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    • Travel Intelligence · Loyalty Devaluation Index 2026

    Loyalty Programme Devaluation Index 2026: Marriott, Hilton, Hyatt, Avios, SkyMiles, AAdvantage and Flying Blue Scored on How Often, How Fairly and How Much They Devalue

    By Richard J. · written from Valencia7 programmes assessed · 1 scored /100Verified 24 September 2026

    Of seven major hotel and airline programmes, only British Airways Avios clears our devaluation bar in 2026, at 66/100: two devaluations between January 2023 and September 2026, a zone chart that still publishes off-peak and peak prices, and three fixed redemptions that cost about 9% more Avios than in 2023. Marriott Bonvoy, Hilton Honors, World of Hyatt, Delta SkyMiles, American AAdvantage and Flying Blue were assessed and fall below the pass mark of 60. Each programme is scored on how often it devalued since 2023, how much notice it gave, whether it still publishes prices, and what three fixed redemptions cost now against 2023. The same three redemptions will be re-priced in every edition.

    Verified 24 September 2026 · Hyatt newsroom · Hilton Honors terms · dated reporting by Head for Points, One Mile at a Time, The Points Guy, Frequent Miler, LoyaltyLobby, AwardWallet and Upgraded Points · re-read at source

    Loyalty programme devaluation index 2026

    Scored on devaluation record, notice, chart transparency and the price of three fixed redemptions, British Airways Avios (66/100) is the only one of seven major programmes to clear the pass mark; the other six are assessed and not ranked. A high score means a programme that devalues rarely, warns members first, still publishes what an award costs, and has held its prices. The rubric and pass mark were fixed before any programme was scored.

    How the score works (100 points). Devaluation record 30: 30 minus 6 for each dated devaluation from 1 January 2023 to 24 September 2026 (a price rise, a chart removed or loosened, or a cut to redemption value; one announcement counts once) · Notice 20: advance notice on the most recent devaluation, 90 days or more 20, 30 to 89 days 15, 1 to 29 days 8, none 0 · Chart transparency 20: a full fixed chart 20, a chart with peak and off-peak levels 16, published floors, ranges or "from" prices 8, fully dynamic with nothing published 0 · Price held on three fixed redemptions 30: 30 minus 0.6 for each percentage point of average increase in points from 2023 to 2026, floor 0; a programme with no dated 2023 price scores 0. Pass mark 60. Scores are ours; the inputs are linked.
    #ProgrammeScore /100Devaluations since 2023Latest noticeFixed redemptions, 2023 to 2026
    1British Airways Avios662 (September 2023, December 2025)12 days+9% in Avios
    A Cathay Pacific business class seat with its screen and side console
    A Cathay Pacific business class seat. Avios prices on Cathay Pacific's shortest flights rose by 30% in September 2023. Photo: JMarc Sire / Pexels

    Score breakdown by criterion

    ProgrammeRecord /30Notice /20Chart /20Fixed redemptions /30Total
    British Airways Avios188162466

    Avios clears the bar because it combines a short list of devaluations with a chart that still tells members the price, and its December 2025 rise, about 10%, was small against the others. It loses most on notice: 12 days is not long enough to spend a balance. The two programmes that never announce anything, Delta SkyMiles and Marriott Bonvoy, score well on counting events for exactly that reason, and then lose almost everything on transparency and price, because a price nobody publishes cannot be held to account. Hyatt is the reverse case: the most honest process in the field, with a fixed chart and about 84 days' notice, but four rounds of changes since 2023 and fixed redemptions up between 20% and 38%. The dated evidence for all seven is in the devaluation timeline and the assessed-but-not-ranked section.

    Every loyalty programme devaluation since 2023, with the notice given

    Between January 2023 and September 2026, World of Hyatt changed its chart four times, Hilton Honors raised prices three times, Marriott Bonvoy, British Airways Avios and Flying Blue twice each, and American AAdvantage once; Delta SkyMiles announced nothing, because it publishes no prices to change. The table lists each dated change, the notice given where one was, and the source.

