Points or cash?
The redemption is only good if it beats a trip you would actually pay for. Put both prices here and see what your points are buying.
Points come out ahead
1.83¢ per point
At your valuation, the award costs $500.00 in points and fees, compared with $600.00 cash. That's a $100.00 advantage for points.
Use the cash alternative you would actually buy, in US dollars. The starting numbers are an example; 1.5¢ is an editable assumption, not a program valuation. Compare the same dates and travelers. Add positioning costs to the relevant price. This calculation excludes points earned on paid bookings, status credit, and differences in cancellation terms.
What the number means
Cents per point = (cash price − award fees) ÷ points × 100. A $600 booking that costs 30,000 points plus $50 gives you 1.83¢ per point. If you value those points at 1.5¢ each, the award has a $100 advantage.
That advantage can disappear with a positioning flight or a worse cancellation policy. Confirm the award is available before transferring points, and compare the full itinerary.