Amex Membership Rewards Change: Beat the Devaluation Before It Hits!
American Express just dropped a bombshell for rewards enthusiasts. Major changes to its Membership Rewards program are coming, and they could shrink your points’ value. Starting December 15, 2025, transferring points to several airline partners will require more points, impacting travelers across the U.S. Here’s what you need to know to protect your rewards and maximize value before the deadline.
What’s Changing in the Amex Membership Rewards Program?
American Express announced updates to its Membership Rewards program, effective December 15, 2025. The biggest hit is a devaluation of transfer rates to seven international airline partners. This means you’ll need more points to get the same number of frequent flyer miles.
Affected Airline Partners
The transfer rates for several major airlines are taking a hit. British Airways, Cathay Pacific, Etihad, Malaysia Airlines, Qatar Airways, and Virgin Atlantic will shift from a 2:1 ratio to a 3:1 ratio. Emirates Skywards faces an even steeper drop, moving from 3:1 to 4:1. This translates to a 50% increase in points needed for the same miles for most partners and a 33% increase for Emirates.
Removal of Thai Airways
Thai Airways’ Royal Orchid Plus will no longer be a transfer partner after December 15, 2025. This is a blow for those who used Thai Airways for affordable redemptions, especially in Asia.
New Partnership with Everyday Rewards
There’s a silver lining. Amex is adding Everyday Rewards as a new partner. You can transfer points at a 5:4 rate. From there, Everyday Rewards points convert to Qantas Frequent Flyer points at 2:1. This offers an indirect way to earn Qantas points, but the value is lower compared to other partners.
Points Calculation Update
Amex is tweaking how points are earned. Starting December 15, points will be calculated based on amounts rounded to the nearest dollar. Previously, only whole dollar amounts counted. This could add a few extra points on smaller transactions.
Why Are These Changes Happening?
American Express cites the need to maintain a sustainable program. Experts point to broader trends. The weak Australian dollar may increase costs for Amex, as most airline points are purchased in USD. Upcoming Reserve Bank of Australia (RBA) changes to interchange fees, effective July 2026, are also a factor. While Amex isn’t directly bound by these rules, they may lower merchant fees to stay competitive, impacting rewards budgets.
How This Impacts U.S. Travelers
For U.S. readers, this devaluation hits hard. Many use Amex points for international travel. With airlines like British Airways, Qatar, and Emirates requiring more points, booking business or first-class flights will cost significantly more. For example, a one-way Emirates business-class flight from New York to Milan, currently 87,000 Amex points, will require 109,000 points after September 16, 2025, for some transfers. This makes premium travel less affordable.
The loss of Thai Airways as a partner limits options for transpacific flights. Meanwhile, the Everyday Rewards partnership offers little value for U.S. cardholders, as Qantas flights are less common domestically. The points calculation change is a small win, but it won’t offset the devaluation for most.
Public and Expert Reactions
The reaction has been swift and critical. On forums like Reddit and Point Hacks, cardholders express frustration. One user called the changes “outrageous,” arguing it’s hard to justify Amex’s $1,450 annual fee for premium cards. Another said they’re considering closing their business Platinum card, as the new 3:1 rates make redemptions less worthwhile.
Adele Eliseo, founder of The Champagne Mile, called this a blow to Australia’s leading flexible rewards program. She noted it ends the ability to transfer points at rates comparable to Qantas or Velocity. Experts speculate more devaluations may follow if RBA fee caps tighten further.
Strategies to Beat the Devaluation
You have until December 14, 2025, to transfer points at current rates. Here are ways to maximize value:
Transfer Points Now
Move your points to affected airlines before the deadline. British Airways Avios or Qatar Airways Privilege Club offer strong redemption options. For instance, Avios can book short-haul American Airlines flights in the U.S. at low rates. Act fast to lock in value.
Explore Unaffected Partners
Not all partners are changing. Velocity Frequent Flyer and Air New Zealand Airpoints stay at 2:1. Hilton Honors (2:1) and Marriott Bonvoy (3:2) are untouched. For Amex Platinum cardholders, Qantas Frequent Flyer remains at 2:1. Consider these for travel or hotel redemptions.
Use Points for Other Redemptions
If travel isn’t your goal, redeem points for gift cards or statement credits. Amex offers options like Myer or Amazon gift cards. These provide consistent value, though typically lower than travel redemptions. Check your Membership Rewards Dashboard for options.
Monitor Transfer Bonuses
Amex often runs transfer bonuses. For example, a 30% bonus to Virgin Atlantic was available recently. Watch for similar deals to stretch your points further before December.
What This Means for Your Wallet
The devaluation impacts U.S. consumers’ travel budgets. Premium cardholders, like those with the Amex Platinum ($695 fee) or Gold ($325 fee), may rethink their cards. If points lose value, the high fees feel less justified. This could push users to competitors like Chase Ultimate Rewards or Capital One, which still offer 1:1 transfers to Emirates. Small businesses using Amex may also feel the pinch, as rewards were a perk for high spending.
On the flip side, the changes reflect broader economic pressures. Rising costs and regulatory shifts affect rewards programs globally. U.S. cardholders may see similar trends with other issuers if interchange fees tighten here too.
Looking Ahead
The Amex Membership Rewards devaluation is a wake-up call. Cardholders have three months to act before December 14, 2025. Transferring points to unaffected partners or redeeming now can preserve value. Long-term, Amex may add new partners or perks to offset backlash. But with potential RBA fee changes looming, more tweaks could come.
For U.S. travelers, this means planning smarter. Use your points strategically. Watch for transfer bonuses. Explore alternative programs if Amex no longer fits. The rewards game is changing, but savvy users can still come out ahead.