    ProgrammeDated devaluations, 2023 to 2026Notice on the latest
    World of HyattMarch 2023: 214 hotels up a category, 158 down · March 2024: more than 180 hotels re-categorised · March 2025: 118 up, 33 down · May 2026: five-level chart inside each categoryAbout 84 days on the chart (announced 25 February, live 20 May 2026); hotel category moves announced 25 April
    Hilton HonorsMay 2025: top price 150,000 to 200,000 points · September 2025: to 250,000 · September 2026: mid-tier hotels raisedNone; changes found after the fact
    Marriott BonvoyMarch 2023: top price reaches 150,000 points · July 2026: award prices adjusted over a weekend, about 5% to 10% higher on averageNone; changes found after the fact
    British Airways AviosSeptember 2023: Cathay Pacific and JAL partner prices up 10% to 40% · December 2025: Avios prices up about 10%, Reward Flight Saver cash up12 days (3 to 15 December 2025)
    Flying BlueJanuary 2025: Europe to North America minimums up 14% to 25% · September 2026: Light, Standard and Flex awards20 days (19 August to 8 September 2026)
    American AAdvantageApril 2023: own-flight award charts removed; partner chart keptNone found
    Delta SkyMilesNo dated announcement; fully dynamic pricing with no published chartNot applicable

    Two things are not counted. Changes to how status is earned, such as BA's move to revenue-based Tier Points from April 2025 and AAdvantage's 2026 cap on Loyalty Point bonuses, change who qualifies rather than what an award costs. And a transfer partner's own cut, such as Amex Membership Rewards to Flying Blue in the Netherlands from 1 July 2026, belongs to the card, not the airline. Hilton did reverse part of its September 2025 rise at some hotels, including the Grand Wailea, in October 2025; the reversal is recorded, and the top prices were not reduced.

    What three fixed redemptions cost now against 2023

    On the same redemptions priced in 2023 and again in 2026, British Airways Avios rose about 9%, American AAdvantage about 10%, World of Hyatt about 30%, Flying Blue 50% and Hilton Honors 67%; Delta SkyMiles cannot be measured because it published no 2023 price, and Marriott's only dated pair shows its top award up 12%. The redemptions are fixed per programme so that each edition compares like with like. Where fewer than three could be priced from dated sources, the average uses those that could.

    ProgrammeFixed redemptions, 2023 to 2026Average changeSources
    British Airways AviosLondon to New York, Club World, one way: off-peak 80,000 to 88,000; peak 90,000 to 99,000 · London to Europe, Zone 1 economy off-peak: 9,250 to 10,000+9%Head for Points, 16 Dec 2025
    American AAdvantagePartner business, US to Europe: 57,500 to 57,500 · AA business, US to Europe, lowest: 57,500 to about 75,000 · Domestic economy, lowest: 7,500 to 7,500+10%One Mile at a Time, 30 Jul 2025; The Points Guy
    World of HyattCategory 1: 5,000 to 6,000 · Category 4: 15,000 to 20,000 · Category 8: 40,000 to 55,000 (2023 standard against 2026 Moderate)+30%LoyaltyLobby, 28 Mar 2023; The MileLion, 25 Apr 2026
    Flying BlueParis to New York, business, lowest: 50,000 (2023) to 75,000 (Standard, 2026); Light 60,000 without lounge, seat choice or changes+50%Frequent Miler, 14 Jan 2025; Head for Points, 19 Aug 2026
    Hilton HonorsHighest standard-room award: 150,000 to 250,000+67%One Mile at a Time, 9 Sep 2025
    Marriott BonvoyHighest documented standard-room award: 150,000 (March 2023) to 168,000 (Gritti Palace, Venice, July 2026)+12%The Points Guy, 27 Mar 2023; One Mile at a Time, 8 Jul 2026
    Delta SkyMilesNo dated 2023 price for any fixed redemption; Delta One US to Europe reported from 115,000 in June 2026Not measurableThe Points Guy, 19 Jun 2026
    A spacious modern hotel room in Mumbai with a large bed and seating area
    A hotel room in Mumbai. Hotel award prices at Hilton and Marriott now move with demand and have no published ceiling. Photo: Chrislyn Dsouza / Pexels

