Amex Singapore Points Devaluation: How it Impacts Your Airline Miles

American Express cardholders in Singapore who value their points for airline travel should take note: a significant change is coming to the Membership Rewards program. The value of your points when transferred to any of Amex’s eight airline partners will be reduced, meaning it will cost more points to get the same number of miles. This devaluation takes effect on 23 February 2026, impacting the value of both your existing points balance and any you earn between now and then.

The New Transfer Ratios: A 25-50% Increase in Points Cost

This Amex Singapore points devaluation affects every airline partner in the program, including popular choices like Singapore Airlines KrisFlyer, Cathay Pacific Asia Miles, and Qantas Frequent Flyer. The change isn't uniform and depends on your card and the airline you choose.

Here’s a breakdown of the new cost:

• For Platinum Charge & Centurion Cards: Most airline transfers will shift from a ratio of 400 points to 250 miles to 500 points to 250 miles. This is a 25% increase in the number of points required for the same number of miles.
• For other Membership Rewards Cards: The standard ratio will move from 450 points to 250 miles to 550 points to 250 miles.
• Emirates Skywards is Hit Hardest: Platinum and Centurion members will see the transfer ratio for Emirates Skywards jump from 400 points to 600 points for 250 miles—a steep 50% increase in cost. For other cardholders, the increase is around 44%. It's also worth noting that American Express has suspended transfers to Emirates Skywards since 29 May 2025, with no confirmed date for resumption.

Impact on Earn Rates, Existing Points, and Welcome Bonuses

Crucially, this change retroactively devalues every point in your Membership Rewards account. The points you’ve already earned will be worth less for airline redemptions after the deadline.

This directly lowers the effective earn rate of your card. For example, a Platinum Charge cardholder’s general spending, which currently earns approximately 0.78 miles per dollar (mpd), will effectively drop to just ~0.63 mpd. Even bonus categories are impacted; spending with Singapore Airlines and Scoot will fall from ~1.95 mpd to about 1.56 mpd.

The devaluation also diminishes the value of welcome bonuses. A sign-up bonus of 98,250 Membership Rewards points, currently worth about 61,400 miles, will only yield around 49,100 miles after the change—a loss of over 12,000 miles. Similarly, a referral bonus of 140,000 points loses roughly 17,500 miles in value.

The only cards immune to this change are the Amex KrisFlyer co-branded cards, as they earn KrisFlyer miles directly and do not use the Membership Rewards transfer system.

A Coordinated Global Strategy

These American Express rewards changes in Singapore are not happening in a vacuum. They are part of a consistent global trend of Amex adjusting the value of its points programs.

• In Australia, airline transfer costs were increased by up to 50% in December 2025.
• The United Kingdom saw the value of Emirates transfers cut by 33% in February 2026.
• Cardholders in the United States experienced cuts of around 20% for partners like Emirates and Asia Miles.
• Similar devaluations have also been rolled out in Germany and Hong Kong, with reductions ranging from 12% to 30%.

This pattern suggests a worldwide strategy by American Express to reduce the operating costs associated with its popular Membership Rewards program.

What Cardholders Should Do Next

With a clear deadline, you have time to act. Here are the key steps to consider to protect the value of your points.

1. Transfer Your Points by the Deadline. The most important action is to transfer any Membership Rewards points you plan to use for flights before the changes take effect. You must initiate your transfers to airline partners by 22 February 2026 to lock in the current, more favorable rates.

2. Consider Hotel Partners. While airline transfer values are decreasing, transfers to hotel loyalty programs like Hilton Honors and Marriott Bonvoy remain unchanged for now. If you have flexible travel plans, converting your points to hotel stays could offer better value after the devaluation kicks in.

3. Leverage the Limited-Time Promotion. To soften the blow, American Express is offering a foreign currency spending promotion for Platinum Card members. From 23 February 2026 to 22 February 2027, you can earn up to 7 Membership Rewards points per S$1.60 spent overseas (capped at S$15,000). This works out to an effective earn rate of ~2.18 miles per dollar, providing a temporary boost.

4. Re-evaluate Your Long-Term Strategy. This devaluation is a good reason to review your credit card strategy. Compare the new Amex earn rates against other Singapore travel loyalty programs to ensure your primary card still aligns with your spending habits and travel goals. Given the wider KrisFlyer devaluation impact and shifts across the loyalty landscape, what worked yesterday may not be the best option for tomorrow.