Yes, You’re Getting Less from Airline Lounges & Loyalty Points—And the Numbers Prove It

If you’ve felt like your travel credit card isn’t delivering quite as much as it used to, you’re right. Lounges are more crowded, points don’t stretch as far, and annual fees continue to climb. It’s not just perception—recent reporting and independent valuations confirm that the value of travel cards and airline loyalty programs has declined.

The Lounge Perk Mirage

Holding a premium travel card once meant guaranteed access to quiet, comfortable lounges with drinks, food, and reliable Wi-Fi. Today, lounge access has become a victim of its own popularity. More cardholders than ever are trying to use the benefit, which has led to capacity restrictions, limited guest policies, and even turned-away travelers at peak times.

Some programs have also scaled back extras, such as restaurant credits through Priority Pass. Lounges remain an attractive perk, but they no longer offer the same reliability or exclusivity they once did.

Points Are Worth Less Than Yesterday

The other major shift is in redemption value. Airlines now generate billions in revenue by selling points to banks, and while that has fueled lucrative sign-up offers, it has also led to devaluations for travelers.

Today, airline miles typically fall in the 0.9¢ to 1.5¢ range, with exceptional redemptions pushing closer to 2¢. Independent analyses place transferable credit card points at the following values (as of August 2025):

• Chase Ultimate Rewards: ~2.05¢

• Amex Membership Rewards: ~2.0¢

• Capital One Miles: ~1.85¢

• Citi ThankYou Points: ~1.9¢

Unless you’re strategically transferring points and booking premium redemptions, the value you’re getting is often less than in years past.

Benefits That Don’t Fit Everyone

Another trend is how premium cards are justifying higher fees by layering in partnerships and lifestyle credits. Uber, DoorDash, and streaming services have become common add-ons. These work well for some, but not for everyone.

For example, living in a rural area, services like DoorDash don’t hold much appeal because they aren’t widely available. Yet the value of those credits is still baked into the annual fee, whether you can actually use them or not. For many cardholders, that makes the “perks” feel more like filler than true benefits.

Personal Example: Why We Switched

In our own case, we recently moved from the Chase Sapphire Reserve to the Capital One Venture X. Both cards offer strong lounge access, travel credits, and transferable points. The key difference was cost: Sapphire Reserve’s rising annual fee no longer felt justified, while Venture X offered nearly identical benefits at a much lower fee.

It wasn’t about brand loyalty—it was about value. And that’s the decision many travelers are now facing.

Other Cards That Still Deliver

Not all cards are created equal, and some continue to provide strong value if matched with the right travel habits:

• Capital One Venture X — $395 annual fee, strong lounge access (Capital One Lounges, Priority Pass), plus a $300 annual travel credit. Widely regarded as one of the best values among premium cards.

• Amex Platinum — $695 annual fee, but includes Centurion Lounge access, hotel and airline credits, and top-tier redemption options.

• Chase Sapphire Reserve — Still strong on redemption flexibility and ~2.05¢ point value, though it comes with one of the highest annual fees.

• Citi Strata Elite — A new competitor with a $595 fee, large travel credits, high multipliers on the Citi Travel portal, and Admirals Club access.

• Chase Sapphire Preferred — At $95 per year, it offers flexible redemptions and good transfer partners, making it a solid entry point for many travelers.

Crunching the Takeaways

Final Thoughts: Staying Strategic

The travel rewards landscape has shifted. Lounges are busier, points are worth less, and fees are higher. On top of that, many of the “new” perks being offered are tied to services that may or may not fit your life.

That doesn’t mean these cards lack value—it just means travelers need to be more strategic:

• Know your numbers: Aim for at least 1.8–2¢ per point in redemption value.

• Match perks to habits: If you rarely use delivery services or don’t live near a lounge, those credits won’t justify a higher fee.

• Stay adaptable: Loyalty to a single card or airline may no longer be the best strategy.

The bottom line: you’re not imagining things—your benefits have changed. But with the right mix of cards and a focus on what you’ll actually use, you can still make the system work in your favor.