Points devaluation raises award prices without warning, and travellers who hoard points for years lose the most. It cannot be prevented, but its damage can be limited with simple habits.

Programs devalue because outstanding miles are a liability. Fixed award charts shifting to dynamic pricing is the warning sign, since the best redemptions usually get pricier first.

The best defence is earn and burn: earn with a purpose and redeem within a reasonable timeframe. Keep large balances in transferable bank points, and transfer only when you have an award to book.

Diversify across two or three programs, book planned awards before announced devaluation deadlines, and prioritise high-value redemptions. The best strategy is to use points well, and use them soon.