6 Ways to Protect Your Points from Devaluation
Airlines and hotels devalue their award programs every 2-4 years — sometimes increasing award prices by 10-50% overnight. Once you've transferred points to a partner, you're locked into their pricing. But if you keep points with the issuer (Chase, Amex, Capital One), you retain full flexibility to transfer to whichever partner offers the best current value. Here are 6 strategies to protect your points from devaluations.
See also: best rewards credit cards — cards with the most transfer partners for maximum devaluation protection.
Strategy 1: Keep Points With the Issuer
The single best protection against devaluation is to not transfer points until you're ready to book. Chase Ultimate Rewards, Amex Membership Rewards, and Capital One Miles don't expire as long as your card account remains open. Keep points with the issuer until you've confirmed award availability on the partner's website and are ready to complete the booking.
Example: In 2023, Delta increased domestic economy awards by 50%. Cardholders who had already transferred points to Delta were stuck with the new pricing. Cardholders who kept points with Amex could transfer to Air Canada, Air France, or Virgin Atlantic instead — all of which still offered better domestic redemption rates via partner awards. Flexibility is the strongest protection.
| Card | Annual Fee | Rate | Apply |
|---|---|---|---|
| AAA Daily Advantage | $0/yr | 1.0x | Apply Now → |
| AAA Travel Advantage | $0/yr | 1.0x | Apply Now → |
| AAdvantage MileUp | $0/yr | 1.0x | Apply Now → |
Strategy 2: Diversify Across Multiple Issuers
Don't put all your points in one ecosystem. If you only earn Chase points and Hyatt devalues its award chart, you lose that redemption option entirely. But if you also have Amex points, you can transfer to Hilton or Marriott instead. A hybrid setup — Chase Sapphire Preferred for dining/travel, Amex Gold for groceries — gives you access to 30+ combined transfer partners across both ecosystems.
The downside: diversification means slower accumulation in any one program. But the protection against a single program's devaluation is worth the tradeoff for long-term points savers. For the multi-card framework, see our multi-card rewards strategy guide.
Strategy 3: Choose Issuers With Many Transfer Partners
The more transfer partners your issuer has, the more options you have if one partner devalues. Amex Membership Rewards transfers to 20+ airlines and hotels. Chase Ultimate Rewards transfers to 14 partners. Capital One Miles transfers to 15+ partners. Compare this to airline-specific cards (Southwest, Delta, United co-brands) which lock you into one program with zero flexibility.
When one partner devalues, you can immediately pivot to an alternative. In 2020, Marriott increased peak award pricing by 20-50%. Chase and Amex cardholders could transfer to Hyatt or IHG instead. Marriott co-brand cardholders had no alternative — they were stuck with the devaluation.
Strategy 4: Book High-Value Redemptions First
Devaluations typically hit high-value awards first — business class, first class, and premium hotels. Economy awards and low-tier hotels often remain stable. If you're sitting on a large points balance and anticipate a devaluation, book your highest-value redemptions now and save lower-value redemptions for later.
Example: United business class to Europe increased from 60,000 to 80,000+ points in 2019. Economy remained at 30,000. Savvy points users who had business class trips planned booked them immediately after the devaluation was announced (United gave 3 weeks notice). Those who waited paid 33% more points for the same flights.
Strategy 5: Monitor Devaluation Rumors
Devaluations are rarely a surprise. Airlines and hotels often announce changes 30-90 days in advance, and points blogs (The Points Guy, Doctor of Credit, One Mile at a Time) report on rumors weeks before official announcements. Subscribe to these blogs and act quickly when a devaluation is confirmed.
When a devaluation is announced, you typically have a grace period to book at the old award rates. Use this window to transfer points and book any trips you had planned in the next 12-18 months. After the grace period ends, award prices increase immediately.
Strategy 6: Consider Cash Back for Simplicity
Cash back never devalues. One cent is always one cent. If you don't travel frequently enough to justify the complexity of tracking devaluations and transfer partners, a 2% cash back card is simpler and more predictable. On $30,000/yr in spending, you earn exactly $600/yr — with zero devaluation risk, zero transfer partner research, and zero expiration management.
For the full points vs. cash back comparison, see our points vs. cash back guide. To understand how transfer partners work and which deliver the best value, read our transfer partners guide. And for the complete ranked list of rewards cards, visit our best rewards cards page.