HeyMax devaluing transfers to Accor Live Limitless

While HeyMax calls its loyalty currency Max Miles, those in the know will tell you that one of its best uses isn’t for airline miles, but rather hotel points — more specifically, Accor Live Limitless (ALL).

By converting Max Miles into ALL points at a 1:1 ratio, HeyMax users can obtain 3 cents per Max Mile of cash value towards hotel stays, without having to worry about the vagaries of award space or hefty fuel surcharges. 

Unfortunately, this redemption sweet spot will be on the chopping block from next month, as HeyMax devalues the transfer ratio.

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HeyMax devaluing transfers to Accor Live Limitless

From 1 July 2026, the transfer ratio from HeyMax to Accor Live Limitless will be devalued from 1:1 to 3:2. In other words, each Max Mile will now yield 33% fewer ALL Points. 

Max Miles	ALL Points
1 mile	1 point 0.67 points

As disappointing as this is, I can’t say I’m surprised. It’s no secret that ALL points conversions have long been one of the highest-value redemption options for Max Miles. 

Accor members can redeem 2,000 ALL points against €40 (S$60) of hotel-related expenses including stays, dining and spa treatments. Given a 1:1 ratio, HeyMax users could achieve roughly 3 cents per Max Mile (and remember, HeyMax offered an uncapped 20% transfer bonus to ALL back in March).

Presumably, HeyMax must have been seeing a surge in ALL redemptions at volumes that were unsustainable, and is now attempting to meter the flow by devaluing the transfer ratio.

With the revised 3:2 transfer ratio, HeyMax users will achieve 2 cents per Max Mile instead, a 33% reduction in value. That’s only slightly higher than the 1.8 cents you could obtain — in cash — through the FlyAnywhere programme, so in my opinion, it’s not a great option outside of transfer bonuses.

Speaking of which, HeyMax has informed me that there will be some upcoming transfer bonuses for ALL later this year, though those will presumably be based on the devalued 3:2 rate, and likely still inferior to the current 1:1 ratio.

What should you do now?

HeyMax has provided advance notice of this change, so you have slightly over a week to make transfers at the current rate. Given how lucrative the 1:1 transfer ratio is, I’d certainly consider one last hurrah.

In fact, if you have a HeyMax First membership, now might be a good time to draw down your balance — a great example of how the membership’s “time-shifting” function allows you to get ahead of the devaluation by leveraging your future earnings.

My plan is to draw down at least 50,000 Max Miles, knowing that I can quickly reclaim the access fee (S$1,150) at the start of July when my monthly conversion cap from yuu Points to Max Miles is reset.

If your miles pool is large enough, there’s nothing stopping you from withdrawing more — though you will have to factor in the opportunity cost involved. A draw down is effectively an interest-free loan to HeyMax (with the associated credit risk), the duration of which depends on how fast you can earn back the Max Miles borrowed. 

What else can you do with Max Miles?

Max Miles can be converted to 14 airlines and six hotel programmes, mostly at a 1:1 ratio. All transfers are free of charge.

Unfortunately, the Cash For Miles programme was recently sunset, which removed 17 partners including valuable options like Air Canada Aeroplan, American Airlines AAdvantage, and World of Hyatt (despite the massacre to top-tier aspirational awards, the redemption rates for lower and mid-tier properties have been surprisingly stable). While these could still make a return in the future, it’s anyone’s guess as to when that will happen.

Conclusion

From 1 July 2026, HeyMax will no longer offer 1:1 transfers to Accor Live Limitless, devaluing the ratio to 3:2.

This always felt kind of inevitable, given the excellent per-point value that ALL offers, though at least members are getting eight days’ worth of advance notice.