Last checked: October 14, 2026. This is a dated record of every major points and miles devaluation since January 2020: 112 changes across 30 airline, hotel and bank programs, each with what changed, by how much, and a link to the source. I checked all 32 programs on my points valuations page; JetBlue and Wells Fargo had none that qualify. Filter it by program, year or type of change. I add new devaluations as they happen. No affiliate links, as always on Travel Summary.
Quick Take
- It’s speeding up. I count 6 devaluations in 2020, 9 in 2021, 12 in 2022, 13 in 2023, 22 in 2024 and 31 in 2025, the most of any year. 2026 has 18 so far, with one more already announced for January 2027.
- The biggest single jumps: Etihad’s partner awards (up to +218%, March 2023), Delta’s SkyTeam partner awards and Virgin Atlantic’s Delta One awards (both up to +175%), and Turkish’s United domestic and Hawaii awards (up to +167%, December 2025).
- Hotel award prices keep climbing: Hilton’s top standard award went from 120,000 points a night to 250,000 between 2021 and 2025, Marriott’s from 100,000 to about 236,000 after it dropped its award chart, and Hyatt’s Category 8 from 40,000 standard (45,000 peak) to as much as 75,000 on its new five-level chart.
- Bank points aren’t immune: since mid-2025 Chase ended its fixed 1.25 to 1.5 cent travel value, Amex, Citi and Capital One cut their Emirates ratios while Chase dropped Emirates altogether, and Hyatt transfers are 4:3 from the Sapphire Preferred (2026) and from Bilt (January 2027).
- Many come without warning. Hilton, Marriott, United, Delta, LifeMiles and others raised prices with no notice at all, and only 17 of the 112 changes still have a page from the program itself explaining them.
1. The Timeline
Newest first. Tap Details under a change for the before-and-after numbers. “Mixed” means the same change also made some awards cheaper. A row marked “1 source” rests on one report I could check; I’m still looking for a second. Dates are when a change took effect; for unannounced changes, when it was first reported.
| Date | Program | What changed | Change | Source |
|---|---|---|---|---|
| Jan 1, 2027 Announced | Bilt Rewards | All Bilt points will transfer to World of Hyatt at 4:3 instead of 1:1, whatever your Bilt status or card. 1:1 continues through Dec 31, 2026.Details1:1 → 4:3 = 33% more points per Hyatt point | +33%Transfer ratio | Reported by Doctor of Credit |
| Sep 15, 2026 Mixed | Wyndham Rewards | Wyndham went from 3 fixed award levels (7,500 / 15,000 / 30,000) to 4 (5,000 / 15,000 / 30,000 / 45,000) and moved hotels between levels. The most upscale hotels went into the new 45,000 level. Mixed: the bottom level dropped from 7,500 to 5,000.DetailsTop award 30k to 45k (+50%); bottom award 7.5k to 5k (−33%); the 15k and 30k levels are unchanged. Wyndham did not say how many hotels moved up. | Up to +50%Award prices | Wyndham Rewards |
| Sep 8, 2026 | Air France-KLM Flying Blue | Flying Blue split Air France and KLM awards into Light, Standard and Flex fares. The old lowest price now buys only a Light fare, with no changes or refunds and limited bags. Keeping what awards used to include means paying the Standard price: Paris–New York business goes from 60,000 to 75,000 miles, and Berlin–Barcelona economy from 10,000 to 13,000.DetailsFor the same inclusions (Standard vs the old saver price): BER–BCN economy 10k→13k (+30%); CDG–JFK business 60k→75k (+25%); transatlantic economy 25k→30k (+20%). Flex 70–83% above Light. Partner awards not affected. | Up to +30%Award prices | Flying Blue |
| Jul 1, 2026 | Atmos Rewards (Alaska/Hawaiian) | Atmos Rewards raised the partner award booking fee from $12.50 to $20 per passenger, per direction, for bookings made from July 1, 2026, and the call-center booking fee from $15 to $30 per person. Atmos Summit cardholders have the partner fee waived.DetailsCash fee, not points: partner award fee $12.50→$20 (+60%); call-center fee $15→$30 (+100%). | +60% (cash fee)Fees | Atmos Rewards |
| Jul 2026 | Marriott Bonvoy | With no announcement, Marriott raised award prices across many hotels over the July 4–5, 2026 weekend. Most increases were 3–8%, and the largest were at St. Regis, Ritz-Carlton, EDITION and Luxury Collection hotels.DetailsSame-hotel change that weekend: +2% to +16% (The Athenee Bangkok 32k to 37k). TPG found top prices at popular hotels up about 13% on average year over year, up to +37% (Mystique Santorini 126k to 172k). | Up to +16%Dynamic pricing | Reported by View from the Wing |
| Jul 2026 Mixed | American AAdvantage | Without notice, aa.com began pricing Japan Airlines awards that connect with American or Alaska segments above the published partner chart: business to Asia Region 1 went from 60,000 to 80,000 miles one way, first from 80,000 to 100,000, and economy from 35,000 to 45,000. Nonstop JAL-only itineraries still price at the chart.DetailsMixed JAL itineraries only: business 60k→80k (+33%); economy 35k→45k (+29%); first 80k→100k (+25%); premium economy unchanged. American has not changed its published chart. First observed early-to-mid July 2026. | Up to +33%Award prices | Reported by AwardWallet |
| Jun 30, 2026 | Amex Membership Rewards | Amex removed Etihad Guest as a transfer partner (was 1:1).DetailsPartner removal; Etihad still reachable 1:1 from Capital One, Bilt and Citi | Partner gonePartner removed | Reported by Doctor of Credit |
| Jun 15, 2026 | Chase Ultimate Rewards | Transfers to World of Hyatt fell from 1:1 to 4:3 for the Sapphire Preferred, Ink Business Preferred and legacy Ink Plus: immediately for Sapphire Preferred applicants from June 15, 2026, and on Oct 1, 2026 for existing Preferred cardholders and all Ink cardholders. Sapphire Reserve and Sapphire Reserve for Business stay 1:1.Details1:1 → 4:3 = 33% more points per Hyatt point; avoidable by moving points to a Reserve card | +33%Transfer ratio | Chase |
| Jun 1, 2026 | Air Canada Aeroplan | Aeroplan raised about 85% of its distance bands for bookings made from June 1, 2026. The largest increase was Air Canada business between the Atlantic and Pacific regions at 7,001+ miles, from 60,000 to 100,000 points. Partner first at 8,001+ miles on the Atlantic chart went from 140,000 to 165,000. A few bands fell by 2,500–5,000.DetailsAbout 85% of bands up, 15% down. AC/select partners Atlantic–Pacific 7,001+ business 60k→100k (+67%); NA–Atlantic 4,001–6,000 business 70k→75k (+7%); partner first NA–Atlantic 4,001–6,000 100k→120k (+20%); NA–Pacific 7,501–11,000 partner business 87.5k→102.5k (+17%) | Up to +67%Award prices | Air Canada |
| Jun 2026 Mixed | Choice Privileges | With no notice, Choice raised award prices at central Tokyo, Osaka and Fukuoka hotels, many from 8,000 to 20,000–30,000 points per night. A second round in July 2026 pushed more Japan hotels to up to 30,000. Mixed: a few Japan hotels dropped to 8,000, and most Japan properties still cost 8,000.DetailsSame-hotel examples: Comfort Hotel Tokyo Kanda 8k to 20k (+150%); LoyaltyLobby reports increases of up to 200%. Reported June 6–8, 2026. | Up to +150%Award prices | Reported by The Points Guy |
| May 20, 2026 Mixed | World of Hyatt | Hyatt moved from 3 price levels per category (off-peak, standard, peak) to 5 (Lowest, Low, Moderate, Upper, Top) across standard rooms, suites, all-inclusives and Miraval. Category 8 Top is 75,000 vs the old 45,000 peak. Moderate rates average about 25% above the old standard rates (e.g., Cat 8 40k to 55k). Mixed: Lowest prices drop in Categories 1, 2, 5 and 6. Hyatt says only a limited number of hotel-nights will use Upper/Top in 2026.DetailsTop vs old peak: +33% (Cat 3 15k to 20k) to +67% (Cat 8 45k to 75k); all-inclusive Cat F 58k to 85k. Lowest tier down to −14% in some categories. | Up to +67%Award prices | Hyatt |
| May 20, 2026 | World of Hyatt | Annual category changes, effective the same day as the new five-level chart: 136 hotels changed category, 112 up and 24 down.DetailsCategory moves only. 112 of 136 (82%) went up. | 112 of 136 hotels upAward prices | Reported by The MileLion 1 source |
