Amex MR Devaluation 2025: Should I Transfer Points Before 15 December?
Locking in the current transfer rates could pay off
There are now just days left until American Express devalues its Membership Rewards program on 15 December 2025. These changes were announced back in September, in a move that was naturally hard to swallow for many Amex cardholders.
Despite the impending changes, we're still huge fans of American Express Membership Rewards. It is by far the best flexible rewards program in Australia, at least in our expert opinion, thanks mostly to the huge number of airline transfer partners that other banks simply don't offer. Even once the changes kick in, Amex will continue to offer the same or a better transfer rate than nearly every competitor.
What Amex Is Changing From 15 December
In case you aren't already aware, American Express Membership Rewards (the flexible rewards program for Amex cards) will update its transfer rates for a number of airline partners on 15 December 2025. To lock in the current rate, you will need to transfer before the end of 14 December.
The rates that are changing are as follows.
In addition to worsening transfer rates, Thai Royal Orchid will no longer be an Amex transfer partner. This is disappointing news as Thai offers some reasonable value redemptions out of and into Australia.
The transfer rates for all other Membership Rewards partners, including Air New Zealand Koru, Hilton Honours, Marriott Bonvoy, Qantas, Singapore Airlines KrisFlyer, and Velocity, will not change.
It is also worth mentioning that while Singapore Airlines KrisFlyer will remain at 3:1, Amex not too long ago devalued both KrisFlyer and Emirates Skywards from 2:1 to 3:1. For Skywards, that means the program is being hit with another devaluation just two years after the most recent change.
Should I Transfer My Amex MR Points Before 15 December?
Making a transfer before the devaluation would make sense if you have a clear plan, or you regularly redeem with the partners facing a rate hike. Otherwise, keeping your points with Membership Rewards still offers strong value and more flexibility.
As is usually the case with these sorts of things, the decision to transfer your Membership Rewards Points before will depend on your own situation. If you already have a trip in mind, making a transfer now is a no-brainer. This is especially the case if you have found a suitable reward seat.
A jump from 2:1 to 3:1 means that you will need more MR Points to book the same flight as of next week. Even if you don’t know where you want to fly, making a transfer now could pay off big time. That’s as long as you make a smart choice, because after the transfer, your points are stuck with that airline program. So if you’re not sure who you’ll fly with, or you value flexibility, it may be smarter to sit tight.
KrisFlyer, Velocity, and Qantas (for Platinum cardholders) will remain at their current rates. If you plan to use these programs, there’s no financial advantage in rushing a transfer.
If you’re still confused, the key questions to ask yourself are:
- Do I have a specific redemption in mind? If yes, consider a transfer now.
- Is award space available for the flight I want? If you can book immediately, the maths favours transferring for partners that will devalue.
- Do I need redemption flexibility over the next year? If so, MR Points avoid locking you into a single airline.
- Am I transferring just to avoid FOMO? This is rarely a good reason.
Which Program Should I Transfer To?
If you’ve decided to make a transfer before the changes land, a few programs stand out for high–value redemptions and typically strong availability. Here are some practical examples to help you weigh your options.
Cathay Pacific Asia Miles
Asia Miles remains one of the most versatile and reasonably priced loyalty programs within the oneworld alliance. Of course, Asia Miles also offers enhanced availability for Cathay Pacific flights. So, if you plan to visit Asia, Cathay Asia Miles is worth considering.
For example, Sydney to Hong Kong in Cathay Business is normally 58,000 Asia Miles. That’s 116,000 MR points now, or 174,000 MR points from 15 December.
If you extended to Europe, you’d need 110,000 Asia Miles, which would be 220,000 MR points now, or 330,000 MR points following devaluation.
Qatar Airways Avios
Qatar Avios is a solid points currency to consider, as it will offer some of the best value to Europe. If a Euro Summer is on your list for next year, transferring MR Points to Qatar Avios also offers enhanced access to the world-class Qsuite on many flights from Australia to Doha.
For example, you would need 90,000 Avios to fly Qatar Business Class from Australia to Europe. That’s an equivalent 180,000 MR Points today, or 270,000 points from 15 December.
British Airways Avios
Avios can also be useful for booking short-haul Qantas flights via British Airways. This is especially the case for flights up to 2,000 miles, before the price jumps quite a bit.
For example, Perth to Melbourne in Qantas Business can be had for 22,000 Avios. That’s an equivalent 44,000 MR Points today, or 66,000 points from 15 December.
Here are the first four zones for Avios partner redemptions:
Summing Up
American Express will increase the cost of transferring Membership Rewards points to several airline partners from 15 December 2025. If you already have reasonably firm travel plans, moving points before the deadline could save you a substantial number of points. But if you don’t have a specific booking lined up, the flexibility of holding Membership Rewards Points may still be more appealing than locking yourself into a single program.
The best approach is simple: transfer if you know you’ll be able to use the points, award space is available (or normally reliable), and the partner you want is one of the programs facing a higher rate from next week.
