diff --git a/apps/bot/test/commands.test.ts b/apps/bot/test/commands.test.ts
index d125d17..b0c27b6 100644
--- a/apps/bot/test/commands.test.ts
+++ b/apps/bot/test/commands.test.ts
@@ -33,6 +33,7 @@ function account(
         ? null
         : { points, source: "manual", capturedAt: new Date("2026-01-01") },
     estimatedValueCents: valueCents ?? 0,
+    customCentsPerPoint: null,
     trend: {} as LoyaltyAccountReadModel["trend"],
     expiresAt: null,
     daysUntilExpiry: daysUntilExpiry ?? null,
diff --git a/apps/web/src/app/api/v1/valuations/[providerId]/route.ts b/apps/web/src/app/api/v1/valuations/[providerId]/route.ts
new file mode 100644
index 0000000..1cc610d
--- /dev/null
+++ b/apps/web/src/app/api/v1/valuations/[providerId]/route.ts
@@ -0,0 +1,36 @@
+import {
+  setCustomValuationRequestSchema,
+  toCustomValuationDto,
+} from "@pointup/core/contracts";
+import { NextResponse } from "next/server";
+
+import { getContainer } from "@/server/container";
+import { withAuthenticatedUser } from "@/server/http";
+
+type Context = { params: Promise<{ providerId: string }> };
+
+/** Set (or replace) the caller's cents-per-point override for a provider. */
+export function PUT(request: Request, context: Context) {
+  return withAuthenticatedUser(async (userId) => {
+    const { providerId } = await context.params;
+    const body = setCustomValuationRequestSchema.parse(await request.json());
+    const valuation = await getContainer().useCases.setCustomValuation.execute({
+      userId,
+      providerId,
+      centsPerPoint: body.centsPerPoint,
+    });
+    return NextResponse.json(toCustomValuationDto(valuation));
+  });
+}
+
+/** Clear the override, reverting the provider to its editorial valuation. */
+export function DELETE(_request: Request, context: Context) {
+  return withAuthenticatedUser(async (userId) => {
+    const { providerId } = await context.params;
+    await getContainer().useCases.deleteCustomValuation.execute(
+      userId,
+      providerId,
+    );
+    return new NextResponse(null, { status: 204 });
+  });
+}
diff --git a/apps/web/src/app/api/v1/valuations/route.ts b/apps/web/src/app/api/v1/valuations/route.ts
new file mode 100644
index 0000000..5be5299
--- /dev/null
+++ b/apps/web/src/app/api/v1/valuations/route.ts
@@ -0,0 +1,14 @@
+import { toCustomValuationDto } from "@pointup/core/contracts";
+import { NextResponse } from "next/server";
+
+import { getContainer } from "@/server/container";
+import { withAuthenticatedUser } from "@/server/http";
+
+/** List the caller's custom cents-per-point overrides. */
+export function GET() {
+  return withAuthenticatedUser(async (userId) => {
+    const valuations =
+      await getContainer().useCases.listCustomValuations.execute(userId);
+    return NextResponse.json(valuations.map(toCustomValuationDto));
+  });
+}
diff --git a/apps/web/src/server/container.ts b/apps/web/src/server/container.ts
index 390a8b6..e3815ed 100644
--- a/apps/web/src/server/container.ts
+++ b/apps/web/src/server/container.ts
@@ -13,6 +13,10 @@ import {
   DrizzleTripGoalRepository,
   BedrockAssistant,
   BulkUpdateMembershipNumbers,
+  DeleteCustomValuation,
+  DrizzleCustomValuationRepository,
+  ListCustomValuations,
+  SetCustomValuation,
   ExportPortfolio,
   FirecrawlPageScraper,
   GetBalanceHistory,
@@ -88,6 +92,9 @@ export interface Container {
     getPublicPortfolioSnapshot: GetPublicPortfolioSnapshot;
     chatWithAssistant: ChatWithAssistant;
     getValueAdvice: GetValueAdvice;
+    listCustomValuations: ListCustomValuations;
+    setCustomValuation: SetCustomValuation;
+    deleteCustomValuation: DeleteCustomValuation;
     ingestDealPage: IngestDealPage;
     syncLoyaltyAccount: SyncLoyaltyAccount;
     syncAllLoyaltyAccounts: SyncAllLoyaltyAccounts;
@@ -142,6 +149,7 @@ function buildContainer(): Container {
   const activity = new DrizzleActivityEventRepository(db);
   const tripGoals = new DrizzleTripGoalRepository(db);
   const shares = new DrizzlePortfolioShareRepository(db);
+  const customValuations = new DrizzleCustomValuationRepository(db);
   const vault = buildVault();
   const gateway = new CompositeTravelProviderGateway([
     new SimulatedTravelProviderGateway(),
@@ -157,6 +165,8 @@ function buildContainer(): Container {
   const listLoyaltyAccounts = new ListLoyaltyAccounts(
     loyaltyAccounts,
     balanceSnapshots,
+    undefined,
+    customValuations,
   );
   const linkLoyaltyAccount = new LinkLoyaltyAccount(loyaltyAccounts, activity);
   const recordManualBalance = new RecordManualBalance(
@@ -185,6 +195,8 @@ function buildContainer(): Container {
       getLoyaltyAccount: new GetLoyaltyAccount(
         loyaltyAccounts,
         balanceSnapshots,
+        undefined,
+        customValuations,
       ),
       linkLoyaltyAccount,
       updateLoyaltyAccount,
@@ -241,6 +253,9 @@ function buildContainer(): Container {
         llm,
       ),
       getValueAdvice: new GetValueAdvice(listLoyaltyAccounts),
+      listCustomValuations: new ListCustomValuations(customValuations),
+      setCustomValuation: new SetCustomValuation(customValuations),
+      deleteCustomValuation: new DeleteCustomValuation(customValuations),
       ingestDealPage: new IngestDealPage(scraper),
       syncLoyaltyAccount,
       syncAllLoyaltyAccounts: new SyncAllLoyaltyAccounts(
diff --git a/docs/api.md b/docs/api.md
index 008e9fa..7c11d66 100644
--- a/docs/api.md
+++ b/docs/api.md
@@ -21,6 +21,7 @@ Every surface — web app, mobile, browser extension — talks to the same versi
 | `INVALID_REQUEST` | 400 | Request body/query failed schema validation |
 | `PROVIDER_NOT_SUPPORTED` | 422 | Provider id is not in the catalog |
 | `INVALID_MEMBERSHIP_NUMBER` | 422 | Membership number is blank |
+| `INVALID_VALUATION` | 422 | Custom cents-per-point is ≤ 0 or > 100 |
 | `INVALID_BALANCE` | 422 | Points value is negative or fractional |
 | `INVALID_CAPTURE_TIME` | 422 | Capture timestamp is malformed or in the future |
 | `INVALID_GOAL_TITLE` | 422 | Goal title/notes failed validation |
@@ -274,6 +275,26 @@ Response:
 
 Unlink the account. Balance history cascades at the database layer. Returns `204` with no body.
