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Devaluations are coming thick and fast right now — here's what you need to know about how to protect yourself

Airline loyalty programs are increasingly devaluing their points and miles by raising redemption costs, adding fees, or restricting availability. The article explains what devaluations are, why they're happening now due to jet fuel costs and inflation, and how members can protect themselves.

1 May 2026Source: The Points Guy

Why it matters

Travelers who accumulate points and miles need to understand devaluation risks and strategies to preserve their loyalty program balances, as airlines are extracting more revenue from these programs without advance notice. This directly affects the value proposition of credit card sign-up bonuses and the ROI of frequent flyer spending.