2025 Amex Membership Rewards Devaluation

[iamsuperandrew]

Big Devaluation coming to AMEX MR, my understanding is that information is coming next week

 

[levelnine]

Big Devaluation coming to AMEX MR, my understanding is that information is coming next week

Yep, sounds brutal from the rumours. Anyone with a lot of MR should be making plans to offload them before this deval.

 

[iamsuperandrew]

Yep, sounds brutal from the rumours. Anyone with a lot of MR should be making plans to offload them before this deval.

My guess which I'm pretty confident on, will be

QF 2:1
VA 2:1
EK 4:1
All other airline partners 3:1 (may introduce some more partner airlines?)
Hotel partners untouched

Changes to come into affect in December 2025 or early January 2026

Unknown if earning will be changed or if other perks may be provided

 

[levelnine]

Loss of Avios and Cathay 2:1 is going to hurt.

 

[Viridis]

My guess which I'm pretty confident on, will be

QF 2:1
VA 2:1
EK 4:1
All other airline partners 3:1 (may introduce some more partner airlines?)
Hotel partners untouched

Changes to come into affect in December 2025 or early January 2026

Unknown if earning will be changed or if other perks may be provided

Yep, that’s what I heard ….. effective Dec 15th

 

[SeaWolf]

Do we anticipate warning of changes to move points before any devaluation?

I'm pretty sure there's always been some warning in the past of these sort of changes. For example, when Krisflyer and Emirates transfers were devalued, there was three months advance notice.

Obvious caveat though, past performance not an indicator of future returns, so to speak.

 

[burneracc]

Unrelated but where are people hearing these rumours from?

 

[iamsuperandrew]

Unrelated but where are people hearing these rumours from?

Ive personally done some digging regarding this and wrote an article on the rumours here - Australian Amex Membership Rewards Devaluation Incoming? — The Modern Day Lifestyle

Keen to hear your feedback?

 

[burneracc]

Ive personally done some digging regarding this and wrote an article on the rumours here - Australian Amex Membership Rewards Devaluation Incoming? — The Modern Day Lifestyle

Keen to hear your feedback?

I read through it - couldn’t find a primary source for the rumours though. Also on the following:

• Emirates Skywards – taking an even bigger hit, dropping from 3:1 to 4:1

2:1 -> 3:1 is a 50% devaluation. 3:1 -> 4:1 is a 33% devaluation, so it’s a smaller hit.

 

[Viridis]

I have absolutely no doubt the rumours are true

That being said, one wonders if there’ll be a Quid pro quo because if there isn’t, it will certainly change the value proposition of keeping the Platinum Card

If there are no changes to the US Platinum Card it would become better value as a direct use card in addition to the points transfer option

Whatever happens, it will require a re-evaluation

 

[levelnine]

Unrelated but where are people hearing these rumours from?

Some Centurion card holders have already been informed.

 

[daft009]

Some Centurion card holders have already been informed.

Hmm not I lol

 

[iamsuperandrew]

I read through it - couldn’t find a primary source for the rumours though. Also on the following:

• Emirates Skywards – taking an even bigger hit, dropping from 3:1 to 4:1

2:1 -> 3:1 is a 50% devaluation. 3:1 -> 4:1 is a 33% devaluation, so it’s a smaller hit.

Obviously a true magician will never reveal his tricks, lets see if I am right?

 

[am0985]

Think this is very likely indirectly linked to the planned RBA changes. Points landscape is getting horribly devalued here.

Not sure we will see anything but a token gesture somewhere else. Amex is probably going to reduce what it charges businesses so it needs to balance it out somewhere.

 

[elogic]

Not sure if this has been posted or anyone has more info

Australian Amex Membership Rewards Devaluation Incoming? — The Modern Day Lifestyle

Post by The Modern Day Lifestyle

buymeacoffee.com

 

[burneracc]

Reckon we will get to ask for a point bonus / inflation for anything pre devaluation like last time?

 

[MathNerd]

If VA stays at 2:1 then that's great.

However, its value proposition only remains competitive if Amex continue their half-yearly transfer bonuses to VA, as that's how you can unlock a little extra with KF (as MR -> KF is 3:1 but MR -> VA can be 2:1.15 (or 4:2.3) and then VA -> KF will be 2.3:1.48, meaning 4 MR becomes 1.48 KF as opposed to the direct getting only 1.33 KF.

Let's see what's happening overall, but all these devaluations are making the points game harder and harder, especially for average Joes who will have no hope of getting much value out of the systems (especially with low to medium spends).

The RBA has a lot to answer for!

 

[iamsuperandrew]

Reckon we will get to ask for a point bonus / inflation for anything pre devaluation like last time?

Unknown and highly doubt it and wonder if the poor $USD conversation rate has anything to do with it?

last time it was doubled so 1.125 / $1 was doubled to 2.25/ $1 and the redemption rate was doubled from 1:1 to 2:1, then came the KF & EK devaluation

The chances of maybe going to 2.5/ $1 is unlikely

Interesting that Amex would potentially pull the trigger before the banks aggressively do with the looming RBA cuts

 

[levelnine]

Interesting that Amex would potentially pull the trigger before the banks aggressively do with the looming RBA cuts

I think there will be a further devaluation once the interchange caps hit.

The regular banks will go first, and Amex will follow suit to remain competitive (they'll have to lower their merchant rates to ensure merchants continue to accept Amex).

Take the UK as an example.

UK Amex Plat earns 1MR per £1 and transfers 1:1 to many airline programs.
AU Amex Plat earns 2.25MR per $1 and transfers 3:1 to many airlines.

For the same AUD100/GBP48 spend, the UK Plat earns 48 Avios & the AU Plat earns 75 Avios.

Far too generous if Australia's interchange caps are brought into line with UK (and Europe more generally).

I would expect another 40-50% devaluation on top of this forthcoming devaluation.

 

[am0985]

I think there will be a further devaluation once the interchange caps hit.

The regular banks will go first, and Amex will follow suit to remain competitive (they'll have to lower their merchant rates to ensure merchants continue to accept Amex).

Take the UK as an example.

UK Amex Plat earns 1MR per £1 and transfers 1:1 to many airline programs.
AU Amex Plat earns 2.25MR per $1 and transfers 3:1 to many airlines.

For the same AUD100/GBP48 spend, the UK Plat earns 48 Avios & the AU Plat earns 75 Avios.

Far too generous if Australia's interchange caps are brought into line with UK (and Europe more generally).

I would expect another 40-50% devaluation on top of this forthcoming devaluation.

I’m a little less pessimistic. I think these changes are in response to the RBA plans. Interchange fees aren’t the only thing that dictates the transfer rates, though of course they are a significant component.

I doubt they’d want to do two devaluations so close to each other, that’s the sort of thing that would lose a lot of customers.