Loyalty programme devaluation timeline
Every award chart change, earning cut and transfer-ratio cut since 2024, dated and sourced.
Last updated 15 August 2026
Upcoming changes
United MileagePlus
1 Feb 2027
United announced it will retire the fixed PlusPoints upgrade-award chart and move upgrade awards to fully dynamic pricing beginning February 2027
170 days away
Timeline
July 2026
Announced 7 Jul 2026 · 7 Jul 2026
Marriott raised Bonvoy award pricing roughly 5 to 10 percent without notice to members
Source: AwardWallet, verified 7 Aug 2026
May 2026
Announced 31 May 2026 · 1 Jun 2026
Partner award rates repriced across dozens of routes, with more increases than decreases
Source: One Mile at a Time, verified 7 Aug 2026
Announced 2 May 2026 · 2 May 2026
Spirit Airlines ceased operations on 2 May 2026 and was removed as a Bilt transfer partner
Source: AwardWallet, verified 8 Aug 2026
April 2026
Announced 24 Apr 2026 · 20 May 2026
Hyatt launched a new 5-tier award chart with roughly 40 pricing levels, its biggest chart overhaul in years
Source: Frequent Miler, verified 7 Aug 2026
March 2026
Announced 25 Mar 2026 · 25 Mar 2026
Bilt added Wyndham Rewards as its sixth hotel transfer partner at 1:1, transferable in 2,000 point increments
Source: AwardWallet, verified 8 Aug 2026
Announced 20 Mar 2026 · 19 Apr 2026
Citi cut two hotel transfer ratios from 19 April 2026, Choice Privileges by 25 percent and Preferred Hotels I Prefer by 50 percent
Source: AwardWallet, verified 8 Aug 2026
February 2026
Announced 12 Feb 2026 · 12 Feb 2026
Flying Blue reinstated status-point earning on Basic economy fares at a flat 2 XP and 2 UXP per segment regardless of distance
Source: Upgraded Points, verified 7 Aug 2026
Announced 7 Feb 2026 · 7 Feb 2026
Bilt Card 2.0 replaced flat 1x rent points with a model where housing points must first be unlocked by other card spending
Source: One Mile at a Time, verified 8 Aug 2026
December 2025
Announced 19 Dec 2025 · 17 Dec 2025
Basic Economy tickets bought on or after 17 December 2025 earn no AAdvantage miles and no Loyalty Points
Source: CBS News, verified 8 Aug 2026
Announced 19 Dec 2025 · Effective on announcement
Chase quietly reduced the Sapphire Reserve Points Boost guaranteed rate for The Edit hotel portfolio from a flat 2 cents per point to a variable rate of up to 2x, with some properties pricing near 1.65 cents per point
Source: Thrifty Traveler, verified 7 Aug 2026
Announced 15 Dec 2025 · 15 Dec 2025 · -10.0%
British Airways raised long-haul Avios pricing by 10 percent, while short-haul reward flights saw higher cash surcharges rather than a points-price increase
Source: One Mile at a Time, verified 7 Aug 2026
Announced 8 Dec 2025 · 1 Feb 2027
United announced it will retire the fixed PlusPoints upgrade-award chart and move upgrade awards to fully dynamic pricing beginning February 2027
Source: Live and Let's Fly, verified 7 Aug 2026
Announced 3 Dec 2025 · 13 Jan 2026 · -25.0%
Capital One cut its Emirates Skywards transfer ratio from 1:1 to 1,000:750, a 25 percent devaluation
Source: One Mile at a Time, verified 7 Aug 2026
Announced 2 Dec 2025 · 1 Feb 2026
Delta refreshed Diamond and Platinum Choice Benefits from 1 February 2026, raising three options and cutting the American Express statement credit
Source: Upgraded Points, verified 8 Aug 2026
Announced 1 Dec 2025 · 1 Dec 2025
Miles&Smiles raised partner domestic award pricing 50 percent and repriced its Hawaii sweet spot to a new, higher tier
Source: The Miles Market: 2025-2026 Devaluation Playbook, verified 7 Aug 2026
November 2025
Announced 14 Nov 2025 · 1 Dec 2025 · -20.0%
EuroBonus raised business-class award pricing on SAS-operated intercontinental flights by 20 percent
Source: Frequent Miler, verified 7 Aug 2026
Announced 1 Nov 2025 · 1 Nov 2025
KrisFlyer raised premium-cabin award rates across long-haul partner redemptions