 
+### `GET /api/v1/valuations`
+
+List the caller's custom cents-per-point overrides. Each account's `estimatedValueCents` (and the `customCentsPerPoint` field) reflects the override when one is set; portfolio summary, digests, and alerts all use it.
+
+```json
+[ { "providerId": "chase-ultimate-rewards", "centsPerPoint": 2.05, "updatedAt": "2026-07-09T14:03:00.000Z" } ]
+```
+
+### `PUT /api/v1/valuations/{providerId}`
+
+Set (or replace) a provider's cents-per-point override (`0 < v ≤ 100`). Returns the saved valuation.
+
+```json
+{ "centsPerPoint": 2.05 }
+```
+
+### `DELETE /api/v1/valuations/{providerId}`
+
+Clear the override, reverting the provider to its editorial valuation. Returns `204`.
+
 ### `GET /api/v1/loyalty-accounts/{id}/balances`
 
 Balance history, newest first. Query parameter `limit` (1–365, default 50).
diff --git a/packages/api-client/src/index.ts b/packages/api-client/src/index.ts
index fffa5ac..896abee 100644
--- a/packages/api-client/src/index.ts
+++ b/packages/api-client/src/index.ts
@@ -2,6 +2,8 @@ import type {
   ActivityEventDto,
   BulkUpdateMembershipRequest,
   BulkUpdateMembershipResultDto,
+  CustomValuationDto,
+  SetCustomValuationRequest,
   ApiError,
   ChatAssistantRequest,
   ChatAssistantResponse,
@@ -118,6 +120,28 @@ export class PointUpClient {
     return this.request("PATCH", "/api/v1/loyalty-accounts", body);
   }
 
+  listCustomValuations(): Promise<CustomValuationDto[]> {
+    return this.request("GET", "/api/v1/valuations");
+  }
+
+  setCustomValuation(
+    providerId: string,
+    body: SetCustomValuationRequest,
+  ): Promise<CustomValuationDto> {
+    return this.request(
+      "PUT",
+      `/api/v1/valuations/${encodeURIComponent(providerId)}`,
+      body,
+    );
+  }
+
+  deleteCustomValuation(providerId: string): Promise<void> {
+    return this.request(
+      "DELETE",
+      `/api/v1/valuations/${encodeURIComponent(providerId)}`,
+    );
+  }
+
   /** Balance history, newest first (default 50, max 365 entries). */
   getBalanceHistory(accountId: string, limit?: number): Promise<BalanceDto[]> {
     const query = limit !== undefined ? `?limit=${limit}` : "";
diff --git a/packages/core/drizzle/0005_nice_rage.sql b/packages/core/drizzle/0005_nice_rage.sql
new file mode 100644
index 0000000..7d7179b
--- /dev/null
+++ b/packages/core/drizzle/0005_nice_rage.sql
@@ -0,0 +1,7 @@
+CREATE TABLE "user_provider_valuation" (
+	"user_id" varchar(255) NOT NULL,
+	"provider_id" varchar(64) NOT NULL,
+	"cents_per_point_milli" integer NOT NULL,
+	"updated_at" timestamp with time zone NOT NULL,
+	CONSTRAINT "user_provider_valuation_user_id_provider_id_pk" PRIMARY KEY("user_id","provider_id")
+);
diff --git a/packages/core/drizzle/meta/0005_snapshot.json b/packages/core/drizzle/meta/0005_snapshot.json
new file mode 100644
index 0000000..0b105da
--- /dev/null
+++ b/packages/core/drizzle/meta/0005_snapshot.json
@@ -0,0 +1,549 @@
+{
+  "id": "9800d5e2-6e4f-447f-972f-81f81dfc0ca5",
+  "prevId": "56d97cc6-e291-4434-8958-2da1c365b1f7",
+  "version": "7",
+  "dialect": "postgresql",
+  "tables": {
+    "public.activity_event": {
+      "name": "activity_event",
+      "schema": "",
+      "columns": {
+        "id": {
+          "name": "id",
+          "type": "varchar(255)",
+          "primaryKey": true,
+          "notNull": true
+        },
+        "user_id": {
+          "name": "user_id",
+          "type": "varchar(255)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "type": {
+          "name": "type",
+          "type": "varchar(32)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "account_id": {
+          "name": "account_id",
+          "type": "varchar(255)",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "provider_id": {
+          "name": "provider_id",
+          "type": "varchar(64)",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "summary": {
+          "name": "summary",
+          "type": "varchar(512)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "occurred_at": {
+          "name": "occurred_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": true
+        }
+      },
+      "indexes": {
+        "activity_event_user_occurred_idx": {
+          "name": "activity_event_user_occurred_idx",
+          "columns": [
+            {
+              "expression": "user_id",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            },
+            {
+              "expression": "occurred_at",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            }
+          ],
+          "isUnique": false,
+          "concurrently": false,
+          "method": "btree",
+          "with": {}
+        }
+      },
+      "foreignKeys": {},
+      "compositePrimaryKeys": {},
+      "uniqueConstraints": {},
+      "policies": {},
+      "checkConstraints": {},
+      "isRLSEnabled": false
+    },
+    "public.balance_snapshot": {
+      "name": "balance_snapshot",
+      "schema": "",
+      "columns": {
+        "id": {
+          "name": "id",
+          "type": "varchar(255)",
+          "primaryKey": true,
+          "notNull": true
+        },
+        "loyalty_account_id": {
+          "name": "loyalty_account_id",
+          "type": "varchar(255)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "points": {
+          "name": "points",
+          "type": "bigint",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "source": {
+          "name": "source",
+          "type": "varchar(16)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "captured_at": {
+          "name": "captured_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": true
+        }
+      },
+      "indexes": {
+        "balance_snapshot_account_captured_idx": {
+          "name": "balance_snapshot_account_captured_idx",
+          "columns": [
+            {
+              "expression": "loyalty_account_id",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            },
+            {
+              "expression": "captured_at",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            }
+          ],
+          "isUnique": false,
+          "concurrently": false,
+          "method": "btree",
+          "with": {}
+        }
+      },
+      "foreignKeys": {
+        "balance_snapshot_loyalty_account_id_loyalty_account_id_fk": {
+          "name": "balance_snapshot_loyalty_account_id_loyalty_account_id_fk",
+          "tableFrom": "balance_snapshot",
+          "tableTo": "loyalty_account",
+          "columnsFrom": [
+            "loyalty_account_id"
+          ],
+          "columnsTo": [
+            "id"
+          ],
+          "onDelete": "cascade",
+          "onUpdate": "no action"
+        }
+      },
+      "compositePrimaryKeys": {},
+      "uniqueConstraints": {},
+      "policies": {},
+      "checkConstraints": {},
+      "isRLSEnabled": false
