American Express just announced a devaluation of Membership Rewards points — meaning many transfer and redemption rates are getting worse. When programs devalue, the smart play is to spend points now on high-value options before they’re worth less.
What’s Happening with AMEX Membership Rewards
Amex is changing how Membership Rewards (MR) points convert to partners — especially airline miles and hotel points. Many transfer ratios are getting weaker, which means:
Your MR points will buy less travel value
Certain redemption options will become less efficient
The change is effective soon — so timing matters
Because of this, you should redeem before devaluation where value is strongest.
1. Transfer to Airline Miles With GOOD Rates (Before It Worsens)
Even though Amex is cutting some transfer ratios, a few airlines might still offer good value redemptions — especially in premium cabins or during sales.
Top Moves Before Devaluation:
Transfer to airline partners for business/first class awards
Use miles for high-tax or high-cash flights (where booking with cash costs a lot)
Focus on carriers with solid award space and reasonable award charts
Best value sense:
• Flights to Europe, USA, Middle East, or East Asia in business/first
• Premium cabins during off-peak award pricing
Avoid low-value one-way short economy redemptions — save those points for premium seats.
2. Hotel Point Transfers With Steady Value
Hotel redemptions are often less volatile than airline award charts. Even after devaluation, converting MR to hotel points can still stretch your value for stays.
Priority Hotel Transfers:
IHG One Rewards
Marriott Bonvoy (if ratio still reasonable)
Hilton Honors (only if transfer ratio remains competitive)
These let you use MR points for free nights or upgrades.
Tip: Redeem for stays where cash rates are high — you get more “bang for your points buck.”
3. Statement Credits for Travel & Events
If you still have MR that won’t transfer well, consider using them for travel credit, ticket purchases, or event fee credits before the devaluation hits.
- Airline ticket statement credits (if available)
- Hotel booking credits (through Amex travel portal)
- Event/travel benefits where MR is accepted
Best value: Offsetting high travel costs right now before points are worth less later.
4. Gift Cards — But Only If They Offer Bonus Value
Amex often has discounted gift card offers — e.g.:
15–20% off certain brands
Bonus points on gift card purchases
If one of these gives you more value per point than future transfer rates, it’s worth grabbing early.
However: Gift cards are usually lower value than award travel — use only if no better options are available.
5. Don’t Use Points for Low-Value Options
After devaluation, these get even worse relative to better uses:
Shopping portal purchases
Merchandise via Amex rewards store
Low-tier statement credits
Small ticket apps without bonus
They usually give <0.5 ¢ per point value — focus on travel if you want the most.