| May 20, 2026 Mixed | Emirates Skywards | Emirates raised premium economy, business and first class Classic Rewards and Upgrade Rewards (e.g., Newark–Athens Business Flex Plus 87,000 → 100,000 miles; LAX–Dubai Business Flex Plus +15%). Economy Saver unchanged. Mixed: Business Saver became bookable one way, at 59,000 vs. 54,000 per direction before as part of a round trip.DetailsBusiness Flex Plus +15%; Economy Flex Plus→Business upgrade 39,000→45,000 (+15%); Saver economy→business upgrade 82,000→90,000 (+10%); Europe Business Saver 54,000→59,000 per direction (+9%). Emirates published no new chart, only a miles-calculator notice | Up to +15%Award prices | Reported by AwardWallet |
| May 1, 2026 Mixed | Cathay Pacific Asia Miles | Asia Miles raised premium economy and business awards on Cathay Pacific by about 3% to 4% (e.g., 7,501+ miles business 115,000 → 119,000) and oneworld partner business awards by about 4% to 5%. Mixed: some short-haul premium economy and business awards fell slightly.DetailsCathay: business 2,751–5,000 58,000→60,000, 5,001–7,500 88,000→91,000, 7,501+ 115,000→119,000; premium economy +3% to +4%. oneworld business 7,501+ 115,000→120,000 (+4%). Type 1 short-haul PY 20,000→18,000 and J 28,000→27,000. Long-haul Cathay business is now ~40% above pre-Oct 2023 (85,000→119,000) | Up to +4%Award prices | Reported by The MileLion 1 source |
| Apr 19, 2026 | Citi ThankYou | On the premium cards (Strata Elite, Strata Premier, Prestige, AT&T Access More), Choice Privileges fell from 1:2 to 1:1.5 and Preferred Hotels I Prefer from 1:4 to 1:2.DetailsI Prefer 1:4 → 1:2 (+100%); Choice 1:2 → 1:1.5 (+33%) | Up to +100%Transfer ratio | Reported by Doctor of Credit |
| Apr 2026 | Avianca LifeMiles | Third no-notice LifeMiles increase in just over a year: many Star Alliance partner awards rose about 15% to 21% and more on some carriers (e.g., United US–Europe economy 40,000 → 48,400 miles, business 80,000 → 92,400).DetailsUnited/Lufthansa US–Europe economy +21%, business +16%; SWISS/Austrian/TAP US–Europe business 55,000→up to 81,290 (+48%); short-haul United economy 10,000→12,100 (+21%); LOT unchanged. Reported Apr 24–28, 2026; some Europe prices partly rolled back by June 2026 (Swiss/Lufthansa business to 69,000) | Up to +48%Award prices | Reported by Thrifty Traveler |
| Mar 3, 2026 | Lufthansa Miles & More | Miles & More removed fixed award prices for Discover Airlines and Air Dolomiti and moved both to dynamic pricing. Mileage Bargains ended on both airlines. Within Europe they can no longer be combined with another partner on a one-way connecting itinerary.DetailsDynamic switch; no mileage figures published. Eurowings, Brussels, LOT, Croatia and Luxair stay on the fixed chart. | No single %Dynamic pricing | Reported by LoyaltyLobby 1 source |
| Mar 1, 2026 | Amex Membership Rewards | Transfers to Cathay Pacific Asia Miles fell from 1:1 to 5:4 (5 points = 4 miles).Details1:1 → 5:4 = 25% more points per Asia Mile | +25%Transfer ratio | Reported by Doctor of Credit |
| Jan 13, 2026 | Capital One | Transfers to Emirates Skywards fell from 1:1 to 1,000:750 (4:3).Details1:1 → 4:3 = 33% more miles per Skywards mile | +33%Transfer ratio | Reported by Doctor of Credit |
| Dec 15, 2025 | British Airways Club (Avios) | British Airways raised Avios prices about 10% on its own flights and by up to about 14% on partner flights, and raised cash taxes and fees by up to 20%. An off-peak Reward Flight Saver business award London–New York went from 80,000 to 88,000 Avios one way. American and Alaska short-haul awards went from 12,000 to 13,500.DetailsBA-operated ~+10% (LHR–JFK business 80k→88k one way; off-peak economy 25k→27.5k); partners up to ~14% per TPG (AA/Alaska ≤650 mi 12k→13.5k, +13%); fees +10–20% (LHR–JFK Club World return £375→£399) | Up to +14%Award prices | British Airways |
| Dec 3, 2025 | Turkish Miles&Smiles | With no notice, Turkish raised Star Alliance awards within one country, which killed the United domestic and Hawaii sweet spots. Domestic US awards went from 10,000 to 15,000 miles in economy and from 15,000 to 22,500 in business. Mainland–Hawaii business went from 15,000 to 40,000.DetailsDomestic partner awards +50% (economy 10k→15k; business 15k→22.5k; first 20k→30k); mainland US–Hawaii economy 10k→25k (+150%), business 15k→40k (+167%). Turkish-operated flights unchanged. | Up to +167%Sweet spot removed | Reported by LoyaltyLobby |
| Dec 1, 2025 | Wyndham Rewards | The Wyndham Rewards–Vacasa partnership ended on Dec 1, 2025, ending Wyndham points redemptions for Vacasa vacation rentals. The last bookings were Nov 30, 2025, for checkouts by Jan 31, 2026.DetailsPartner redemption removed (a well-known Wyndham sweet spot). | Partner gonePartner removed | Reported by Frequent Miler 1 source |
| Nov 24, 2025 | United MileagePlus | United removed its fixed upgrade award chart. Mileage upgrade prices now vary by demand, cabin, aircraft and route, instead of fixed amounts such as 20,000 miles for a short upgrade.DetailsUpgrade award chart removed and switched to dynamic pricing. | No single %Dynamic pricing | Reported by AwardFares |
| Nov 1, 2025 Mixed | Singapore KrisFlyer | KrisFlyer raised most Saver awards by 5% (10% to 20% to Africa, the Middle East and Turkey), Advantage awards by 10% to 18%, and the Star Alliance award and upgrade charts by roughly 5% to 12% (e.g., Singapore–Europe Saver business 103,500 → 108,500 miles). Mixed: Saver economy within Asia/South West Pacific fell 5%; a new dynamically priced 'Access' award was added on top of Saver/Advantage.DetailsSaver: business Zone 10 56,500→68,000 (+20%), Europe business +5%; Advantage: Europe business 123,000→141,500 (+15%), Zone 10 business +18%; Saver economy Zones 1–9 −5%; Star Alliance charts ~+5% to +12% | Up to +20%Award prices | Singapore Airlines |
| Oct 16, 2025 | Chase Ultimate Rewards | Chase removed Emirates Skywards as a transfer partner (was 1:1); the last day to transfer was Oct 15, 2025.DetailsPartner removal | Partner gonePartner removed | Reported by Doctor of Credit |
| Oct 1, 2025 | Atmos Rewards (Alaska/Hawaiian) | When HawaiianMiles ended and Hawaiian awards moved to Atmos Rewards (launched August 20, 2025; HawaiianMiles ended October 1, 2025), Hawaii was folded into the North America distance-based chart with revenue-linked pricing. Hawaii-based reporters found interisland economy at 6,500–12,500+ points, compared with a typical 7,500 miles under HawaiianMiles.DetailsRevenue-linked pricing, so there is no single percentage. Observed interisland economy 7.5k→up to 12.5k (+67%) on some flights (higher at holiday peaks); first class often double or more. Atmos advertises interisland from 4,500. | No single %Dynamic pricing | Reported by Beat of Hawaii |
| Sep 18, 2025 | Amex Membership Rewards | The Business Platinum's 35% Pay with Points rebate stopped applying to business and first class on any airline; it now covers only flights on the one airline you select for the airline fee credit.DetailsBusiness/first on a non-selected airline: about 1.54¢ → 1¢ per point (e.g., $1,000 fare: 65,000 net points → 100,000). Selected-airline bookings unchanged. | +54%Cash or portal value | Reported by One Mile at a Time |
| Sep 16, 2025 | Amex Membership Rewards | Transfers to Emirates Skywards fell from 1:1 to 5:4 (5 points = 4 miles).Details1:1 → 5:4 = 25% more points per Skywards mile | +25%Transfer ratio | Reported by Doctor of Credit |
| Sep 9, 2025 | Hilton Honors | Hilton's third unannounced increase in 9 months raised the top standard award to 250,000 points per night (Waldorf Astoria Maldives and Los Cabos). Waldorf Astoria Beverly Hills and Conrad Bora Bora went from 120,000 to 200,000. Some increases were partly rolled back on Nov 12, 2025.DetailsCap 200k to 250k (+25%); per-hotel up to +67% (Waldorf Beverly Hills 120k to 200k, later back to 120k). Waldorf Los Cabos 190k to 250k (+32%). | Up to +67%Dynamic pricing | Reported by AwardWallet |
| Aug 21, 2025 | United MileagePlus | United ended the Excursionist Perk for award tickets, so multi-city awards no longer include a free one-way segment within a region. The change applies to new bookings and changes to existing ones from August 21, 2025.DetailsSweet spot removed (the free intra-region segment on multi-city awards). | Option endedSweet spot removed | Reported by AwardFares |
