Between April and August 2026 we re-audited the modeled redemption value of every major loyalty currency in our dataset. This is our quarterly Points Devaluation Index: not official cent-per-point benchmarks (programs don't publish those — that would be accountability), but our estimated real purchasing power per point based on bookable awards.
Method: compare what a point could buy in mid-April against what it buys today, adjusted for award pricing, availability, and fees. The short version: hotels took the largest single cut, airlines shuffled, and bank points quietly got stronger by standing still.
| Program | April 2026 (¢) | August 2026 (¢) | Change | Direction |
|---|---|---|---|---|
| Hilton Honors | 0.50 | 0.40 | −20.0% | Devalued |
| Southwest Rapid Rewards | 1.35 | 1.25 | −7.4% | Devalued |
| World of Hyatt | 1.70 | 1.60 | −5.9% | Devalued |
| Delta SkyMiles | 1.25 | 1.20 | −4.0% | Devalued |
| American AAdvantage | 1.10 | 1.40 | +27.3%* | Mixed |
| Marriott Bonvoy | 0.70 | 0.80 | +14.3% | Revalued up |
| United MileagePlus | 1.20 | 1.35 | +12.5% | Revalued up |
| IHG One Rewards | 0.50 | 0.60 | +20.0% | Revalued up |
| Wells Fargo Go Far | 1.65 | 1.75 | +6.1% | Revalued up |
| JetBlue TrueBlue | 1.30 | 1.35 | +3.8% | Revalued up |
| Avianca LifeMiles | 1.40 | 1.45 | +3.6% | Revalued up |
*AAdvantage is the cautionary tale in this table. Our estimate climbed to 1.6 cents in June off strong transatlantic partner availability, then slid back to 1.4 cents in August as saver space thinned. Anyone who transferred at the June peak has already eaten a 12.5% loss on the value of that transfer — in ten weeks. Printed bank points became airline miles, and airline miles do what they want.
The Headline Cut: Hilton
Hilton Honors is the only major currency to lose a fifth of its value in four months. It compounds with the industry's favorite trick: pairing the continued slide with loud transfer bonuses. A 100–200% transfer bonus into a currency that keeps shrinking is not generosity; it is inventory liquidation with confetti. We said it in the July index and the data agrees.
The Quiet Softening: Hyatt
Hyatt remains the only hotel program over 1.5 cents and is still the best place to park Chase points. The dip from 1.7 to 1.6 reflects dynamic-pricing creep at the top of the chart, not a collapse — but the direction is worth watching, because Hyatt was supposed to be the fixed award chart holdout.
What Actually Gained Value
The unglamorous answer: bank programs. Wells Fargo Go Far Rewards rose 6% as its transfer partner roster matured. United and IHG estimates rose on improved award availability rather than pricing — "easier to use" counts. The pattern over the quarter is consistent: flexible bank points added partners and held value while hotel and airline balances drifted. The safest loyalty currency continues to be the one you haven't converted yet.
What To Do With This
1. Hold transferable points as long as possible — this quarter's data is the whole argument.
2. If you're sitting on Hilton points with no booking planned, book something. Decay is structural, not cyclical.
3. Treat any transfer bonus into a devaluing currency as a sell signal, not a buying opportunity.
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