How bad is the devaluation? When rewards programs change, the truth is in the details

When loyalty programs change, consumers should read the fine print.Ryan Remiorz/The Canadian Press

When loyalty programs or credit cards announce changes, it’s tough to gauge how good or bad they’ll actually be.

Some changes, often framed as “enhancements,” are devaluations. Others won’t impact you at all. Companies are always going to try to put a positive spin on things, so it’s on us as consumers to dig into the fine print to understand what’s actually shifting.

Rogers recently announced cash-back caps on several of its credit cards. At first glance, it looks like a straightforward devaluation. But after a deeper dive, it’s evident that the impact will be minimal.

Starting Aug. 4, 2026, the 2-per-cent cash back rate on select Rogers credit cards will be subject to annual spending caps:

Rogers Red Mastercard: $16,000
Rogers Red World Mastercard: $26,000
Rogers Red World Elite Mastercard: $61,000

After you hit the cap, the earning rate drops to 1 per cent for Red and World cardholders, and 1.5 per cent for World Elite cardholders. Note that the additional 1-per-cent cash back still applies when redeemed for Rogers, Shaw, Fido or Comwave purchases.

No one loves seeing limits added to rewards, but Rogers has already confirmed that customers who are on pace to reach their cap will be automatically offered an upgrade to the next tier – even if they don’t meet the usual income requirements. That means your 2-per-cent cash back rate can continue uninterrupted.

For instance, if you currently hold the World Mastercard and wouldn’t normally qualify for the World Elite because of its $80,000 income requirement, you’ll still be eligible for the upgrade based on your spending. And since the higher‑tier card has no annual fee, there’s no downside to accepting.

The only time you need to run the numbers is if you already have the World Elite and are offered an upgrade to the World Legend tier. The Legend card charges a $495 annual fee, but it’s offset by a $200 Rogers entertainment credit, resulting in a net annual fee of $295.

To break even on that extra cost, you’d need to spend $14,750 more at the 2-per-cent rate or $9,833 more when factoring in the extra 1-per-cent cash back when redeeming on Rogers services.

The advantage here is that the Legend tier has no limit on cash back earned, so it could be valuable for high spenders.

On the other end of the spectrum is Marriott Bonvoy – the loyalty program for Marriott hotels – which has developed a reputation for frequent negative changes. The experience has become so notorious among frustrated members that the phrase “you’ve been Bonvoyed” is now widely used to describe being let down by the program/hotel chain.

Marriott Bonvoy recently announced that members can now top up a free night award with up to 25,000 points, an increase from the previous 15,000-point limit. Since the annual free-night award issued to Marriott Bonvoy American Express cardholders is worth up to 35,000 points, this change effectively lets you redeem a night worth up to 60,000 points, up from 50,000.

On paper, that sounds like a significant improvement since higher top‑ups should mean access to higher‑value rooms. But the real problem lies with the hotels. Since each property controls its own award pricing, nothing stops them from setting rooms at 61,000 points, and some already have. They’ve effectively moved the goalposts, making your “free” night less valuable because it now exceeds the maximum top‑up allowed.

A more consumer-friendly fix would have been to increase the base value of the free-night award to 45,000 or 50,000 points, especially since the award hasn’t kept pace with rising award prices. Of course, that wouldn’t prevent hotels from raising their redemption rates, which is the core problem Bonvoy members keep running into.

The bigger issue is that Marriott is the only premium hotel chain with a credit card in Canada, which keeps many travellers tied to Marriott despite its well‑known drawbacks. If Hilton ever launched a Canadian credit card with an unrestricted free-night award – similar to what they offer through American Express in the U.S – it could finally introduce real competition.

At the end of the day, not every change is a disaster, but not every improvement is a win either. The only way to protect your rewards is to stay alert, read the fine print and choose programs that actually deliver value rather than relying on marketing spin.

Barry Choi is a personal finance and travel expert at moneywehave.com. He was previously affiliated with Rogers and Marriott but currently has no relationship with any of the brands.