| Aug 5, 2025 Mixed | Qantas Frequent Flyer | Qantas raised Classic Reward prices by about 5% to 20% on Qantas, Jetstar and partner flights, its first increase since 2019 (e.g., Sydney–Tokyo business 82,000 → 98,400 points; Sydney–London economy 55,200 → 63,500), and Classic Upgrades by up to about 20%. Mixed: Jetstar short-haul economy fell to 5,700 and Emirates economy got cheaper.DetailsQantas international premium ~+20% (Brisbane/Sydney–Tokyo business +20%); Qantas economy +10% to +15%; partner long-haul +15% to +20% (oneworld Zone 10 business 318,000→365,800 = +15%); premium cabins up to 2,400 miles ~+5%; Emirates long-haul premium +5% to +10% | Up to +20%Award prices | Qantas |
| Jul 27, 2025 | Citi ThankYou | Transfers to Emirates Skywards from Strata Premier, Prestige and AT&T Access More fell from 1:1 to 1:0.8 (1,000 points = 800 miles).Details1:1 → 1,000:800 = 25% more ThankYou points per Skywards mile | +25%Transfer ratio | Reported by Doctor of Credit |
| Jul 27, 2025 | Citi ThankYou | On no-annual-fee cards (Double Cash, Rewards+), transfers got worse: JetBlue 1,000:800 → 1,000:700, Wyndham 1,000:800 → 1,000:700, and Choice 1,000:1,500 → 1,000:1,400.DetailsJetBlue and Wyndham +14%; Choice +7%. Premium cards unaffected by this part. | Up to +14%Transfer ratio | Reported by MilesTalk 1 source |
| Jul 2025 Mixed | American AAdvantage | Within its dynamic pricing, American gradually raised business-class awards on its own flights toward the published "starting at" prices. Saver-level business to Europe went from about 57,500 to 75,000 miles one way, and to Asia from 62,500 to 95,000. Partner awards, including mixed itineraries with a partner segment, were unchanged.DetailsGradual and inconsistent (no single effective date; reported late July/early August 2025). American-operated business one way: U.S.–Asia 62.5k→95k (+52%); U.S.–Europe 57.5k→75k (+30%); U.S.–South America 62.5k→75k (+20%). Some routes still price below the chart. | Up to +52%Dynamic pricing | Reported by One Mile at a Time |
| Jun 30, 2025 | Amex Membership Rewards | Amex ended transfers to Hawaiian Airlines HawaiianMiles (1:1), which had also been the indirect route from Membership Rewards into Alaska Mileage Plan.DetailsPartner removal; about six weeks' notice | Partner gonePartner removed | Reported by Doctor of Credit |
| Jun 24, 2025 Mixed | ANA Mileage Club | ANA raised high-season awards on its own international flights across all cabins and raised business and first in all seasons to some zones (e.g., Japan–North America high-season business 110,000 → 165,000 miles round trip). Mixed: one-way awards became bookable at half the round-trip price.DetailsHigh season: Japan–North America economy 55,000→72,000 (+31%), business and first +50% (first 200,000→300,000); Japan–Hawaii economy 43,000→65,000 (+51%). Business/first all seasons up to Korea, Asia and Oceania. Partner chart not changed | Up to +51%Award prices | ANA |
| Jun 24, 2025 | ANA Mileage Club | ANA stopped issuing Star Alliance Round the World award tickets from June 24, 2025; tickets issued by June 23 stayed valid.DetailsAward type removed; no price comparison | Option endedSweet spot removed | Reported by LoyaltyLobby |
| Jun 23, 2025 Mixed | Chase Ultimate Rewards | Chase ended the fixed 1.5-cent (Sapphire Reserve) and 1.25-cent (Sapphire Preferred, Ink Preferred, Ink Plus) Chase Travel value, replacing it with 'Points Boost' (up to 2¢ on select flights/hotels, otherwise 1¢). New applicants from June 23, 2025 never get the old rate; for existing cardholders, points earned from Oct 26, 2025 get only Points Boost, and older points keep 1.5¢/1.25¢ until Oct 26, 2027. Mixed change: some boosted bookings are worth more.DetailsNon-boosted travel: Reserve 1.5¢ → 1¢ (+50% points); Preferred/Ink 1.25¢ → 1¢ (+25%). Boosted offers can be up to 2¢ (Reserve) or 1.5–1.75¢ (Preferred). | Up to +50%Cash or portal value | Chase |
| Jun 10, 2025 | Japan Airlines Mileage Bank | JAL raised award prices on its own international and domestic flights, hitting first class hardest (e.g., North America–Japan first, low season, 70,000 → 110,000 miles one way; business 50,000 → 55,000).DetailsInternational: economy +8%, premium economy 32,500→40,000 (+23%), business +10%, North America first +40% to +57%, Hawaii first 50,000–70,000→90,000–110,000 (up to +80%), Europe first up to +38%; domestic +500 miles per segment. Partner chart unchanged | Up to +80%Award prices | Reported by AwardFares |
| Jun 3, 2025 | Lufthansa Miles & More | Miles & More moved Lufthansa, SWISS, Austrian and Lufthansa City awards to dynamic pricing based on cash fares, and ended Flex Plus and Mileage Bargains. It also changed the fixed partner chart: premium cabins went up by as much as about 41% while many economy prices fell. Europe–Southeast Asia business went from 142,000 to 200,000 miles round trip.DetailsFixed partner chart, round trip: Europe–SE Asia business 142k→200k (+41%); Europe–Oceania business 195k→260k (+33%); Europe–N America business 112k→125k (+12%), first 182k→215k (+18%); intra-Europe economy fell 35k→28k. LH Group flights are dynamic. | Up to +41%Dynamic pricing | Miles & More |
| May 27, 2025 | Iberia Plus (Avios) | With no notice, Iberia raised most award prices by about 10–20%, and the same new prices apply to Iberia flights booked through British Airways. Off-peak business between the East Coast and Madrid went from 34,000 to 40,500 Avios. Some economy prices fell slightly.DetailsIberia-operated: off-peak business 3,001–4,000 mi 34k→40.5k (+19%); peak business 50k→59k (+18%); some Basic economy prices fell (e.g., 17k→16k) | Up to +19%Award prices | Reported by LoyaltyLobby |
| May 2025 | Hilton Honors | With no notice, Hilton raised its top standard award from 150,000 to 200,000 points per night (Waldorf Astoria Maldives), with big jumps at other luxury hotels such as Waldorf Astoria Los Cabos (140,000 to 190,000).DetailsCap 150k to 200k (+33%); per-hotel up to +38% (South Bank, Turks & Caicos 130k to 180k). No notice; VFTW dates it to May 2025, first reported by AwardWallet June 5, 2025. | Up to +38%Dynamic pricing | Reported by AwardWallet |
| Apr 15, 2025 Mixed | Cathay Pacific Asia Miles | Asia Miles raised long-haul business awards on Cathay Pacific (5,001–7,500 miles 84,000 → 88,000; 7,501+ miles 110,000 → 115,000). Mixed: some short-haul economy awards got cheaper.DetailsBusiness long-haul +5%; economy 751–2,750 miles (Type 2: India, Indonesia, Japan) 12,500→13,000 (+4%); economy 1–750 and Type 1 routes −7% to −10%; partner awards not addressed | Up to +5%Award prices | Reported by The MileLion 1 source |
| Apr 4, 2025 | IHG One Rewards | IHG lifted the unofficial 120,000-point cap at non-resort InterContinental hotels. Some now price above 200,000 points per night (e.g., InterContinental Willard 227,000, Tokyo Bay 212,000), and Kimpton hotels reach the upper 100,000s.DetailsDynamic pricing. Non-resort InterContinental soft cap went from 120k to 227k observed (about +89%); the 250k resort cap was unchanged. | No single %Dynamic pricing | Reported by The Points Guy |
| Mar 25, 2025 | World of Hyatt | Annual category changes: 151 hotels changed category, 118 up and 33 down.DetailsCategory moves only. 118 of 151 (78%) went up. | 118 of 151 hotels upAward prices | Reported by LoyaltyLobby 1 source |
| Mar 25, 2025 | Air Canada Aeroplan | Aeroplan moved United, Etihad and several regional partners (Calm Air, Canadian North, PAL) from its fixed partner chart to dynamic pricing, joining Emirates and flydubai. Short United economy awards went from 6,000 to 10,000 points. Some United business awards that had been 60,000 now price at up to 80,000 on many dates.DetailsDynamic switch, so no single figure. TPG samples: economy 0–500 mi 6k→10k (+67%), 501–1,500 mi 10k→15k (+50%); EWR–LHR business 60k→60k–80k; OMAAT: IAH–EZE business 60k→100k | No single %Dynamic pricing | Reported by The Points Guy |
