Amex makes huge changes to Membership Rewards

Amex has become the latest loyalty points provider to make huge changes to its membership. The significant devaluation means that you’ll soon need up to 50 per cent more Membership Rewards points to achieve the same number of frequent flyer points.

These Membership Rewards changes come just weeks after CBA announced it would be eliminating all but one of its airline and hotel program partners.

Changes to rates

The Amex Membership Rewards program was known for offering the largest network of airline and hotel partners. According to their website, they have “the most airline points transfer partners of any major U.S. credit card loyalty program”.

But today they announced an update to their Membership Rewards program, hiking the cost of international airline transfers by up to 50 per cent for some partners. Seven Membership Rewards frequent flyer partners will have their rates negatively changed from 15 December 2025.

British Airways, Cathay, Etihad, Malaysia Airlines, Qatar Airways and Virgin Atlantic will all see rate changes from 2:1 to 3:1. While Emirates will see a rate change of 3:1 to 4:1.

“This effectively weakens Australia’s leading flexible Rewards program and ends the ability to move credit card reward points into global partners at rates comparable to Qantas and Velocity,” founder of The Champagne Mile and Pointify, Adele Eliseo, said.

Amex had already recently changed the conversion rate of Emirates Skywards and Singapore Airlines KrisFlyer from a 2:1 rate to a 3:1 rate. While KrisFlyer has not been hit this time around, Emirates Skywards has been shifted to an even tougher 4:1 rate.

There are currently no changes to points conversions from Membership Rewards to its other partners. These include Velocity Frequent Flyer (2:1), Air New Zealand Airpoints (200:$1), Hilton Honors (2:1) and Marriott Bonvoy (3:2). For Ascent Premium members, there are also no changes to Qantas Frequent Flyer transfers (remaining at 2:1).

There are no changes to American Express’ co-branded Qantas and Velocity cards. The revised airline conversion rates also don’t apply to Business Ascent, Corporate Choices, Corporate Membership Rewards and Corporate Spirit.

Other changes

Additionally, Thai Royal Orchid Plus will no longer be available as a transfer partner from 15 December 2025.

But this partner is effectively being replaced by Everyday Rewards, the loyalty program attached to Woolworths supermarkets.

“Everyday Rewards will soon join as a new Membership Rewards transfer partner, giving you the opportunity to redeem your Membership Rewards points for your everyday shopping at Woolworths, BIG W, BWS and EG Ampol,” says the update.

According to Point Hacks, Everyday Rewards transfers will be available at a 5:4 rate from Membership Rewards, a poor value compared to other users. Members can then convert Everyday Rewards to Qantas Frequent Flyer at a rate of 2:1.

The changes will take effect from 15 December 2025. The last day to convert your points at the program’s current, more favourable rates, is 14 December 2025. While it’s a shame for points customers with the affected loyalty programs, customers now have a few months to plan and book any upcoming trips without being immediately affected by the changes, or to convert their points to a preferred airline before those rates change.

Why the changes?

American Express has so far released limited information regarding the shift, with their website saying the changes are “to ensure we can continue to deliver our Card Members choice and value in redemption options.” However this statement seems contradictory to the move.

Other factors potentially contributing to the changes could be the price of these frequent flyer points programs, or the looming consideration of the RBA to reduce interchange fee caps. However the RBA hasn’t yet finalised what those interchange caps will be.