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: September 2026 · 20 tracked changes · every entry web-verified and sourced
The newest changes (July 2026): Citi added American Airlines AAdvantage as a transfer partner — the only major bank with a direct AAdvantage pipeline, a rare positive. Meanwhile Emirates got harder to reach: Chase dropped it entirely (Oct 2025) and Amex devalued to 5:4 (Bilt is now the best 1:1 route). The biggest devaluations of the year: 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. Emirates Skywards raised First, Business and Premium Economy Classic Rewards ~15% on May 20, 2026 (economy untouched, and one-way Business Saver awards arrived at 50% of the round trip), and Avianca LifeMiles quietly repriced Star Alliance partner awards again in April 2026 — US–Europe economy 40,000 → 48,400 miles, some transatlantic business up nearly 48%. 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 |
|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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 |
| 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 | 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 |
| 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 |
| 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 |
| 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 |
| 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 |
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 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
Devaluations move fast. Your plan shouldn’t be guesswork.
A personalized WanderWise report shows exactly which transfer to make for your trip, works around the latest chart changes, and gives you a step-by-step booking plan — for $29.
Build my points plan →