Nerfed: American Express Devaluing Membership Rewards Points From 23rd February 2026

From 23rd February 2026, American Express is devaluing Membership Rewards (MR) points by as much as 33% for miles redemption. This means that you will get fewer miles for the same number of points used when the changes kick in, so you would want to redeem your points by 22nd February 2026.

18% to 33% fewer miles depending on airline

Points transfer to most airlines, including carriers like Singapore Airlines and EVA Air, will suffer a 18% to 20% devaluation. Transfers to Emirates see the largest hit with a staggering 25% to 33% devaluation.

Airline Partner	Current Rate until 22nd February 2026	Rate From 23rd February Onwards	Devaluation
British Airways Cathay EVA Air Malaysia Airlines Qantas Airlines Singapore Airlines Thai Airways	450 MR Points = 250 miles (Standard) 400 MR Points = 250 miles (Platinum Charge)	550 MR Points = 250 miles (Standard) 500 MR Points = 250 miles (Platinum Charge)	🔻 18% (Standard) 🔻 20% (Platinum Charge)
Emirates	450 MR Points = 250 miles (Standard) 400 MR Points = 250 miles (Platinum Charge)	650 MR Points = 250 miles (Standard) 600 MR Points = 250 miles (Platinum Charge)	🔻 30% (Standard) 🔻 33% (Platinum Charge)

American Express has announced that all Amex cards earning Membership Rewards points will be affected by this change.

The company has also clarified that redemption rates for other options such as Pay with Points, eVouchers and other partners remain unchanged.

Transfer your points by 22nd February

With airline miles one of the best options to redeem MR points for, those with MR points would obviously want to redeem them latest by 22nd February 2026.

Singapore Airlines is no doubt the default choice for many, especially those who are unfamiliar with other frequent flyer programmes. However, given that it’s possible to get better value through other airlines’ programmes and the fact that Amex MR points are one of the few types of currencies that can be transferred to multiple airlines, I would take the next couple of weeks to look beyond KrisFlyer miles.

Personally, if I still had MR points, I would transfer them to EVA Air for the ability to book Singapore Airlines business class flights for up to 26% fewer miles. Indeed, that was what I did recently a few months ago before cancelling my Amex Platinum Charge Card.

Still waiting for your bonus points?

While devaluations are part of the game and Amex has given what seems to be a pretty standard 1-month notice, it does little to lessen the impact for cardholders who have recently signed up for a card and have yet to receive bonus points.

Sign-up bonuses are typically fulfilled in months, and those who receive their bonus points after the devaluation takes effect are going to get a very short end of the stick. Marketing for welcome gifts usually specifies the number of miles given, and if you were promised a certain number and did not receive that number because your points are given after the changes kick in, I would certainly look into writing in to the company for a reasonable resolution.

I have also reached out to Amex to see if they have any comment with regard to such a group of customers.

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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.

He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.

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