Award Chart Devaluations 2026: Every Dated Hotel and Airline Points Devaluation
A dated, sourced log of every 2026 points devaluation we could verify — airline award charts, hotel award charts, credit-card transfer ratios and premium-card fees — plus the 2025 changes that set them up. Award tools track where the seats are. This tracks where the value just moved.
Last updated · 26 tracked changes · every entry web-verified and sourced
As of September 2026, this log tracks 26 verified changes. The defining move of 2026 was banks cutting transfer ratios rather than airlines cutting charts. Capital One devalued Emirates Skywards to 1,000:750 on January 13, Amex cut Cathay Pacific to 5:4 on March 1, Citi halved I Prefer and cut Choice on April 19, Chase dropped Ultimate Rewards → World of Hyatt from 1:1 to 4:3 on June 15, and Amex ended Etihad transfers outright on June 30. Existing Sapphire Preferred holders keep 1:1 to Hyatt only until October 1, 2026, the most actionable deadline on this page. On the airline side, World of Hyatt went from three award tiers to five on May 20 and moved 112 hotels up; Emirates raised premium-cabin Classic Rewards about 15% the same day; Aeroplan repriced long-haul premium cabins from June 1; Avianca LifeMiles repriced Star Alliance partner awards again in late April, taking US–Europe economy from 40,000 to 48,400 miles; and Flying Blue split Air France and KLM awards into Light, Standard and Flex bundles on September 8, stripping checked bags and changes out of the headline price. Hotels were quieter but not kinder: Marriott’s dynamic pricing pushed roughly 95% of properties higher, and Wyndham replaced its three-tier chart with four tiers on September 15. Two changes went the other way — Citi added American AAdvantage in July, and Marriott raised its Free Night Award top-off cap in March. Verify current terms at the program before you transfer or book.
How to read this table
- Date is the date the change took effect where a program published one. Where a program announced first and applied the change later, the effective date is used and the announcement date appears in the description. Programs that price dynamically publish no date at all, so those rows are labeled Rolling 2026 and sort to the bottom of the year.
- Program uses an arrow (Chase → Hyatt) when the change is a bank’s transfer ratio rather than the loyalty program’s own award chart. Those are different events with the same effect on your wallet.
- Impact is our read on direction, not size: Raised cost means awards got more expensive or a route to them was removed; Lowered cost means the opposite; Structural means a merger or renaming that preserved value; Mixed means some properties or routes went each way; and New / enhanced marks a partner or benefit being added.
- Source is the outlet we verified the date and the specific numbers against. Most loyalty programs publish no changelog, so third-party reporting is frequently the only dated record that exists. Follow the link before acting on a number.
- What is not here: rumored changes, undated claims, and numbers we could only find on a single unestablished site. If we could not verify it, it is not in the table.
Airline miles devaluations (2026, with 2025 lead-ins)
Award-chart repricings by the airline programs themselves — the changes that raise what a seat costs no matter which bank your points came from.
| Date | Program | What changed | Impact | Source |
|---|---|---|---|---|
| Sep 8, 2026 | Flying Blue (Air France-KLM) | Flying Blue split award tickets on Air France and KLM metal into three branded bundles — Light, Standard and Flex. Light is the new headline price, and it strips what used to be included: no checked bag, no changes, no advance seat selection in economy, and no lounge access in business. Getting the old service level means buying Standard or Flex, which reporting puts at roughly 20–25% more than the pre-change price for non-elite members. Platinum and Ultimate elites are largely shielded. Partner awards were not restructured. | Raised cost | One Mile at a Time; Thrifty Traveler; LoyaltyLobby |
