Updated June 2026
Since June 3, 2025, Lufthansa's Miles & More moved to dynamic award pricing, ending two decades of a fixed award chart. Miles & More points are now worth between 1.3 and 1.4 cents each on average, based on current third-party valuations, though actual value ranges from roughly 0.9 cents on economy redemptions up to 6 to 7 cents per point on the best long-haul Star Alliance partner business class bookings. The exact value depends entirely on how and where you redeem. This guide breaks down what your points are actually worth right now, what changed with dynamic pricing, whether buying miles makes financial sense, and when selling is the smarter move.
How Much Is One Miles & More Point Worth?
The average value of a Miles & More point is approximately 1.3 to 1.4 cents in US terms. Upgraded Points values Miles & More miles at 1.4 cents apiece in its current 2026 points and miles valuations. At the lower end, economy class redemptions on Lufthansa Group flights typically deliver around 0.9 cents per mile, particularly on routes where the cash price is low. Business and first class redemptions on long-haul routes with high cash fares can exceed 1.3 cents per mile on Lufthansa Group flights, and significantly more on Star Alliance partner bookings.
These are blended averages, not fixed rates. The real value of any individual redemption depends on the cabin, route, and how Lufthansa's dynamic pricing is behaving at the time of booking. Economy redemptions on low-cash-price routes return the least. Long-haul Star Alliance partner business class bookings return the most.
As a quick reference by redemption type: economy class on Lufthansa Group flights returns approximately 0.9 cents per mile. Business and first class on Lufthansa Group flights typically delivers 1.0 to 1.3 cents per mile depending on route and demand. The general blended average across all uses is 1.3 to 1.4 cents per mile according to Upgraded Points. Long-haul Star Alliance partner business class, the best-case redemption available in the program, can deliver 6 to 7 cents per mile on the right itinerary. And for context on purchasing: the Bundle&Go large tier at base price costs approximately 1.35 cents per mile ($2,034 for 150,000 miles), dropping to approximately 1.29 cents per mile during peak bonus promotions like the 60% offer active in May 2026.
What Changed When Miles & More Went Dynamic in June 2025
The most consequential change to Miles & More in years happened on June 3, 2025, when the program moved Lufthansa Group flights (Lufthansa, SWISS, Austrian Airlines, and Lufthansa City) to dynamic award pricing. The fixed regional award chart that had defined the program for two decades no longer applies to those carriers. Award costs now depend on the cash price of the flight, which varies by route, demand, fare type, and booking date. You may see different mileage requirements from one day to the next for the same route.
Star Alliance partner flights still use a fixed award chart, but that chart was also revised in June 2025, with most premium cabin rates increasing. For a full breakdown of everything that changed at launch, see our original Miles & More devaluation guide.
Three things were also discontinued at launch and have not returned as of June 2026. Mileage Bargains, which had offered substantial discounts like 55,000 miles for a round-trip business class ticket between the US and Europe, were permanently removed. The Flex Plus award option, which previously allowed members to offset high cash surcharges with additional miles, was eliminated. And the option to pay taxes and fees using miles was removed.
Award fare categories on Lufthansa Group flights now align with commercial fare bundles: Light, Classic, and Flex for short-haul intra-Europe flights, and Light, Basic, Basic Plus, and Flex for long-haul routes. Award seats are still restricted to specific fare buckets, which limits availability and flexibility even when mileage prices drop under dynamic pricing.
Why Miles & More Point Value Varies So Much
Point value swings widely because of the dynamic pricing model. The same Lufthansa flight can cost different amounts of miles depending on when you search, how full the flight is, and which fare class is available. Award pricing is no longer predictable in the way a fixed chart allowed.
The best-documented high-value redemptions come from long-haul Star Alliance partner bookings, which still use a fixed chart. One well-known example: Air Canada business class from Newark to Vancouver to Yellowknife costs 30,000 miles plus taxes and fees against a cash price of over $2,000, working out to approximately 6 to 7 cents per mile. That kind of redemption is exactly why blended averages only tell part of the story. Partner award space, not Lufthansa's own dynamically priced flights, is where miles stretch the furthest in 2026.
Fuel surcharges compound the value equation on Lufthansa Group flights. Lufthansa invoices surcharges in euros on all award tickets regardless of where you book from. As of March 2026, a transatlantic business class award from North America to Frankfurt carries approximately €1,148 in surcharges on top of the miles required, which equates to roughly $1,260 at current exchange rates. Booking the same Lufthansa seat through United MileagePlus or Air Canada Aeroplan typically reduces the surcharge burden to $100 to $250, which is why Star Alliance partner programs are often the smarter route for accessing Lufthansa metal.
