American Express Overhauls Membership Rewards: Higher Airline Transfer Costs and New Partners Arrive in December 2025
Major Changes to Airline Transfers
- American Express will raise transfer rates for several frequent flyer partners on December 15, requiring up to 50% more points.
- Emirates Skywards will become the hardest hit, moving from a 3:1 conversion rate to a 4:1 rate for cardholders.
- British Airways, Cathay Pacific, Etihad, Malaysia Airlines, Qatar Airways, and Virgin Atlantic will all shift from 2:1 to 3:1 transfers.
- Singapore Airlines KrisFlyer remains unchanged at 3:1, while Velocity and Qantas Frequent Flyer continue with their existing favourable conversion structures.
Thai Airways Out, Everyday Rewards In
From December 15, Thai Royal Orchid Plus exits Membership Rewards, ending direct transfers to the airline’s loyalty program for travellers.
Everyday Rewards joins as a new partner, offering transfers at 5:4, giving Woolworths shoppers an indirect path to Qantas Points. Converting through Everyday Rewards weakens overall value, often giving less than using Membership Rewards points directly to pay Amex card charges.
Still, the new option helps Ascent and Gateway tier members indirectly access Qantas Frequent Flyer, previously unavailable through Membership Rewards.
Limited Time to Lock Current Value
Cardholders have until December 14 to transfer points at today’s more favourable rates before new conversion structures take effect. Experts recommend evaluating travel goals now and moving points strategically to airline partners before the 50% devaluation impacts planned journeys.
American Express says changes aim to ensure “choice and value,” though weaker rates contradict this promise and reduce redemption competitiveness.
Everyday Rewards transfers provide flexibility, but reduced airline value signals a devaluation that fundamentally reshapes Australia’s leading flexible rewards program.