| Jun 1, 2026 | Air Canada Aeroplan | Aeroplan updated its award chart for travel booked on/after June 1, 2026 — a net devaluation concentrated on long-haul premium cabins, including transpacific routings (e.g. North America↔Asia business in the 5,001–7,000-mile band reported rising from 75,000 to 85,000 points). Aeroplan prices by distance band, not by region. | Raised cost | One Mile at a Time; Upgraded Points |
| May 20, 2026 | Emirates Skywards | Emirates raised Classic Rewards pricing on First, Business and Premium Economy — plus Upgrade Rewards — by roughly 15% for travel booked on or after May 20, 2026 (e.g. New York–Athens Business Flex Plus 87,000 → 100,000 miles; a Los Angeles–Dubai upgrade to business 81,700 → 94,000). Economy Saver and Economy Flex Plus were unchanged. One silver lining: Emirates introduced one-way Business Saver Classic Rewards at 50% of the round-trip price, which previously required a round-trip booking. | Raised cost | AwardWallet; LoyaltyLobby; 10xTravel |
| Apr 24, 2026 | Avianca LifeMiles | LifeMiles quietly repriced Star Alliance partner awards with no announcement — its third increase in just over a year. US–Europe economy moved from the long-standing 40,000 to 48,400 miles (+21%), United business from 80,000 to 92,400 (+15.5%), and SWISS / Austrian / TAP business from 55,000 to as much as 81,290 (+~48%) on the hardest-hit dates. Pricing now varies by route, partner and even how you search, so check the exact award before transferring — transfers are one-way. | Raised cost | Thrifty Traveler; Upgraded Points |
| Mar 28, 2026 | Singapore KrisFlyer | KrisFlyer quietly repriced its “Access” award bucket — the non-Saver inventory — upward by as much as 10.9% in Economy and Premium Economy and 3.9% in Business and First, with no announcement. This followed a separate Star Alliance partner-award increase of up to ~20% on November 1, 2025. Saver awards were not the target of the March change, but Access rates are what most members actually see when Saver space is gone. | Raised cost | SuitesMile; Mainly Miles (Nov 2025 partner chart) |
| Mar 1, 2026 | American AAdvantage (benefits) | American posted its 2026 AAdvantage program changes on December 18, 2025, then pulled the page. Effective March 1, 2026: the 30% Loyalty Point bonus at the 100,000 Loyalty Point reward tier is discontinued, as are the Bang & Olufsen reward choices at several tiers, replaced with food-and-beverage coupons and New York Times subscription options at the 15,000 and 175,000–750,000 tiers. The partner award chart was explicitly not touched. | Raised cost | View from the Wing |
| Dec 15, 2025 | British Airways Club (Avios) | British Airways repriced Avios awards upward on both BA-operated and partner flights and raised cash surcharges at the same time — London–New York economy off-peak went from 50,000 Avios plus £100 to 55,000 plus £120, with similar moves across the chart. Avios earned through Iberia Plus and Aer Lingus AerClub can still be moved between the Avios programs, so compare all three before booking. | Raised cost | One Mile at a Time; AwardWallet |
| Dec 3, 2025 | Turkish Miles&Smiles | Turkish Airlines raised same-country partner award prices without notice. US domestic economy on United metal went 10,000 → 15,000 (+50%) and domestic business 15,000 → 22,500 (+50%). Hawaii was hit far harder — economy 10,000 → 25,000 (+150%), business 15,000 → 40,000 (+167%). | Raised cost | LoyaltyLobby; AwardWallet |
| Aug 20, 2025 | Alaska + Hawaiian → Atmos | Alaska Mileage Plan and Hawaiian HawaiianMiles merged into one program, "Atmos Rewards" (launched August 20, 2025). HawaiianMiles accounts converted to Atmos points at 1:1 on October 1, 2025, and "miles" were renamed "points." A structural change, not a straight devaluation — the 1:1 conversion preserved balances. | Structural | Alaska Airlines Newsroom; The Points Guy |
| Jan 14, 2025 | Flying Blue (Air France-KLM) | Flying Blue raised its "starting at" saver-award minimums by roughly 20% on most routes, setting new North America↔Europe one-way floors of 25,000 economy / 40,000 premium economy / 60,000 business. The program said it would release ~30% more saver seats to offset the higher floors. | Raised cost | SuitesMile |
Hotel points devaluations (2026, with 2025 lead-ins)
Hotel award charts and dynamic-pricing trends. Two of the big four US-facing chains publish no chart at all, so some entries here are dated trends rather than announcements.