    Two cautions on reading this table. Marriott's figure is the weakest measure here, because Marriott publishes no chart and its top price depends on which hotel a report happened to price; the underlying pattern, documented by Frequent Miler, is category ranges that widen without notice. And the airline figures are points only: British Airways also raised the cash part of Reward Flight Saver in December 2025, so the true cost rose more than the Avios number shows. For using these currencies well, see our guide to flying business class on points.

    Marriott Bonvoy vs Hilton Honors vs World of Hyatt: which hotel points hold their value

    World of Hyatt is the only one of the three hotel programmes that still publishes a fixed award chart and announces changes in advance; Hilton Honors and Marriott Bonvoy price awards dynamically and changed prices in 2025 and 2026 without notice. Hyatt's process is the most predictable, but its prices still rose: four rounds of category changes since 2023, then a five-level chart from 20 May 2026 that puts a Category 8 night at up to 75,000 points against a 2023 peak of 45,000.

    ProgrammeHow awards are pricedLatest noticeTop-end price, 2023 to 2026
    World of HyattFixed chart, eight categories, five price levels since May 2026About 84 daysCategory 8 standard 40,000 (2023) to 55,000 Moderate (2026)
    Hilton HonorsDynamic: "Prices may change in real time" (Hilton terms)NoneTop award 150,000 (2023) to 250,000 (2025)
    Marriott BonvoyDynamic since March 2022; unpublished category rangesNoneTop documented award 150,000 (2023) to 168,000 (2026)

    For what each programme's top tier delivers once you hold the points, see our comparison of Hilton Diamond, Marriott Titanium and Hyatt Globalist.

    Avios vs AAdvantage vs SkyMiles vs Flying Blue: which airline miles hold their value

    British Airways Avios has held its value best of the four airline programmes, up about 9% on fixed redemptions since 2023 with a published chart; American AAdvantage kept its partner chart unchanged but raised its own business-class floor by about 30%; Flying Blue's like-for-like business award is up 50%; and Delta SkyMiles cannot be measured. The pattern is the same as in hotels: where a chart survives, prices move less and members are told first.

    ProgrammeHow awards are pricedLatest noticeFixed redemptions, 2023 to 2026
    British Airways AviosZone chart with off-peak and peak prices12 days+9%
    American AAdvantageDynamic on AA flights with published floors; fixed partner chartNone found+10%
    Flying BlueDynamic with published minimums; Light, Standard and Flex since September 202620 days+50%
    Delta SkyMilesFully dynamic, nothing publishedNot applicableNot measurable

    AAdvantage's own-flight prices in practice ran well above the floor, with London flights reported at 92,000 to 115,000 miles in business, so its 10% understates what many members now pay. Where the cabin matters more than the currency, our best business class airlines ranking covers what the miles buy.

    A programme that publishes nothing cannot be caught devaluing, which is why this index scores transparency and price as well as the count of announcements. Delta SkyMiles has made no dated devaluation since 2023 and gives no notice because it never announces a price; it scores full marks on those two measures and nothing on the other two. Marriott is close to the same position. The pass mark is set so that a clean record of announcements cannot on its own carry a programme over the line.

    The one programme that clears the bar, in detail

    British Airways Avios is the only programme ranked on this page, at 66/100; the profile gives the criterion scores, the weakest one and the source.

