Part of Emirates Skywards hub · Qantas Frequent Flyer hub
Status: checked against official sources; automated independent review
FREQUENT FLYER GLOSSARY
What is points devaluation?
Points devaluation is a change to a loyalty programme's rules that leaves members getting less for the same points, status credits or spend — by raising what an award costs, moving a redemption into a more expensive band, lowering the earn rate, shortening how long a balance lasts, or withdrawing a benefit attached to a tier. It matters because a balance has no fixed worth of its own: what a point buys depends on the rules in force on the day the member redeems, and those rules can be rewritten on a date the programme chooses.
Facts checked: 18 October 2026
Key takeaways
- A devaluation is a change to the rules, not to the number in the account: announced changes take effect on set dates, and one of them expressly leaves existing balances untouched. [2]
- Qantas Frequent Flyer moves to one Status Credit target per tier in 2027 — Silver 300, Gold 700, Platinum 1,400, each including four eligible Qantas (QF) or Jetstar (JQ and GK) flights — and cites Gold as going from 700 to attain and 600 to retain to a flat 700 a year. [1]
- The same Qantas package retires the Loyalty Bonus in 2027 and ends Points Club, Points Club Plus and Green Tier on 8 December 2026, while adding Status Credit rollover and up to 140 Status Credits a year earned on the ground. [1] [7]
- Emirates Skywards will measure Skywards Miles validity from the flight or partner activity date rather than the member's birth month for miles earned from 1 June 2027, and says miles already in an account are unaffected. [2]
How does a points devaluation happen?
Devaluation is a loose label covering several different levers, and the label tells you nothing about size or timing: a small annual adjustment and a sweeping rewrite are both called devaluations, and each is set by the programme that makes it.
The most familiar lever is award pricing. A programme publishes the number of points each award costs, and repricing that chart — or moving a route, a cabin or a hotel category into a higher band — changes the price of an award without touching a member's balance; that is why the award chart zones and award calendar matter as much as the balance itself. The second lever is earning: a lower rate, a narrower list of qualifying spend or a dropped bonus means the same spending produces a smaller balance. The third is the small print around a balance — expiry windows, which transactions keep an account active, and what counts as eligible activity. The fourth is status: bonus earn rates, lounge access and upgrade instruments can be trimmed without any change to the points currency.
Programmes generally reserve the right to move these levers, and they say so in their own terms. Qantas Frequent Flyer, for instance, states that it may change what points earning activity is eligible for Status Credits on the ground at any time, with the eligible activity published on qantas.com. [1] [7]
What has Qantas Frequent Flyer changed?
Qantas Frequent Flyer has announced a package that runs from 8 December 2026 into 2027. On 8 December 2026, Status Credits on the ground and Status Credit rollover begin, and the Points Club, Points Club Plus and Green Tier sub-programmes are retired. [1]
Higher retention targets. From 2027 the programme uses a single Status Credit target for attaining and for retaining each tier, and retention becomes the harder number: Silver will require 300 Status Credits, Gold 700 and Platinum 1,400, each including four flights with a Qantas (QF) or Jetstar (JQ and GK) flight number on the ticket that earns Status Credits. [1] Qantas gives Gold as its example, moving from 700 to attain and 600 to retain to 700 a year. [1] Retention targets change later in 2027; the Platinum One retention figure and the attain targets for Silver, Gold, Platinum and Platinum One are unchanged. [1]
Loyalty Bonus retired. The Loyalty Bonus — paid for every 500 Status Credits a member earns on eligible Qantas or Jetstar flights, up to four times a Membership Year — is retired in 2027. [1]
Sub-programmes end. The last day to attain Points Club or Points Club Plus is 7 December 2026, and after retirement a Points Club member can no longer attain Points Club Plus. [1] Benefits already unlocked continue to the end of the member's next Membership Year, and vouchers and lounge invitations issued before the retirement date remain valid under the current terms. [1]
What is added at the same time. Status Credit rollover carries a share of excess Status Credits into the next Membership Year from 8 December 2026. [1]
| Tier | Share of excess Status Credits | Maximum per Membership Year |
|---|---|---|
| Silver | 25% of Status Credits earned above 300 | 100 |
| Gold | 50% of Status Credits earned above 700 | 350 |
| Platinum | 50% of Status Credits earned above 1,400 | 500 |
| Platinum One | 50% of Status Credits earned above 3,600 | 500 |
The overall cap for any member is 500 Status Credits. [1] Members who attain or retain Silver, Gold, Platinum or Platinum One, and holders of Lifetime Silver, Lifetime Gold or Lifetime Platinum, are eligible; members on Status Hold are not. [1] Rolled-over Status Credits do not count toward the Loyalty Bonus, the Platinum or Platinum One Bonus Reward, Lifetime Status or Status Accelerators. [1] From the same date, members can earn up to 140 Status Credits each Membership Year by collecting Qantas Points across ten categories, including credit cards, banking and home loans, insurance, hotels and accommodation, and everyday shopping, with Status Credits credited within eight weeks of completing a category. [7]
How can an expiry change reduce what points are worth?
