Points & Miles Devaluation & Transfer-Bonus Tracker
A dated, chronological log of recent loyalty-program devaluations — award-chart changes, transfer-partner removals, and fee hikes — plus how transfer bonuses actually recur. Award tools track where the seats are; this tracks where the value just moved.
Last updated: July 2026 · 9 tracked changes · every entry web-verified and sourced
The biggest 2026 points devaluations so far: Chase cut its Ultimate Rewards → World of Hyatt transfer ratio from 1:1 to 4:3 (June 15, 2026; existing Sapphire Preferred holders keep 1:1 until October 1). Amex ended Membership Rewards transfers to Etihad Guest on 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 awards for travel booked on/after June 1, 2026. In late 2025, Turkish Miles&Smiles quietly raised US domestic Star Alliance awards +50% (Hawaii up to +167%), and the Amex Platinum annual fee rose $695 → $895. Transfer bonuses, by contrast, are recurring, not permanent — Amex→Virgin Atlantic runs a ~30% bonus once or twice a year, and Amex, Citi, and Capital One rotate 15–40% bonuses across partners through the year. Because devaluations and bonuses both move without notice, always verify current terms at the program before you transfer or book.
Devaluation log — 2025–2026 (newest first)
Each entry is a real, web-verified change. “Impact” shows whether it raised the cost of awards, lowered it, or was a structural change. Follow the source to confirm the specifics — and always check current terms at the program itself before acting.
| Date | Program | What changed | Impact | Source |
|---|---|---|---|---|
| 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 |
| 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 | 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 |
| 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 |
| 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 |
| 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 |
| Rolling 2026 | Marriott Bonvoy | Marriott continued no-notice dynamic award pricing (no published chart). Reporting through 2026 shows award prices up roughly 5–10% portfolio-wide on average, with individual properties moving more, pushing typical point value toward ~0.7–0.8¢. Treat as an ongoing trend, not a single dated event. | Raised cost | One Mile at a Time; The Points Guy |
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 July 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, Hawaiian/Atmos, and others) throughout the year. |
| 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 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); and Air Canada Aeroplan raised long-haul premium-cabin award prices for travel booked on or after June 1, 2026. 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.
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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