Your Amex rewards are shrinking — here are smarter ways to keep earning
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If you’ve been saving your Amex points for that Bali trip, you might need a few extra flights after the new reward devaluation kicks in. Effective from 15 December 2025, Amex is changing how its Membership Rewards points convert to airline miles and partner programmes
What does it mean?
You’ll need up to 50% more points for the same redemption, as Amex is cutting transfer rates to major airline partners, and even dropping Thai Airways entirely. The last day to transfer points at the current, higher rates is 14 December 2025.
But you don’t have to lose out. There are still ways to keep earning full-value rewards and manage your cash flow better. Learn more here!
What exactly is changing?
Starting December 15, 2025, Amex is rolling out major updates to its Membership Rewards program. Users will need up to 50% more points to enjoy the same rewards, meaning they will earn fewer miles and less value for every dollar spent.
If you’re a frequent flyer who usually transfers points to airline miles, you’ll notice the changes most. Amex points will now cost more for British Airways, Cathay, Emirates, Etihad, Malaysia Airlines, Qatar Airways, and Virgin Atlantics—while Thai Airways, which previously was a part of the programme, will be removed entirely.
Here’s what’s changing—and how much more you’ll need to spend for the same rewards:
| Airlines | Current Conversion | New Conversion (15 Dec 2025) | Drop |
|---|---|---|---|
| British Airways | 2:1 | 3:1 | -25% |
| Cathay | 2:1 | 3:1 | -25% |
| Emirates | 3:1 | 4:1 | -33% |
| Etihad | 2:1 | 3:1 | -25% |
| Malaysia Airlines | 2:1 | 3:1 | -25% |
| Qatar Airways | 2:1 | 3:1 | -25% |
| Virgin Atlantics | 2:1 | 3:1 | -25% |
| Thai Airways | 2:1 | Removed | – |
Source: Amex: Important changes to your Membership Rewards® program
Aside from changes to how you can earn miles, Amex is also updating the number of points you earn per dollar spent. Keep in mind that while Qantas and Velocity may look like they give more points with the new rates, reward flights now require more points to redeem.
Here’s how the changes look like:
| Programme | Current Rate | New Rate (15 Dec 2025) | Notes |
|---|---|---|---|
| International Partners (British Airways, Cathay, and Virgin Atlantics) | 1 point per $1 | 0.75 points per $1 | -25% drop in value. |
| Qantas / Velocity | 1 point per $1 | 1.125 points per $1 | Requires more points for the same rewards. |
| Transaction Rounding | Whole dollars | Rounded to the nearest dollar | Smaller extra points for low-value transactions. |
In exchange, Amex is introducing Everyday Rewards as a new Membership Rewards transfer partner. Once major updates take place, Membership Rewards points can be redeemed for everyday shopping at Woolworths, with transfers at a 5:4 rate.
How do the changes impact you?
Amex comes with a high cost, so it’s only reasonable to expect good value from every dollar spent. Yet with the new changes, your Amex points will soon no longer stretch as far as they used to.
If you’re a frequent spender or an SME owner who relies on Amex credit card for regular business expenses and often transfers points to miles, here’s what you can expect:
- Reduced return on high monthly spends: The same amount of spending will earn fewer points, lowering overall rewards.
- Lower air mile accumulation: Major airline transfer rates are dropping, so flights will cost more points, and Thai Airways transfers are being removed entirely
- Fewer benefits for the same level of business expense: Perks and rewards coming from high business expenses, which once felt valuable, will soon deliver less impact.
Exploring alternatives to Amex
If you’re using your Amex credit card to rack up miles or manage business spending, these upcoming changes mean you’ll soon be getting less for the same effort. What once earned you premium travel rewards or strong returns on your high monthly transactions will deliver reduced value.
The good news is, Visa and Mastercard credit cards still let you earn full-value rewards and make the most of your spending–all while offering wider global acceptance.
See the benefit comparison for similar spend below:
| Card Type | Reward Value / Mile | Interest-Free Days | Acceptance | Perks |
|---|---|---|---|---|
| Amex | Reduced (post-2025 change) | Up to 40 days | Limited (especially SMEs) | High-tier perks |
| Visa | Full-value rewards | Up to 55 days | Widely accepted | Cashback, air miles |
| Mastercard | Full-value rewards | Up to 55 days | Global reach | Points + FX perks |
Overall, using Visa or Mastercard can be as valuable. Higher-tier cards typically offer premium benefits, such as points, cashback, and air miles–comparable to what Amex gives before the changes take place.
For travellers, cards focused on earning miles can still deliver strong rewards. While SME owners can opt for ones with longer interest-free periods to maintain healthy cash flow.
The key is choosing smart to get the most value from your spending. This way, you can keep your rewards rolling, even if Amex isn’t as generous anymore.
The smarter switch for businesses of all sizes: Fund by Card with Instarem
For many businesses, credit cards aren’t just for travel. They’re also how expenses, vendor payments, and cashflow are managed. When rewards shrink, it impacts more than just your miles, it affects your business value too.
That’s where the Fund by Card feature comes in. With Instarem, you can use your Visa or Mastercard credit card to fund expenses and vendor payments—with wider global acceptance, something that’s often limited for SMEs using Amex credit cards.
This means, you can keep earning full-value rewards on every transaction while enjoying the flexibility and competitive exchange rates—a smart way to keep your cashflow strong.
Switching to Visa or Mastercard with Instarem’s Fund by Card feature lets you get more out of your payments, especially if you’re using a credit card for business expenses.
Here’s how using Visa or Mastercard via Instarem compares to Amex:
| Feature | Amex (post-Dec 2025) | Visa / Mastercard (via Instarem) |
|---|---|---|
| Reward Value | Up to 50% lower | Full 1:1 earn rate |
| Airline Transfers | Reduced or removed | Unaffected |
| Interest-Free Days | Up to 40 days | Up to 55 days |
| Vendor Acceptance | Limited (SME impact) | Global coverage |
| Cashflow Benefit | Minimal | Interest-free + flexible |
Enjoy full reward value from your card—whether it’s miles, cashback, or points—while benefiting from Instarem’s competitive FX rates and low-cost fees on international money transfers, helping you save more on global transactions.
Switch smart. Keep your rewards intact
Before you go…
While Amex rewards are shrinking, your earning potential doesn’t have to. With Visa or Mastercard credit cards, you can make the most of every transaction and keep your full-value rewards rolling.
For SME owners, using Instarem’s Fund by Card feature will be even more rewarding. Get to earn rewards from your credit card, while enjoying Instarem’s competitive FX rates and low-cost international money transfer fees.
Don’t let your rewards lose their shine. Switch how you pay and not how you earn—and that Bali trip is still waiting in the corner.
FAQs
When do the Amex reward changes take effect?
The changes take effect from 15 December 2025. The last day to transfer points at the current, higher rates is 14 December 2025.
Why is Amex reducing conversion rates?
Amex aims to maintain a sustainable rewards program, ensuring it can continue offering benefits to cardholders over the long term.
Can I still transfer points to airlines after 14 December 2025?
Yes, you can. However, the conversion rates for 7 major airlines will be lower, and Thai Airways will no longer be available as a transfer option.
How can Instarem help me keep earning rewards?
Instarem’s Fund by Card feature lets you link your Visa or Mastercard to pay local and global vendors. Your card continues to earn full-value rewards, which you can redeem later.