| Mar 2025 Mixed | Southwest Rapid Rewards | Southwest introduced variable redemption rates, so award prices now depend on demand and are no longer a near-fixed points-per-dollar ratio. Points had been worth about 1.3–1.4 cents toward fares; early checks found about 1.1 cents on high-demand flights such as Hawaii, but better value on some cheap off-peak fares.DetailsSwitch to demand-based redemption rates, so there is no single percentage. Mixed: high-demand flights cost more points per dollar (about 1.1 cents per point vs. 1.3–1.4), while some low-demand Wanna Get Away fares price better (about 1.5 cents per point). Rolled out in mid-to-late March 2025. | No single %Dynamic pricing | Southwest Airlines (SEC filing) |
| Feb 2025 | Avianca LifeMiles | Second no-notice increase in six months: most transatlantic business awards rose from 70,000 to 80,000 miles and US–South Pacific business from 80,000 to 100,000, with more partner space blocked.DetailsTransatlantic business +14%; US-South Pacific business +25%; shortest transatlantic (e.g., Newark-London) 45,000→80,000 (+78%) after the Aug 2024 round had cut it from 63,000 to 45,000. Reported Feb 9, 2025 as happening within the prior couple of days. | Up to +25%Award prices | Reported by One Mile at a Time 1 source |
| Jan 13, 2025 | Air France-KLM Flying Blue | With no notice, Flying Blue raised its lowest prices on Air France and KLM flights by 14–25%. US–Europe went from 20,000 to 25,000 miles in economy and from 50,000 to 60,000 in business. Flying Blue said low-level availability would rise about 30%. Reports differ on partner awards: OMAAT saw small increases, while Frequent Miler reported no change.DetailsEntry-level AF/KLM: economy 20k→25k (+25%); premium economy 35k→40k (+14%); business 50k→60k (+20%). Partner examples per OMAAT: Etihad ICN–AUH business 51.5k→55.5k. A Dec 25, 2024 doubling of short-haul partner floors was rolled back and is not included. | Up to +25%Award prices | Reported by One Mile at a Time |
| Jan 2025 | Marriott Bonvoy | With no announcement, Marriott pushed top-end award prices past the unofficial 150,000-point cap. Some hotels now cost 200,000–236,000 points per night (e.g., JW Marriott Masai Mara up to 224,000–236,000, Ritz-Carlton Maldives up to 198,000).DetailsDynamic pricing. Unofficial cap went from about 150k to about 236k at the top (about +57%); most hotels unchanged; no clean same-hotel before/after prices published. | No single %Dynamic pricing | Reported by One Mile at a Time |
| Dec 20, 2024 | Hilton Honors | With no notice, Hilton raised standard-room awards by 5,000–20,000 points per night at many hotels priced at about 70,000 points or more, and added 2–3 price levels at some hotels. Example: Waldorf Astoria Los Cabos went from 120,000 to 140,000.DetailsExamples: Waldorf Los Cabos 120k to 140k (+17%), Hotel del Coronado 95k to 110k (+16%), Waldorf Las Vegas 85k to 95k (+12%). Cap stayed at 150k. | Up to +17%Dynamic pricing | Reported by One Mile at a Time |
| Oct 30, 2024 Mixed | Virgin Atlantic Flying Club | Virgin Atlantic switched awards on its own flights to demand-based pricing with no published cap, while adding a limited number of 'Saver' seats at or below the old prices. Peak Upper Class seats to the UK can now cost up to 700,000 points round trip. The change/cancel fee for bookings starting outside the UK doubled from $50 to $100. This was a mixed change: every seat became bookable with points, and surcharges fell on some awards.DetailsDynamic pricing: Virgin says more than half of economy rewards cost the same or less; peak Upper Class up to 700k round trip; change/cancel fee $50→$100 outside UK; partner awards unchanged | No single %Dynamic pricing | Virgin Atlantic |
| Oct 1, 2024 | Amex Membership Rewards | The Schwab Platinum 1.1-cent cash-out was capped at 1,000,000 points per calendar year; points above the cap cash out at 0.8 cents.DetailsOnly above 1M points/year: 1.1¢ → 0.8¢ (+38% points for the same cash). Below the cap unchanged. | +38%Cash or portal value | Reported by Doctor of Credit 1 source |
| Sep 2024 | Choice Privileges | Second Preferred Hotels devaluation in 2024: the top award price went from 87,000 to 118,000 points per night, about 115% above the 55,000 maximum from before June.DetailsTop Preferred Hotels award 87k to 118k (+115% vs pre-June 55k). Effective date approximate; first reported around Sept 1, 2024. | Up to +36%Award prices | Reported by One Mile at a Time |
| Aug 2024 | Qatar Airways Privilege Club (Avios) | With no notice, Qatar Airways Privilege Club raised Avios prices for short and medium-haul American Airlines and Alaska awards. Business at 651–1,151 miles went from 16,500 to 27,000 Avios, and economy at up to 650 miles went from 6,000 to 9,500.DetailsQatar-issued AA/Alaska awards: economy +23% to +58%; business +11% to +64% (651–1,151 mi 16.5k→27k) | Up to +64%Award prices | Reported by The Points Guy 1 source |
| Aug 2024 Mixed | Avianca LifeMiles | Without notice, LifeMiles raised many Star Alliance partner award prices (e.g., United US–Europe business 63,000 → 70,000 miles; Lufthansa first 87,000 → 130,000). Mixed: some United East Coast–Northern Europe business awards dropped to 45,000.DetailsUS–Europe business +11%, economy +11% to +17%; Lufthansa first +49%; Asia first ~90,000→120,000 (+33%). AwardWallet also reported TAP JFK–Lisbon business 35,000→65,000; not corroborated. Observed Aug 12–13, 2024 | Up to +49%Award prices | Reported by AwardWallet |
| Jul 17, 2024 | British Airways Club (Avios) | With no notice, British Airways raised the fixed Reward Flight Saver cash fee by about £12–£12.50 each way in Club Europe, World Traveller Plus and Club World. A New York–London business round trip went from about $700 to $750 in fees. Economy and Avios prices did not change.DetailsCash fees only: +£12 (Club Europe) / +£12.50 (WT+ and Club World) per direction; Avios unchanged | Cash fee upFees | Reported by Prince of Travel |
| Jul 2024 | Virgin Atlantic Flying Club | With no notice, Virgin Atlantic added peak pricing on Delta flights between the US and mainland Europe. On peak dates, East Coast/Central US–Europe went from 47,500 to 57,500 points. Delta One awards to Europe also began carrying surcharges of more than $1,000 each way, up from about $5.60.DetailsPeak dates: East/Central US–Europe 47.5k→57.5k (+21%); West Coast–Europe 67.5k→77.5k (+15%); off-peak unchanged. Delta One surcharge ~$5.60→$1,000+ each way. UK routes excluded. | Up to +21%Award prices | Reported by The Points Guy 1 source |
| Jun 24, 2024 | Bilt Rewards | Bilt and American Airlines ended their partnership; June 24, 2024 was the last day to transfer Bilt points to AAdvantage (1:1).DetailsPartner removal; June 24, 2024 = last transfer day | Partner gonePartner removed | Reported by Doctor of Credit |
| Jun 2024 | Choice Privileges | Choice raised award prices at partner Preferred Hotels & Resorts properties, with the top price going from 55,000 to 87,000 points per night. Some properties that cost 25,000–35,000 rose to 33,000–48,000.DetailsTop Preferred Hotels award 55k to 87k. | Up to +58%Award prices | Reported by Doctor of Credit |
| Jun 2024 | Choice Privileges | Choice removed its 35,000-point cap on award nights outside Asia-Pacific, so hotels in New York, Chicago, Miami, Nashville and Paris now price at up to 45,000 points. The redemption page now says only that nights 'start at 8,000 points'.DetailsTop award (outside Asia-Pacific) 35k to 45k observed; the cap is now unpublished. | Up to +29%Award prices | Reported by The Points Guy |
| May 31, 2024 | Bilt Rewards | Bilt stopped transfers to Hawaiian Airlines HawaiianMiles (a 'pause' on May 31, 2024 that became permanent when the three-year deal ended). There was no advance notice.DetailsPartner removal; Alaska/Atmos remains a 1:1 Bilt partner | Partner gonePartner removed | Reported by AwardWallet |
| May 23, 2024 | Virgin Atlantic Flying Club | With no notice, Virgin Atlantic raised prices for ANA business class awards. One way from Japan to Central/Eastern US or Europe went from 47,500 to 60,000 points. ANA first was not changed this time.DetailsANA business one way: +7% to +26% (Japan–SE Asia 32.5k→35k; Japan–Western US 45k→52.5k; Japan–Central/Eastern US/Europe 47.5k→60k) | Up to +26%Award prices | Reported by One Mile at a Time 1 source |
