American Express has become the latest to devalue travel rewards points, announcing changes to its Membership Rewards program that will increase the number of points required for international airline transfers. From 15 December 2025, transfer rates to six airline partners (British Airways, Cathay Pacific, Etihad, Malaysia Airlines, Qatar Airways and Virgin Atlantic) will shift from 2:1 to 3:1, while Emirates Skywards will move from 3:1 to 4:1. Thai Royal Orchid Plus will be removed as a transfer partner on the same date.