+    },
+    "public.loyalty_account": {
+      "name": "loyalty_account",
+      "schema": "",
+      "columns": {
+        "id": {
+          "name": "id",
+          "type": "varchar(255)",
+          "primaryKey": true,
+          "notNull": true
+        },
+        "user_id": {
+          "name": "user_id",
+          "type": "varchar(255)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "provider_id": {
+          "name": "provider_id",
+          "type": "varchar(64)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "membership_number": {
+          "name": "membership_number",
+          "type": "varchar(255)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "credential_ref": {
+          "name": "credential_ref",
+          "type": "varchar(512)",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "expires_at": {
+          "name": "expires_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "notes": {
+          "name": "notes",
+          "type": "varchar(2000)",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "tags": {
+          "name": "tags",
+          "type": "varchar(512)",
+          "primaryKey": false,
+          "notNull": true,
+          "default": "''"
+        },
+        "pinned_at": {
+          "name": "pinned_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "deleted_at": {
+          "name": "deleted_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "created_at": {
+          "name": "created_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "updated_at": {
+          "name": "updated_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": true
+        }
+      },
+      "indexes": {
+        "loyalty_account_user_id_idx": {
+          "name": "loyalty_account_user_id_idx",
+          "columns": [
+            {
+              "expression": "user_id",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            }
+          ],
+          "isUnique": false,
+          "concurrently": false,
+          "method": "btree",
+          "with": {}
+        },
+        "loyalty_account_expires_at_idx": {
+          "name": "loyalty_account_expires_at_idx",
+          "columns": [
+            {
+              "expression": "expires_at",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            }
+          ],
+          "isUnique": false,
+          "concurrently": false,
+          "method": "btree",
+          "with": {}
+        },
+        "loyalty_account_deleted_at_idx": {
+          "name": "loyalty_account_deleted_at_idx",
+          "columns": [
+            {
+              "expression": "deleted_at",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            }
+          ],
+          "isUnique": false,
+          "concurrently": false,
+          "method": "btree",
+          "with": {}
+        },
+        "loyalty_account_user_provider_unique": {
+          "name": "loyalty_account_user_provider_unique",
+          "columns": [
+            {
+              "expression": "user_id",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            },
+            {
+              "expression": "provider_id",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            }
+          ],
+          "isUnique": true,
+          "concurrently": false,
+          "method": "btree",
+          "with": {}
+        }
+      },
+      "foreignKeys": {},
+      "compositePrimaryKeys": {},
+      "uniqueConstraints": {},
+      "policies": {},
+      "checkConstraints": {},
+      "isRLSEnabled": false
+    },
+    "public.portfolio_share": {
+      "name": "portfolio_share",
+      "schema": "",
+      "columns": {
+        "id": {
+          "name": "id",
+          "type": "varchar(255)",
+          "primaryKey": true,
+          "notNull": true
+        },
+        "user_id": {
+          "name": "user_id",
+          "type": "varchar(255)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "token": {
+          "name": "token",
+          "type": "varchar(64)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "label": {
+          "name": "label",
+          "type": "varchar(80)",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "created_at": {
+          "name": "created_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "expires_at": {
+          "name": "expires_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "revoked_at": {
+          "name": "revoked_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": false
+        }
+      },
+      "indexes": {
+        "portfolio_share_user_id_idx": {
+          "name": "portfolio_share_user_id_idx",
+          "columns": [
+            {
+              "expression": "user_id",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            }
+          ],
+          "isUnique": false,
+          "concurrently": false,
+          "method": "btree",
+          "with": {}
+        },
+        "portfolio_share_token_unique": {
+          "name": "portfolio_share_token_unique",
+          "columns": [
+            {
+              "expression": "token",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            }
+          ],
+          "isUnique": true,
+          "concurrently": false,
+          "method": "btree",
+          "with": {}
+        }
+      },
+      "foreignKeys": {},
+      "compositePrimaryKeys": {},
+      "uniqueConstraints": {},
+      "policies": {},
+      "checkConstraints": {},
+      "isRLSEnabled": false
+    },
+    "public.trip_goal": {
+      "name": "trip_goal",
+      "schema": "",
+      "columns": {
+        "id": {
+          "name": "id",
+          "type": "varchar(255)",
+          "primaryKey": true,
+          "notNull": true
+        },
+        "user_id": {
+          "name": "user_id",
+          "type": "varchar(255)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "title": {
+          "name": "title",
+          "type": "varchar(120)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "target_points": {
+          "name": "target_points",
+          "type": "bigint",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "target_date": {
+          "name": "target_date",
+          "type": "varchar(10)",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "account_ids": {
+          "name": "account_ids",
+          "type": "varchar(2048)",
+          "primaryKey": false,
+          "notNull": true,
+          "default": "''"
+        },
+        "status": {
+          "name": "status",
+          "type": "varchar(16)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "notes": {
+          "name": "notes",
+          "type": "varchar(2000)",
+          "primaryKey": false,
+          "notNull": false
+        },
+        "created_at": {
+          "name": "created_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "updated_at": {
