes. The cash saving is £50. Each Avios is delivering 0.38p of value. Buying those Avios at 1.1p each would cost £143. Add £35 in taxes: total cost £178 versus £85 cash. Buying points is nearly double the cash fare — terrible value.

Example: Hilton Points for a Waldorf Astoria

A Waldorf Astoria in a major city might cost £500 per night cash or 95,000 Hilton points per night on award. Five nights cash: £2,500. Five nights on points with 5th-night-free: 380,000 points. Buying 380,000 points during a 100% bonus at 0.4p per point costs approximately £1,520. Saving: nearly £1,000 versus cash. Worth buying.

Example: IHG Points for a Holiday Inn

A Holiday Inn might cost £90 per night cash or 25,000 IHG points per night on award. Buying 25,000 points during a 100% bonus at 0.4p per point costs approximately £100. Marginally more expensive than cash, with no hotel loyalty earning, no elite benefits and no room for error. Not worth buying.

Sale Patterns: When to Buy

Purchase promotions follow broadly predictable cycles, though exact timing varies:

Avios (BA/Qatar/Finnair): Multiple sales per year across the five programmes. Qatar and Finnair tend to run promotions every 4–8 weeks. BA runs Balance Boost enhancements once or twice a year. The strongest promotions (50% bonus on Qatar/Finnair, 5x Balance Boost on BA) appear roughly 2–3 times per year. There is almost always at least one Avios programme running a sale at any given time.

Virgin Points: Up to 70% bonus promotions run roughly every 2–3 months. The 70% level has been consistent through 2025–2026 and represents the best pricing. Promotions typically last 3–5 weeks.

Emirates Skywards: Less frequent, roughly quarterly. Bonus levels are lower (25–35%) and the effective price per mile is higher. Not a priority buy for most UK collectors.

Hilton Honors: 80–100% bonus promotions run approximately every 2–3 months. The 100% bonus is the maximum and appears frequently. Always wait for a 100% bonus — settling for 80% or less significantly worsens the value.

IHG One Rewards: Up to 100% bonus promotions run approximately monthly. The most frequent of all hotel programmes. Always wait for 100%.

Marriott Bonvoy: 30–40% bonus promotions run roughly quarterly. 40% is the typical maximum. Less generous than Hilton or IHG, but Marriott points are worth more per point.

Alternatives to Buying Points Directly

Before buying points at any price, consider whether there is a cheaper or more efficient way to acquire them:

Credit card sign-up bonuses: Typically the cheapest source of airline and hotel points. The Amex Preferred Rewards Gold sign-up bonus of 20,000 MR points (convertible to 20,000 Avios or Virgin Points) costs nothing beyond meeting the spending requirement with money you would have spent anyway. The BA Amex offers 5,000 Avios for free. Business cards offer larger bonuses — the Amex Business Platinum sign-up bonus of 120,000 MR points is equivalent to buying approximately £1,200–1,400 worth of Avios at sale prices, but the points are essentially free (minus the card fee, offset by other benefits).

Amex MR transfer bonuses: When Amex runs a 30% bonus to Avios, 100,000 MR becomes 130,000 Avios. If you already hold MR points, this is significantly cheaper than buying Avios directly — and MR points were likely earned through spending you did anyway.

Nectar and Tesco Clubcard: Nectar-to-Avios and Tesco Clubcard-to-Virgin Points conversions produce points from grocery spending at very low effective cost. With bonus conversion promotions, Nectar can deliver Avios at under 0.5p each in opportunity cost.

Shopping portals: BA Shopping and Virgin Shops Away earn points from online retail spending, often at 3–10+ points per £1. For planned purchases, portal earning is far cheaper per point than direct buying.

Risks and Traps

Devaluation risk: Programmes can increase redemption costs without notice. Points you buy today at 1p each might need double the quantity for the same flight next year. The only mitigation is buying with immediate use in mind.

Expiry risk: Emirates Skywards miles expire after three years regardless of activity. Other programmes have activity-based expiry policies that are generally manageable, but purchased points sitting unused still represent trapped capital.

Availability risk: You buy points for a redemption you spotted, but by the time the points post (up to 72 hours), the award space has disappeared. Mitigation: buy only when the desired flight or hotel stay has wide availability, or when the programme offers a refund window (Virgin Points has a 14-day refund policy if no points have been redeemed).

Foreign currency risk: Many point purchases are charged in USD (Qatar, IHG, Hilton, Marriott). UK buyers face exchange rate fluctuations and potential FX fees. Use a card with no foreign transaction fees (Amex Platinum, Amex Gold, Barclaycard Avios, Chase Sapphire, Halifax Clarity, Starling, Monzo).

Opportunity cost: Money spent buying points is money not invested, not earning interest, and not available for other purposes. A £4,500 Virgin Points purchase represents real capital deployed for future travel that might be months away. Consider whether the saving over a cash fare justifies the upfront outlay.

The Decision Framework

Before buying any points or miles, work through this sequence:

First: Is a sale running? If not, wait. Standard pricing is almost never worthwhile.

Second: Do you have a specific redemption in mind? Have you confirmed the flight or hotel is available as an award? If not, do not proceed.

Third: What is the total cost? Add the purchase price of the points plus any taxes, fees and surcharges on the award booking. Compare this to the cash fare.

Fourth: Is the saving substantial? A marginal saving of 10–15% probably is not worth the effort and risk. Look for situations where buying points costs 40–60% less than the cash price — these are the sweet spots.

Fifth: Can you acquire the points more cheaply another way? Check your existing transferable balances (Amex MR), upcoming credit card bonuses, Nectar/Tesco conversions and current transfer bonus promotions. If any of these can provide the points cheaper, use those first and buy only the shortfall.