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The travel landscape is shifting fast. From accelerating loyalty program devaluations to credit cards morphing into "coupon books," here's what smart travelers need to know heading into 2026.
Transferable points are the best earning investment
Devaluations (when loyalty programs “devalue” their points by increasing the cost for redemptions) aren't rare events — they've happened regularly for as long as loyalty programs have existed. We saw several major airline points devaluations in 2025, and we don’t expect this to suddenly stop in 2026.
What this means for travelers is that earning transferable points (American Express Membership Rewards, Chase Ultimate Rewards, Citi ThankYou Points, Capital One Miles, Bilt Rewards) is a much more valuable pursuit than earning airline miles, as they allow you the flexibility to use your points among a wide variety of airline programs. If one airline devalues its points, you can simply use your transferable points at a different airline that gives you more value.
These devaluations also mean there is really no better time to use your points than right now. The points you’re hoarding for a future trip could suddenly be worth a lot less, with no warning, so to get the most from your points, you should use them shortly after earning.
A new middle-tier credit card is emerging
Annual fees on premium credit cards keep climbing — American Express Platinum hit $895 for renewals after January 2026, while Chase Sapphire Reserve increased to $795 in 2025. To justify these prices, card issuers are adding a whole slew of statement credits that add up to significant value, but there's a catch.
While the Amex Platinum’s September refresh increased the value the card brings to over $3,500, and the Chase Sapphire Reserve now promises over $2,700 in benefits, these piecemeal discounts dribble out in recurring monthly installments, earning them the "coupon book" nickname. While they can offset annual fees, they require active management and may encourage spending you wouldn't otherwise make. And if the credits are for things you aren’t buying, then they are just going to waste.
However, a new tier of cards with $300-$500 annual fees is emerging. Example: The Citi AAdvantage Globe Mastercard ($350 annual fee) offers four 24-hour Admirals Club passes, up to $100 Splurge Credit, up to $240 Turo credit, and over $750 in travel benefits — more manageable than ultra-premium options. Bilt, which currently has no annual fee, also announced two new tiers of cards, with $95 and $495 annual fees, coming in 2026. We may see more of these premium-light cards entering the market to provide some premium perks without the ultra-premium annual fee.
Co-brand cards are becoming more valuable for travelers
With first checked bags now costing $35-$45 for domestic basic economy on American, Delta, United, Alaska, and JetBlue, a $100 annual fee airline card pays for itself in 2-3 trips if you check bags.
Even Southwest, which previously allowed two free checked bags for all passengers, added bag fees in 2025, making its co-branded cards even more valuable. Cardmembers now get one free checked bag for up to eight companions — a significant perk when it costs $35 per checked bag.
Outside of waived bag fees, many airlines offer special perks to their cardholders. Credit card spending can help you earn elite status, and cardholders can sometimes access special pricing on flights. For flyers who travel with one airline multiple times per year, the small annual fee for the airline co-brand card can be well worth it.
Lounge access will be further restricted
The lounge overcrowding crackdown is here. In 2025, Delta reduced the number of Sky Club visits its Reserve cardholders get, and American Express Platinum cardholders must now spend $75,000 annually to bring two guests to lounges. As of February 2026, Venture X cardholders will pay $45 at Capital One Lounges and $35 at Priority Pass locations for each guest.
Airport lounges have become a major marketing tool for credit card issuers who know that travelers are more likely to upgrade to a premium card that offers lounge access. But as more travelers have access to lounges, these spaces are becoming increasingly full. Something’s gotta give, and it’s likely that we’ll see more restrictions on who can access lounges and when.
Airports will make spaces more inviting
Travelers continue seeking clean, quiet, and thoughtfully designed spaces, with comfortable seating, noise-reducing environments, and wellness-focused design contributing strongly to positive perceptions. U.S. airports are beginning to tap into the potential of open-air terraces, rooftop lounges, and green zones. San Diego airport's new 5,000-square-foot terrace opened in September 2025, and Pittsburgh airport is getting four new terraces in 2026.
Premium fares will rise, and economy fares will get cheaper
Dynamic award pricing isn’t just here to stay; it’s becoming the norm among loyalty programs. In 2025, Miles & More award redemptions on Lufthansa Group airlines moved to dynamic pricing; Air Canada began using dynamic pricing for certain partner awards; and Delta plans to expand its use of AI to set dynamic prices for both cash and award fares.
While this can mean more award availability across flights, it can also mean paying more based on demand. While this can lead to some great deals during slower seasons (we’ve seen economy flights to Europe priced as low as 6,000 points each way), it’s also leading to higher prices, especially for premium seats, during peak periods.
Travelers will book dramatically closer in
For many people, travel is a luxury that is reduced during economic challenges. In a May point.me survey of 2,000 Americans, 69% said that current economic conditions were impacting their 2025 travel plans, with more than half (54%) saying that concern over the economy led them to take fewer trips or wait longer to book.
According to data from Hospitality Net, in North America, 45% of hotel searches from January to August 2025 were made within four weeks of a stay. By mid-August 2025, 57% of searches were within 28 days, up from 50% in 2024 and 46% in 2023.
Using points as travel wealth can help mitigate some of this concern. In the same point.me survey, only 49% (compared to 54% of the general population) said the economy was impacting their 2025 plans, and they were much more likely to be delaying rather than cancelling altogether.
Popular destinations will get pricier
The effects of inflation are undeniably extending to travel, but we’re also seeing increased fees to temper overtourism. Regardless of the reasons, across popular destinations and experiences, prices are rising.
From 2026, non-European tourists will pay €30 (compared to €22 for EU citizens) for Paris's Louvre museum, with similar increases expected at Versailles, the Arc de Triomphe, and the Opéra Garnier. Venice's day-tripper fee doubled from €5 to €10 in 2025. In 2024, the entry fee for the Galapagos Islands doubled to $200 per person, and Bhutan is adding a 5% goods and services tax starting in 2026.
The result: A widening divide where budget-conscious travelers may be priced out of some destinations or choose other, more affordable spots.
Your 2026 strategy
For points and miles:
Act fast on aspirational redemptions before the next devaluation wave
Diversify across transferable point currencies so that you have more options in where you spend your points
For credit cards:
Carefully evaluate whether $695-$895 annual fees justify the coupon book benefits
Consider mid-tier cards as alternatives to ultra-premium options
Get an airline co-brand card if you fly one airline frequently; between bag fees and other benefits, it can pay for itself in one trip
Track statement credits religiously to maximize value
For travel:
Stay flexible with dates and destinations to find dynamic pricing sweet spots
Monitor program changes—devaluations happen with little notice
Book early for peak periods, but keep cancellation options
Leverage points wealth and focus on more affordable destinations if a recession materializes