| Date | Program | What changed | Impact | Source |
|---|---|---|---|---|
| Sep 15, 2026 | Wyndham Rewards | Wyndham replaced its seven-year-old three-tier award chart (7,500 / 15,000 / 30,000 points per bedroom per night) with four tiers on September 15, 2026: 5,000 / 15,000 / 30,000 / 45,000. The bottom tier got 33% cheaper and a new 45,000-point top tier makes the best properties 50% more expensive; the 15,000 and 30,000 tiers are unchanged. Notably this is still a published fixed chart, not dynamic pricing — rare in 2026. Now that it has taken effect, the split across Wyndham’s ~8,400 hotels is roughly 34% more expensive, 22% cheaper and 44% unchanged — so the average member is likelier to be unaffected than hit. Existing bookings keep their original price, and Wyndham refunds the difference if a property moves to a cheaper tier. Wyndham is a 1:1 transfer partner of Chase, Capital One, Citi and Bilt. | Mixed | Frequent Miler; One Mile at a Time; NerdWallet; Upgraded Points |
| May 20, 2026 | World of Hyatt | Hyatt restructured its free-night award chart from 3 tiers (Off-Peak / Standard / Peak) to 5 (Lowest / Low / Moderate / Upper / Top). 136 hotels changed category — 112 moved up, 24 down — a net devaluation. Stays booked before the change were protected from increases. | Raised cost | Frequent Miler; AwardWallet |
| Mar 12, 2026 | Marriott Free Night Awards | Marriott raised the cap on topping off a Free Night Award from 15,000 to 25,000 points, so a 35,000-point certificate now reaches properties priced up to 60,000 points. Reporting put the effect at roughly 733 additional properties in reach. A genuine improvement, and the only clearly dated Marriott award change of 2026 — it does not offset the program’s rolling dynamic price increases, but it does make certificates materially more useful. | Lowered cost | One Mile at a Time; The Points Guy; Upgraded Points |
| Rolling 2026 | Marriott Bonvoy | Marriott continued no-notice dynamic award pricing (no published chart), so there is no single dated event to point at. NerdWallet’s 2026 review found award nights at roughly 95% of Marriott properties got more expensive in mid-2026 and marked the currency down to ~0.7¢ from ~0.8¢ a year earlier. Treat this as an ongoing trend, and price each stay individually. Marriott’s one dated 2026 change was a positive — see the Free Night Award top-off row below. | Raised cost | NerdWallet; One Mile at a Time |
Credit-card transfer ratio changes (2026, with 2025 lead-ins)
The defining story of 2026: banks cutting what your points are worth on the way out, without touching the award charts at all. A 4:3 ratio is a 25% devaluation even if the airline never moves a price.
| Date | Program | What changed | Impact | Source |
|---|---|---|---|---|
| Jul 27, 2026 | Citi → American Airlines | Citi added American Airlines AAdvantage as a ThankYou Points transfer partner — 1:1 on premium cards (Strata Elite / Strata Premier / Prestige), 1:0.7 on no-fee cards. Citi is now the only major transferable-points bank with a direct pipeline to AAdvantage. A rare positive in a year of cuts. | New / enhanced | The Points Guy; CNBC Select |
| Jun 30, 2026 | Amex → Etihad Guest | American Express Membership Rewards ended its transfer partnership with Etihad Guest. The last day to transfer was June 29, 2026. Etihad remains a transfer partner of Capital One, Citi ThankYou, and Bilt. | Raised cost | Frequent Miler; Forbes Advisor |
| Jun 15, 2026 | Chase → World of Hyatt | Chase cut the Ultimate Rewards → Hyatt transfer ratio from 1:1 to 4:3 for the Sapphire Preferred and Ink Business Preferred. New cardholders get 4:3 immediately; existing Preferred holders keep 1:1 only until October 1, 2026. The Sapphire Reserve still transfers 1:1. | Raised cost | Frequent Miler; The Points Guy |
