It hasn’t been smooth sailing in the rewards credit card space lately. There’s been a raft of changes across Westpac, Citi and CBA. These shifts, including point devaluations and the removal of transfer partners, are likely connected to upcoming changes from the Reserve Bank of Australia (RBA).

For collectors of Membership Rewards, the program is evolving with new partnerships and updated transfer and earn rates. While some changes will impact how you convert points, they also present new opportunities for your rewards strategy. Here’s everything you need to know to navigate these updates and continue to get the most out of your points.

So, what exactly is changing?

The most significant change is the devaluation of points for several international airline partners. You’ll soon need more Membership Rewards points to get the same number of frequent flyer points.

• Devaluation of Transfer Rates: The hardest hit is the transfer rate for British Airways, Cathay, Etihad, Malaysia Airlines, Qatar Airways, and Virgin Atlantic is changing from 2:1 to 3:1. This effectively means you’ll need 50% more Membership Rewards points to get the same number of miles. The conversion rate for Emirates Skywards is also changing, from 3:1 to 4:1.
• Removal of a Partner: Thai Airways’ Royal Orchid Plus will no longer be a transfer partner from December 15, 2025.
• New Transfer Partner: On the upside, American Express is adding a new partner: Everyday Rewards. This will allow you to convert your Membership Rewards points to Everyday Rewards points at a 5:4 rate. From there, you can convert Everyday Rewards points to Qantas Frequent Flyer points at a 2:1 rate, which provides a new, albeit indirect, way for most cardholders to earn Qantas Points.
• New Points Calculation Method: Amex is also changing how it calculates points. Previously, points were only earned on whole dollar amounts, but from December 15, 2025, they’ll be rounded to the nearest dollar before points are calculated. This small change could mean a few extra points on many low-value transactions.

It’s not all bad news!

Some cardholders can breathe a sigh of relief as not all transfer partners are affected. If you’re banking:

• Velocity Frequent Flyer
• Air New Zealand Airpoints
• Hilton Honors
• Marriott Bonvoy points

the earn rate will remain the same. The transfer rate for Qantas Frequent Flyer also remains unchanged for American Express Platinum cardholders. The changes do not affect co-branded Qantas and Velocity cards or the Business Ascent, Corporate Choices, Corporate Membership Rewards and Corporate Spirit accounts.

Another New Pathway to Qantas Points

American Express is also adding Everyday Rewards as a new transfer partner at a 5:4 rate. This new partnership provides a way for cardholders to indirectly transfer their points to Qantas Frequent Flyer.

While specific details for the new American Express and Everyday Rewards partnership are still emerging, some general information about point transfers is available:

• Transfer Time: The time it takes to transfer points varies by partner. Transfers to some programs like Qantas and Velocity are generally instant, while others can take up to seven business days. It can take up to 72 hours for Everyday Rewards points collected in the ordinary course to appear in an account.
• Minimum Transfer: Minimum transfer amounts for other partners can be as low as 1,000 points, but a specific minimum for the Everyday Rewards partnership has not been announced.
  Fees: There are typically no fees for converting points to airline programs. However, there may be specific conditions depending on the program.

Or, you could use it for cash off at the checkout on your next Woolies shop.

Don’t panic just yet!

With these changes on the horizon, it’s a good time to review your points strategy. Thankfully Amex gave us all a little heads-up. The devaluations for some international airline partners mean that transferring points to those programs may no longer offer the same value. If you have a large balance of Membership Rewards points, consider transferring them to your preferred frequent flyer program before the December 14 deadline to take advantage of the current rates.

For those who rely on earning Qantas Points, the new partnership with Everyday Rewards offers a valuable alternative. Make sure you understand the conversion process and any associated timelines to get the most out of this new redemption option. If you’re hoarding British Airways, Cathay, Etihad, Malaysia Airlines, Qatar Airways and Virgin Atlantic, now might be the time to review your strategy.

Stay informed by regularly checking for updates from American Express and its partners. Be proactive in your points strategy to ensure you continue to maximise the value of your Membership Rewards.