+          "name": "updated_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": true
+        }
+      },
+      "indexes": {
+        "trip_goal_user_id_idx": {
+          "name": "trip_goal_user_id_idx",
+          "columns": [
+            {
+              "expression": "user_id",
+              "isExpression": false,
+              "asc": true,
+              "nulls": "last"
+            }
+          ],
+          "isUnique": false,
+          "concurrently": false,
+          "method": "btree",
+          "with": {}
+        }
+      },
+      "foreignKeys": {},
+      "compositePrimaryKeys": {},
+      "uniqueConstraints": {},
+      "policies": {},
+      "checkConstraints": {},
+      "isRLSEnabled": false
+    },
+    "public.user_provider_valuation": {
+      "name": "user_provider_valuation",
+      "schema": "",
+      "columns": {
+        "user_id": {
+          "name": "user_id",
+          "type": "varchar(255)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "provider_id": {
+          "name": "provider_id",
+          "type": "varchar(64)",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "cents_per_point_milli": {
+          "name": "cents_per_point_milli",
+          "type": "integer",
+          "primaryKey": false,
+          "notNull": true
+        },
+        "updated_at": {
+          "name": "updated_at",
+          "type": "timestamp with time zone",
+          "primaryKey": false,
+          "notNull": true
+        }
+      },
+      "indexes": {},
+      "foreignKeys": {},
+      "compositePrimaryKeys": {
+        "user_provider_valuation_user_id_provider_id_pk": {
+          "name": "user_provider_valuation_user_id_provider_id_pk",
+          "columns": [
+            "user_id",
+            "provider_id"
+          ]
+        }
+      },
+      "uniqueConstraints": {},
+      "policies": {},
+      "checkConstraints": {},
+      "isRLSEnabled": false
+    }
+  },
+  "enums": {},
+  "schemas": {},
+  "sequences": {},
+  "roles": {},
+  "policies": {},
+  "views": {},
+  "_meta": {
+    "columns": {},
+    "schemas": {},
+    "tables": {}
+  }
+}
\ No newline at end of file
diff --git a/packages/core/drizzle/meta/_journal.json b/packages/core/drizzle/meta/_journal.json
index 148d7f3..b56e329 100644
--- a/packages/core/drizzle/meta/_journal.json
+++ b/packages/core/drizzle/meta/_journal.json
@@ -36,6 +36,13 @@
       "when": 1783559967720,
       "tag": "0004_colossal_tyrannus",
       "breakpoints": true
+    },
+    {
+      "idx": 5,
+      "version": "7",
+      "when": 1783581823009,
+      "tag": "0005_nice_rage",
+      "breakpoints": true
     }
   ]
 }
\ No newline at end of file
diff --git a/packages/core/src/application/loyalty/custom-valuations.ts b/packages/core/src/application/loyalty/custom-valuations.ts
new file mode 100644
index 0000000..367ff3d
--- /dev/null
+++ b/packages/core/src/application/loyalty/custom-valuations.ts
@@ -0,0 +1,53 @@
+import {
+  assertValidCentsPerPoint,
+  type CustomValuation,
+  type CustomValuationRepository,
+} from "../../domain/loyalty/custom-valuation";
+import { getProviderOrThrow } from "../../domain/loyalty/provider";
+import type { Clock } from "../ports";
+import { systemClock } from "../ports";
+
+export class ListCustomValuations {
+  constructor(private readonly valuations: CustomValuationRepository) {}
+
+  execute(userId: string): Promise<CustomValuation[]> {
+    return this.valuations.listForUser(userId);
+  }
+}
+
+/**
+ * Sets (or replaces) a user's cents-per-point override for a provider. Rejects
+ * unknown providers and out-of-range values before persisting.
+ */
+export class SetCustomValuation {
+  constructor(
+    private readonly valuations: CustomValuationRepository,
+    private readonly clock: Clock = systemClock,
+  ) {}
+
+  async execute(input: {
+    readonly userId: string;
+    readonly providerId: string;
+    readonly centsPerPoint: number;
+  }): Promise<CustomValuation> {
+    getProviderOrThrow(input.providerId);
+    assertValidCentsPerPoint(input.centsPerPoint);
+
+    const valuation: CustomValuation = {
+      userId: input.userId,
+      providerId: input.providerId,
+      centsPerPoint: input.centsPerPoint,
+      updatedAt: this.clock.now(),
+    };
+    await this.valuations.upsert(valuation);
+    return valuation;
+  }
+}
+
+export class DeleteCustomValuation {
+  constructor(private readonly valuations: CustomValuationRepository) {}
+
+  execute(userId: string, providerId: string): Promise<void> {
+    return this.valuations.delete(userId, providerId);
+  }
+}
diff --git a/packages/core/src/application/loyalty/get-loyalty-account.ts b/packages/core/src/application/loyalty/get-loyalty-account.ts
index 1bb1864..c162b2a 100644
--- a/packages/core/src/application/loyalty/get-loyalty-account.ts
+++ b/packages/core/src/application/loyalty/get-loyalty-account.ts
@@ -1,3 +1,7 @@
+import {
+  toValuationOverrides,
+  type CustomValuationRepository,
+} from "../../domain/loyalty/custom-valuation";
 import type {
   BalanceSnapshotRepository,
   LoyaltyAccountRepository,
@@ -13,6 +17,7 @@ export class GetLoyaltyAccount {
     private readonly accounts: LoyaltyAccountRepository,
     private readonly balances: BalanceSnapshotRepository,
     private readonly clock: Clock = systemClock,
+    private readonly valuations?: CustomValuationRepository,
   ) {}
 
   async execute(
@@ -20,14 +25,17 @@ export class GetLoyaltyAccount {
     accountId: string,
   ): Promise<LoyaltyAccountReadModel> {
     const account = await requireOwnedAccount(this.accounts, userId, accountId);
-    const trends = await this.balances.findTrendContextByAccountIds(
-      [account.id],
-      this.clock.now(),
-    );
+    const [trends, overrides] = await Promise.all([
+      this.balances.findTrendContextByAccountIds([account.id], this.clock.now()),
+      this.valuations
+        ? this.valuations.listForUser(userId).then(toValuationOverrides)
+        : Promise.resolve(new Map<string, number>()),
+    ]);
     return toLoyaltyAccountReadModel(
       account,
       trends.get(account.id) ?? null,
       this.clock.now(),
+      overrides,
     );
   }
 }
diff --git a/packages/core/src/application/loyalty/list-loyalty-accounts.ts b/packages/core/src/application/loyalty/list-loyalty-accounts.ts
index b96d1b2..00ed1f8 100644
--- a/packages/core/src/application/loyalty/list-loyalty-accounts.ts
+++ b/packages/core/src/application/loyalty/list-loyalty-accounts.ts
@@ -1,3 +1,7 @@
+import {
+  toValuationOverrides,
+  type CustomValuationRepository,
+} from "../../domain/loyalty/custom-valuation";
 import type {
   BalanceSnapshotRepository,
   LoyaltyAccountRepository,
@@ -12,20 +16,28 @@ export class ListLoyaltyAccounts {
     private readonly accounts: LoyaltyAccountRepository,
     private readonly balances: BalanceSnapshotRepository,
