Full Devaluation Tracker

Documented record

Improvements

Not every change is a cut — but improvements are rarer, and usually temporary. Transfer bonuses expire, promo award sales end, and added perks can be quietly withdrawn again. This is the complete documented record of positive changes — transfer-ratio boosts, new transfer partners, restored or added benefits, and award-price drops — across US points and miles programs since 2013, each dated and sourced. Track them here so you can act while they last.

23 documented improvements across 10 programs since 2017 — 15 in the last 12 months. Most recent: Anniversary Free Night cap raised from 40,000 to 50,000 points for certificates issued from 2027. Most frequent: Chase (6 events).

Last updated September 18, 2026

Improvement2027-01-01Chase · IHG One Rewards (Premier Business card)improvement

Anniversary Free Night cap raised from 40,000 to 50,000 points for certificates issued from 2027

40,000-point cap → 50,000-point cap

Chase notified IHG One Rewards Premier Business cardholders by email that Anniversary Free Night certificates issued after December 31, 2026 will be redeemable at properties costing up to 50,000 points per night, up from the current 40,000-point cap. Certificates issued through the end of 2026 keep the 40,000-point limit, and the ability to top up a certificate with points from an IHG account continues. The notice described no changes to the card's annual fee or to the personal IHG cards. IHG One Rewards receives 1:1 transfers from Chase Ultimate Rewards.

What to do: If you want a property in the 40,001–50,000 range, plan to use a certificate issued in 2027 or later rather than topping up a 2026 one.

SourceSecond source· verified Sep 1, 2026
Improvement2026-10-01Chase · Sapphire Reserve (DoorDash benefit)improvement

Monthly DoorDash promo rises from $5 to $15 and becomes usable on any eligible order

$5 monthly restaurant-only promo ($25/month total) → $15 any-order promo ($35/month total)

Chase confirmed that from October 1, 2026, the Sapphire Reserve's $5 monthly DoorDash restaurant promo becomes a $15 promo valid on any eligible order, lifting the card's maximum monthly DoorDash value from $25 to $35 ($300 to $420 a year). The two $10 non-restaurant promos and complimentary DashPass are unchanged; promos remain checkout discounts requiring separate orders. Chase's statement named only the personal Sapphire Reserve; application to the business card is presumed but unconfirmed.

What to do: Activate DashPass with the card as default payment before October 1 so the new promo appears on day one.

SourceSecond source· verified Sep 3, 2026
Improvement2026-09-15American Express · Membership Rewards (Platinum, Gold and Delta SkyMiles Reserve/Platinum cards — Resy credit)improvement

Resy credit expands to eligible Tock restaurants, wineries and experiences

Resy-listed U.S. venues marked eligible → Resy-listed venues plus eligible Tock venues

Resy announced on August 11, 2026 that Tock's restaurants, wineries and experiences have been added to the Resy platform, bringing it to roughly 25,000 venues. From September 15, 2026, eligible purchases at hundreds of U.S. Tock venues will count toward the Resy statement credit on the Platinum Card ($100 quarterly), Gold Card ($50 semi-annually) and the Delta SkyMiles Reserve and Platinum cards ($20/$10 monthly). Amex told Doctor of Credit in June that no currently eligible Resy venues were being removed and that more would be added once Tock venues became bookable on Resy, which reframes the August 1 "eligible venue" badge as preparation for this expansion. Eligible venues are flagged on their booking page, and more Tock venues are expected to become eligible in the months after launch.

What to do: From September 15, check the venue page for the Resy Credit eligible badge before booking a Tock winery or tasting experience.

SourceSecond source· verified Sep 8, 2026
Improvement2026-09-10Chase · Aeroplan (Chase Air Canada Aeroplan Card)improvement

Automatic Aeroplan 25K status added with no spending requirement

25K status required $15,000 annual spend → 25K status automatic

The September 10, 2026 refresh grants primary cardholders automatic Aeroplan 25K status with no spending requirement — previously renewal required $15,000 in calendar-year spend. The card also adds a 15% discount on eligible award itineraries including an Air Canada segment and extends the fourth-night-free benefit to car rentals from January 2027.

