A new study from IdeaWorksCompany and Switchfly show which hotel loyalty programs offer the best payback for your travel dollars. The study examined six popular frequent-guest programs — Hilton HHonors, IHG Rewards, Marriott Rewards, Starwood SPG, Choice Privileges and Wyndham Rewards. It compared reward value in points to corresponding room prices.

The results? Wyndham Rewards offers the best reward value, giving members an average of $13.60 in points for every $100 spent. Accordingly, the least rewarding program is Starwood SPG, offering an average return of $5.60 for every $100 spent. The other frequent-guest programs average out in the center, with IHG Rewards at $7.40; Hilton Honors at $7.70; Choice Privileges at $8.50; and Marriott Rewards at $9.

“Travel companies must remember that even if their rewards members are not doing the complicated math necessary to know the exact value of a rewards program, they do know when a rewards program is providing value — and when it isn’t,” said Daniel Farrar, CEO, Switchfly. “Across programs, elite members are reaping the greatest benefits, but those customers who aren’t elite members can still maximize their loyalty game by stacking rewards. For example, they can use a rewards credit card to book a flight through a third-party website that offers rewards on an airline where they earn frequent-flier miles. That’s an easy way for everyone to maximize the value of their rewards payback every time they book travel.”

The annual study from Switchfly and IdeaWorksCompany just added Choice Privileges and Wyndham Rewards to the lineup of programs this year. The study says customers should carefully consider using either. Even though both generally offer impressive reward value per dollars spent, they do come with certain limitations. Basic members of the Choice Privileges company can only book reward stays 30 days in advance, or 60 days in advance at international properties. Wyndham Rewards’ Wyndham Grand brand is also limited to little more than 30 hotels in eight countries.

Which hotel reward program do you feel gives you the most for your money? Email us and let us know. Please include your full name and location with your email.