2025 was a rollercoaster ride in terms of the changes that took place. And, one with the significant award changes resulting in devaluation. Some were moderate, whereas some were shifted to dynamic awards and more. Here is the devaluation 2025 YearBook. This yearbook is meant to remind us that devaluation is part of the journey, and it is always better to earn & burn rather than to hoard miles & points.
January 2025: Air France-KLM & Marriott
Air France-KLM Flying Blue
- Program: Air France-KLM Flying Blue
- Type: Initially No Notice Devaluation
- Pullback: Partial
- Effective Date: 13th January 2025
- Impact:
- Both the Partner Award and the Air France-KLM Award were affected. [Blog]
- Air France-KLM Metal:
- Economy: 5000 Miles Increase
- Premium Economy: 5000 to 10000 Miles Increase
- Business Class: 10000 to 15000 Miles Increase
- Partner Award:
- Moderate Increase from 500 to 2000.
Marriott Bonvoy
- Program: Marriott Bonvoy
- Type: Initially No Notice Devaluation
- Pullback: No
- Effective Date: January 2025
- Impact:
- Marriott devalued award nights at multiple luxury properties. [Reference]
February 2025: Avianca Lifemiles
- Program: Avianca Lifemiles
- Type: No Notice Devaluation
- Pullback: No
- Instances in 2025: Twice (February 2025 & November 2025)
- Effective Date: February 2025
- Impact:
- Partner Awards were devalued. [Info]
- Avianca Metal: NA
- Partner Awards:
- Flights from the US to Europe and South Asia were devalued.
- United USA Domestic Awards were devalued.
March 2025: Air Canada Aeroplan & Hyatt
Air Canada Aeroplan
- Program: Air Canada Aeroplan
- Type: Announced [February 2025]
- Pullback: No
- Effective Date: 25th March 2025
- Impact:
- Select Partner (United, Emirates, Etihad, Fly Dubai, etc) Awards moved to dynamic pricing. [Reference]
World of Hyatt
- Program: World of Hyatt
- Type: Announced [February 2025]
- Pullback: No
- Effective Date: 25th March 2025
- Impact:
- As an annual ritual, Hyatt changed the hotel categories, resulting in increased points requirements. [Reference]
April 2025: Cathay Pacific Asia Miles & IHG
Cathay Pacific Asia Miles
- Program: Cathay Pacific Asia Miles
- Type: Announced [March 2025]
- Pullback: No
- Effective Date: 15th April 2025
- Impact:
- Cathay Pacific Business Award prices were slightly increased. However, the economy was somewhat lower. [Reference]
IHG One Rewards
- Program: IHG One Rewards
- Type: No Notice devaluation.
- Pullback: No
- Effective Date: April 2025
- Impact:
- The Award night price was increased at the major top-end IHG Hotels. [Reference]
May 2025: Hilton Honors
- Program: Hilton Honors
- Type: No Notice Devaluation
- Pullback: Partial
- Effective Date: May 2025
- Instances in 2025: Twice (May 2025 & September 2025)
- Impact:
- The maximum award night price cap was increased from 150K to 200K. However, there was a partial reversal around November.
June 2025: Lufthansa Miles & More, JAL Mileage Bank & ANA
Lufthansa Miles & More
- Program: Luthansa Miles & More
- Type: Announced. [February 2025]
- Pullback: No
- Effective Date: 3rd June 2025
- Impact:
- Miles & More Airlines moved to dynamic pricing; partner awards were not impacted. [Reference]
- This is still a modest devaluation, given that pricing under dynamic awards is reasonable and Miles & More miles are difficult to earn. One option is to buy them during a promotion, which keeps award availability in check. Also, Mileage Bargains continued to be issued ambit with limited good options. You can use Seats.Aero to find Award flights bookable with Miles & More miles. [Sign Up Seats Aero]
JAL Mileage Bank
- Program: JAL Mileage Bank
- Type: Announced. [March 2025]
- Pullback: No
- Effective Date: 10th June 2025
- Impact:
- The mileage increase was all across the board, with a significant increase in First Class Award Flight. [Reference]
- This program is complex but quite rewarding if you know how to play it right.
ANA
- Program: ANA
- Type: Announced. [April 2025]
- Pullback: No
- Effective Date: 24th June 2025
- Impact:
- The Round the World Award ticket was discontinued, and at the same time, mileage increased on select International routes.[Reference]
July 2025: No Devaluation
In July, there was no effective devaluation.
August 2025: Qantas Frequent Flyer & United Airlines
Qantas Frequent Flyer
- Program: Qantas Frequent Flyer
- Type: Announced. [January 2025] [Official]
- Pullback: No
- Effective Date: 5th August 2025
- Impact:
- The Classic Awards were hiked by up to 20%, and the fees were also increased. However, one positive was that partner award seats were increased. [Reference]
United Mileageplus
- Program: United MileagePlus
- Type: Announced. [May 2025]
- Pullback: No
- Effective Date: 21st August 2025
- Instances in 2025: At least twice (August 2025 & November 2025)
- Impact:
- A few changes were made to United MileagePlus during the year. During August 2025, the United Excursionist Perk, which allowed you to book one free flight, was discontinued. [Reference]
- Those who purchase the most expensive tickets will be prioritised higher on the upgrade list than those within their elite rank who bought a cheaper ticket. [Reference]
September 2025: Hilton Honors
- Program: Hilton Honors
- Type: No Notice Devaluation
- Pullback: Partial
- Effective Date: May 2025
- Instances in 2025: Twice (May 2025 & September 2025)
- Impact:
- The maximum award night price cap was increased from 200K to 250K. However, there was a partial reversal around November.
October 2025: No Devaluation
During October 2025, no devaluation was conducted.
November 2025: Singapore Airlines & United Airlines
Singapore Airlines
- Program: Singapore Airlines Krisflyer
- Type: Announced.
- Pullback: No
- Effective Date: 1st November 2025.
- Impact:
- There was a modest increase in award prices starting 1st November 2025. However, Economy Saver awards decreased slightly. Also, Singapore Airlines launched Access Redemption, allowing you to book regular seats at higher prices. [Regular]
United MileagePlus
- Program: United MileagePlus
- Type: Announced [May 2025] and unannounced.
- Pullback: No
- Effective Date: November 2025.
- Impact:
December 2025: British Airways, SAS & Turkish Airlines
British Airways
- Program: The British Airways Club
- Type: Announced [December 2025]
- Pullback: NA
- Effective Date: 15th December 2025.
- Impact:
- British Airways will increase the cost of award flights starting 15th December 2025. Since it doesn’t have an award chart, we don’t know exactly what changes will take place. However, British Airways has some examples of increased cost, which were modest at 10%. [Reference]
SAS
- Program: SAS EuroBonus
- Type: Announced [November 2025]
- Pullback: NA
- Effective Date: 1st December 2025.
- Impact:
- The long-haul flights with SAS in Business, Premium Economy, and Business Class on partner airlines have had their award costs increased. [Reference]
Turkish Airlines Miles&Smiles
- Program: Turkish Airlines Miles&Smiles
- Type: No Notice Devaluation
- Pullback: NA
- Effective Date: December 2025.
- Impact:
- Turkish Airlines devalued the Partner & Star Alliance Domestic Award, resulting in increased award flight cost. [Reference]
Announced Changes
Changes that will take effect next year will be covered separately in a blog post. And any new updates applicable to the current year will be included. And if you think something important has been left out, email me at pointsmath@gmail.com.
Bottomline
Devaluation is part of award travel but airlines & programs that do it with proper notice gives you to better plan use of your points whereas some programs are notorious which makes changes frequently even within same year without notice.