| May 15, 2024 | World of Hyatt | The Hyatt–Small Luxury Hotels of the World (SLH) partnership ended on May 15, 2024. SLH hotels can no longer be booked with Hyatt points, and Hyatt elite benefits no longer apply there. Hyatt moved its focus to Mr & Mrs Smith.DetailsPartner redemption removed. | Partner gonePartner removed | World of Hyatt |
| May 2024 | United MileagePlus | Without notice, United raised partner business-class awards within Europe and within Asia. Short intra-Europe business went from about 25,000 to 30,000–33,000 miles, and longer routes such as Zurich–Athens from 27,500 to 49,500.DetailsLonger intra-Europe partner business 27.5k→49.5k (+80%); short intra-Europe business ~25k→30k–33k (+20% to +32%); intra-Asia partner business now from 49.5k on some routes. Reported May 1, 2024. | Up to +80%Award prices | Reported by The Points Guy |
| Apr 18, 2024 | ANA Mileage Club | ANA raised business and first class awards on its own international flights and raised the partner award chart (e.g., North America–Japan business, regular season, 85,000 → 105,000 miles round trip). Economy and premium economy on ANA were unchanged.DetailsANA flights: North America–Japan business regular +24%, Hawaii–Japan business 65,000→85,000 (+31%); partner chart: Europe–Japan business 90,000→115,000 (+28%), Africa/Middle East–Japan business 110,000→185,000 (+68%), economy 70,000→100,000 (+43%). Notice URL dated 231206, updated Mar 7, 2024 | Up to +68%Award prices | ANA |
| Mar 26, 2024 | World of Hyatt | Annual category changes: 183 hotels changed category, 137 up and 46 down. 13 all-inclusives got more expensive, e.g., Hyatt Ziva Cancún went from Category E (40k) to F (50k). The number of hotels open to the Category 1–4 free night certificate fell by a net 14.DetailsCategory moves only. 137 of 183 (75%) went up. The award chart point values themselves did not change in 2024. | 137 of 183 hotels upAward prices | Reported by The MileLion |
| Mar 1, 2024 Mixed | Atmos Rewards (Alaska/Hawaiian) | Alaska Mileage Plan replaced its partner-by-partner award charts with distance-based regional charts. This was a mixed change: Alaska said starting prices fell on 60% of economy and 64% of business partner nonstops, and it added stopovers and one-way partner pricing, but well-known sweet spots got much more expensive. For example, Cathay Pacific first class from Hong Kong to Los Angeles went from 70,000 to 130,000 miles one way.DetailsMixed: many routes cheaper, others up. Cathay Pacific first HKG–LAX 70k→130k (+86%); Cathay U.S.–Hong Kong up in all cabins; LATAM 4,001–6,000-mile band 45k→50k (+11%). New charts went live gradually around March 2024. | Up to +86%Award prices | Alaska Airlines |
| Feb 16, 2024 | Turkish Miles&Smiles | Turkish moved to one-way charts priced by segment, so connections through Istanbul now add up. Business between the US and Turkey went from 45,000 to 65,000 miles, and Singapore–London business went from 45,000 to 90,000. The United domestic sweet spot rose from 7,500 to 10,000 miles in economy and from 12,500 to 15,000 in business.DetailsSame award: Singapore–London business via IST 45k→90k (+100%); US–Turkey business 45k→65k (+44%); Star Alliance partner first 67.5k→130k (+93%); United domestic economy 7.5k→10k (+33%). Old charts valid through Feb 15, 2024. | Up to +100%Award prices | Reported by The Points Guy |
| Feb 2024 | Etihad Guest | Etihad quietly raised short-haul business and first class partner awards (flights up to 1,000 miles on partners such as American, Virgin Australia, Air France/KLM and Air Canada), e.g., 0–500 miles business 10,000 → 20,000 miles.Details0–500 miles: business +100%, first 14,000→35,000 (+150%); 501–1,000 miles: business 20,000→25,000 (+25%), first 27,000→40,000 (+48%); routes over 1,000 miles unchanged. No notice; observed late Feb 2024 | Up to +150%Award prices | Reported by Australian Frequent Flyer 1 source |
| Jan 7, 2024 | Choice Privileges | Award nights at Choice hotels in Sweden and Norway (the former Nordic Choice/Strawberry sweet spot) went to a 16,000-point minimum, up from 8,000–12,000 at many hotels.Details+33% to +100%; e.g., Clarion Collection Temperance Malmö 8k to 16k, Comfort Hotel Karl Johan Oslo 12k to 16k. Priced at 16k on ChoiceHotels.com since Jan 7, 2024 (no formal announcement). | Up to +100%Award prices | Reported by Travel-Dealz |
| Jan 1, 2024 | Southwest Rapid Rewards | Southwest told members by email that the Rapid Rewards points needed per dollar of base fare would rise 4% from January 1, 2024, cutting a point from about 1.2 to about 1.15 cents toward base fare.DetailsPoints per dollar of base fare +4% (example: 18,751 → ~19,500 points for the same fare). | Up to +4%Award prices | Reported by Thrifty Traveler 1 source |
| Dec 12, 2023 | British Airways Club (Avios) | British Airways raised Avios prices for short and medium-haul American Airlines and Alaska flights. For example, economy at 1,152–2,000 miles went from 11,000 to 14,500 Avios, and first at up to 650 miles went from 12,500 to 16,500.DetailsAA/Alaska partner chart: economy +10% to +32% (1,152–2,000 mi 11k→14.5k); first +8% to +32% (Zone 1 12.5k→16.5k); West Coast–Hawaii economy 13k→16k | Up to +32%Award prices | Reported by The Points Guy 1 source |
| Dec 9, 2023 | Qatar Airways Privilege Club (Avios) | Qatar Airways Privilege Club added higher peak-date Avios prices, first on Doha flights in summer 2023 and then more widely from December 2023. Peak awards cost 20–30% more than off-peak; for example, Singapore–London business went from 75,000 to 90,000 Avios.DetailsPeak vs former single price: +20% to +30% (Singapore–Europe 2 business 75k→90k; Bangkok–Doha first 75k→97.5k). First wide peak window 9 Dec 2023–14 Jan 2024. Qatar awards only. | Up to +30%Award prices | Reported by Mainly Miles 1 source |
| Dec 7, 2023 | Virgin Atlantic Flying Club | Virgin Atlantic raised Delta award prices on domestic and transpacific routes; Europe and UK flights were not affected. Economy at 4,001–5,000 miles went from 27,500 to 44,000 points, and Delta One at 501–1,000 miles went from 27,500 to 41,500.DetailsEconomy +0% to +60% (4,001–5,000 mi 27.5k→44k); Delta One/First +0% to +51% (501–1,000 mi 27.5k→41.5k); bands of 3,001+ mi in Delta One unchanged | Up to +60%Award prices | Reported by Thrifty Traveler 1 source |
| Oct 1, 2023 Mixed | Cathay Pacific Asia Miles | Asia Miles raised premium-cabin awards on Cathay Pacific by 8% to 29% (e.g., US East Coast–Hong Kong business 85,000 → 110,000 miles one way) and raised the oneworld multi-carrier chart. Mixed: economy on medium and long-haul Cathay flights fell about 9% to 10%.DetailsCathay flights: premium cabins +8% to +29% (7,501+ miles business 85,000→110,000); multi-carrier chart: 18,001–20,000-mile business 165,000→230,000 (+39%); Cathay economy 2,751+ miles −9% to −10% | Up to +39%Award prices | Reported by The MileLion |
| Sep 30, 2023 | World of Hyatt | The World of Hyatt–MGM Rewards partnership ended on Sept 30, 2023. Hyatt points can no longer be redeemed at MGM Resorts in Las Vegas and elsewhere, and earning and status matching ended too.DetailsPartner redemption removed. | Partner gonePartner removed | Reported by LoyaltyLobby |
| Jul 2023 | IHG One Rewards | With no announcement, IHG raised the top award price at InterContinental and Six Senses resorts from a soft cap of about 120,000 to 250,000 points per night (e.g., InterContinental Bora Bora Thalasso).DetailsDynamic pricing. The resort soft cap went from about 120k to 250k (about +108%); sources give no same-hotel before/after prices. | No single %Dynamic pricing | Reported by LoyaltyLobby |
| Jun 2023 | United MileagePlus | A week after the Europe increase, United raised award prices to Asia, the South Pacific and Australia, including on partners. Business class to Japan (ANA) and Taipei (EVA) went from 88,000 to 110,000 miles one way, and saver economy to Australia from 40,000 to 55,000+.Details+21% to +38%: Australia saver economy 40k→55k (+38%); Japan/Taiwan partner business 88k→110k (+25%); Tahiti economy 35k→45k (+29%), business 70k→85k (+21%). Reported June 1, 2023. | Up to +38%Award prices | Reported by Thrifty Traveler |
