Should I worry about loyalty program devaluations?

Yes, you should check your wallet. Uber One ride rewards are dropping from 6% to 5% back in credits, a small but real cut. Chase quietly added fine print saying back-to-back stays at the same hotel within 24 hours count as one stay for the Sapphire Reserve's $500 Edit credit, so the old workaround of booking two separate two-night stays to use both $250 chunks on one trip no longer works. And if you're a Scotiabank Momentum cardholder using a third-party service like Chexy to pay rent, that 4% cash back ends October 22; after that, a $2,000 rent payment earns only $20 instead of $80, making the fee math unattractive.

On the bright side, Bilt just made Blade helicopter transfers bookable with Bilt Cash (up to $350 per seat, two seats per year), and Amex added over 350 properties to Fine Hotels + Resorts and The Hotel Collection. So some programs are still adding value, but the trend is clear: issuers are closing loopholes and trimming earning rates.

What can you do? If you have a Sapphire Reserve and haven't used your Edit credit, book before the new rule is actively enforced—or plan separate trips to different hotels. For Uber One, if your Platinum Card covers the membership fee, the cut doesn't cost you anything extra. And Scotiabank users should evaluate whether a different card for rent payments still makes sense after October; the sources note that even with a 0.5% referral fee on Chexy, you'd only break even or earn a tiny net return.