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If you use credit cards to earn airline points, changes are in the wind that might affect your choice of providers. Towards the end of 2025, American Express will devalue the number of airline points Australians earn when they exchange their membership rewards points.

Effective from December 15, 2025, you will need three Amex Membership Reward points to buy one airline point with British Airways, Cathay Pacific, Emirates, Etihad, Malaysia Airlines, Qatar Airways and Virgin Atlantic, up from the current transfer rate of 2:1. Thai Airways Royal Orchid Plus will cease to be a transfer partner, but it's not all bad news. The two Amex rewards points currently required for one Qantas or Virgin Airlines point are unchanged, so too is Singapore Airlines, at its current exchange rate of 3:1.

Amex is not alone. It's part of a general trend that has seen Australia's banks devaluing their airline reward schemes, or even cancelling their reward partner programs, since mid-2025. For example, from October 1, points acquired under the CommBank Awards program can only be used for Virgin Velocity points. The trend is a response to the Reserve Bank of Australia's proposal to ban card payment surcharges and reduce interchange fees.