Yes, the Expedia Rewards program (now unified as One Key) is worth it for travelers who value flexibility over brand loyalty. It is a free Expedia loyalty program that lets you earn rewards across Expedia, Hotels.com, and Vrbo simultaneously. If you aren’t loyal to a single hotel chain like Marriott or Hilton, this is an excellent way to rack up “travel cash” on almost every booking, especially vacation rentals.

What is One Key? The New Expedia Points System

In 2026, the familiar Expedia points system has been replaced and streamlined into One Key. This is a unified Expedia loyalty program that merges rewards from three major travel brands under one umbrella: Expedia, Hotels.com, and Vrbo.

The currency you earn is called OneKeyCash, and its value is straightforward: $1 OneKeyCash = $1 off your next booking. There’s no complex conversion chart or confusing points-to-miles calculations.

How You Earn OneKeyCash:

• 2% Back: On eligible hotels, vacation rentals (Vrbo), car rentals, cruises, and activities.
• 0.2% Back: On eligible flights (crucially, you still earn your regular airline frequent flyer miles on top of this).

Expedia Rewards Benefits by Tier

The more “Trip Elements” you book, the faster you climb the status tiers. A “Trip Element” can be one eligible hotel night, one eligible flight, or one eligible car rental day. One of the best Expedia rewards benefits is that even a few short trips can quickly elevate your status.

The Real Expedia Rewards Value: Is It Better Than Direct Booking?

When debating the Expedia rewards value, you have to consider your travel style. Is the simplicity of One Key better for you than the specific perks of a hotel’s own loyalty program?

Why One Key is worth it:

• The Vrbo Advantage: This is a standout. One Key is one of the few programs where you can earn significant rewards on vacation rentals (Vrbo) and then spend that “cash” on flights or hotels across the other brands.
• True Double Dipping: You consistently earn OneKeyCash and your preferred credit card points and your airline frequent flyer miles all on the same flight bookings.
• Flexible Redemption: Since OneKeyCash acts like literal currency, you can use it on almost any “Pay Now” booking without worrying about “award seat” availability or complex redemption charts.
• Unified Platform: All your travel is tracked in one place, simplifying your reward management across different booking types.

The Drawbacks:

• Lower Hotel Chain Perks: If you book a major hotel chain (like Marriott, Hilton, Hyatt) via Expedia, you generally won’t earn that hotel’s specific loyalty points or receive your elite status benefits (e.g., free breakfast, late checkout) at that specific brand’s properties. You need to book directly with the hotel chain for those.
• Flight Redemption Specifics: To use OneKeyCash on a flight, you must have enough to cover the entire cost (including taxes and fees). You cannot do a partial “cash + points” payment for airfare.

Final Verdict: Who Should Join One Key?

You should definitely consider joining and using Expedia Rewards (One Key) if:

• You prefer a variety of accommodations, including independent hotels and vacation rentals, rather than consistently staying with one major hotel chain.
• You want one simple loyalty program to track rewards across different types of travel (flights, hotels, cars, activities).
• You are a “casual” to “frequent” traveler who might not achieve top-tier elite status with a single airline or hotel brand.
• You want to earn rewards on Vrbo bookings, a unique offering.

If you are a hardcore loyalist to a specific hotel chain and consistently achieve their top-tier status, booking directly with that chain might still yield more personalized benefits. However, for sheer flexibility and earning power across a diverse range of travel, One Key offers undeniable Expedia rewards value.