What to do: Cardholders keeping the card get the status automatically; no action needed.

SourceSecond source· verified Sep 10, 2026
Improvement2026-09-10Delta Air Lines · SkyMilesimprovement

SkyMiles earning rates improved on three Latin American partner airlines

Aerolíneas Argentinas business 100%; Aeromexico price-based; LATAM D/I/Z 150% → Aerolíneas Argentinas business 125%; Aeromexico up to 200% of distance flown; LATAM D/I/Z 200% of distance flown

Effective September 10, 2026, Delta increased SkyMiles earning rates on eligible flights with Aerolíneas Argentinas, Aeromexico, and LATAM. Aerolíneas Argentinas business fares rose from 100% to 125% of distance flown, while several economy and premium-economy classes also increased. Aeromexico switched from ticket-price-based earning to distance-based earning, with business fares earning up to 200% of distance flown. On LATAM, D, I, and Z business fares increased from 150% to 200% of distance flown.

What to do: Travelers crediting paid Aerolíneas Argentinas, Aeromexico, or LATAM flights to SkyMiles should check the new partner charts before booking, particularly on long-distance and premium-cabin itineraries.

SourceSecond source· verified Sep 18, 2026
Improvement2026-09-02Alaska Airlines · Atmos Rewardsimprovement

Lap infants on international award tickets now charged only government taxes, including on partner awards

10% of adult cash fare plus taxes (industry standard) → Government taxes only

Documented September 2, 2026 (date approximate; Alaska did not announce the change), Atmos Rewards now lets members add a lap infant to an international award ticket at no cost beyond government-mandated taxes and fees, with no carrier surcharges, on Alaska/Hawaiian and partner airlines when ticketed through Atmos Rewards. The industry norm is 10% of the adult revenue fare plus taxes, which can approach $1,000 on a premium-cabin award. Alaska's lap-infant policy page confirms the new treatment and a spokesperson confirmed partner coverage. Reader reports indicate the infant must be added by phone. Atmos Rewards receives 1:1 transfers from Bilt.

What to do: Families with a child under two should price international premium awards through Atmos Rewards first; call to add the infant and confirm a separate infant ticket number on the reservation.

SourceSecond source· verified Sep 9, 2026
Improvement2026-07-28American Express · Membership Rewards → Leading Hotels of the World Leaders Clubimprovement

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)

On July 28, 2026, American Express added The Leading Hotels of the World Leaders Club as a Membership Rewards transfer partner at a 4:1 ratio, with transfers in 1,000-point increments (1,000 Membership Rewards points become 250 Leaders Club points). It is the program's 20th transfer partner and fourth hotel partner, restoring the partner count after Etihad Guest was dropped on June 30, 2026. Leaders Club uses dynamic award pricing across more than 400 independent luxury hotels; Citi ThankYou Rewards has offered transfers to the same program since 2023 at a less favorable 5:1 ratio. The addition was made without a formal press announcement and went live immediately in eligible U.S. accounts.

What to do: Confirm award availability and pricing in your Leaders Club account before transferring; transfers are one-way and the ratio is only worthwhile at high-rate properties.