| Apr 19, 2026 | Citi → Choice + I Prefer | Citi cut both of its hotel transfer ratios on April 19, 2026. Choice Privileges dropped from 1,000:2,000 to 1,000:1,500 (−25%), and I Prefer (Preferred Hotels) dropped from 1,000:4,000 to 1,000:2,000 (−50%) — one of the steepest single cuts of 2026. Capital One still transfers to I Prefer at 1:2, so it is now the better route to that program. | Raised cost | AwardWallet; One Mile at a Time; Upgraded Points; View from the Wing |
| Mar 1, 2026 | Amex → Cathay Pacific | American Express cut Membership Rewards → Cathay Pacific Asia Miles from 1:1 to 5:4 effective March 1, 2026 — 1,000 Amex points now yield 800 Asia Miles, a 20% haircut, matching the ratio Amex already applies to Emirates. Capital One, Citi and Bilt still transfer to Cathay at a full 1:1, so they are now the better routes to Asia Miles. | Raised cost | Frequent Miler (Amex official notification); The Points Guy |
| Jan 25, 2026 | Citi → Aeromexico | Citi removed Aeromexico Club Premier as a ThankYou Points transfer partner; the last day to transfer was January 24, 2026. Some third-party pages still list it in error. | Raised cost | Frequent Miler; AwardWallet |
| Jan 13, 2026 | Capital One → Emirates | Capital One devalued miles → Emirates Skywards from 1:1 to 1,000:750 (ratio 0.75) effective January 13, 2026 — a 25% haircut, and a deeper cut than the 5:4 moves Amex and Citi made. With Chase having dropped Emirates entirely in October 2025, Bilt Rewards is now the only major US transferable-points program still reaching Skywards at a full 1:1. | Raised cost | The Points Guy; One Mile at a Time; Frequent Miler; AwardWallet; Doctor of Credit |
| Rolling 2026 | Amex → Emirates | American Express devalued Membership Rewards → Emirates Skywards from 1:1 to 5:4 (ratio 0.8) in 2026 — you now receive 800 Emirates miles per 1,000 Amex points, a 20% haircut. Bilt remains the best route to Emirates at a full 1:1. | Raised cost | The Points Guy |
| Oct 16, 2025 | Chase → Emirates | Chase ended Ultimate Rewards transfers to Emirates Skywards effective October 16, 2025. Emirates remains reachable via Amex (but devalued to 5:4 in 2026), Capital One (1000:750), Citi (5:4), and Bilt — where it is one of the few 1:1 routes to Skywards. | Raised cost | Frequent Miler |
| Sep 23, 2025 | Capital One (3 new partners) | Capital One added three transfer partners on September 23, 2025: Japan Airlines Mileage Bank (1000:750), Qatar Airways Privilege Club (1:1), and I Prefer hotel rewards (1:2) — expanding Cap One to the largest transfer-partner roster of any US bank program. | New / enhanced | NerdWallet |
Premium card fee and benefit changes
Annual fees and benefit cuts on the cards that earn these points. A fee increase or a lounge cut lands on the same household budget as an award-chart hike.
| Date | Program | What changed | Impact | Source |
|---|---|---|---|---|
| Feb 1, 2026 | Capital One Venture X (lounges) | Capital One cut Venture X lounge benefits effective February 1, 2026. Authorized users no longer get automatic lounge access; adding it costs $125 per authorized user, for up to four. Guests at Capital One Lounges and Landings now cost $45 per adult and $25 per child aged 2–17 (free under 2), and Priority Pass guests cost $35 each on the personal card — the two complimentary Priority Pass guests are gone (the Venture X Business card kept them). Spending $75,000 in a calendar year restores two complimentary Capital One Lounge guests and one Landing guest. The primary cardholder’s own access is unchanged. | Raised cost | One Mile at a Time; Upgraded Points; Thrifty Traveler |
| Sep 18, 2025 | Amex Platinum (fee) | The consumer Amex Platinum annual fee rose from $695 to $895 (a $200 / ~29% increase, the first since 2021). New applicants paid $895 effective September 18, 2025; existing cardholders hit the new fee at renewal on/after January 2, 2026. Paired with a refreshed credit lineup. | Raised cost | CNBC Select; One Mile at a Time |
Sources are the outlets we verified each date and detail against; loyalty programs may not publish an official changelog, and dynamic-pricing programs (like Marriott) change with no notice. This log is an editorial record, not the programs’ own terms — confirm at the source before booking.