     private readonly clock: Clock = systemClock,
+    /** Optional: applies per-user cents-per-point overrides to value. */
+    private readonly valuations?: CustomValuationRepository,
   ) {}
 
   async execute(userId: string): Promise<LoyaltyAccountReadModel[]> {
     const accounts = await this.accounts.findByUserId(userId);
-    const trends = await this.balances.findTrendContextByAccountIds(
-      accounts.map((account) => account.id),
-      this.clock.now(),
-    );
+    const [trends, overrides] = await Promise.all([
+      this.balances.findTrendContextByAccountIds(
+        accounts.map((account) => account.id),
+        this.clock.now(),
+      ),
+      this.valuations
+        ? this.valuations.listForUser(userId).then(toValuationOverrides)
+        : Promise.resolve(new Map<string, number>()),
+    ]);
 
     return accounts.map((account) =>
       toLoyaltyAccountReadModel(
         account,
         trends.get(account.id) ?? null,
         this.clock.now(),
+        overrides,
       ),
     );
   }
diff --git a/packages/core/src/application/loyalty/mappers.ts b/packages/core/src/application/loyalty/mappers.ts
index 2c7f566..5587ce1 100644
--- a/packages/core/src/application/loyalty/mappers.ts
+++ b/packages/core/src/application/loyalty/mappers.ts
@@ -1,9 +1,6 @@
 import type { BalanceSnapshot } from "../../domain/loyalty/balance-snapshot";
 import type { LoyaltyAccount } from "../../domain/loyalty/loyalty-account";
-import {
-  estimateValueCents,
-  getProviderOrThrow,
-} from "../../domain/loyalty/provider";
+import { getProviderOrThrow } from "../../domain/loyalty/provider";
 import type { BalanceTrendContext } from "../../domain/loyalty/repositories";
 import {
   computeBalanceTrend,
@@ -36,6 +33,8 @@ export function toLoyaltyAccountReadModel(
   account: LoyaltyAccount,
   context: BalanceTrendContext | null,
   now: Date = new Date(),
+  /** providerId → user override cents-per-point; applied to value when present. */
+  valuationOverrides: ReadonlyMap<string, number> = new Map(),
 ): LoyaltyAccountReadModel {
   const provider = getProviderOrThrow(account.providerId);
   const latest = context?.latest ?? null;
@@ -43,6 +42,10 @@ export function toLoyaltyAccountReadModel(
     ? computeBalanceTrend(context)
     : emptyBalanceTrend();
 
+  const customCentsPerPoint = valuationOverrides.get(provider.id) ?? null;
+  const effectiveCentsPerPoint =
+    customCentsPerPoint ?? provider.estimatedCentsPerPoint;
+
   return {
     id: account.id,
     provider: {
@@ -56,7 +59,11 @@ export function toLoyaltyAccountReadModel(
     membershipNumber: account.membershipNumber,
     hasStoredCredential: account.credentialRef !== null,
     latestBalance: latest ? toBalanceReadModel(latest) : null,
-    estimatedValueCents: latest ? estimateValueCents(provider, latest.points) : 0,
+    // Value uses the user's override when set, else the editorial estimate.
+    estimatedValueCents: latest
+      ? Math.round(latest.points * effectiveCentsPerPoint)
+      : 0,
+    customCentsPerPoint,
     trend,
     expiresAt: account.expiresAt,
     daysUntilExpiry: daysUntil(account.expiresAt, now),
diff --git a/packages/core/src/application/loyalty/read-models.ts b/packages/core/src/application/loyalty/read-models.ts
index 2fb7af0..111813f 100644
--- a/packages/core/src/application/loyalty/read-models.ts
+++ b/packages/core/src/application/loyalty/read-models.ts
@@ -31,8 +31,13 @@ export interface LoyaltyAccountReadModel {
   readonly membershipNumber: string;
   readonly hasStoredCredential: boolean;
   readonly latestBalance: BalanceReadModel | null;
-  /** Approximate USD value of the latest balance, in whole cents. */
+  /**
+   * Approximate USD value of the latest balance, in whole cents. Uses the
+   * user's custom cents-per-point override when set, else the editorial rate.
+   */
   readonly estimatedValueCents: number;
+  /** User override of cents-per-point for this provider; null when unset. */
+  readonly customCentsPerPoint: number | null;
   /** Change vs. previous / 30-day / 90-day baselines. */
   readonly trend: BalanceTrend;
   /** Projected inactivity expiry; null when the program does not expire. */
diff --git a/packages/core/src/contracts/index.ts b/packages/core/src/contracts/index.ts
index 8c072b7..158c812 100644
--- a/packages/core/src/contracts/index.ts
+++ b/packages/core/src/contracts/index.ts
@@ -70,6 +70,8 @@ export const loyaltyAccountDtoSchema = z.object({
   latestBalance: balanceDtoSchema.nullable(),
   /** Approximate USD value of the latest balance, in whole cents. */
   estimatedValueCents: z.number().int().nonnegative(),
+  /** User override of cents-per-point for this provider; null when unset. */
+  customCentsPerPoint: z.number().nullable(),
   trend: balanceTrendDtoSchema,
   expiresAt: isoDateTimeSchema.nullable(),
   daysUntilExpiry: z.number().int().nullable(),
@@ -147,6 +149,19 @@ export const bulkUpdateMembershipResultDtoSchema = z.object({
   ),
 });
 
+export const customValuationDtoSchema = z.object({
+  providerId: z.string(),
+  centsPerPoint: z.number().positive(),
+  updatedAt: isoDateTimeSchema,
+});
+
+export const setCustomValuationRequestSchema = z
+  .object({
+    /** Override redemption value of one point, in US cents (0 < v ≤ 100). */
+    centsPerPoint: z.number().positive().max(100),
+  })
+  .strict();
+
 export const recordManualBalanceRequestSchema = z
   .object({
     points: z.number().int().nonnegative(),
@@ -243,6 +258,7 @@ export const HTTP_STATUS_BY_ERROR_CODE = {
   INVALID_REQUEST: 400,
   PROVIDER_NOT_SUPPORTED: 422,
   INVALID_MEMBERSHIP_NUMBER: 422,
+  INVALID_VALUATION: 422,
   INVALID_BALANCE: 422,
   INVALID_CAPTURE_TIME: 422,
   INVALID_GOAL_TITLE: 422,
@@ -293,6 +309,10 @@ export type BulkUpdateMembershipRequest = z.infer<
 export type BulkUpdateMembershipResultDto = z.infer<
   typeof bulkUpdateMembershipResultDtoSchema
 >;
+export type CustomValuationDto = z.infer<typeof customValuationDtoSchema>;
+export type SetCustomValuationRequest = z.infer<
+  typeof setCustomValuationRequestSchema
+>;
 export type RecordManualBalanceRequest = z.infer<
   typeof recordManualBalanceRequestSchema
 >;
@@ -329,6 +349,7 @@ export function toLoyaltyAccountDto(
       ? toBalanceDto(account.latestBalance)
       : null,
     estimatedValueCents: account.estimatedValueCents,
+    customCentsPerPoint: account.customCentsPerPoint,
     trend: account.trend,
     expiresAt: account.expiresAt?.toISOString() ?? null,
     daysUntilExpiry: account.daysUntilExpiry,
@@ -800,3 +821,15 @@ export function toIngestDealPageResultDto(
 // re-exported here: it imports from this module, so re-exporting would create
 // an import cycle (index -> openapi -> index) that fails at load with a TDZ
 // "Cannot access '...' before initialization" error.