SourceSecond source· verified Sep 6, 2026
Improvement2026-07-15Air Canada · Aeroplan (World of Hyatt partnership)improvement

Two-way point conversion and Hyatt award redemptions added through new World of Hyatt partnership

no Aeroplan ↔ World of Hyatt conversion → 2:1 in either direction (Aeroplan → Hyatt limited to Aeroplan elites)

Announced and effective July 15, 2026, Aeroplan and World of Hyatt launched a reciprocal partnership for members who link their accounts. World of Hyatt members can convert Hyatt points to Aeroplan at 2:1 (5,000-point minimum, then 1,000-point increments), and Aeroplan Elite Status members can convert Aeroplan points to World of Hyatt at 2:1 (500-point minimum, capped at 100,000 Aeroplan points per day and 250,000 per week). Aeroplan points can also be redeemed directly for Hyatt Free Night Awards starting at 25,000 points for Category 1–4 properties, and Aeroplan elites gain a 90-day Hyatt status challenge (Globalist at 20 nights). Aeroplan receives 1:1 transfers from Chase, American Express, Capital One and Bilt, so this opens an indirect, if lossy, path from those currencies into Hyatt for members holding Aeroplan status.

What to do: Link the accounts for the free CA$20 flight credit and status challenge; treat the 2:1 conversions as a last resort, not a primary route to Hyatt points.

SourceSecond source· verified Sep 7, 2026
Improvement2026-06-22Bilt · Bilt Rewards → I Prefer Hotel Rewardsimprovement

I Prefer Hotel Rewards added as 1:2 transfer partner

no transfer option (23 partners) → 1:2 (24 partners)

On June 22, 2026, Bilt added Preferred Hotels & Resorts' I Prefer Hotel Rewards as its 24th transfer partner and seventh hotel partner, effective immediately. Bilt Points transfer at 1:2 in 1,000-point increments, with a 1,000-point minimum for Silver, Gold and Platinum members and a 2,000-point minimum for Blue members. I Prefer covers more than 700 independent hotels, resorts and residences in 85 countries. The 1:2 ratio matches Capital One's and Citi's current I Prefer ratios; Citi cut its own I Prefer transfers from 1:4 to 1:2 in April 2026.

What to do: Useful only for specific I Prefer properties where reward nights price well against cash; confirm availability before transferring.

SourceSecond source· verified Sep 7, 2026
Improvement2026-04-28Wells Fargo · Wells Fargo Rewards → Cathay Pacific Asia Milesimprovement

Cathay Pacific Asia Miles added as 1:1 transfer partner

No partner → 1:1 permanent partner

On April 28, 2026, Wells Fargo added Cathay Pacific Asia Miles as its 11th transfer partner and first Asia-focused airline, at a 1:1 ratio with no minimum transfer (single points can be moved) and instant posting. The addition came two weeks after Wyndham Rewards joined and shortly after American Express cut its own Asia Miles ratio to 5:4, making Wells Fargo one of the currencies still transferring at par alongside Citi, Capital One and Bilt. All rewards-earning Wells Fargo cards, including the Autograph and Autograph Journey, are eligible. Asia Miles award prices for Cathay business class rose on May 1, 2026, which the tracker records separately.

What to do: Transfer only against confirmed Cathay or oneworld partner space; a single-point transfer also resets the 18-month Asia Miles expiry clock.

SourceSecond source· verified Sep 8, 2026
Improvement2026-04-15Wells Fargo · Wells Fargo Rewards → Wyndham Rewardsimprovement

Wyndham Rewards added as 1:2 transfer partner

No partner → 1:2 permanent partner

On April 15, 2026, Wells Fargo added Wyndham Rewards as its 10th transfer partner and second hotel partner, at a 1:2 ratio — every Wells Fargo point becomes two Wyndham points, with no minimum and instant posting. Chase, Capital One, Citi and Bilt all transfer to Wyndham at 1:1, so this is the best ratio available for the program. Under Wyndham's current chart a 15,000-point free night costs 7,500 Wells Fargo points; the ratio's value will shift when Wyndham's four-tier chart (5,000 to 45,000 points) takes effect September 15, 2026. All rewards-earning Wells Fargo cards are eligible.

What to do: Use this route for Wyndham stays instead of 1:1 currencies; book top-tier properties before the September 15 chart change.

