Composite = Value 63×.35 + Stability 55×.25 + Liquidity 41×.20 + Consistency 54×.10 + Drag 30×.10 = 52.3.
Audit trail. Median computed from 29 priced corridors across 5 distinct chart cells (a chart cell = one points price × cabin). Pricing basis: verified. Value source: v5.3 route database — premium long-haul 5.6¢ on 28 routes (weight 100%). Surcharge drag: 10.5%.
A380 First at 188K one-way from the West Coast is the experiential ceiling of the index — but surcharge drag makes Business the value play. One-way Business Saver (50% of round-trip, introduced May 2026) removes the old round-trip lock.
4 of 6 bank currencies transfer in — Amex MR 5:4 · Capital One 4:3 · Citi TY 1:0.8 · Bilt 1:1
Amex 5:4 CapitalOne 1:1 Citi 1:1 Bilt 1:1
Business and First to Dubai are wide open — capacity is the product
~10% surcharge drag. May 20, 2026 Classic Rewards repricing (+~15% First / Business / Premium Economy; economy untouched) — unlogged at Q3, now in the Stability pillar.
Effective cost. Headline median 5.8¢. Funded on a typical 25% transfer bonus (1×/yr): 7.3¢. Occasional.
| Index | Rating | Score | Median (net) |
|---|---|---|---|
| Master | BBB | 52.3 | 5.57¢ |
| Domestic USA | not researched | — | — |
| International | BBB | 52.3 | 5.57¢ |