| May 2023 | United MileagePlus | Without notice, United raised award prices to and from Europe. Partner economy went from 30,000 to about 40,000 miles one way, and partner business settled at 88,000 after a partial rollback a day later. United-operated business on some routes went from 60,000 to 80,000.DetailsPartner economy to Europe 30k→40k (+33%) after the rollback (briefly 43.9k, +46%); United-metal business Brussels–Newark 60k→80k (+33%); partner business settled at 88k (the prior partner business price was not confirmed in sources opened). Reported May 17, 2023. | Up to +33%Award prices | Reported by Frequent Miler |
| Apr 5, 2023 Mixed | American AAdvantage | American retired its fixed MileSAAver and AAnytime awards on its own flights and now prices them dynamically as "Flight Awards." It keeps a "starting at" chart, which is only a price floor. Some long-haul business and first starting prices rose by up to 30,000 miles, while many short-haul starting prices fell. Partner awards stayed on the fixed chart.DetailsSwitch to dynamic pricing on American-operated flights, so there is no single percentage. New starting prices: Europe business 75k; Asia/Middle East/South Pacific business 95k one way. Mixed change: some domestic and short-haul floors went down. | No single %Dynamic pricing | Reported by The Points Guy |
| Mar 28, 2023 | World of Hyatt | Annual category changes: 372 hotels changed category, 214 up and 158 down. 46 all-inclusives went up and none went down, and a net 17 Category 7 hotels moved up to Category 8.DetailsCategory moves only. 214 of 372 (58%) went up. | 214 of 372 hotels upAward prices | Reported by The MileLion |
| Mar 2023 | Marriott Bonvoy | Once the 2022 transition year ended, Marriott let award prices go past the old bands without telling members. Top standard awards reached 150,000 points per night, e.g., Ritz-Carlton Maldives on peak dates.DetailsDynamic pricing. Top price went from 100k (old Cat 8 peak) to 150k observed (VFTW, Mar 25, 2023). | No single %Dynamic pricing | Reported by View from the Wing 1 source |
| Mar 2023 | Virgin Atlantic Flying Club | With no notice, Virgin Atlantic raised prices for ANA first class awards. A round trip from Central/Eastern US or Europe to Japan went from about 120,000 to 170,000 points. ANA business prices did not change.DetailsANA first, round trip: +23% to +42% by region (Europe/Central–Eastern US ~120k→170k; Western US ~110k→145k); old prices back-calculated by TPG from rounded percentages | Up to +42%Award prices | Reported by The Points Guy 1 source |
| Mar 2023 | Etihad Guest | Etihad replaced its partner award charts with a single region-based chart and a new distance-based chart for Etihad flights, wiping out premium-cabin partner sweet spots (e.g., American Airlines business Hong Kong–US 55,000 → 140,000 miles; AA three-cabin first New York–LA 25,000 → 67,000).DetailsPartner premium cabins +82% to +218% (Royal Air Maroc business max 44,000→up to 140,000; ANA business Japan–Seattle 54,000→100,000; Oman Air business Muscat–London 44,000→80,000); a few short-haul economy awards got cheaper. New charts live March 9–10, 2023; old prices bookable to Mar 7 | Up to +218%Award prices | Reported by The MileLion |
| Dec 22, 2022 | Emirates Skywards | Emirates raised business and first class Classic Rewards and Upgrade Rewards by about 20%, rolled out without notice between Dec 22, 2022 and Jan 31, 2023 (e.g., Dubai–Frankfurt business 72,500 → 87,000 miles; New York–Dubai first 136,250 → 163,500). Economy was unchanged.DetailsPremium cabins ~+20% (Dubai–Europe first 85,000→102,000; US–Dubai first +20%); fifth-freedom JFK–Milan business settled at 87,000 Flex Plus one-way by Jan 24, 2023 (calculator briefly showed ~142,500). Surcharges on Milan–New York premium awards rose from ~€150 to ~€1,211. Emirates statement confirmed the rollout window | Up to +20%Award prices | Reported by Frequent Miler |
| Nov 1, 2022 | Marriott Bonvoy | Marriott removed the 5,000-mile bonus per 60,000 points transferred to American, Delta and Avianca LifeMiles (Nov 1, 2022) and to Korean Air (Dec 1, 2022). 60,000 points now get 20,000 miles instead of 25,000.DetailsEffective ratio went from 2.4:1 to 3:1 (25% more Bonvoy points per mile) for AA, Delta, Avianca and Korean. | +25%Transfer ratio | Reported by One Mile at a Time 1 source |
| Oct 2022 | Delta SkyMiles | Without notice, Delta repriced many SkyTeam partner awards (Air France, KLM, Virgin Atlantic, Korean Air) on delta.com to about the same level as its own dynamically priced flights. For example, KLM business from Minneapolis to Amsterdam went from about 120,000 to 330,000 miles one way, and economy from about 35,000 to 64,000.DetailsExamples: KLM business 120k→330k (+175%); KLM economy 35k→64k (+83%); Virgin Atlantic JFK–LHR economy 35k→58k (+66%). Reported as +80% to +200% on many partner international flights. Some routes Delta does not fly (e.g., Dulles–Paris) were unaffected. Reported October 31, 2022. | Up to +175%Dynamic pricing | Reported by Thrifty Traveler |
| Sep 1, 2022 Mixed | Air Canada Aeroplan | Aeroplan raised long-haul partner premium-cabin prices and some South America prices. For example, partner business at 8,001+ miles on the Atlantic chart went from 100,000 to 110,000, and partner economy to South America at 1,601+ miles went from 15,000 to 20,000. It also added new, cheaper short-distance bands.Details+0% to +33%: South America 1,601+ mi economy 15k→20k (+33%); Atlantic partner business 6,001–8,000 mi 85k→90k, 8,001+ mi 100k→110k; NA–Pacific 11,001+ business 105k→115k; mixed with new lower 0–2,500 mi bands | Up to +33%Award prices | Reported by The Points Guy |
| Aug 1, 2022 | Singapore KrisFlyer | For award tickets issued from August 1, 2022, KrisFlyer ended paid stopovers (previously US$100 each), capped stopovers at 30 days, and limited free stopovers to one on Saver round trips (none on Saver one-ways).DetailsRule change, no price; Advantage one-way keeps one free stopover, Advantage round trip two | Option endedSweet spot removed | Reported by LoyaltyLobby |
| Jul 5, 2022 | Singapore KrisFlyer | KrisFlyer raised Saver and Advantage award prices on Singapore Airlines by roughly 10%, revised the Star Alliance award and upgrade charts upward, and made upgrades cost more (e.g., rest of Australia–Europe Saver business 116,000 → 130,500 miles).DetailsAbout +10% overall; Australia examples +7% to +13% (Perth/Darwin–Europe Saver business 106,000→119,500 = +13%); Star Alliance and partner charts (Virgin Australia from Aug 1, 2022) also increased | Up to +13%Award prices | Reported by Point Hacks |
| Mar 29, 2022 | Marriott Bonvoy | Marriott dropped its Category 1–8 award chart and moved to 'flexible' (dynamic) award pricing. For 2022 about 97% of hotels stayed within the old off-peak to peak range, but about 200 hotels went above it, up to 130,000 points vs the old 100,000 Category 8 peak. The range limits were dropped after 2022.DetailsDynamic pricing switch. Top price went from 100k (Cat 8 peak) to up to 130k in 2022 (+30%); individual hotels rose 5k–30k per night. | No single %Dynamic pricing | Reported by The Points Guy |
| Mar 22, 2022 | World of Hyatt | Annual category changes: 70 hotels moved up and 76 moved down. Hyatt-branded hotels moved into Category 8 (40k standard) for the first time; until then it held only SLH properties.DetailsCategory moves only. 70 of 146 (48%) went up. | 70 of 146 hotels upAward prices | Reported by Doctor of Credit 1 source |
| Mar 1, 2022 Mixed | World of Hyatt | Hyatt added off-peak, standard and peak pricing to each category, e.g., Category 8 became 35k/40k/45k and Category 1 3.5k/5k/6.5k. It was announced in Dec 2019 for March 2020, postponed because of COVID, and went live for bookings on Oct 26, 2021, for stays from March 1, 2022. Mixed: off-peak nights got cheaper.DetailsPeak vs old single price: +13% (Cat 8 40k to 45k) to +30% (Cat 1 5k to 6.5k). Off-peak nights are 12–30% cheaper. | Up to +30%Award prices | Reported by The Points Guy |