+
+export function toCustomValuationDto(valuation: {
+  readonly providerId: string;
+  readonly centsPerPoint: number;
+  readonly updatedAt: Date;
+}): CustomValuationDto {
+  return {
+    providerId: valuation.providerId,
+    centsPerPoint: valuation.centsPerPoint,
+    updatedAt: valuation.updatedAt.toISOString(),
+  };
+}
diff --git a/packages/core/src/contracts/openapi.ts b/packages/core/src/contracts/openapi.ts
index 3cc3c38..ce86b2e 100644
--- a/packages/core/src/contracts/openapi.ts
+++ b/packages/core/src/contracts/openapi.ts
@@ -10,7 +10,9 @@ import {
   chatAssistantResponseSchema,
   createPortfolioShareRequestSchema,
   createTripGoalRequestSchema,
+  customValuationDtoSchema,
   deletedAccountDtoSchema,
+  setCustomValuationRequestSchema,
   importPortfolioRequestSchema,
   importPortfolioResultDtoSchema,
   ingestDealPageResultDtoSchema,
@@ -60,6 +62,8 @@ const COMPONENT_SCHEMAS = {
   ChatAssistantResponse: chatAssistantResponseSchema,
   ImportPortfolioResultDto: importPortfolioResultDtoSchema,
   BulkUpdateMembershipResultDto: bulkUpdateMembershipResultDtoSchema,
+  CustomValuationDto: customValuationDtoSchema,
+  SetCustomValuationRequest: setCustomValuationRequestSchema,
   ApiError: apiErrorSchema,
   LinkLoyaltyAccountRequest: linkLoyaltyAccountRequestSchema,
   UpdateLoyaltyAccountRequest: updateLoyaltyAccountRequestSchema,
@@ -449,6 +453,35 @@ export function buildOpenApiDocument(options: BuildOpenApiOptions = {}): Json {
           },
         },
       },
+      "/api/v1/valuations": {
+        get: {
+          summary: "List the caller's custom cents-per-point overrides",
+          responses: {
+            "200": jsonResponse("Custom valuations", arrayOf("CustomValuationDto")),
+            ...ERROR_RESPONSES,
+          },
+        },
+      },
+      "/api/v1/valuations/{providerId}": {
+        parameters: [
+          { name: "providerId", in: "path", required: true, schema: { type: "string" } },
+        ],
+        put: {
+          summary: "Set a custom cents-per-point override for a provider",
+          requestBody: body("SetCustomValuationRequest"),
+          responses: {
+            "200": jsonResponse("Saved override", ref("CustomValuationDto")),
+            ...ERROR_RESPONSES,
+          },
+        },
+        delete: {
+          summary: "Clear a custom override (revert to editorial)",
+          responses: {
+            "204": { description: "Cleared" },
+            ...ERROR_RESPONSES,
+          },
+        },
+      },
       "/api/v1/loyalty-accounts/deleted": {
         get: {
           summary: "Recently unlinked accounts (restore window)",
diff --git a/packages/core/src/domain/errors.ts b/packages/core/src/domain/errors.ts
index 95f9d0c..1018a6a 100644
--- a/packages/core/src/domain/errors.ts
+++ b/packages/core/src/domain/errors.ts
@@ -44,6 +44,14 @@ export class InvalidMembershipNumberError extends DomainError {
   }
 }
 
+export class InvalidValuationError extends DomainError {
+  readonly code = "INVALID_VALUATION";
+
+  constructor() {
+    super("Cents-per-point must be a number greater than 0 and at most 100");
+  }
+}
+
 export class CredentialUnavailableError extends DomainError {
   readonly code = "CREDENTIAL_UNAVAILABLE";
 
diff --git a/packages/core/src/domain/loyalty/custom-valuation.ts b/packages/core/src/domain/loyalty/custom-valuation.ts
new file mode 100644
index 0000000..6a12c3b
--- /dev/null
+++ b/packages/core/src/domain/loyalty/custom-valuation.ts
@@ -0,0 +1,39 @@
+import { InvalidValuationError } from "../errors";
+
+/**
+ * A per-user override of a program's editorial cents-per-point valuation.
+ * When present, portfolio value for that provider is computed from this rate
+ * instead of the catalog default.
+ */
+export interface CustomValuation {
+  readonly userId: string;
+  readonly providerId: string;
+  /** Override redemption value of one point, in US cents (e.g. 1.8). */
+  readonly centsPerPoint: number;
+  readonly updatedAt: Date;
+}
+
+/** Upper bound guards against fat-finger inputs; 100¢/pt is already extreme. */
+export const MAX_CENTS_PER_POINT = 100;
+
+export function assertValidCentsPerPoint(value: number): void {
+  if (!Number.isFinite(value) || value <= 0 || value > MAX_CENTS_PER_POINT) {
+    throw new InvalidValuationError();
+  }
+}
+
+export interface CustomValuationRepository {
+  listForUser(userId: string): Promise<CustomValuation[]>;
+  upsert(valuation: CustomValuation): Promise<void>;
+  delete(userId: string, providerId: string): Promise<void>;
+}
+
+/**
+ * Builds a providerId → centsPerPoint lookup from a user's overrides, for the
+ * read-model mapper to apply.