Source: The Miles Market: 2025-2026 Devaluation Playbook, verified 7 Aug 2026
September 2025
Announced 18 Sep 2025 · 18 Sep 2025
American Express refreshed the Platinum Card, raising the annual fee to $895 while adding roughly $3,500 in credits
Source: CNBC, verified 7 Aug 2026
Announced 9 Sep 2025 · 9 Sep 2025
Hilton raised its top-tier award rate again, to 250,000 points per night at its most expensive properties, the second such increase in 2025
Source: One Mile at a Time, verified 7 Aug 2026
July 2025
Announced 30 Jul 2025 · Effective on announcement
One Mile at a Time reported a slow, unannounced repricing of AAdvantage saver business class, with 75,000 miles increasingly the one-way transatlantic rate
Source: One Mile at a Time, verified 8 Aug 2026
Announced 21 Jul 2025 · 27 Jan 2026
Southwest moved to assigned, paid seating, ending its open-seating boarding model
Source: The Points Guy, verified 7 Aug 2026
June 2025
Announced 12 Jun 2025 · 12 Aug 2025
American stopped accepting new mileage upgrade award chart requests from 12 August 2025, moving mileage upgrades to dynamic pricing
Source: The Points Guy, verified 8 Aug 2026
Announced 3 Jun 2025 · 3 Jun 2025
Miles&More moved intercontinental award pricing to a fully dynamic model, replacing the published award chart
Source: The Miles Market: 2025-2026 Devaluation Playbook, verified 7 Aug 2026
May 2025
Announced 22 May 2025 · 21 Aug 2025
United eliminated the Excursionist Perk that allowed a free one-way award inside some multi-city itineraries
Source: Live and Let's Fly, verified 7 Aug 2026
Announced 12 May 2025 · 12 May 2025
Skywards gated First Class award redemptions behind elite tier status, closing the cabin to base-tier members
Source: The Miles Market: 2025-2026 Devaluation Playbook, verified 7 Aug 2026
Announced 1 May 2025 · 1 May 2025
Hilton raised its top-tier award rate from 150,000 to 200,000 points per night at its most expensive properties
Source: One Mile at a Time, verified 7 Aug 2026
April 2025
Announced 24 Apr 2025 · 27 Jul 2025 · -20.0%
Citi cut its Emirates Skywards transfer ratio from 1:1 to 1,000:800, a 20 percent devaluation
Source: The Points Guy, verified 8 Aug 2026
March 2025
Announced 11 Mar 2025 · 28 May 2025
Southwest ended its Bags Fly Free policy, introducing checked-bag fees for most fares
Source: Trips With Tykes, verified 7 Aug 2026
January 2025
Announced 10 Jan 2025 · 7 Apr 2025
Delta ended SkyMiles earning on Lyft rides after 7 April 2025 and replaced it with an Uber partnership
Source: AwardWallet, verified 8 Aug 2026
December 2024
Announced 30 Dec 2024 · 1 Apr 2025
British Airways replaced segment-based Tier Point earning with a revenue-based model for most fares
Source: Head for Points, verified 7 Aug 2026
February 2024
Announced 1 Feb 2024 · 1 May 2024
Delta and American Express raised co-brand annual fees, Gold $99 to $150, Platinum $250 to $350 and Reserve $550 to $650, while adding new credits
Source: CBS News, verified 8 Aug 2026
Frequently asked questions
- What counts as a devaluation?
- Any change that reduces the value you get for your miles or points: a higher award chart price, a lower earning rate, a worse transfer ratio, a shorter expiry window, or a benefit removed. We also track enhancements (the rare improvements) and neutral changes like fee updates.
- How fast are events added?
- New changes are added to the ledger within 48 hours of being announced or discovered.
- Where does the data come from?
- Each entry links to a named primary source: the programme's own announcement or terms page, or a reputable independent publication when that is the canonical coverage of the change.
- Can I get alerts?
- Yes. Create a free account, track your programmes, and opt in to email alerts the day a change publishes for a programme you hold.