American Express Points Devaluation Is Real — Here Is What Every U.S. Cardholder Should Do Now
My neighbor Karen has been collecting American Express Membership Rewards points for six years. She’s disciplined about it — puts everything on her Gold Card, tracks her balance monthly, dreams about the business class flight to Italy she’s been quietly planning. When I told her what had been happening to American Express points devaluation across multiple markets, she went quiet for a moment and then said, “Nobody told me.”
That’s the problem with loyalty program devaluations. They happen quietly. No press release lands in your inbox. No alert shows up in your app. The points balance in your account looks exactly the same — but they buy less than they used to.
Here’s what’s actually going on, in plain language.
The Devaluation That Already Happened in the U.S.
The American Express points devaluation story didn’t start in 2026. It’s been building for a while. In September 2025, Amex quietly changed the transfer ratio from Membership Rewards to Emirates Skywards from a clean 1:1 down to 5:4 — meaning for every 5 Amex points you transferred, you received only 4 Emirates miles. That’s a 20% loss of value on transfers, effective immediately, with minimal fanfare.
For context, that single change meant that a Qatar or Emirates business class redemption from New York that previously required 87,000 Amex points suddenly needed 109,000 points to book the exact same seat. Nothing about the seat changed. Nothing about the flight changed. The points just shrank in purchasing power overnight.
The Asia Miles transfer partner followed a similar pattern — 1,000 Amex Membership Rewards points now convert to just 800 Asia Miles, representing a meaningful cut in redemption value for anyone who uses Cathay Pacific for premium cabin bookings.
This is the Global Pattern that must concern U.S. Cardholders.
The U.S. changes are not in isolation. In Australia, it grew by as much as 50 percent in December 2025. Emirates transfer value in the UK decreased by 33 percent from February 2026. The cuts in Germany and Hong Kong were similar, between 12 and 30 per cent. The uniformity of the figures across regions suggests the program is being managed in a uniform manner to reduce the cost of the Membership Rewards program worldwide. Aviation A2Z
Translation: this is not what happened by chance, or a single correction. A gradual and systematic decrease in the value of points that a player earns, implemented point by point, partner by partner.
What Your Amex Points Are Actually Worth Right Now
Here’s the honest breakdown for U.S. cardholders in 2026:
According to TPG’s April 2026 valuations, American Express Membership Rewards points are worth 2 cents each — but only when transferred strategically to airline partners for premium cabin redemptions. That ceiling matters enormously because most everyday redemptions fall well below it.
If you redeem points through the Amex Travel portal, you get a fixed 1 cent per point. If you use Pay with Points at checkout with retailers like Amazon, you drop to just 0.7 cents per point. Covering your charges on your statement nets just 0.6 cents per point.
That gap — between 0.6 cents and 2.0 cents — is where most cardholders unknowingly leave value on the table. And as transfer ratios get cut, the top end of that range keeps compressing.
The Redemptions That Still Deliver Real Value
Not everything has been cut. Hotel transfer partners — Hilton Honors and Marriott Bonvoy — have seen no change to conversion rates, making them a stable option for cardholders sitting on large balances.
On the airline side, some transfer sweet spots remain genuinely strong. Transferring Amex points to Iberia lets you book a one-way business class seat from the East Coast to Madrid for 34,000 points each way during off-peak dates. British Airways Avios — transferred from Membership Rewards at a 1:1 ratio — still prices short domestic flights at very competitive rates, with non-stop routes under 650 miles bookable for around 8,250 Avios per person.
Delta SkyMiles has been a rare bright spot in Amex’s stable of transfer partners, with transfer ratios holding steady while others have been cut.
Real Cardholders, Real Impact
“I had 120,000 Amex points earmarked for Emirates business class from JFK to Dubai. When the transfer ratio changed, I needed 24,000 more points to book the exact same flight. I had to wait three more months of spending to get there.”
— David R., Platinum cardholder, New York
“I wish someone had warned me that Pay with Points at Amazon was basically burning my rewards. I was getting 0.7 cents per point for years while transfers could have gotten me double that.”
— Melissa T., Gold cardholder, Austin
We have five things you can do right now.Here are 5 things you can do right now.
If you are carrying over Amex Membership Rewards points from previous years, here’s a strategy that works:
One: Don’t make the payment with points at the checkout. It’s the lowest redemption of all at 0.7 cents per point. Never do this.
Before you transfer, make sure you know which airline partners you are looking for. Points earned towards an airline program are typically non-refundable. Move points intelligently, if you know what you are moving points about.
3. Do a comparative analysis of Hilton and Marriott transfers. Both hotel programs have maintained their proportions of cheap and they will provide good worth, particularly for nights when you can’t afford to pay cash for hundreds of dollars.
4. Keep an eye out for rewards for transferring your account. Every so often, Amex will provide 20-30 per cent bonuses for transfers to certain partners. These can significantly enhance what you can get for your point and help mitigate the devaluation losses.
5. Have one Membership Rewards card always open. Amex Membership Rewards points are never expiration. All of your MR cards will be wiped out if you close them all. Award Travel Finder
Frequently Asked Questions
Q: What is American Express points devaluation?
It refers to changes Amex makes to transfer ratios, redemption rates, or partner availability that reduce how much your existing Membership Rewards points can buy — without changing your points balance.
Q: How much are Amex Membership Rewards points worth in 2026?
The benchmark value is 2 cents per point when transferred strategically to airline partners for premium cabin redemptions. Through the travel portal, value drops to 1 cent per point. Pay with Points at checkout yields just 0.7 cents per point.
Q: Which Amex transfer partners have been devalued?
Emirates Skywards (20% cut in the U.S.), Asia Miles (20% cut), and several international partners have seen significant reductions. Hilton Honors and Marriott Bonvoy transfer ratios remain unchanged as of June 2026.
Q: Do Amex Membership Rewards points expire?
No — points do not expire as long as you keep at least one Membership Rewards-earning card open and in good standing.
Q: What is the best way to redeem Amex points right now?
Transferring to airline partners for business or first class redemptions remains the highest-value option. Iberia, British Airways Avios, and Air Canada Aeroplan are consistently cited as strong sweet spots in 2026.
The Bottom Line
American Express points devaluation is not a rumor or a future concern — it is an ongoing, coordinated reduction in what your rewards buy. For U.S. cardholders who have spent years earning Membership Rewards points on the promise of a dream redemption, the window for maximum value is narrowing. The points are still worth holding and using strategically. But the days of assuming your balance will always buy what it bought last year are over. Check your balance, pick your target redemption, and move intentionally — before the next round of cuts arrives without warning.
