Amex Membership Rewards Changes in 2026: What It Means for Points Value and Selling Miles
by admin
American Express Membership Rewards (MR) remains one of the most powerful and flexible points currencies in the world. But as we move into 2026, subtle but important changes to transfer ratios and partners are reshaping how valuable these points really are—especially for travelers, resellers, and anyone considering selling airline miles or points.
While there’s no new regulation in 2026 that directly bans or restricts selling Amex points, program-level changes are having a real impact on value, demand, and resale attractiveness.
Here’s what you need to know.
No New Regulations — But Real Changes Under the Surface
To be clear:
There is no single major regulatory update in 2026 that directly affects the legality of selling airline miles or Amex Membership Rewards points.
However, program changes matter just as much as laws.
American Express has been quietly adjusting transfer mechanics, partner availability, and conversion ratios—moves that directly influence:
- How much value you can extract per point
- Which airline miles are most desirable
- How attractive MR points are in secondary markets
Key Amex Transfer Devaluation in 2026
One of the most notable updates affecting Membership Rewards holders is a transfer devaluation to Cathay Pacific Asia Miles.
🔻 Cathay Pacific Asia Miles Transfer Change
- Old ratio: 1:1
- New ratio: 5:4
- Effective date: March 1, 2026
This means that 1,000 Amex MR points now convert to just 800 Asia Miles.
Why This Matters
- Fewer airline miles per MR point = lower redemption value
- Reduced attractiveness for premium cabin redemptions
- Lower resale appeal for Asia Miles compared to previous years
For those who sell miles or points, transfer devaluations reduce buyer demand and pricing leverage, especially for programs that were previously considered top-tier.
(Source: AwardWallet)
Late-2025 Amex Changes Still Impacting 2026
In addition to the Asia Miles devaluation, other Membership Rewards adjustments introduced in late 2025 are continuing to affect point value in 2026, including:
- Removal of select airline transfer partners
- Introduction of new partners with less favorable conversion ratios
- Increased variability in transfer bonuses and promotions
These changes mean not all MR points are equal anymore—value now depends heavily on:
- Which airline you plan to transfer to
- Timing of promotions
- Award chart inflation on the airline side
What This Means for Selling Amex Points or Airline Miles
Even without regulatory changes, selling points in 2026 is more sensitive to program mechanics than ever before.
Key Takeaways:
- Devaluations reduce resale value and buyer interest
- Buyers prefer flexible, high-ratio transfer partners
- Points tied to weakened partners may sell slower or for less
- Timing transfers before announced devaluations is critical
For sellers, information and timing are now more important than volume.
The Bigger Picture for 2026
Amex Membership Rewards is still a premium currency—but it’s becoming more dynamic and less predictable.
In 2026, the smartest points holders are:
- Monitoring transfer ratio changes closely
- Avoiding speculative transfers
- Valuing flexibility over hoarding
- Watching which airline programs retain strong redemption value
At MileageSpot, we’ll continue tracking these shifts so you can make informed decisions—whether you’re redeeming, transferring, or selling your miles.
