The Devaluation Report Card
Every major points program, graded by its documented record. Computed automatically from the Devaluation Tracker. See the Points Inflation Index → · Statistics →
Most devalued program of the trailing year: Chase, with 12 documented changes.
Most recent: 10% anniversary points bonus discontinued (Oct 1, 2026)
All 12 entries→Most recent: FedEx removed from Business Gold $20 monthly Flexible Business Credit (Oct 2, 2026)
All 14 entries→Most recent: Grandfathered Aviator benefits end on converted Citi AAdvantage cards (Oct 25, 2026)
All 9 entries→Most recent: Fixed PlusPoints upgrade chart to be retired in favor of dynamic pricing (Feb 1, 2027)
All 13 entries→Most recent: Elite complimentary upgrades limited to one cabin on premium routes (Aug 25, 2026)
All 8 entries→Most recent: Price Match Guarantee restricted; claims now require a booking first and exclude mobile-only rates (Aug 20, 2026)
All 7 entries→Most recent: Connection pricing quirk on transatlantic partner awards closed (Aug 6, 2026)
All 7 entries→Most recent: Miles expiration shortened to fixed 36 months from earn date (Jun 1, 2027)
All 4 entries→Most recent: Points Club tiers and Green Tier retired; Loyalty Bonus ends; higher requalification targets from 2027 (Dec 8, 2026)
All 4 entries→Most recent: Award surcharges rise again; second increase in under a year (Apr 11, 2026)
All 3 entries→Most recent: Starbucks earning simplified but gated behind a flight requirement (Aug 5, 2026)
All 6 entries→Most recent: Third unannounced award increase at Japan properties in three months (Aug 6, 2026)
All 3 entries→Most recent: Emirates first class awards restricted to Aeroplan 35K status or higher (Jul 21, 2026)
All 4 entries→Most recent: Free award changes and cancellations removed for new LifeMiles+ subscribers (Jun 26, 2026)
All 3 entries→Most recent: Stealth increase for transatlantic business class award upgrades (Aug 25, 2026)
All 2 entries→Most recent: Free guest and authorized-user lounge access ends for Venture X (Feb 1, 2026)
All 2 entries→Most recent: Wanna Get Away earning cut by two-thirds without notice (Mar 4, 2025)
All 3 entries→Most recent: Elite benefits stripped from Basic fare bookings; upgrades now require a bundle purchase (Jan 1, 2027)
All 2 entries→Most recent: Four-tier award chart replaces three-tier system; new top tier at 45,000 points (Sep 15, 2026)
All 2 entries→Most recent: Lowest awards become restricted “Light” fares; Standard awards rise 25–30% (Sep 8, 2026)
All 2 entries→Most recent: Avios earning cut on Japan Airlines-coded flights operated by other carriers; change made without notice (Aug 16, 2026)
All 4 entries→Most recent: Five-tier award chart replaces three-tier system; peak Category 8 rises to 75,000 points (May 20, 2026)
All 2 entries→Most recent: Widespread 5–10% increase in award night costs (Jul 7, 2026)
All 4 entries→Most recent: Rent Day transfer bonuses capped at 100,000 points transferred (May 1, 2026)
All 2 entries→Most recent: Access award rates quietly raised 3–11% five months after launch (Mar 26, 2026)
All 2 entries→Most recent: Real-Time Rewards travel redemption cut from 1.5 to 1 cent; 3x mobile wallet earning capped (Dec 15, 2025)
All 1 entry→Most recent: Annual fee waiver eliminated; $95 fee becomes unavoidable for all cardholders (Sep 28, 2026)
All 1 entry→Most recent: "Redeem for Cashback" option removed from PayPal Rewards (Aug 1, 2026)
All 1 entry→Most recent: Award bookings for others restricted to a pre-registered "My List" of four members (Jun 16, 2026)
All 2 entries→Most recent: Wells Fargo ending points transfers between users (Jun 13, 2026)
All 1 entry→Most recent: 75% credit card rewards boost moves from $100,000 to $1 million balance tier (May 27, 2026)
All 1 entry→Most recent: Award prices rise and Round the World awards discontinued; one-way bookings added (Jun 24, 2025)
All 1 entry→Most recent: New award charts raise long-haul premium cabin prices roughly 12–18% (May 27, 2025)
All 1 entry→Most recent: Unofficial award caps raised or removed at top InterContinental properties (Apr 4, 2025)
All 3 entries→Most recent: Staggered Velocity program changes (award pricing, earn rates, status) (Jan 21, 2025)
All 1 entry→Most recent: Lounge access removed on entirely domestic itineraries (Sep 1, 2026)
All 1 entry→Most recent: Uber One ride credits reduced from 6% to 5% (Aug 15, 2026)
All 1 entry→Most recent: Points transfers to airline and hotel partners launched; Avianca LifeMiles added as fifth partner (Aug 11, 2026)
All 1 entry→Most recent: Gift card redemptions capped at two per 24 hours and $300 per week (Aug 6, 2026)
All 1 entry→Most recent: Long-haul premium cabin award rates rise; third increase since October 2023 (May 1, 2026)
All 2 entries→Most recent: Mosaic 1 checked bags cut to one; companion upgrades and free drinks reduced for Mosaic elites (Feb 1, 2026)
All 1 entry→Quiet lately.
Past editions
Methodology
Grades are computed mechanically from the documented events in our Devaluation Tracker: each entry is weighted by severity (minor = 1, moderate = 2, major = 3) and summed over the trailing 24 months. Stable = 0–2 points, Elevated = 3–6, High Risk = 7+. Grades sum documented devaluations by severity over that window, per company — measuring the absolute change-pressure a holder of that company's points experienced. We deliberately don't normalize for portfolio size: a company with more programs has more surface to devalue, and its cardholders feel every one of those changes. Grades reflect the frequency and severity of documented value reductions — each dated and sourced on the tracker — and represent our editorial assessment based on that record. Grades update automatically whenever new events are logged.
Cite this data
Bonus Eagle. “Devaluation Report Card.” bonuseagle.com. https://www.bonuseagle.com/devaluations/report-card