Transfer bonuses — the recurring pattern (as of September 2026)
Transfer bonuses come and go, so we do not post a “live” percentage that could be stale by the time you read this. Instead, here is the honest cadence — how often each recurs and how big it usually runs — so you know what to wait for. For the exact offer active today and its end date, check the program’s transfer page or a live bonus tracker before you transfer.
| Transfer route | Typical bonus | How often it recurs |
|---|---|---|
| Amex → Virgin Atlantic | Usually 30% (occasionally 40%) | The best-documented recurring bonus — runs roughly once or twice a year, most recently with a 40% spike in December 2025. A 30% bonus is an example of what to wait for, not a permanent rate. |
| Amex → other partners | 15–40%, rotating | Amex rotates bonuses across partners (British Airways / Aer Lingus / Iberia Avios family, Air France-KLM, Cathay Pacific, Avianca LifeMiles, and others) throughout the year. Note Hawaiian is no longer among them — Amex ended Hawaiian Airlines transfers on June 30, 2025, and did not add the merged Atmos Rewards program, so there is no Amex→Atmos route to bonus. Bilt is the only major transferable currency reaching Atmos at 1:1. |
| Citi ThankYou → partners | 15–30%, rotating | Citi periodically runs bonuses to airline partners; no fixed calendar — appears a few times a year. |
| Capital One → partners | 15–30%, rotating | Capital One runs occasional bonuses to airline and hotel partners; less frequent than Amex, but they do appear. |
Percentages describe the typical size of past bonuses, not an offer guaranteed to be live today. Never transfer on a bonus without a specific award in mind — transfers are one-way and cannot be reversed, and a bonus does not help if the award space isn’t there.
How this tracker is maintained
Every entry in the devaluation log is a real change we confirmed against a named, dated source before publishing — we do not list events we cannot verify. Where a program’s change is more nuanced than a headline (for example, Aeroplan prices by distance band rather than by region, and Marriott uses no-notice dynamic pricing with no published chart), we describe the sourceable specifics rather than overstate them. We do not publish fabricated “currently active” transfer-bonus percentages; bonuses are shown as recurring cadences with a pointer to check the live offer. Loyalty programs change terms frequently and often without notice, so treat this as an editorial record and a planning guide, not the programs’ official terms — always verify the current ratio, price, fee, and bonus at the program itself before you transfer or book, since transfers are one-way and cannot be reversed. WanderWise is an independent editorial resource; this is not financial advice.
Frequently asked questions
What are the biggest award chart devaluations of 2026?
The biggest award chart devaluations of 2026 are World of Hyatt restructuring its chart from three tiers to five on May 20 and moving 112 hotels up in price; Air Canada Aeroplan repricing long-haul premium cabins for travel booked on or after June 1; Emirates Skywards raising First, Business and Premium Economy Classic Rewards about 15% on May 20; Avianca LifeMiles quietly repricing Star Alliance partner awards in late April, taking US to Europe economy from 40,000 to 48,400 miles; Flying Blue splitting Air France and KLM awards into Light, Standard and Flex bundles on September 8, which strips checked bags and changes out of the cheapest price; and Wyndham Rewards replacing its three-tier chart with four tiers on September 15. Separately, banks cut transfer ratios all year, which devalues your points without the airline touching its chart at all.
Which hotel points devalued in 2026?
Three hotel programs changed in 2026. World of Hyatt moved from three award tiers to five on May 20, 2026, with 136 hotels changing category, 112 of them upward. Wyndham Rewards replaced its seven-year-old three-tier chart with four tiers on September 15, 2026 — 5,000, 15,000, 30,000 and 45,000 points per bedroom per night — which made the bottom tier cheaper and added a more expensive top tier. Marriott Bonvoy publishes no chart at all and continued rolling dynamic increases, with roughly 95% of properties getting more expensive in mid-2026 and the currency marked down toward 0.7 cents. Marriott did make one positive change, raising the Free Night Award top-off cap from 15,000 to 25,000 points on March 12, 2026. Hilton and IHG had no dated 2026 announcement, only continued dynamic creep.
Which airline miles devalued in 2026?
Air Canada Aeroplan updated its distance-band award chart for travel booked on or after June 1, 2026, a net increase concentrated on long-haul premium cabins. Emirates Skywards raised First, Business and Premium Economy Classic Rewards roughly 15% on May 20, 2026, leaving economy alone. Avianca LifeMiles repriced Star Alliance partner awards in late April 2026, its third increase in about 15 months, with US to Europe economy going from 40,000 to 48,400 miles. Singapore KrisFlyer quietly raised its Access award rates by up to 10.9% in economy on March 28, 2026. Air France-KLM Flying Blue restructured award tickets into Light, Standard and Flex bundles on September 8, 2026, which works out to a 20 to 25% increase for non-elite members who want the service level that used to be included. Turkish Miles and Smiles and British Airways Club both raised prices in December 2025, just ahead of the year.
