Miles and points feel like savings. You earned them, they sit in your account, and you assume they’ll be there when you need them. But loyalty currencies don’t behave like money in a bank. The programs that issue them can change what they’re good for, and they do.
Here are the main ways miles and points lose value over time, with real examples from the programs themselves. Every fact below links to its source.
1. Programs Can Change the Rules at Any Time
Loyalty program terms typically say the program owns the currency and can change the rules, the award prices or the program itself. That’s the starting point for everything below. Your balance doesn’t change, but what it can buy can.
2. Fixed Award Charts Are Disappearing
Award charts used to tell you exactly how many miles a flight or a hotel night would cost. Most big programs have dropped them in favor of “dynamic” pricing, where the price in miles or points moves up and down like a cash fare.
- United: United told members that all award pricing would be dynamic beginning November 2019, according to a United spokesperson quoted by View from the Wing.
- Marriott Bonvoy: Marriott began replacing its fixed award chart with dynamic “Flexible Point Redemption Rates” in March 2022, with more changes through the end of that year, as AFAR reported. As a result, the number of points needed for a night has no fixed ceiling.
When there’s no chart, there’s no promise. A trip you were saving for can cost more next year, with no notice.
3. Bank Points Can Change Too
Credit card points aren’t immune. On June 23, 2025, Chase announced a redesigned Sapphire Reserve card and changed how its points redeem through Chase Travel. For points earned from October 26, 2025, the old fixed travel bonus was replaced by “Points Boost” offers that apply only to select flights and hotels. Points earned before then keep the old treatment only for a limited time, under the rules in Chase’s announcement.
The lesson isn’t about one card. Any bank can rework its rewards program, and the changes usually arrive with only a few months’ warning.
4. Miles Can Expire
Some programs wipe out your balance if your account sits quiet for too long:
- American Airlines AAdvantage: To keep miles from expiring, you must earn or redeem at least once every 24 months, unless you’re the primary cardmember on an AAdvantage credit card, according to Citi’s AAdvantage guide.
- Marriott Bonvoy: If an account has no qualifying activity for 24 consecutive months, all accumulated points are forfeited, per the Marriott Bonvoy Terms & Conditions.
Not every program does this. United, for example, announced in August 2019 that MileagePlus miles no longer expire. But “doesn’t expire” isn’t the same as “holds its value,” as the award chart changes above show.
5. Closing a Card Can Cost You Your Points
Bank points are tied to your card account. Close the card, or have it closed, and the points can go with it:
- American Express: If you cancel your Membership Rewards account and don’t have another eligible card or checking account, unredeemed points are forfeited immediately, says American Express. New York card members may get 90 days to redeem.
- Chase: The Chase Ultimate Rewards program agreement gives you at least 30 days after most account closures to use your points. And if an account is closed for missed payments or program misuse, Chase says you forfeit your points.
- Citi: If a Citi account is closed for any reason, you have 60 calendar days to redeem your ThankYou Points, according to Citi’s ThankYou terms.
Plenty of people close a card to avoid an annual fee and only later notice that the points are gone.
6. Life Changes
Some loss of value has nothing to do with the program. You move away from an airline’s hub, switch jobs and stop traveling, or simply never find award seats on the dates you need. Miles that are never used are worth nothing to you, however much someone says they could be worth.
What You Can Do About It
- Use them if you have a real trip coming up and can find availability.
- Keep your account active if your program has an expiration rule.
- Move or redeem points before closing a card.
- Sell them if you don’t have plans. Cash doesn’t devalue when a program changes its rules.
Not sure which camp you’re in? Read Points You’ll Never Use vs. Cash Today. If you’re ready, here’s how selling works, step by step. Selling does go against most programs’ terms, so read Is It Legal to Sell Airline Miles? before you decide.
Lock In Cash Before the Next Change
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