The miles and points game isn’t for everyone. But, if you’re going to collect miles and points it behooves you to understand what they’re worth. Spending on a cash-back credit card has a clear return. It’s defined in the terms of the card agreement. But, miles and points, whether they’re earned from flying, staying in hotels or credit card spend have a variable value. Just like you’d ask how much cash back you get, you should ask how much you can get for miles and points you’re earning. Here are some examples.