Updated September 2026.
My working value for an Avios is at least 1p. If a redemption gives me 1.2p or more per Avios, I regard that as particularly attractive.
That is not an official British Airways valuation. It is the benchmark I use when deciding whether to spend Avios, pay cash, use a Companion Voucher or buy additional Avios.
My Avios valuation
| Value per Avios | How I view it |
|---|---|
| Below 0.8p | Usually poor value |
| Around 1p | My minimum working target |
| 1.2p+ | Strong value |
| 1.5p+ | Excellent |
| 2p+ | Exceptional rather than something I expect every time |
How I calculate the value of an Avios
(Cash fare I would otherwise pay − unavoidable cash paid on the reward) ÷ Avios used × 100 = pence per Avios.
If an equivalent flight costs £600 and the Reward Flight costs 50,000 Avios plus £100, the result is 1p per Avios.
The important part is using the cash fare I would genuinely have bought. Comparing a reward with a fare I would never pay can make a mediocre redemption look spectacular.
Real Avios redemptions from my own trips
Ibiza 2024: 76,500 Avios + £3 for three return tickets
For our August 2024 trip, three of us flew British Airways CityFlyer return from London City to Ibiza. The booking cost 76,500 Avios plus £3 in total.
At my 1p target, those flights needed to replace a cash fare of at least £768 in total. I do not have a reliable like-for-like historic cash fare for the same booking, so I am not claiming a measured pence-per-Avios return.
India 2023: Companion Voucher, 82,500 Avios + £894.18
For our February 2023 India trip, three return British Airways World Traveller tickets to Mumbai were booked using a BA American Express Companion Voucher, 82,500 Avios and £894.18.
To deliver 1p per Avios, equivalent cash tickets would need to cost more than £1,719.18 in total. The Companion Voucher also has an opportunity cost because using it on one trip means it cannot be used elsewhere.
Dubai 2024: 60,000 Avios + £100 for one return ticket
For our October/November 2024 Dubai trip, Nisha’s separate British Airways Reward Flight Saver ticket between Heathrow and Dubai cost 60,000 Avios plus £100.
At a 1p valuation, that reward would need to replace a cash ticket costing at least £700 to meet my target. The other two travellers were on a separate booking and I do not have the original points-and-cash receipt for that booking, so I do not apply the 60,000 Avios figure to the whole family trip.
Why 1p is my minimum target
I can sometimes acquire additional Avios at close to this level through options such as Balance Boost or selected promotions. My own working benchmark for buying Avios through Balance Boost has been around 0.92p per Avios.
If I can acquire an Avios for around 0.92p, redeeming it for only 0.7p or 0.8p would normally make little sense. That makes 1p a useful minimum line and gives me a reason to look for 1.2p or more where possible.
See my full guide to buying points and miles for the acquisition side of the calculation.
Reward Flights are not free flights
British Airways Reward Flights use Avios plus a cash amount covering taxes, fees and carrier charges. The number of Avios required depends on the route, date and cabin, and British Airways also offers different Avios-and-cash combinations on many bookings.
That flexibility can be useful, but each combination effectively gives the saved Avios a price. I compare those options rather than automatically choosing the lowest cash payment.
Peak and off-peak pricing matters
British Airways uses peak and off-peak pricing on its own Reward Flights. Two similar trips can therefore require different numbers of Avios depending on the travel date.
A lower off-peak Avios price can improve the value significantly if the equivalent cash fare remains high.
Companion Vouchers can change the calculation
A BA American Express Companion Voucher can reduce the Avios needed for an eligible booking, but I still calculate the value against the total cash fare I would genuinely have bought. For businesses earning Avios directly from company spend, see my BA Amex Accelerating Business Card guide.
I also avoid treating the voucher as free. It has an opportunity cost because it can only be used once. The India example above shows why the whole booking matters: the voucher helped stretch the Avios, but the booking still required nearly £900 in cash.
Avios & Money can hide an expensive top-up
British Airways often lets you use fewer Avios and pay more cash. To compare those options, I divide the extra cash by the number of Avios saved.
If paying an extra £100 saves 10,000 Avios, the implied cost is 1p per Avios. If the same £100 saves only 5,000 Avios, the implied cost is 2p per Avios.
Buying Avios changes the floor
If I need to top up for a specific redemption, I compare the cost of buying the missing Avios with the cash fare I am avoiding.
Buying 20,000 Avios at 0.92p each costs £184. If those points unlock a flight that saves £400 after taxes and charges, the purchase may work. If they save only £150, paying cash for the flight would be better.
What about upgrades?
Avios can also be used for eligible cabin upgrades. The same principle applies: compare the extra Avios with the cash difference between cabins you would genuinely consider buying.
Premium-cabin redemptions can produce very high headline values, but a £4,000 Business Class fare is only a meaningful comparison if you would realistically have paid something close to it.
Cash saved matters more than a headline valuation
The question I care about most is simple: what would I actually have paid if I did not use Avios?
If I would have bought a £700 economy ticket rather than a £3,000 business ticket, £700 is the honest starting point for the comparison.
My rule of thumb
- Below 0.8p: I would usually keep the Avios and pay cash.
- Around 1p: acceptable and around my minimum target.
- 1.2p or more: strong value.
- 1.5p or more: excellent.
Flexibility, cash-flow, limited availability and the use of a Companion Voucher can all make a redemption worthwhile even when the simple pence-per-Avios figure is not spectacular.
Related guides
- Flight Redemptions with Avios and Companion Vouchers
- What Are My Points Worth?
- Buying Points and Miles
- Points Transfer Bonuses
- Flights
Reward pricing, fees and programme rules change. I compare the live Reward Flight options and the cash fare before every booking.
Official source: British Airways Reward Flights.
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