| Mar 1, 2022 | Atmos Rewards (Alaska/Hawaiian) | Alaska Mileage Plan dropped its fixed caps on American Airlines awards within the U.S. and Canada (previously 12,500 miles in economy and 25,000 in business one way), switching them to demand-based starting prices. It also raised the ceilings for Alaska first-class awards: 60,000 to 70,000 miles for flights of 1,401–2,100 miles, and 70,000 to 95,000 for flights over 2,100 miles.DetailsAlaska first-class award ceiling over 2,100 miles 70k→95k (+36%); 1,401–2,100 miles 60k→70k (+17%); minimum prices and main cabin unchanged. American-flight awards booked with Alaska miles became dynamic (no % available). | Up to +36%Dynamic pricing | Reported by The Points Guy 1 source |
| Feb 2022 | Emirates Skywards | Without notice, Emirates raised one-way business class award prices from the US by about 15% (e.g., East Coast–Dubai 100,000 → 115,000 miles; JFK–Milan 62,500 → 72,500). Round-trip awards briefly stayed at old prices.DetailsUS–Dubai business one-way +15% to +16% (LAX–DXB 113,750→132,500); JFK–MXP and EWR–ATH 62,500→72,500 (+16%). Old prices still bookable Jan 31, 2022; reported Feb 2, 2022 | Up to +16%Award prices | Reported by The Points Guy 1 source |
| Jan 19, 2022 | Marriott Bonvoy | Marriott ended Hotel + Air travel packages the same day they were announced. The packages combined a 7-night hotel certificate with 50,000 or 100,000 airline miles. Unattached certificates had to be used by Feb 28, 2022, or were refunded in points.DetailsRedemption option removed; Marriott cited the coming switch to dynamic pricing. | Option endedSweet spot removed | Reported by The Points Guy |
| Oct 24, 2021 | Capital One | Capital One stopped transfers to JetBlue TrueBlue (then 2:1.5). JetBlue came back in 2025 at a worse 5:3 ratio.DetailsPartner removal. When re-added in 2025 the ratio was 5:3 vs. 2:1.5 before (25% more miles per TrueBlue point). | Partner gonePartner removed | Reported by AwardWallet |
| Sep 1, 2021 | Amex Membership Rewards | The Schwab Platinum card's cash-out of points into a Schwab account dropped from 1.25 cents to 1.1 cents per point.Details1.25¢ → 1.1¢ per point; some cardholders still saw 1.25¢ until Sept 2–3, 2021 | +14%Cash or portal value | Reported by Doctor of Credit 1 source |
| Jul 31, 2021 | Atmos Rewards (Alaska/Hawaiian) | Alaska Mileage Plan ended its partnership with Emirates, so Emirates flights, including its first and business class awards, could no longer be booked with Alaska miles after July 31, 2021.DetailsPartner removed; Emirates awards no longer bookable with Alaska miles. | Partner gonePartner removed | Reported by AwardWallet 1 source |
| May 2021 | Hilton Honors | Hilton raised its maximum standard-room award from 120,000 to 150,000 points per night, first seen at Waldorf Astoria Maldives. There was no announcement.DetailsTop standard award 120k to 150k (Waldorf Astoria Maldives). | Up to +25%Dynamic pricing | Reported by One Mile at a Time |
| Apr 10, 2021 | Citi ThankYou | Citi Premier points stopped being worth 1.25 cents each on travel booked through the ThankYou Travel Center; they became worth 1 cent.Details1.25¢ → 1¢ per point on portal travel = 25% more points for the same booking | +25%Cash or portal value | Reported by Travel Update |
| Apr 2021 | Southwest Rapid Rewards | Without notice, Southwest raised the points needed per dollar on Wanna Get Away fares from about 78 to 83 points per dollar of base fare, cutting the value of each point by about 6%.DetailsWanna Get Away redemption rate 78→83 points per dollar of base fare (+6%). Reported April 14, 2021. | Up to +6%Award prices | Reported by Frequent Miler |
| Mar 16, 2021 | British Airways Club (Avios) | British Airways raised short-haul Avios prices in Zones 1–3 by 750 Avios each way, with no notice. Zone 1 economy off-peak went from 4,000 to 4,750 Avios.Details+750 Avios per direction in Zones 1–3: Zone 1 economy off-peak 4,000→4,750 (+19%); Zone 3 business peak 20,000→20,750 (+4%); Zone 4+ unchanged | Up to +19%Award prices | Reported by Head for Points |
| Feb 5, 2021 | Delta SkyMiles | A second unannounced partner increase in about four months: partner business class from the U.S. to Europe rose from 95,000 to 120,000 miles one way, and to Seoul from 102,500 to 120,000. U.S.–Asia economy went from 40,000 to 50,000, and some close-in surcharges also rose.DetailsEurope partner business 95k→120k (+26%); Asia economy 40k→50k (+25%); Seoul business 102.5k→120k (+17%); Southeast Asia business 147.5k→165k (+12%); Middle East and intra-Europe unchanged. | Up to +26%Award prices | Reported by The Points Guy |
| Jan 1, 2021 | Virgin Atlantic Flying Club | With no notice, Virgin Atlantic moved Delta awards to a distance-based chart. Delta One across the Pacific rose from 60,000 to 165,000 points one way (Atlanta–Tokyo). Virgin later reversed the increase on US–Europe Delta One, which stayed at 50,000.DetailsTranspacific/domestic Delta: Delta One ATL–NRT 60k→165k one way (+175%); US–Europe and US–UK kept old rates after a reversal | Up to +175%Award prices | Reported by The Points Guy |
| Nov 8, 2020 Mixed | Air Canada Aeroplan | When Aeroplan relaunched, it brought in a new CA$39 (about US$29) booking fee on partner awards. Many partner business and first class awards also cost more points; for example, Swiss business Chicago–Zurich went from 55,000 to 65,000. This was a mixed change: Aeroplan also dropped carrier fuel surcharges and kept fixed partner charts.DetailsMixed relaunch. Example: Swiss business ORD–ZRH 55k→65k (+18%); other awards fell (e.g., Lufthansa first LAX–FRA now 100k with no ~$820 surcharge). Stopovers set at 5,000 points. | Up to +18%Award prices | Reported by The Points Guy |
| Oct 2020 | Delta SkyMiles | Without notice, Delta raised starting SkyMiles prices for partner awards to Europe and Asia: Air France/KLM business to Europe went from 75,000 to 95,000 miles each way, transatlantic economy from 25,000 to 35,000, and Korean Air/China Airlines business to Asia from 85,000 to 102,500. Virgin Atlantic close-in business awards were seen at 170,000–195,000 miles.Details+21% to +40% depending on route and cabin (one-way, 60+ days out); Europe economy 25k→35k (+40%), AF/KLM business 75k→95k (+27%), Virgin Atlantic business 86k→95k (+10%), Asia business 85k→102.5k (+21%). Delta publishes no chart, so these are observed starting prices. | Up to +40%Award prices | Reported by One Mile at a Time |
| Oct 2020 | British Airways Club (Avios) | British Airways quietly raised Avios prices for short-haul European flights when they connect in London to a long-haul flight. For example, a Zone 1 economy off-peak segment went from 4,000 to 8,500 Avios. Standalone short-haul and long-haul prices were not changed in this round.DetailsConnecting short-haul segments only: Zone 1 economy off-peak 4,000→8,500 (+113%); Zone 3 business off-peak 17,000→23,500 (+38%); Zone 4+ unchanged | Up to +113%Award prices | Reported by One Mile at a Time 1 source |
| Sep 1, 2020 Mixed | Qantas Frequent Flyer | Emirates award bookings moved from the cheaper Qantas Classic Flight Reward table to the Partner table, so Emirates redemptions with Qantas Points cost more (e.g., Sydney–London via Dubai economy 55,200 → 66,200 points).DetailsExamples: Sydney–London via Dubai economy 55,200→66,200 (+20%); Brisbane–Dubai first 162,800→170,800 (+5%); mixed Qantas+Emirates Canberra–Dubai business 108,400→137,600 (+27%). | Up to +27%Award prices | Reported by Australian Frequent Flyer |
| May 13, 2020 | Capital One | Capital One dropped Qatar Airways Privilege Club and Hainan Airlines Fortune Wings Club as transfer partners (both were 2:1.5). Qatar later came back at 1:1 in September 2025; Hainan did not.DetailsPartner removal; no ratio to compare. Qatar re-added Sept 23, 2025 at 1:1. | Partner gonePartner removed | Reported by Doctor of Credit |
| Mar 4, 2020 | Marriott Bonvoy | Annual category changes: 2,194 hotels (about 29% of the portfolio) changed award category, with 1,687 moving up in price and 507 moving down.DetailsCategory moves, not a chart-price change. 77% of the hotels that moved went up (1,687 of 2,194). Example: Cat 4 (25k standard) to Cat 5 (35k standard) is +40%. | 1,687 of 2,194 hotels upAward prices | Reported by Doctor of Credit 1 source |
No devaluations match. Try clearing a filter.
