Club Eurostar devaluation: London reward tickets cost 10% more points, and what it means for Amex points

Short answer: Club Eurostar now charges 10% more points for reward tickets on journeys to and from London. Eurostar's own help page dates the change from 29 October 2026. A standard return to Paris, Brussels or Amsterdam has gone from 2,000 points to 2,200, and an upgrade to Eurostar Plus on a peak ticket has gone from 600 points to 900. If you collect American Express Membership Rewards points in the UK, the transfer rate to Club Eurostar has not moved, so the same seat now costs you more Amex points.

Eurostar's help page confirms the date, the 10% rise and the London-only scope. The point tables on that page are images, so the exact figures below come from MoneySavingExpert and Head for Points, which agree with each other.

What changes

One-way reward tickets to or from London, in Club Eurostar points:

A return is double the one-way price, so a Standard return is now 2,200 points at Value pricing and 3,300 at Anytime pricing.

Upgrades from Standard to Plus on a cash ticket, one way:

What has not changed

• Routes that do not touch London. Journeys between France, Belgium, the Netherlands and Germany, and upgrades on them, stay at the old prices, per Eurostar and MoneySavingExpert.
• Earning. Head for Points reports the earn rate is still 1.2 points per £1 spent on tickets.
• The Amex transfer rate. Still 15 Membership Rewards points to 1 Club Eurostar point, per Head for Points.

What it means for Amex Membership Rewards points

Because the transfer rate is fixed and the ticket prices rose, the cost in Amex points rises by the same 10%. These figures are our arithmetic from the 15 to 1 rate:

Head for Points has long called the 15 to 1 rate poor value, and this makes it a little worse. In its 11 November valuation it found Club Eurostar points worth roughly 3.5p to 6.8p each on London to Paris returns during a cash sale, and it expects 6p to 8p at peak times. Divide by 15 and an Amex point sent to Eurostar is worth well under 1p.

Who is affected

• Club Eurostar members redeeming for any journey that starts or ends in London.
• UK holders of Membership Rewards cards who use Eurostar as a transfer partner: the American Express Preferred Rewards Gold, the American Express Platinum (UK) and the American Express Rewards Credit Card.

What to do now

1. Look for Value seats first. Head for Points understands that a fixed number of seats per train sell at the lower price before Anytime pricing takes over, so booking early matters more than the date you travel.
2. Do the cash sum before transferring Amex points. Eurostar runs frequent seat sales. If the fare is low, pay cash and keep the points for an airline partner.
3. Rethink peak upgrades. At 900 points one way, a peak upgrade now costs half as much again as it did.
4. Use points on continental routes if you can. Those prices did not rise.

Common questions

When did the Club Eurostar devaluation start? Eurostar's help page says the changes apply from 29 October 2026, and MoneySavingExpert says they cover redemptions made on or after that date. Head for Points' 11 November article gives 1 November; we follow Eurostar's page.

How many Club Eurostar points do I need for a London to Paris return? 2,200 points in Standard at Value pricing, 3,300 at Anytime pricing, 4,400 or 5,500 in Plus, and 6,600 in Premier.

How many Amex points is a Eurostar return? At 15 to 1, a Standard return at Value pricing needs 33,000 Membership Rewards points, up from 30,000.

This change is also listed in our Europe devaluation tracker. To see whether Eurostar or an airline is the better home for your points, open the transfer partners map or run your balance through the points calculator.