SourceSecond source· verified Sep 8, 2026
Improvement2026-03-12Marriott · Marriott Bonvoy (Free Night Awards)improvement

Free Night Award points top-off limit raised from 15,000 to 25,000 points

up to 15,000 points top-off → up to 25,000 points top-off

Effective March 12, 2026, Marriott Bonvoy raised the number of points members can add to a Free Night Award certificate from 15,000 to 25,000. A 35,000-point certificate now covers stays priced up to 60,000 points, a 50,000-point certificate up to 75,000, and an 85,000-point certificate up to 110,000. Certificate face values are unchanged. The certificates are earned mainly through the Chase and American Express co-branded Marriott cards, and Marriott Bonvoy receives 1:1 transfers from Chase, American Express and Bilt.

What to do: Re-check properties previously just out of reach of your certificate; with the larger top-off, many more nights now qualify.

SourceSecond source· verified Sep 7, 2026
Improvement2026-03-04Emirates · Skywards (partner awards)improvement

Partner award chart revamped; short-haul awards fall as low as 3,000 miles

6,000-mile minimum partner award → 3,000-mile minimum (flights up to 300 miles)

Without announcement, effective March 4, 2026, Emirates Skywards moved most of its airline partners onto a new distance-based award chart. The minimum partner award dropped from 6,000 to 3,000 miles one-way for flights up to 300 miles, economy awards under roughly 900 miles fell by up to 50%, and business class awards under roughly 1,500 miles fell 40–70%, with AwardWallet documenting cuts of up to 76% on some awards. A minority of awards rose: economy in the 2,000–4,000-mile bands increased about 2–5%, and Condor awards moved onto the standard chart at roughly 33% higher; some partners remain on the previous chart. The Qantas chart was revised again in early April 2026 with mixed results, including some business awards up 79%. Skywards receives transfers from American Express (5:4), Capital One (1,000:750), Citi and Bilt (1:1).

What to do: Price short partner flights through Skywards before other programs; check the current chart at booking since Emirates changes it without notice.

SourceSecond source· verified Sep 7, 2026
Improvement2026-02-25Chase · Ultimate Rewardsimprovement

Wyndham Rewards added as 1:1 transfer partner

No partner → 1:1 permanent partner

Chase permanently added Wyndham Rewards as its fourth hotel transfer partner (and 14th overall) at a 1:1 ratio. Transfers occur in 1,000-point increments and typically post by the next business day (often instant in practice). This expands hotel redemption options for transferable Ultimate Rewards holders (Sapphire Preferred, Sapphire Reserve, Ink Business Preferred, and related cards). The addition is structural and non-expiring. UR points feed Wyndham Rewards directly; the partner remains active.

What to do: Consider only for specific high-value Wyndham redemptions; otherwise prefer stronger hotel partners such as Hyatt.

SourceSecond source· verified Aug 24, 2026
Improvement2025-10-27Wells Fargo · Wells Fargo Rewards → JetBlue TrueBlueimprovement

JetBlue TrueBlue added as 1:1 transfer partner

No partner → 1:1 permanent partner

On October 27, 2025, Wells Fargo added JetBlue TrueBlue as its eighth transfer partner and seventh airline, at a 1:1 ratio with no minimum transfer and instant posting in most cases; Wells Fargo issued a press release on November 4, 2025. The ratio matches Chase and Citi and beats American Express (250:200 plus an excise fee) and Capital One (1,000:600). The addition coincided with the launch of JetBlue's Blue Sky partnership with United, which lets TrueBlue points be redeemed on select United flights. It was Wells Fargo's second partner addition since the program launched in March 2024.

What to do: Top up TrueBlue balances point-for-point for a specific award; transfers are one-way.

SourceSecond source· verified Sep 8, 2026
Improvement2025-10-07Bilt · Bilt Rewardsimprovement

Etihad Guest added as 1:1 transfer partner

No partner → 1:1 permanent partner

Bilt permanently added Etihad Guest as a transfer partner at a 1:1 ratio (increments of 1,000 points; Blue members may have a higher minimum). Transfers typically process quickly. This expands Middle East and partner-airline options for Bilt Points earners. The addition is structural and non-expiring. Bilt Points feed Etihad Guest directly; the partner remains active alongside Amex, Citi, and Capital One routes.

