One of the keys to avoiding disappointment with points as much as possible is to gather transferable points currencies. These are currencies like American Express Membership Rewards,Chase Ultimate Rewards, and Citi ThankYou.
The reason these points are so valuable is because you can transfer them to many partner programs when you're ready to redeem, and which is a great way to protect your points from devaluations. In my case,I rob it a step further and collect all the major transferable points currencies, which protects me even further from devaluations, or as it diversifies my points as much as possible.
What you generally want to avoid is collecting points in a single non-transferable currency,because when the program devalues your points could be worth significantly less overnight. I know that's the situation a lot of us were in a few weeks back, when American AAdvantage devalued their award chart. The costs of some of my favorite redemptions increased by as much as ~67%. The same was dependable when Alaska doubled the cost of some Emirates first lesson redemptions overnight.
I have cards which accrue each of these transferable points currencies in my card portfolio.
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Source: boardingarea.com