+ */
+export function toValuationOverrides(
+  valuations: readonly CustomValuation[],
+): Map<string, number> {
+  return new Map(valuations.map((v) => [v.providerId, v.centsPerPoint]));
+}
diff --git a/packages/core/src/index.ts b/packages/core/src/index.ts
index 6caad43..b39b09d 100644
--- a/packages/core/src/index.ts
+++ b/packages/core/src/index.ts
@@ -6,6 +6,7 @@ export * from "./domain/loyalty/balance-snapshot";
 export * from "./domain/loyalty/repositories";
 export * from "./domain/loyalty/trip-goal";
 export * from "./domain/loyalty/portfolio-share";
+export * from "./domain/loyalty/custom-valuation";
 
 // Application
 export * from "./application/ports";
@@ -15,6 +16,7 @@ export * from "./application/loyalty/link-loyalty-account";
 export * from "./application/loyalty/list-loyalty-accounts";
 export * from "./application/loyalty/get-loyalty-account";
 export * from "./application/loyalty/update-loyalty-account";
+export * from "./application/loyalty/custom-valuations";
 export * from "./application/loyalty/bulk-update-membership";
 export * from "./application/loyalty/restore-loyalty-account";
 export * from "./application/loyalty/get-balance-history";
@@ -49,6 +51,7 @@ export { refreshExpiryFromActivity } from "./domain/loyalty/loyalty-account";
 export * from "./infrastructure/db/client";
 export * as dbSchema from "./infrastructure/db/schema";
 export * from "./infrastructure/repositories/drizzle-loyalty-account-repository";
+export * from "./infrastructure/repositories/drizzle-custom-valuation-repository";
 export * from "./infrastructure/providers/composite-travel-provider-gateway";
 export * from "./infrastructure/providers/simulated-travel-provider-gateway";
 export * from "./infrastructure/vault/one-password-connect-vault";
diff --git a/packages/core/src/infrastructure/db/schema.ts b/packages/core/src/infrastructure/db/schema.ts
index 2631d27..5bbc4f3 100644
--- a/packages/core/src/infrastructure/db/schema.ts
+++ b/packages/core/src/infrastructure/db/schema.ts
@@ -2,7 +2,9 @@ import { relations } from "drizzle-orm";
 import {
   bigint,
   index,
+  integer,
   pgTable,
+  primaryKey,
   timestamp,
   uniqueIndex,
   varchar,
@@ -138,6 +140,21 @@ export const tripGoals = pgTable(
   (goal) => [index("trip_goal_user_id_idx").on(goal.userId)],
 );
 
+// ─── Custom valuations ─────────────────────────────────────────────────────
+// Per-user override of a provider's editorial cents-per-point. Stored as an
+// integer number of milli-cents (centsPerPoint × 1000) to avoid float drift.
+
+export const userProviderValuations = pgTable(
+  "user_provider_valuation",
+  {
+    userId: varchar("user_id", { length: 255 }).notNull(),
+    providerId: varchar("provider_id", { length: 64 }).notNull(),
+    centsPerPointMilli: integer("cents_per_point_milli").notNull(),
+    updatedAt: timestamp("updated_at", { withTimezone: true }).notNull(),
+  },
+  (row) => [primaryKey({ columns: [row.userId, row.providerId] })],
+);
+
 // ─── Public portfolio shares ───────────────────────────────────────────────
 
 export const portfolioShares = pgTable(
diff --git a/packages/core/src/infrastructure/repositories/drizzle-custom-valuation-repository.ts b/packages/core/src/infrastructure/repositories/drizzle-custom-valuation-repository.ts
new file mode 100644
index 0000000..af81ff2
--- /dev/null
+++ b/packages/core/src/infrastructure/repositories/drizzle-custom-valuation-repository.ts
@@ -0,0 +1,64 @@
+import { and, eq } from "drizzle-orm";
+
+import type {
+  CustomValuation,
+  CustomValuationRepository,
+} from "../../domain/loyalty/custom-valuation";
+import type { Database } from "../db/client";
+import { userProviderValuations } from "../db/schema";
+
+/** Cents-per-point is persisted as an integer number of milli-cents. */
+const MILLI = 1000;
+
+export class DrizzleCustomValuationRepository
+  implements CustomValuationRepository
+{
+  constructor(private readonly db: Database) {}
+
+  async listForUser(userId: string): Promise<CustomValuation[]> {
+    const rows = await this.db
+      .select()
+      .from(userProviderValuations)
+      .where(eq(userProviderValuations.userId, userId));
+
+    return rows.map((row) => ({
+      userId: row.userId,
+      providerId: row.providerId,
+      centsPerPoint: row.centsPerPointMilli / MILLI,
+      updatedAt: row.updatedAt,
+    }));
+  }
+
+  async upsert(valuation: CustomValuation): Promise<void> {
+    const row = {
+      userId: valuation.userId,
+      providerId: valuation.providerId,
+      centsPerPointMilli: Math.round(valuation.centsPerPoint * MILLI),
+      updatedAt: valuation.updatedAt,
+    };
+    await this.db
+      .insert(userProviderValuations)
+      .values(row)
+      .onConflictDoUpdate({
+        target: [
+          userProviderValuations.userId,
+          userProviderValuations.providerId,
+        ],
+        set: {
+          centsPerPointMilli: row.centsPerPointMilli,
+          updatedAt: row.updatedAt,
+        },
+      });
+  }
+
+  async delete(userId: string, providerId: string): Promise<void> {
+    await this.db
+      .delete(userProviderValuations)
+      .where(
+        and(
+          eq(userProviderValuations.userId, userId),
+          eq(userProviderValuations.providerId, providerId),
+        ),
+      );
+  }
+}
diff --git a/packages/core/test/custom-valuations.test.ts b/packages/core/test/custom-valuations.test.ts
new file mode 100644
index 0000000..585519a
--- /dev/null
+++ b/packages/core/test/custom-valuations.test.ts
@@ -0,0 +1,115 @@
+import { describe, expect, it } from "vitest";
+
+import {
+  DeleteCustomValuation,
+  ListCustomValuations,
+  SetCustomValuation,
+} from "../src/application/loyalty/custom-valuations";
+import { ListLoyaltyAccounts } from "../src/application/loyalty/list-loyalty-accounts";
+import {
+  InvalidValuationError,
+  ProviderNotSupportedError,
+} from "../src/domain/errors";
+import { createBalanceSnapshot } from "../src/domain/loyalty/balance-snapshot";
+import { createLoyaltyAccount } from "../src/domain/loyalty/loyalty-account";
+import {
+  InMemoryBalanceSnapshotRepository,
+  InMemoryCustomValuationRepository,
+  InMemoryLoyaltyAccountRepository,
+} from "./fakes";
+
+function fixedClock(iso: string) {