What to do: Transfer only for confirmed Etihad or partner awards; note the program’s change/cancellation rules and activity-based expiration.

SourceSecond source· verified Aug 24, 2026
Improvement2025-09-23Capital One · Capital One Miles (Venture, Venture X and other miles-earning cards)improvement

Japan Airlines Mileage Bank, Qatar Airways Privilege Club and I Prefer Hotel Rewards added as transfer partners

no transfer option (19 partners) → JAL 2:1.5, Qatar 1:1, I Prefer 1:2 (22 partners)

On September 23, 2025, Capital One added three transfer partners, bringing its total to 22: Japan Airlines Mileage Bank at 2:1.5 (1,000 miles become 750 JAL miles), Qatar Airways Privilege Club at 1:1, and I Prefer Hotel Rewards at 1:2. JAL was previously reachable only from Bilt (1:1) and Marriott Bonvoy (3:1), so this is the first major bank currency to feed the program, though below par. Qatar Avios were already reachable indirectly via British Airways, and Citi transfers to I Prefer at a better 1:4. A launch-only 30% bonus to JAL ran through October 22, 2025; the standing ratios above are the permanent terms.

What to do: JAL at 2:1.5 still beats cash on business-class awards to Tokyo; open a Mileage Bank account early because new accounts wait seven days before redeeming.

SourceSecond source· verified Sep 3, 2026
Improvement2025-04-24Bilt · Bilt Rewardsimprovement

Southwest Rapid Rewards added as 1:1 transfer partner

No partner → 1:1 permanent partner

On April 24, 2025, Bilt added Southwest Rapid Rewards as its 19th transfer partner at a 1:1 ratio, making Bilt the first currency other than Chase Ultimate Rewards to transfer to Southwest, whose co-brand cards are exclusive to Chase. Transfers initially processed in batches twice a day rather than instantly, with real-time transfers promised later. Frequent Miler valued Southwest points at roughly 1.3 cents each under the program's dynamic pricing, so the partner adds coverage rather than outsized value. The addition is permanent and structural.

What to do: Compare against booking Southwest through Bilt Travel at 1.25 cents before transferring; allow for batch processing time.

SourceSecond source· verified Sep 8, 2026
Improvement2023-07-26American Express · Membership Rewardsimprovement

Qatar Airways Privilege Club added as 1:1 transfer partner

Indirect only → 1:1 permanent direct partner

American Express permanently added Qatar Airways Privilege Club (Avios) as a direct 1:1 transfer partner. Transfers are typically instant in 1,000-point increments. Previously, members could reach Qatar Avios only indirectly via other Avios programs (BA/Iberia/Aer Lingus). The direct link simplifies access to QSuites and oneworld awards. Affects all transferable Membership Rewards accounts; the partner remains active. MR points feed Qatar Privilege Club (and the broader Avios ecosystem) directly.

What to do: Use the direct transfer for Qatar awards when it is more convenient than routing through other Avios programs.

SourceSecond source· verified Aug 24, 2026
Improvement2021-10-07Capital One · Capital One Miles (Venture / Spark Miles)improvement

Transfer ratios improved to 1:1 for six major airline partners

2:1.5 (most) or 2:1 (Emirates/Singapore) → 1:1

Capital One permanently improved the transfer ratio from prior rates of 2:1.5 (or 2:1 for Emirates and Singapore) to a full 1:1 for Air Canada Aeroplan, Air France-KLM Flying Blue, British Airways Avios, Emirates Skywards, Singapore Airlines KrisFlyer, and Turkish Airlines Miles&Smiles. This followed an earlier April 2021 wave of improvements and partner additions. The change applied program-wide to transferable Capital One Miles, substantially increasing the value of the currency for US cardholders by delivering 33–100% more miles per transfer to these partners. No expiration or temporary element; the ratios have remained the baseline since. Capital One Miles feed these airline programs directly.