What is an award chart devaluation?
An award chart devaluation is when a loyalty program raises the number of points or miles a given award costs, so the points already sitting in your account buy less than they did the day before. There are three ways it happens. The program can republish its award chart at higher prices, as Hyatt and Aeroplan did in 2026. The program can abandon a published chart entirely for dynamic pricing tied to cash rates, which is what Marriott and Hilton have done and why they have no dated announcements to point at. Or your bank can cut the transfer ratio, so fewer airline miles arrive per credit-card point, which devalues your balance even though the airline never changed a price. Devaluations are almost never announced in advance, and points cannot be transferred back, so the practical defense is to hold points in flexible bank currencies and transfer them only once you have found the specific award seat.
What points devalued in 2026?
The biggest 2026 points devaluations so far: Chase cut its Ultimate Rewards to World of Hyatt transfer ratio from 1:1 to 4:3 (June 15, existing Sapphire Preferred holders keep 1:1 until October 1, 2026); Amex ended Membership Rewards transfers to Etihad Guest (June 30, 2026); World of Hyatt restructured its award chart from 3 tiers to 5 and moved 112 hotels up in cost (May 20, 2026); Air Canada Aeroplan raised long-haul premium-cabin award prices for travel booked on or after June 1, 2026; Emirates Skywards raised First, Business and Premium Economy Classic Rewards about 15% on May 20, 2026 (economy unchanged); and Avianca LifeMiles quietly repriced Star Alliance partner awards again in April 2026, pushing some transatlantic business awards up nearly 48%. Marriott Bonvoy also continued rolling dynamic price increases of roughly 5–10%. Always verify current award prices at the program before booking.
Did Chase change Hyatt transfers?
Yes. As of June 15, 2026, Chase cut the Ultimate Rewards to World of Hyatt transfer ratio from 1:1 to 4:3 on the Sapphire Preferred and Ink Business Preferred — 1,000 Chase points now become 750 Hyatt points for new cardholders. Existing Sapphire Preferred holders keep the old 1:1 rate until October 1, 2026. The Chase Sapphire Reserve still transfers to Hyatt at 1:1. Never transfer speculatively, since transfers are one-way and points cannot be moved back out of Hyatt.
Is Amex still a transfer partner with Etihad?
No. American Express ended its Membership Rewards transfer partnership with Etihad Guest on June 30, 2026 (the last day to transfer was June 29). Etihad Guest is still a transfer partner of Capital One miles, Citi ThankYou Points, and Bilt Rewards, so those programs remain a route to Etihad awards.
Can I still transfer credit-card points to Emirates Skywards?
It depends on your points. Chase Ultimate Rewards can no longer transfer to Emirates — Chase ended the partnership on October 16, 2025. Amex Membership Rewards still transfers but was devalued to 5:4 in 2026 (you get 800 Emirates miles per 1,000 Amex points). Capital One transfers at 1000:750 and Citi at 5:4. Bilt Rewards is the best route, transferring to Emirates at a full 1:1. So to top up an Emirates balance, transfer from Bilt first, then Amex or the others only if needed.
Which bank added American Airlines as a transfer partner?
Citi. On July 27, 2026, Citi added American Airlines AAdvantage as a ThankYou Points transfer partner — 1:1 on premium cards like the Strata Elite and Strata Premier, and 1:0.7 on no-fee cards. Citi is currently the only major transferable-points bank with a direct pipeline to AAdvantage, which historically has not been a standard transfer partner of any bank.
How much did the Amex Platinum annual fee go up?
The consumer Amex Platinum annual fee rose from $695 to $895 — a $200, roughly 29% increase and the first since 2021. New applicants paid $895 starting September 18, 2025; existing cardholders see the higher fee at their renewal on or after January 2, 2026. Amex paired the increase with a refreshed set of statement credits.
Are there any transfer bonuses right now?
Transfer bonuses are recurring, not permanent. Amex to Virgin Atlantic runs a bonus (usually 30%, occasionally 40%) roughly once or twice a year; Amex, Citi, and Capital One rotate 15–40% bonuses to various airline and hotel partners throughout the year. Because a specific live percentage can expire at any time, we do not publish a fixed active number here — check the program transfer pages or a live bonus tracker for the exact current offer and its end date before transferring.
Related references
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