The "Protect Your Points Act of 2026" introduces significant consumer protections for frequent flyer programs and co-branded credit cards. It mandates that covered air carriers prominently display the financial value of points on their websites and mobile applications, updating this information in real-time, and showing differing values for various co-branded cards or loyalty tiers. A key provision prohibits air carriers from placing expiration dates on any points or miles. Furthermore, it requires airlines to allow consumers to transfer points to other program participants without imposing fees or limits, except in cases of fraud, and ensures that transferred points retain their original value. The bill also forbids air carriers from charging fees to access, use, redeem, or redeposit points. It mandates the display of airfare and ancillary fee costs in both dollar and point values concurrently on booking pages, along with the annual percentage rate of points successfully redeemed by consumers. To enhance consumer flexibility, airlines must offer the ability to purchase airfare and ancillary fees using any combination of dollars and points. Additionally, the legislation strengthens account security by requiring multi-factor authentication for frequent flyer program accounts and other reasonable data security protections. Crucially, the bill stipulates that air carriers must provide at least one year of notice to consumers before implementing any changes to terms of service or taking actions that would devalue accrued points, such as decreasing dollar value, eliminating, reducing, or imposing new limits or expenses on redemption. The Secretary of Transportation is tasked with coordinating with the Consumer Financial Protection Bureau and the Federal Trade Commission to implement these provisions.