Millions of Aussies will find their Qantas frequent flyer points are worth less from today. Customers will now need up to 20 per cent more points for rewards seats and upgrades, following major changes made to the loyalty program.

Qantas said this was the first time in six years that it had changed the value of its points. While the exact increase varies, the devaluation is between 5 and 20 per cent, plus Qantas is also increasing fees and surcharges for business and first class seats.

Finder travel expert Angus Kidman told Yahoo Finance a single Qantas point used for Classic Rewards was previously worth 2 cents for Economy flights and 8 cents for Business flights.

That value is now "set to decline significantly".

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A Sydney to Melbourne economy class seat will go from 8,000 points and $55 in fees, to 9,200 points and $55 in fees.

A business class seat previously set you back 18,400 points plus $55 in fees, and will now be 19,300 points plus $76 in fees.

Sydney to London economy class will increase from 55,200 points plus $263 in fees, to 63,500 points plus $263 in fees.

A business class seat will go from 144,600 points plus $473 in fees, to 166,300 points plus $648 in fees.

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Qantas Loyalty CEO Andrew Glance said the changes were necessary to sustain and grow the loyalty program.

“These adjustments will ensure we can continue to invest in enhancing the program for the long term and continue to grow the levels of Classic and Classic Plus Reward seat availability for members year on year,” he said.

Qantas said it had seen a record number of points redemptions on flights in the last 12 months. Qantas Frequent Flyer is one of the country’s biggest loyalty programs with more than 17 million members.

While the value of points has decreased, it is still possible for savvy travellers to find good deals.

"My two key tips: don't be obsessed with flying Business class, and look into flying to regional locations—those seats are often very expensive to buy but aren't as pricey as a Qantas Classic Reward," Kidman said.

"And don't fall for the trap of paying any carrier charges using Qantas Points—that's a waste of money."

Qantas releases more rewards seats

Qantas has today announced the release of 400,000 new Classic Rewards seats across its international and domestic network, including its premium cabins. The majority of these seats will be on Points Planes, where every seat across all cabins can be secured with points.