---
title: "What is Devaluation? | Benefit Systems"
description: "A devaluation is a worsening of a programme's redemption terms: the same award costs more miles afterwards, or it stops being bookable at all."
source: "aus dem gebauten HTML abgeleitet"
---
# What is Devaluation?

A devaluation is a worsening of a programme’s redemption terms: the same award costs more miles afterwards, or it stops being bookable at all.

Also called: Programme devaluation.

## How it works #

Devaluations are not a malfunction of the system, they are its normal state. Miles are a currency whose issuer sets the purchasing power and has promised nothing about holding it. Most arrive without notice and take effect immediately. That leaves one rule that actually holds: miles are not savings but a balance carrying expiry risk, so they are redeemed soon rather than hoarded.

## Not to be confused with #

A devaluation is not the same as mileage expiry: expiry removes the balance itself, while a devaluation leaves the balance in place and simply makes it buy less.

## In German #

The German term is Abwertung. [German version of this term](/de/glossar/abwertung)

## Related terms #

- [Award chart](/en/glossary/award-chart): An award chart is a published price list stating how many miles an award flight costs in a given region and cabin, independent of the cash price of that flight.
- [Dynamic award pricing](/en/glossary/dynamic-award-pricing): Dynamic award pricing is a mileage price tied to the cash fare of a flight, which is why it moves daily instead of sitting in a fixed chart.
- [Mileage expiry](/en/glossary/mileage-expiry): Mileage expiry is the loss of a balance when an account shows no activity for a defined period, or when a fixed deadline runs out.

## Articles that use this term #

- [What happens to my points during a devaluation?](/en/knowledge/devaluations)
- [What is a sweet spot redemption?](/en/knowledge/sweet-spots)
- [When collecting points isn’t worth it](/en/knowledge/when-points-arent-worth-it)
- [What is a point actually worth, and how do you work it out yourself?](/en/knowledge/point-value)
- [What is the difference between an award chart and dynamic pricing?](/en/knowledge/dynamic-award-pricing)
- [What is the difference between points and miles?](/en/knowledge/points-vs-miles)