Devaluation Tracker
A running record of loyalty program devaluations — every transfer ratio cut, award price hike, earning reduction, and quietly removed benefit we've logged, newest first. Programs rarely announce these changes loudly; sometimes they don't announce them at all. We write them down anyway, with dates, numbers, and sources, so you can see the pattern and plan around it. Points are a currency whose issuer can change the exchange rate overnight — this page is the receipt.
Last updated August 3, 2026
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30% of miles flown → 0
Alaska's basic-economy Saver fares drop from earning 30% of miles flown to earning nothing — no points, no status credit.
What to do: If you fly Alaska for points or status, book Main Cabin, not Saver.
Preferred Hotels transfers reduced to 1:2
1:2 → 1:1.5
The famous 1:2 Choice ratio — long one of the best hotel plays in the ThankYou program — reduced to 1:1.5.
What to do: Still above 1:1, but the math on Choice sweet spots is weaker — re-check before transferring.
ThankYou members can no longer share/combine points between accounts, ending a popular household strategy.
What to do: Households must now plan transfers from each account separately.
$12.50/person each way → $20/person each way
Fee for partner award tickets increased for tickets issued on or after July 1, 2026.
First spotted on cardholder statements by Travel with Grant — Wells Fargo is ending the ability to move points between household members' accounts.
What to do: Two-player households with Autograph cards: consolidate points before the cutoff.
1:1 → 4:3
Announced alongside the June 2026 Sapphire Preferred refresh. Hyatt has long been the highest-value transfer partner for Chase points, making this the most significant Ultimate Rewards devaluation in years.
What to do: If you have Hyatt plans, transfer before the effective date (confirm current status at source).
AA domestic awards via Atmos jumped without notice — e.g. ORD–PSP from 15K to 22.5K in economy (+50%) and 35K to 45K in business (+29%). FlyerTalk users reported NY–Europe economy going 22.5K→35K and Condor business BKK–YYZ going 85K→130K overnight.
What to do: Book when you see a good price — Atmos partner pricing can change overnight without notice.
Itineraries with connections on partners (Finnair, Condor and others) began pricing at roughly double segment-by-segment rates. Alaska called it partly a glitch; elevated pricing persisted on some partners afterward.
What to do: Price each segment separately before booking a connecting partner award.
Announced reduction to the Asia Miles transfer ratio, effective 2026.
Citi matched Amex in cutting Emirates Skywards transfer value in 2025.
Part of a 2025 trend of worsening transfer ratios across major issuers.
Spotted a devaluation we haven't logged yet? We'd genuinely appreciate a heads-up — this tracker gets better with more eyes on it. And the broader lesson of everything above: points are for spending, not hoarding. The longer a balance sits, the more of these entries apply to it. If you're holding a large balance with no plan, that's the problem to fix first.
