Chase trimmed Hyatt, Citi cut two hotel partners, and Amex slashed Flying Blue abroad. The points sold as inflation proof are being devalued.

KLM Boeing 777 at gate in Amsterdam

What I tell clients has not changed, it has only gotten more urgent. Do not hoard. Earn for a redemption you can name, not for a someday balance a program can trim while you wait. If Hyatt is your reason for holding Chase, the Reserve now matters in a way it did not a year ago. And if you are sitting on a large flexible balance, the ratio in your account today is the best it is likely to be.

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