What to do: Prefer Capital One Miles for transfers to these partners when building premium-cabin or partner awards.

SourceSecond source· verified Aug 24, 2026
Improvement2021-04-20Capital One · Capital One Miles (Venture / Spark Miles)improvement

Transfer ratios improved to 1:1 for multiple partners + four new partners added

2:1.5 → 1:1 (select partners); new partners added at launch ratios

Capital One improved ratios from 2:1.5 to 1:1 for Aeromexico Club Premier, Avianca LifeMiles, Cathay Pacific Asia Miles, Etihad Guest, Finnair Plus, Qantas Frequent Flyer, and Wyndham Rewards (plus Choice and TAP at launch). Simultaneously added British Airways, TAP Air Portugal Miles&Go, Turkish Airlines Miles&Smiles, and Choice Privileges as permanent transfer partners (initial ratios 2:1.5 or 1:1 depending on partner). This was a structural expansion and re-rating of the transferable currency that made Capital One competitive with other US bank points for the first time on multiple high-value partners. Affects all Capital One Miles holders; the partners remain available (with later refinements).

What to do: Use Capital One Miles for the newly 1:1 partners or the added programs when they offer strong awards.

SourceSecond source· verified Aug 24, 2026
Improvement2018-08-26Chase · Ultimate Rewardsimprovement

JetBlue TrueBlue added as 1:1 transfer partner

No partner → 1:1 permanent partner

Chase permanently added JetBlue TrueBlue as a 1:1 transfer partner for Ultimate Rewards points. Transfers occur in 1,000-point increments with no fees. This expanded domestic and Caribbean redemption options for UR holders (Sapphire Preferred, Sapphire Reserve, Ink Business Preferred). JetBlue remains a partner at 1:1. UR points feed JetBlue TrueBlue directly; the addition was structural and non-expiring.

What to do: Transfer UR to JetBlue only for specific TrueBlue redemptions where the value exceeds portal use.

Source· verified Aug 24, 2026
Improvement2017-11-13Chase · Ultimate Rewardsimprovement

Aer Lingus AerClub and Iberia Plus added as 1:1 transfer partners

Indirect/no direct partner → 1:1 permanent direct partners

Chase permanently added Aer Lingus AerClub and Iberia Plus (both Avios-based) as direct 1:1 transfer partners. Previously, members often routed via British Airways with activity/age requirements. The direct links simplified access to Ireland/Spain routes and short-haul European Avios awards. Affects all transferable UR accounts; both partners remain active at 1:1. UR feeds these programs (and the broader Avios ecosystem) directly.

What to do: Use direct transfers for Aer Lingus/Iberia awards instead of BA intermediary steps.

SourceSecond source· verified Aug 24, 2026

Frequently asked questions.

What counts as an improvement?

Any documented, dated change that made a points or miles currency more valuable: a higher transfer ratio or a lucrative transfer bonus, a new airline or hotel transfer partner, a restored or newly added benefit, a lower award price, or a richer earning rate. Each entry documents the before and after, with a source.

Why are there so many more devaluations than improvements?

The asymmetry is structural. Devaluations are almost always permanent, while improvements are usually temporary — a transfer bonus that expires in weeks, a promo award sale, a limited-time perk. A program can add a 30% transfer bonus one month and raise an award chart the next. Our statistics page shows the running ratio; over any recent window, cuts dominate.

Should I act on an improvement?

Often yes, but carefully. A transfer bonus is only worth using if you already have a specific, high-value redemption in mind — transferring points speculatively locks them into a single program that can itself devalue. Improvements are opportunities with a clock on them, which is exactly why we date every one.

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