+  return { now: () => new Date(iso) };
+}
+
+describe("SetCustomValuation", () => {
+  it("rejects unknown providers", async () => {
+    const repo = new InMemoryCustomValuationRepository();
+    await expect(
+      new SetCustomValuation(repo).execute({
+        userId: "u",
+        providerId: "not-a-real-provider",
+        centsPerPoint: 2,
+      }),
+    ).rejects.toBeInstanceOf(ProviderNotSupportedError);
+  });
+
+  it("rejects out-of-range cents-per-point", async () => {
+    const repo = new InMemoryCustomValuationRepository();
+    for (const bad of [0, -1, 101, Number.NaN]) {
+      await expect(
+        new SetCustomValuation(repo).execute({
+          userId: "u",
+          providerId: "united",
+          centsPerPoint: bad,
+        }),
+      ).rejects.toBeInstanceOf(InvalidValuationError);
+    }
+  });
+
+  it("upserts a valuation with the clock's timestamp", async () => {
+    const repo = new InMemoryCustomValuationRepository();
+    const set = new SetCustomValuation(repo, fixedClock("2026-02-01T00:00:00Z"));
+    await set.execute({ userId: "u", providerId: "united", centsPerPoint: 2.1 });
+    await set.execute({ userId: "u", providerId: "united", centsPerPoint: 2.5 });
+
+    const all = await new ListCustomValuations(repo).execute("u");
+    expect(all).toHaveLength(1); // upsert, not duplicate
+    expect(all[0]).toMatchObject({ providerId: "united", centsPerPoint: 2.5 });
+  });
+});
+
+describe("custom valuations affect portfolio value", () => {
+  async function setup() {
+    const accounts = new InMemoryLoyaltyAccountRepository();
+    const balances = new InMemoryBalanceSnapshotRepository();
+    const valuations = new InMemoryCustomValuationRepository();
+
+    const account = createLoyaltyAccount({
+      userId: "u",
+      providerId: "united", // editorial 1.2¢/pt
+      membershipNumber: "MP1",
+    });
+    accounts.rows.set(account.id, account);
+    await balances.insert(
+      createBalanceSnapshot({
+        loyaltyAccountId: account.id,
+        points: 100_000,
+        source: "manual",
+        capturedAt: new Date("2026-01-01T00:00:00Z"),
+      }),
+    );
+    return { accounts, balances, valuations };
+  }
+
+  it("uses the editorial rate when no override is set", async () => {
+    const { accounts, balances, valuations } = await setup();
+    const [read] = await new ListLoyaltyAccounts(
+      accounts,
+      balances,
+      undefined,
+      valuations,
+    ).execute("u");
+    expect(read!.estimatedValueCents).toBe(120_000); // 100k * 1.2
+    expect(read!.customCentsPerPoint).toBeNull();
+  });
+
+  it("uses the override when set, and reverts after delete", async () => {
+    const { accounts, balances, valuations } = await setup();
+    await new SetCustomValuation(valuations).execute({
+      userId: "u",
+      providerId: "united",
+      centsPerPoint: 2,
+    });
+
+    const list = new ListLoyaltyAccounts(accounts, balances, undefined, valuations);
+    let [read] = await list.execute("u");
+    expect(read!.estimatedValueCents).toBe(200_000); // 100k * 2.0 override
+    expect(read!.customCentsPerPoint).toBe(2);
+
+    await new DeleteCustomValuation(valuations).execute("u", "united");
+    [read] = await list.execute("u");
+    expect(read!.estimatedValueCents).toBe(120_000); // back to editorial
+    expect(read!.customCentsPerPoint).toBeNull();
+  });
+});
diff --git a/packages/core/test/derive-alerts.test.ts b/packages/core/test/derive-alerts.test.ts
index 4e02f2a..4b9c06e 100644
--- a/packages/core/test/derive-alerts.test.ts
+++ b/packages/core/test/derive-alerts.test.ts
@@ -27,6 +27,7 @@ function account(
     hasStoredCredential: false,
     latestBalance: { points: 10_000, source: "manual", capturedAt: new Date("2026-01-01") },
     estimatedValueCents: 13_000,
+    customCentsPerPoint: null,
     trend: {
       sincePrevious: over.sincePrevious ?? null,
       since30Days: null,
diff --git a/packages/core/test/fakes.ts b/packages/core/test/fakes.ts
index 442e210..0293509 100644
--- a/packages/core/test/fakes.ts
+++ b/packages/core/test/fakes.ts
@@ -2,6 +2,10 @@ import type { ActivityEvent } from "../src/domain/loyalty/activity";
 import type { BalanceSnapshot } from "../src/domain/loyalty/balance-snapshot";
 import type { LoyaltyAccount } from "../src/domain/loyalty/loyalty-account";
 import type { PortfolioShare } from "../src/domain/loyalty/portfolio-share";
+import type {
+  CustomValuation,
+  CustomValuationRepository,
+} from "../src/domain/loyalty/custom-valuation";
 import type { TripGoal } from "../src/domain/loyalty/trip-goal";
 import type {
   ActivityEventRepository,
@@ -218,3 +222,25 @@ export class InMemoryPortfolioShareRepository
     this.rows.delete(id);
   }
 }
+
+export class InMemoryCustomValuationRepository
+  implements CustomValuationRepository
+{
+  readonly rows = new Map<string, CustomValuation>();
+
+  private key(userId: string, providerId: string): string {
+    return `${userId}::${providerId}`;
+  }
+
+  async listForUser(userId: string) {
+    return [...this.rows.values()].filter((v) => v.userId === userId);
+  }
+
+  async upsert(valuation: CustomValuation) {
+    this.rows.set(this.key(valuation.userId, valuation.providerId), valuation);
+  }
+
+  async delete(userId: string, providerId: string) {
+    this.rows.delete(this.key(userId, providerId));
+  }
+}
diff --git a/packages/core/test/goals-import-calendar.test.ts b/packages/core/test/goals-import-calendar.test.ts
index 026600c..27254ba 100644
--- a/packages/core/test/goals-import-calendar.test.ts
+++ b/packages/core/test/goals-import-calendar.test.ts
@@ -234,6 +234,7 @@ describe("ImportPortfolio", () => {
               capturedAt: new Date("2026-05-01T00:00:00.000Z"),
             },
             estimatedValueCents: 14400,
+            customCentsPerPoint: null,
             trend: {
               sincePrevious: null,
               since30Days: null,
@@ -292,6 +293,7 @@ describe("buildExpirationCalendar", () => {
           capturedAt: new Date("2026-07-01T00:00:00.000Z"),
         },
         estimatedValueCents: 12000,
+        customCentsPerPoint: null,
         trend: {
           sincePrevious: null,
           since30Days: null,