If you’re looking for a hotel loyalty program that offers flexible rewards, consider joining Hilton Honors.

As one of 82 million members worldwide, you’ll be able to redeem your points for free stays at more than 5,500 properties in over 100 countries and earn points with every dollar spent at Hilton portfolio hotels, with partners, or with a Hilton Honors American Express card.

Based on our latest analysis, we value Hilton Honors points at 0.5 cent each. But the good news is that you earn multiple points per dollar spent at participating hotels, based on your elite status and which credit card you use. With the right planning, it can be easy to earn a free night or other rewards of your choosing.

Is Hilton Honors the right program for you?

We crunched the numbers to help you decide how much energy to focus on this loyalty program.

How much Hilton Honors points are worth

Based on our most recent analysis, NerdWallet values Hilton Honors points at 0.5 cent apiece. To determine the value of reward points, you should compared cash prices and reward redemptions for hotel stays across several destinations and dates. Divided the cost in cash by the cost in points to determine a “cent per point” value for each hotel night, then averaged this value across several searches.

This is therefore a baseline value for Hilton Honors points, based on real-world data collected from hundreds of hotel stays, not a maximized value. In other words, you should aim for award bookings that offer 0.5 cent or more in value from your Hilton Honors points.

To determine the value of your points for specific bookings, divide the cash value (minus any fees associated with the reward booking) by the number of points required. So if a hotel room would cost either $100, or 15,000 points + $10 in resort fees, the math would be as follows:

($100 – $10) / 15,000 = 0.006, or 0.6 cent per point.