Our Real-World Test: Frankfurt to Sydney in Business Class
On June 3, 2025, when dynamic pricing launched, we ran a live booking test for a one-way business class flight from Frankfurt to Sydney. The Basic Business option required 64,906 miles plus approximately $655 in taxes and fees. The Refundable with Fee option required 70,306 miles plus approximately $650 in taxes and fees. The Fully Flexible option required 75,706 miles plus approximately $650 in taxes and fees.
While 64,906 miles for a long-haul business class award is not unreasonable on the face of it, the approximately $655 in fees, mostly carrier-imposed surcharges, significantly reduces the net value of the redemption. Dynamic pricing creates lower mileage costs on some routes compared to the old fixed chart, but the fee burden on Lufthansa Group flights means you need to calculate the combined cost of miles plus cash before concluding an award is genuinely good value.
How Dynamic Pricing Has Affected Award Costs
On economy class redemptions, the shift to dynamic pricing delivered some genuine improvement. The transatlantic economy round-trip between North America and Europe dropped from 60,000 miles to 50,000 miles in many cases under the new system. That is one area where members have seen a concrete benefit.
Premium cabin redemptions moved in the other direction. Premium economy awards between North America and Europe increased from 80,000 to 85,000 miles round-trip. Business class moved from 112,000 to 125,000 miles or more round-trip. First class moved from 182,000 to 215,000 miles or more round-trip. These are benchmark figures rather than fixed prices since dynamic pricing means actual costs fluctuate, but they reflect the typical range members are seeing in 2026.
Should You Buy Miles & More Points?
Buying points only makes sense when the purchase price sits meaningfully below your expected redemption value, and most standard offers do not clear that bar clearly enough to justify the risk. Lufthansa's Bundle&Go program currently offers four tiers with a maximum purchase of 250,000 miles per calendar year. At base prices without a promotional bonus, the tiers work out as follows: the Extra Small bundle delivers 4,500 miles for $104, which is 2.31 cents per mile; the Small bundle delivers 15,000 miles for $290, which is 1.93 cents per mile; the Medium bundle delivers 75,000 miles for $1,162, which is 1.54 cents per mile; and the Large bundle delivers 150,000 miles for $2,034, which is 1.35 cents per mile.
During promotional bonus periods, the effective cost drops significantly. The 60% bonus promotion active in May 2026 brought the large tier down to approximately 1.29 cents per mile, which is the best pricing this program has offered. Upgraded Points values Miles & More miles at 1.4 cents apiece, which means the large tier during a 60% bonus promotion creates a narrow positive margin, but only if you redeem at or above average value. There is no margin for error at those pricing levels.
For members who want a very large balance quickly and are targeting Lufthansa first class specifically, an alternative route exists through ASmallWorld. As of June 2026, ASmallWorld is running a promotion offering 300,000 Miles & More miles with a Prestige membership for $5,740, working out to 1.92 cents per mile. This is above the average redemption value of 1.3 to 1.4 cents per mile, but it does provide early access to Lufthansa first class inventory up to 360 days in advance, which partner programs cannot match. The practical rule for all buying scenarios: only purchase Miles & More miles if you have a specific high-value award confirmed and available, and the effective cost per mile is below your expected redemption value. Buying speculatively almost always results in a net loss.
What This Means If You're Selling Your Miles
If you are not planning to fly Lufthansa or its Star Alliance partners at a high-value redemption level, converting unused Miles & More points to cash is often the more practical option than holding and hoping for a premium-cabin opportunity that may never materialize. Selling your Lufthansa miles gives you a guaranteed cash value today rather than a points balance subject to further devaluation, a 36-month expiration clock, or award availability gaps.
The expiration risk is real and specific to this program. Standard Miles & More members face a hard 36-month expiration from the date miles are earned, regardless of account activity. Lufthansa does not reinstate expired miles. If your expiration deadline is approaching and you have no confirmed high-value redemption plan, selling delivers a guaranteed return before the clock runs out.
For context on how this program's value has evolved, see our breakdown of the 2025 Miles & More devaluation and what changed when the fixed chart was retired. If you are weighing Lufthansa against other major loyalty currencies before deciding whether to redeem or sell, our side-by-side comparison with Delta SkyMiles covers how the two programs compare in 2026. For official current program rules, Lufthansa's own Miles & More program pages are the authoritative source.
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