2. How Many Devaluations Happen Each Year?
More every year: 6 in 2020, 9 in 2021, 12 in 2022, 13 in 2023, 22 in 2024 and 31 in 2025. 2026 has 18 so far, with one more announced for January 2027.
| Year | Airlines | Hotels | Bank points | Total |
|---|---|---|---|---|
| 2020 | 4 | 1 | 1 | 6 |
| 2021 | 5 | 1 | 3 | 9 |
| 2022 | 7 | 5 | 0 | 12 |
| 2023 | 9 | 4 | 0 | 13 |
| 2024 | 12 | 7 | 3 | 22 |
| 2025 | 18 | 6 | 7 | 31 |
| 2026 (to Oct 14) | 8 | 5 | 5 | 18 |
| 2027 (announced) | 0 | 0 | 1 | 1 |
Airlines account for 63 of the 112 changes, hotels 29 and bank points 20. Bank devaluations were rare until 2025: 13 of the 20 bank rows are from 2025 onward.
3. Which Programs Devalue Most Often?
World of Hyatt, with 9 devaluations since 2020, followed by Avios (8), and Marriott Bonvoy and Amex Membership Rewards (7 each).
| Program | Devaluations since 2020 | Biggest single change |
|---|---|---|
| World of Hyatt | 9 | Up to +67% (May 20, 2026) |
| Avios (British Airways, Iberia, Qatar) | 8 | Up to +113% (Oct 2020) |
| Marriott Bonvoy | 7 | +25% (Nov 1, 2022) |
| Amex Membership Rewards | 7 | +54% (Sep 18, 2025) |
| Virgin Atlantic Flying Club | 6 | Up to +175% (Jan 1, 2021) |
| Atmos Rewards (Alaska/Hawaiian) | 5 | Up to +86% (Mar 1, 2024) |
| Choice Privileges | 5 | Up to +150% (Jun 2026) |
| United MileagePlus | 5 | Up to +80% (May 2024) |
| Air Canada Aeroplan | 4 | Up to +67% (Jun 1, 2026) |
| Citi ThankYou | 4 | Up to +100% (Apr 19, 2026) |
| Hilton Honors | 4 | Up to +67% (Sep 9, 2025) |
| Bilt Rewards | 3 | +33% (Jan 1, 2027) |
| American AAdvantage | 3 | Up to +52% (Jul 2025) |
| Chase Ultimate Rewards | 3 | Up to +50% (Jun 23, 2025) |
| Emirates Skywards | 3 | Up to +20% (Dec 22, 2022) |
| Cathay Pacific Asia Miles | 3 | Up to +39% (Oct 1, 2023) |
| Avianca LifeMiles | 3 | Up to +49% (Aug 2024) |
| Capital One | 3 | +33% (Jan 13, 2026) |
| Singapore KrisFlyer | 3 | Up to +20% (Nov 1, 2025) |
| ANA Mileage Club | 3 | Up to +68% (Apr 18, 2024) |
| Southwest Rapid Rewards | 3 | Up to +6% (Apr 2021) |
| Delta SkyMiles | 3 | Up to +175% (Oct 2022) |
Programs with fewer than three are in the timeline but not this table. World of Hyatt’s count includes its yearly hotel category changes (one row per year), which is why it sits at the top even though its award chart itself changed only twice: peak and off-peak pricing in 2022 and the five-level chart in May 2026. I found no qualifying devaluation since 2020 for JetBlue TrueBlue, Wells Fargo Rewards or Aer Lingus AerClub.
4. How I Count a Devaluation
A devaluation here is anything that makes the points you already have buy less. I only count the redemption side:
- Counted: higher award prices, a published award chart replaced by dynamic pricing, a redemption sweet spot or partner taken away, worse bank transfer ratios, transfer partners removed, lower cash-out or travel-portal values, and new or higher fixed award fees.
- Not counted: earning cuts, elite status changes, card benefits and annual fees (those have their own pages), short promotions ending, and fuel or carrier surcharges, which rise and fall with oil prices every few weeks.
- Only major changes. A single hotel moving up a category isn’t on the list; a program’s yearly round of category changes is, as one row.
- The percentage is the largest increase in points for the same award, from the before-and-after prices in the sources. That’s why most rows say “up to.” For a transfer ratio it’s how many more bank points you need per partner point (1:1 to 4:3 is +33%). Dynamic pricing has no single before-and-after price, so those rows have no percentage; the Details give examples instead.
- Mixed changes are included and labeled. If a program raised some prices and lowered others, the row says so.
- Dates are the day the change took effect. Unannounced changes get the date they were first reported, or the month if no one pinned down the day.
- Sources: I link the program’s own announcement when one exists. Most devaluations never get one (prices just change), so for those I link the site that reported it, usually Doctor of Credit, One Mile at a Time or The Points Guy. Every row has been checked against at least one source; the ones marked “1 source” don’t have a second yet.
5. How to Cite This Page
Reporters and researchers are welcome to use this data. Please cite it as: Travel Summary, “Points and Miles Devaluations Since 2020,” travelsummary.com/points-devaluation-timeline/, last checked October 14, 2026. Each row has its own link (for example, #d101 for Hyatt’s 2026 award chart), so you can point to one change directly. For the full dataset or a question about a row, use the contact form. Background on me and my work is on the press page.
6. Quick Answers
What is a points devaluation?
Any change that makes the points or miles you already have buy less: higher award prices, an award chart replaced by dynamic pricing, a partner or sweet spot removed, or a worse transfer ratio from a bank. I count 112 of them across 30 programs since January 2020.
How often do airline and hotel programs devalue?
More often every year. I count 6 major devaluations in 2020 and 31 in 2025, and 18 in 2026 through mid-October. Airlines make up more than half of them.
What was the biggest devaluation since 2020?
By percentage, Etihad’s March 2023 partner chart change: some American Airlines business awards went from 55,000 to 140,000 miles, up to +218%. Delta’s October 2022 repricing of SkyTeam partner awards and Virgin Atlantic’s January 2021 Delta One change were each up to +175%.
Do programs announce devaluations in advance?
Often not. Hilton, Marriott, United, Delta, LifeMiles and others raised prices with no notice at all, and only 17 of the 112 changes here still have a page from the program itself explaining them.
Are transferable bank points safe from devaluations?
Safer, not safe. Bank points can move to a different partner when one devalues, but the banks have cut ratios too: Chase’s fixed travel value ended in 2025, Amex, Citi and Capital One cut their Emirates ratios, Chase dropped Emirates, and Hyatt transfers are 4:3 from the Sapphire Preferred and, from January 2027, from Bilt.
How do you calculate the percentage?
It’s the largest increase in points for the same award, using the before-and-after prices the sources reported. For transfer ratios it’s how many more bank points you need per partner point. Dynamic pricing switches get no percentage because there’s no single old price to compare.
Sources: each row links its source (the program’s own announcement where there is one, otherwise the site that reported it); I also wrote about why this keeps happening in Inflation (Devaluations) in the Points & Miles World. Last checked: October 14, 2026.