Jul 28, 2026minorimprovement
Leading Hotels of the World Leaders Club added as 4:1 transfer partner
No transfer option → 4:1 (1,000 points → 250 Leaders Club points)
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American Express Devaluations: The Complete Record
Every documented American Express points devaluation — dated, sourced, and graded. Updated automatically.
American Express has made 16 documented changes in the trailing 24 months, most recently Oct 2, 2026. Current risk grade: High Risk.
Cadence: 14 documented devaluations since 2025, averaging 1.2 months apart. (Improvements not counted.)
Questions
How many times has American Express devalued?
14 documented devaluations on our documented record since 2025. Improvements are tracked separately and never netted in.
When did American Express last devalue?
October 2, 2026 on our documented record: FedEx removed from Business Gold $20 monthly Flexible Business Credit.
What was American Express's biggest devaluation?
Etihad Guest removed as transfer partner (June 30, 2026) — rated moderate on our documented record.
Transfer partner changes.
Only the transfer-ratio and partner changes — the “is my bank cutting partners” question at a glance.
Dec 28, 2025moderateTransfer ratio cut
Amex announces Cathay Asia Miles reduction
Dec 1, 2025moderateTransfer ratio cut
Amex devalues Emirates transfers
Jun 30, 2025moderatebenefit removed
HawaiianMiles transfers end, closing the indirect route to Alaska Airlines miles
The complete record.
Oct 2, 2026minorbenefit removed
FedEx removed from Business Gold $20 monthly Flexible Business Credit
FedEx, Grubhub, office supply stores → Grubhub, office supply stores
Oct 1, 2026minorbenefit removed
Lufthansa lounge access removed from Platinum and Centurion cards
Lufthansa Business and Senator Lounge access (Platinum) → no access
Sep 15, 2026minorimprovement
Resy credit expands to eligible Tock restaurants, wineries and experiences
Resy-listed U.S. venues marked eligible → Resy-listed venues plus eligible Tock venues
Aug 1, 2026minorbenefit removed
Resy dining credit restricted to venues marked eligible
Jul 28, 2026minorimprovement
Leading Hotels of the World Leaders Club added as 4:1 transfer partner
No transfer option → 4:1 (1,000 points → 250 Leaders Club points)
Jul 8, 2026minorbenefit removed
Centurion Lounge entry limited to five hours before connecting flights; guests must be on the same flight
no time limit on layovers; guests on any flight → within 5 hours of connecting departure; guests on same flight only
Jul 1, 2026minorbenefit removed
Saks Fifth Avenue statement credit discontinued
up to $100 per year → $0
Jun 30, 2026moderatebenefit removed
Etihad Guest removed as transfer partner
Jun 10, 2026minorbenefit removed
Events with Amex benefit discontinued for Platinum cardholders
Events with Amex (dedicated Platinum benefit) → general Amex Experiences access only
May 7, 2026minorbenefit removed
Uber VIP status removed from the $200 Uber Cash benefit
Uber VIP status → Signature Support for Amex (phone support)
Feb 5, 2026minorbenefit removed
United TravelBank purchases stop triggering the $200 airline incidental credit
Dec 28, 2025moderateTransfer ratio cut
Amex announces Cathay Asia Miles reduction
Dec 1, 2025moderateTransfer ratio cut
Amex devalues Emirates transfers
Sep 18, 2025moderatefee increase
Annual fee rises from $695 to $895
$695 → $895
Sep 18, 2025moderatebenefit removed
35% Pay With Points rebate no longer applies to first and business class on all airlines
selected airline + any airline first/business → selected airline only
Jun 30, 2025moderatebenefit removed
HawaiianMiles transfers end, closing the indirect route to Alaska Airlines miles
Jul 26, 2023moderateimprovement
Qatar Airways Privilege Club added as 1:1 transfer partner
Indirect only → 1:1 permanent direct partner