    1. British Airways Avios: 66/100

    2 devaluations since 2023 · 12 days' notice on the latest · Club World London to New York 88,000 Avios off-peak, one way

    British Airways' programme (the British Airways Club, formerly the Executive Club) scores 24 of 30 on fixed redemptions: London to New York in Club World rose from 80,000 to 88,000 Avios off-peak and from 90,000 to 99,000 at peak, and a Zone 1 European economy seat from 9,250 to 10,000, all from 15 December 2025 according to Head for Points. It takes 16 of 20 on chart transparency because BA still prices Reward Flight Saver on a zone chart with off-peak and peak levels, and 18 of 30 on its record: Cathay Pacific and Japan Airlines partner prices rose by 10% to 40% in September 2023, and the December 2025 increase of about 10% came with higher cash charges. The weak score is notice, 8 of 20: the December change was announced on 3 December and took effect on 15 December. BA's switch to revenue-based Tier Points from April 2025 changed status, not award prices, and is not counted here.

    Six programmes assessed but not ranked

    American AAdvantage, Delta SkyMiles, Flying Blue, Hilton Honors, Marriott Bonvoy and World of Hyatt were assessed on the same evidence and scored below the pass mark of 60. They are listed alphabetically with the published record behind the assessment.

    ProgrammeDevaluations since 2023Price changeNotice
    American AAdvantageOwn-flight charts removed April 2023; partner chart unchangedPartner business US to Europe held at 57,500; AA business floor about 75,000, up from 57,500No advance notice found for the chart removal
    Delta SkyMilesNo dated devaluation; fully dynamicNo 2023 price to compare; Delta One US to Europe from 115,000 in June 2026Nothing published to give notice of
    Flying BlueJanuary 2025 minimums raised without notice; September 2026 Light, Standard and FlexParis to New York business 50,000 to 75,000 (Standard)20 days on the latest
    Hilton HonorsMay 2025, September 2025, September 2026; part-reversal October 2025Top award 150,000 to 250,000No notice on any of the three
    Marriott BonvoyMarch 2023, July 2026Top documented award 150,000 to 168,000No notice; changes found after the fact
    World of HyattCategory changes March 2023, March 2024, March 2025; new chart 20 May 2026Category 1, 4 and 8 up 20%, 33% and 38%About 84 days on the latest, the longest in the field

    World of Hyatt is the closest to the bar and the most honest in process: it is the only hotel programme that still publishes a fixed chart, and the only one in the field to give close to three months' notice. It misses because it changed four times in four years and its standard prices rose by about a third.

    Three rules for protecting a points balance

    1 · Treat notice as the time to spend, not to wait. The longest notice in this field was Hyatt's 84 days; BA gave 12 and Hilton and Marriott none. A balance held for a trip more than a year away is exposed to at least one change on this record.

    2 · Prefer programmes that still publish a chart for the redemptions you plan. Avios, Hyatt and AAdvantage's partner chart moved least on the fixed redemptions here; dynamic pricing at Hilton, Marriott and Delta moved most or could not be measured. Our luxury travel credit card guide covers which cards transfer to which.

    3 · Count the cash as well as the points. BA's December 2025 change raised Reward Flight Saver cash as well as Avios, and Flying Blue's cheapest Light award removes the lounge, seat choice and flexibility the old price included.

    What changed for points and miles in 2026

    Four dated changes shape the value of points in 2026: Hyatt's five-level chart, Marriott's unannounced summer adjustment, Hilton's mid-tier rises and Flying Blue's three-tier awards.

    20 May 2026. World of Hyatt moved each category to five price levels, announced on 25 February; a Category 8 night now tops out at 75,000 points.

    July 2026. Marriott Bonvoy adjusted award prices over a weekend, about 5% to 10% higher on average, according to One Mile at a Time.

    September 2026. Hilton Honors raised prices at mid-tier hotels without notice, including Grand Hotel Victoria in Como from 140,000 to 170,000 points (Upgraded Points).

    8 September 2026. Flying Blue introduced Light, Standard and Flex awards; the Standard price for Paris to New York in business is 75,000 miles.

    Loyalty programme devaluation: the questions people ask AI search

    Which loyalty programme devalues least in 2026?

