American Express has announced some fairly significant changes to some of its transfer partner conversion rates. Overall, seven different airline partners will see a negative change to their transfer rates.
In addition to the changes in the transfer rates, the ability to transfer to Thai Airways will be removed. In its place will be a new transfer partner – the Woolworths Everyday Rewards program.
All that said, American Express has given more than 3 months’ notice of the changes – they don’t come into effect until 15 December. This gives you some time to come up with your game plan as to how you will handle the change. For example, you may decide to transfer points before 15 December to take advantage of the current rates.
Transfer Partners In, Transfer Partners Out
Transfer Partner leaving
From 15 December, you will no longer be able to transfer Membership Rewards points to the Thai Royal Orchid program. That said, you’ll be able to make transfers at the existing 2:1 rate until 14 December.
New Transfer Partner
On the other side of the ledger, you’ll soon be able to transfer Membership Rewards points to the Woolworths Everyday Rewards program. American Express have put it in the ‘coming soon’ bucket.
One of the interesting aspects of the Woolworths program is that it allows transfers to Qantas Frequent Flyer. As such, this may be a way of transferring points from the Membership Rewards program to Qantas Frequent Flyer.
Transfer Rate Changes
American Express is changing the transfer rate to a range of partners. In some cases, you will need 50% more Membership Rewards points to get the same number of airline points.
In total, seven Membership Rewards frequent flyer partners will see changes. British Airways, Cathay, Etihad, Malaysia Airlines, Qatar Airways and Virgin Atlantic will be seeing the transfer rate change from 2:1 to 3:1. The seventh airline, Emirates, will see a rate change of 3:1 to 4:1.
| Airline | Current Rate | New rate effective 15 Dec 2025 |
|---|---|---|
| British Airways | 2 Membership Rewards points = 1 Avios | 3 Membership Rewards points = 1 Avios |
| Cathay | 2 Membership Rewards points = 1 Asia Mile | 3 Membership Rewards points = 1 Asia Mile |
| Emirates | 3 Membership Rewards points = 1 Skyward Mile | 4 Membership Rewards points = 1 Skyward Mile |
| Etihad | 2 Membership Rewards points = 1 Etihad Guest Mile | 3 Membership Rewards points = 1 Etihad Guest Mile |
| Malaysia Airlines | 2 Membership Rewards points = 1 Enrich Mile | 3 Membership Rewards points = 1 Enrich Mile |
| Qatar Airways | 2 Membership Rewards points = 1 Avios | 3 Membership Rewards points = 1 Avios |
| Virgin Atlantic | 2 Membership Rewards points = 1 Virgin Point | 3 Membership Rewards points = 1 Virgin Point |
Other partners are not effected by this round of changes. In terms of airline programs, KrisFlyer will remain as a 3:1 ratio, Air New Zealand stays at 200:1 and Velocity will continue at 2:1. Hotel programs such as Hilton (2:1) and Marriott (3:2) will stay at their current transfer rates.
Reasons for these changes
American Express have not given a specific reason for making this changes. In their FAQ, they write
These changes are the result of several factors that influence how we can deliver a sustainable program whilst ensuring it continues to offer value and choice to our Card Members.
Some of social media have pointed to the upcoming changes in the surcharging rule and interchange rates. However, given these are just proposals, and would be more likely to impact the earnings rate, I think other reasons are more likely.
Continuing weakness in the Australian Dollar: The changes in transfer rates are pretty much right across the foreign airline transfer partners. As such, it is possible that Amex have been paying more for the points, and have decided to not absorb these price increases any longer. I suspect this is the most likely reason.
Price Rises in the Points: Amex have to pay transfer partners for the points, and it is possible that the costs have risen (beyond the increases resulting from the weak Australian Dollar). That said, I think it unlikely that they would have all increased simultaneously.
Final Words
Negative changes such as these are never welcome, although they are part and parcel of the points game. Fortunately, Amercian Express has given three months’ notice of the changes, so you can plan ahead.
