There are multiple data points at Flyertalk and there is some discussion at reddit about a possible devaluation of FlexPerks Rewards. Since 2018, FlexPerks redemptions made via Real-Time Mobile Rewards have been at a rate of 1.5c per point, but multiple data points today indicate typical travel purchases only triggering at 1cpp with FlexPerks cards (including purchases for Delta and Southwest flights as well as other travel). Redemptions for Altitude Reserve cardholders appear to be unaffected at this time.
It is possible that this is a glitch in the system. One FlyerTalk member was told by a customer service agent that a change to $0.01 per point for all FlexPerks real-time mobile rewards redemptions became effective on 3/1. Customer service representatives are often wrong of course. That said, this would appear to jibe with the rumors of FlexPerks cards being discontinued for new applicants that we discussed in our post about possible changes to Altitude Rewards this morning. Is it possible that they are devaluing redemptions on FlexPerks cards to encourage people to open whatever the new Altitude-branded cards may be and/or to make room for different tiers in terms of redemptions between the various Altitude cards that are to be announced? It’s anyone’s guess at this point.
If this does turn out to be a confirmed and unannounced devaluation, it would be very poor form to see the points devalue with no notice for those who have been collecting with redemptions in mind, particularly given the current uncertainty people are facing in terms of booking new travel.