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If you have been collecting points and miles for any length of time, you may know the rules can change overnight.
The good news is that you are not necessarily powerless. Understanding why devaluations happen and what to do when they are announced can protect you and the value you can obtain from your points and miles.
Here is everything you need to know.
Related: What Hilton’s CEO says about devaluations, new elite status and personalized stays
What is a devaluation?
A devaluation occurs when a loyalty program increases the cost (i.e., the number of points or miles) required to book an award, introduces additional fees (or increases existing fees) or restricts availability, perhaps to a particular airline or fare class, without any corresponding increase in what you receive. This means the same redemption that cost you 70,000 points yesterday may cost you 80,000 points today, and there’s nothing you can do about it once the change goes live.
Respectful and considerate programs will provide members with at least 30 days’ notice before devaluing their program.
However, programs are under no obligation to give advance notice. Unfortunately, many devaluations go into effect without any warning.
Related: Emirates restricts first-class award tickets to elite members
Why are devaluations happening right now?
There’s no real pattern to when and why programs devalue; however, right now, surging jet fuel costs, tied to global geopolitical instability, along with other inflationary pressures, are pushing airlines to extract more revenue from their loyalty programs rather than giving away these points for “free.”
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Just in the past couple of months, we’ve seen a number of programs announce devaluations, including:
- Air Canada Aeroplan: The program will increase the cost of many partner redemption rates by up to 33% for bookings made from June 1.
- Avianca Lifemiles: This lesser-known program, a longtime favorite for discounted premium cabin awards on Star Alliance airlines, recently increased the cost of business-class flights from the U.S. — particularly the Northeast — to Europe from 80,000 miles each way to 92,400 miles each way (after they increased from 69,000 miles to 80,000 miles in 2025).
- World of Hyatt: On May 20, 136 Hyatt hotels are changing categories, with 82% moving up in cost as a result. The move to five pricing tiers, also on May 20, means peak nights at higher-category properties can now cost up to 75,000 World of Hyatt points per night, up from a previous ceiling of 45,000 points.
- Virgin Atlantic Flying Club: Award surcharges on transatlantic redemptions have been raised twice in less than a year. Upper Class passengers departing for the United Kingdom now face surcharges of approximately $700 one-way, a rise of over $200 compared with rates a year ago.
What can you do if your favorite program is devaluing right now?
If a program you use decides to devalue, it will hopefully give members a heads-up so you can lock in redemptions at the current rates. For example, if you have your eye on Hyatt redemptions, it’s a good idea to book them before May 20, as there is a high likelihood the price of your favorite World of Hyatt property will increase, at least on some nights, for bookings made from May 20 on.
If your program devalues without notice, though, or you miss the advance notice deadline, consider switching to a different transfer partner when transferring credit card points and miles — at least, for flight bookings. For example, if Avianca Lifemiles is suddenly too expensive for Star Alliance bookings, try Air Canada Aeroplan instead.
Related: Why I just redeemed 402,000 points for Hyatt stays — and which hotels I spent them on
What can you do to protect yourself from future devaluations?
While devaluations are unfortunate, it’s best to accept that they will happen from time to time to avoid being completely shocked when they occur. Like the cash in your wallet, the value of your points and miles is unlikely to ever be higher than it is right now. So, it’s a good idea to redeem your points and miles as you earn them instead of saving them for a redemption far in the future.
Remember, too, that collecting transferable rewards is a sensible way to protect yourself from these devaluations. You can keep these points and miles in your credit card accounts until you are ready to redeem them immediately (noting you shouldn’t stockpile them forever), rather than having points or miles in an airline or hotel loyalty program that may then devalue, perhaps without notice.
Bottom line
Devaluations are an unfortunate reality of earning and redeeming points and miles, and the current wave of unpleasant news may not be the last this year.
Your best protection is flexibility: Keep your rewards in transferable currencies for as long as possible, act the moment a devaluation notice arrives, consider switching programs if devaluations are made without warning and always have a specific redemption in mind before you move your points and miles.
The programs that treat their members well tend to give notice. When they do, act accordingly.
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