If your miles don't stretch as far as they used to, the numbers back you up: a TPG/YouGov survey from July 2025 found 34% of US adults think their points and miles are worth less than two years ago. But the travellers still extracting serious value from rewards are following a clear playbook built on flexibility, transferable currencies and fast-moving alert tools.
The core shift is away from loyalty to a single airline. Carriers keep cutting routes, dropping partners and replacing fixed award charts with dynamic pricing, which means a pile of miles with one program can lose value overnight. Transferable currencies such as Chase Ultimate Rewards, Amex Membership Rewards, Bilt and Citi ThankYou let you move points to whichever partner currently offers the best deal — and the same flight can price very differently depending on the program you book through. The catch: only 21% of surveyed US adults actually prefer transferable rewards, so most people are missing this hedge.
Which currency is best depends on your own flying. TPG's writers are deliberately split: one leans on Chase points because they transfer to United, Southwest and World of Hyatt; another swears by Bilt for being free to earn and posting instantly; a third has shifted to Citi ThankYou since it gained American Airlines as a partner. Several staff writers hold five or more transferable currencies at once, plus multiple hotel programs, purely to widen their booking options. The practical takeaway for card spending: cobranded airline and hotel cards are fine for their perks, but put most everyday spend on cards earning transferable points.
The good news is that deals haven't vanished — they've just gotten faster and more competitive. Only 10% of those surveyed have ever booked one of those rare high-value "unicorn" awards, and when space opens, it disappears quickly. That's where tools come in. TPG staffers rely on Seats.aero, Rooms.aero, Point.me and Expert Flyer to search award space and set alerts, and many subscribe to deal services like Going or Thrifty Traveler Premium, some of which flag award deals too. Free tiers exist, but paid memberships are often worth it if you book more than once or twice a year.
Cash deals deserve a mention too. Weaker US demand for travel has pushed sales in tourism-heavy spots like Las Vegas, and transatlantic and transborder economy fares have been dropping as inbound demand to the US softens. The rule is the same as with awards: if you see a fare worth taking, book it — it likely won't last.
Who should care? Anyone sitting on a points balance and wondering why it isn't getting them to business class anymore. The fix isn't earning more, necessarily — it's earning the right kind of points, staying open on dates and destinations, and acting the moment an alert lands. Diversify your currencies, set alerts for trips you actually want, and treat speed as part of the strategy. Details via The Points Guy.
