Your answer is highly dependent on what you redeem the miles for. If you redeem for domestic coach flights, you'll struggle to get 1.5 cents per point. If you redeem for international premium cabins, they will yield more value, at least in terms of ticket price. 220 points is probably worth $3 to $4. This blogger estimates point values based on his uses and could provide a good starting estimate for you: https://thepointsguy.com/guide/monthly-valuations/