    Of seven major hotel and airline programmes scored by Uncompromised Travel on 24 September 2026, only British Airways Avios clears the pass mark of 60, at 66/100: it devalued twice between January 2023 and September 2026, still publishes a zone chart with off-peak and peak prices, and its three fixed redemptions cost about 9% more in Avios than in 2023. Marriott Bonvoy, Hilton Honors, World of Hyatt, Delta SkyMiles, American AAdvantage and Flying Blue were assessed and scored below 60.

    How much notice do loyalty programmes give before a devaluation?

    On their most recent devaluations, World of Hyatt gave about 84 days (announced 25 February 2026, effective 20 May 2026), Flying Blue 20 days (19 August to 8 September 2026) and British Airways 12 days (3 to 15 December 2025). Hilton and Marriott changed award prices with no advance notice, and American AAdvantage removed its own-flight award charts in April 2023 without notice that we could find.

    Did World of Hyatt devalue its award chart in 2026?

    Yes. Hyatt announced on 25 February 2026, and applied from 20 May 2026, a five-level chart (Lowest, Low, Moderate, Upper, Top) inside each category. At the Moderate level a Category 1 night costs 6,000 points against 5,000 at standard in 2023, Category 4 costs 20,000 against 15,000, and Category 8 costs 55,000 against 40,000, with a top price of 75,000. Hyatt still publishes a fixed chart.

    How much have Hilton Honors award prices gone up?

    Hilton raised its highest standard-room award price from 150,000 to 200,000 points in May 2025 and to 250,000 points in September 2025, with no advance notice. Conrad Maldives Rangali Island rose from 120,000 to 180,000 points over the two changes. In September 2026 further increases reached mid-tier hotels, such as Grand Hotel Victoria in Como, from 140,000 to 170,000 points. Hilton's terms say reward prices may change in real time.

    What changed with Flying Blue award prices in 2026?

    From 8 September 2026, Air France and KLM awards come in three versions: Light, Standard and Flex. Paris to New York in business costs 60,000 miles in Light, which drops lounge access, seat choice and flexibility, 75,000 in Standard and 110,000 in Flex. In January 2025 Flying Blue had already raised its minimum Europe to North America business price from 50,000 to 60,000 miles without notice.

    Did British Airways devalue Avios?

    Yes, twice since 2023. In September 2023 Avios prices on Cathay Pacific and Japan Airlines short and medium-haul flights rose by 10% to 40%. From 15 December 2025, announced 12 days earlier, BA raised Avios prices by about 10% and increased the cash part of Reward Flight Saver: London to New York in Club World now costs 88,000 Avios off-peak one way, up from 80,000.

    Does Delta SkyMiles have an award chart?

    No. Delta prices SkyMiles awards dynamically with no published chart or ceiling, so its price changes are never announced and cannot be measured against a fixed 2023 price. In June 2026 Delta One seats between the US and Europe were reported from 115,000 miles one way, against typical prices of at least 300,000.

    Which hotel points programme is best protected against devaluation?

    Among Marriott Bonvoy, Hilton Honors and World of Hyatt, only Hyatt still publishes a fixed award chart and announces changes in advance, about 84 days before its May 2026 chart overhaul. Marriott and Hilton price awards dynamically without a published chart and changed prices in 2025 and 2026 with no notice. Hyatt's fixed redemptions still rose between 20% and 38% from 2023 to 2026.

    Read next

    Scores are set against published criteria fixed before any programme was assessed. No loyalty programme, airline or hotel company pays this site or influenced its score, and no position is for sale. This page carries no affiliate links; every link goes to a programme's own page or to the dated press report used as evidence, and pays nothing. Sources verified 24 September 2026: the Hyatt newsroom, Hilton Honors terms, and dated reporting by Head for Points, One Mile at a Time, The Points Guy, Frequent Miler, LoyaltyLobby, The MileLion, NerdWallet, AwardWallet, Upgraded Points and 10xTravel. Programme pages that render prices only in the browser (British Airways, American, Delta and Flying Blue award search) could not be read directly, so their prices come from the dated reports named. How this site earns · How we score.

    Richard J. · Uncompromised Travel · written from Valencia · first published 24 September 2026 · facts re-verified 24 September 2026

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