American Express Membership Rewards Insights

American Express Membership Rewards Insights

American Express Membership Rewards

You want to get the best value from your American Express (Amex) rewards. After all, you spent time, money and effort accumulating them. A question we’re often asked is, “How much are Amex Membership Rewards points worth”?

With Amex devaluing the rate at which its Australian Membership Rewards points convert to several airline partner programs, we’ve created a table for our clients showing the current and future state of Amex rewards points values for your quick reference.

If you’re a cardholder with Amex Rewards Points ready to transfer, we would love to help you save money and book your next luxury holiday on points. Book a Points Strategy Session with Australia’s leading points expert today.

Current and Future Transfer Rates

Amex wanted to provide sufficient notice (more than three months) before these changes come into effect this December. Until then, travellers are still able to convert their points into the affected frequent flyer programs at the current rates. Meanwhile, the current earn rates on Amex cards will remain the same which is great news.

You can find the full list of Amex Membership Rewards partners* below, as well as the conversion rate before and after 15 December 2025:

Amex New Conversion 2
Airline or Hotel Transfer Partner Current Transfer Rate Transfer Rate from 15 Dec 25 Additional Information / TWCT Advice
Air New Zealand Airpoints

200:1 200:1 (no change) 200:1 ratio, ie 1,000,000 points = $5,000 (cash base ratio). We recommend to only use if Air NZ offers a sale fare.
British Airways Club

2:1 3:1  $11,468 AUD + $636 tax
Melbourne

137,000 + $184 tax 143,000 + $194 tax 261,000 + $587 tax
Melbourne

(cash flight)

$5,899 AUD + $206 tax $5,104 AUD + $221 tax $10,302 AUD +$626 tax
Brisbane

(points)

137,000 + $206 tax 143,000 + $235 tax 261,000 + $588 tax
Brisbane

(cash flight)

$4,352 AUD + $237 tax $4,239 AUD + $252 tax $10,251 AUD + $657 tax
Perth

(points)

81,000 + $183  tax 81,000 + $201 tax 239,000 + $592 tax
Perth

(cash flight)

$4,083 AUD +$195 tax $4,977 AUD + $210 tax $11,220 AUD + $615 tax

Our Advice Leading Into Dec 15 Changes

The Amex Membership Rewards program is highly valued for its extensive network of redemption partners, offering travelers far more flexibility than just Qantas or Virgin. Given the high volume of Qantas and Virgin Frequent Flyer points held by many Australians, finding available seats on these carriers can be challenging. Amex allows you to transfer points directly to a wide array of international airlines, significantly increasing your chances of finding and redeeming seats.

This recent change from Amex is certainly frustrating for many loyal cardholders. You have until December 15th to transfer your points at the current redemption rates. We strongly suggest transferring your points to frequent flyer accounts where they will not expire. Some airlines, such as Qatar Airways (Avios) and Asia Miles, offer points that do not expire as long as your account remains active every 36 months. For airlines like Emirates and Singapore Airlines, which we particularly favour for their excellent product, miles typically expire after three years.

Please see below a breakdown of each redemption partners and our advice or additional information for each of them:

 – Air New Zealand Airpoints: 200:1 ratio, ie 1,000,000 points = $5,000 (cash base ratio). We recommend to only use if Air NZ offers a sale fare.

 – British Airways Club: You need to keep your account active once every 36 months, i.e. by redeeming, spending or sharing points.

 – Cathay Pacific: As Asia miles expire after 18 months of inactivity, you need to redeem or earn at least once every 18 months. You can also shop online on the Asia Miles portal.

 – Emirates Skywards: Although a 33% increase in points, they do remain in your account for 3 years and miles can be extended for another 12 months for fee. Still a great product but the new transfer rate of 4-1 and the taxes make it less valuable going forward.

 – Etihad Guest: Miles are valid for 18 months from the last month you made a transaction. However it is super hard to find reward seats and the transfer process from Amex takes up to 7 days so by that time the reward seats are already gone.

 – Hilton Honors: No change to points transfer

 – Malaysia Airlines Enrich: It is very hard to find points with the program, so not regularly used by our customers.

 – Marriott Bonvoy: Good program and often have bonus transfers which means additional points – can also move these to American Airlines and United and book internal USA flights.

 – Qantas Frequent Flyer (with Amex Platinum): You need to keep your account active once every 36 months –  i.e. by redeeming, spending or sharing points. By far the best program in the market at the moment for AUS travellers.

 – Qatar Airways Privilege Club: You need to keep your account active once every 36 months –  i.e. by redeeming, spending or sharing points. By far the best program in the market at the moment for AUS travellers.

 – Singapore Airlines KrisFlyer: No change, points are valid for 3 years in the Krisflyer account. Remains a reasonable option.

 – Thai Royal Orchid Plus: No longer available

 – Virgin Atlantic Flying Club: Not often used as difficult to find points.  

 – Velocity Frequent Flyer: No change to points transfer. Remains a reasonable option for reward seat availability.

Book a Points Strategy Session

Book a 1:1 session with Jodie Land, Australia’s leading points expert, to understand how to best use your Amex Membership Rewards points for towards premium flights and luxury travel before they are devalued on Dec 15th.

Each session is 30 minutes and includes a session summary and follow up action items for a one off fee of $165 (incl. GST). For existing TWCT clients that have booked multiple trips with TWCT in the past 12 months this session is complimentary.

*Disclaimer

The information in this article is current as of the time of writing. Points, conversion rates and dollar values presented are subject to change at any time for any reason and are not intended to be accurate quotations. The data presented is intended to provide approximate figures for the purposes of general planning only. Terms and conditions of airlines, points programs, travel consultancy services and any other pertinent services apply and are subject to change at any time. 

Need help booking your reward flights?

We help Australian frequent flyers with 1 million+ reward points book luxury travel. We have helped American Express customers turn their Amex Membership Rewards into custom travel arrangements quickly and simply. We help you fly further, for less.

To book your points flight, fill out our booking enquiry form and we’ll be in touch soon.

RECOMMENDED BY AMEX

“The Well Connected Traveller are experts in helping our customers get the best value out of their points, and in addition, they are full service travel agents who are able to assist you and your team with all your travel needs.”

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