Validity is part of value: a rule that shortens how long a balance can be used reduces what the same earning activity delivers, without any change to award prices. Emirates Skywards is moving from three-year validity rounded to the end of the member's birth month to three years from the flight or partner activity date rounded to the end of that month, for Skywards Miles earned from 1 June 2027; miles already in an account are not affected. [2]
Emirates illustrates the two approaches with miles earned on 10 May 2024. Under the current approach those miles expire on 31 July 2027 for a member with a July birthday and on 31 March 2028 for a member with a March birthday, while the new approach gives 31 May 2027 for every member regardless of birth month. [2] Emirates says the update gives all members a consistent expiry period, which it says improves fairness and makes validity easier to track. [2]
Exceptions and limits
- Effective dates govern. Status Credits on the ground are not awarded until 8 December 2026, and points earned before the launch are assessed only for the Membership Year in progress on that date. [1] [7] The Emirates Skywards expiry rule applies to miles earned from 1 June 2027 and does not affect miles already in an account. [2]
- Carve-outs. Status Hold members are excluded from rollover, and rolled-over Status Credits do not count toward Lifetime Status or the Platinum and Platinum One Bonus Rewards. [1] Status Credits earned on the ground count toward Lifetime Status but not toward the Loyalty Bonus, the Platinum or Platinum One Bonus Reward, or Status Accelerator and Challenge requirements. [7]
- Routine resets are separate. Status Credits reset at the start of each new Membership Year at Qantas Frequent Flyer, which is a scheduled reset rather than a rule change. [6] Qantas Points stay active if the member earns or uses Qantas Points within 18 months, and a Status Credit rollover does not reset the points expiry date. [1]
- One announcement can add and remove at once. The 2027 Qantas changes also bring an extra lounge invitation each Membership Year for Silver members and new vouchers and discounts for Silver and above. [1]
Frequently asked questions
Does a devaluation cut the points already in my account?
Not necessarily. A devaluation changes rules rather than balances: Emirates Skywards says its expiry change will not affect miles already in an account, and applies only to miles earned from 1 June 2027. [2] At Qantas Frequent Flyer, Points Club benefits unlocked before 8 December 2026 run to the end of the member's next Membership Year. [1]
When do the Qantas Frequent Flyer changes take effect?
Status Credits on the ground, Status Credit rollover, and the retirement of Points Club, Points Club Plus and Green Tier all start on 8 December 2026. [1] Retention targets change later in 2027. [1]
Is an expiry date the same thing as a devaluation?
They are different mechanisms that pull in the same direction. Expiry removes whatever is left after a set period, while a rule change can lengthen or shorten that period; the Emirates Skywards move recalculates validity from activity rather than from the member's birth month. [2]
Can a programme change add value at the same time?
Yes. Qantas Frequent Flyer pairs its higher Gold retention target and the end of the Loyalty Bonus with Status Credit rollover, up to 140 Status Credits a year earned on the ground, and new Silver benefits from 2027. [1] [7]
Does a devaluation apply to every member equally?
Rules come with carve-outs. At Qantas Frequent Flyer, members on Status Hold are not eligible for rollover. [1] Under the current Emirates Skywards approach, miles earned on the same day carry different expiry dates depending on the member's birth month. [2]
Sources
Sources checked on 18 October 2026. Qantas Frequent Flyer and Emirates Skywards are covered here; other programmes, including American Airlines AAdvantage, United MileagePlus, Delta SkyMiles, The British Airways Club, Flying Blue, Aeroplan and the major hotel loyalty programmes, are not covered.
- Qantas Frequent Flyer program changes, checked 18 October 2026
- Emirates Skywards program updates, checked 18 October 2026
- Qantas Frequent Flyer status from flying, checked 18 October 2026
- Earn Status Credits on the ground at Qantas Frequent Flyer, checked 18 October 2026