American Express (Amex) will devalue the rate at which Australians’ Membership Rewards points transfer to seven airline partner programs this December. The biggest shift affects international airline transfer partners, with British Airways, Cathay, Etihad, Malaysia Airlines, Qatar Airways, and Virgin Atlantic all moving from the current 2:1 transfer rate to a much less favorable 3:1 ratio. Recent changes to Emirates’ program brings its redemption ratio to 4:1.
Not all transfer options are impacted. Popular redemptions such as Velocity Frequent Flyer, Hilton Honors, Marriott Bonvoy, Air New Zealand Airpoints, and Qantas Frequent Flyer for Ascent Premium members will retain their existing rates. Likewise, co-branded Qantas and Velocity cards, along with certain business and corporate Membership Rewards programs, will not see any changes, ensuring some members continue to enjoy the same value.
Another major update is the removal of Thai Royal Orchid Plus as a transfer partner. In its place, Amex is introducing Everyday Rewards, which ties into Woolworths, BIG W, BWS, and EG Ampol. However, the conversion rate of 5:4 is considered weak, and members transferring into Qantas via Everyday Rewards face an even steeper devaluation since that program converts into Qantas Frequent Flyer at 2:1.
Members have until December 14, 2025, to lock in conversions at the current, more generous rates. This move represents a significant shift in the rewards landscape, forcing members to rethink how they maximize their points before the new structure takes hold.