Originally Posted by 1flyer

You're right, Accor points are indexed to the euro so there's no inflation protection. As the euro loses value, so do your Accor points.

Anyways, two quick points on this:

1.) Euro-area inflation rates have been VERY low for quite some time. Currently, the inflation rate is at 1.9 percent on an annualized basis, and that's the highest rate we've seen in years. (It's most likely also a temporary high that's mostly due to the current spike in oil prices.)

Roughly speaking, you can assume that inflation deteriorates your points value by around 1.5 percent p.a. That's not much. Again, my understanding is the points value is tied to the euro. Therefore, if you're mostly redeeming for hotels that use other currencies, you're bearing some exchange-rate risk as well.

2.) Other programs most certainly change the terms of redemptions to adjust for inflation. But they do it at discrete intervals which are extremely hard to anticipate. In fact, as a customer, Accor's structure might be preferable. It's easier to predict. With other programs, you might be hit by, say, a 10 or 15 percent devaluation every few years which might come as a total surprise to you.