When BAA WorldPoints ran their recent conversion bonus to Avios points, there was a reference in the email to the exchange rate moving to 250 : 250 from the current 250 : 300. However, the small print of the email contradicted the main email so it appeared to be a typo.
With no fanfare, though, the following statement has now appeared on the WorldPoints website when you try to redeem for Avios:
From 14th May 2013 the conversion rate for British Airways Avios will revert to 250 WorldPoints for 250 British Airways Avios.
To be fair, this is just going back to how things used to be. Before the launch of Avios, WorldPoints had a more generous conversion rate to (the old) Air Miles than for BA Miles. After November 2011, the more generous Air Miles rate stuck and the Avios rate became 250 : 300. This is now being taken back to where it was.
If you had a large WorldPoints balance, you probably converted it in the recent 100% bonus promotion. If not, you now need to decide whether to lock in the 250:300 rate, or hold your points and hope for another 100% bonus later in the year.
If this happened, of course, you would be getting 500 Avios points per 250 WorldPoints. That is only equivalent to a 67% bonus based on the 300 Avios points you would get today.
Given the WorldPoints to Avios conversion bonuses have become fairly regular over the last 18 months, I would still wait. Locking in an extra 50 Avios per 250 WorldPoints now will not make up for missing out on a conversion bonus later.