We use small-amplitude inviscid theory to study the swimming performance of a flexible flapping plate with time-varying flexibility. The stiffness of the plate oscillates at twice the frequency of the kinematics in order to maintain a symmetric motion. Plates with constant and time-periodic stiffness are compared over a range of mean plate stiffnesses, oscillating stiffness amplitudes and oscillating stiffness phases for isolated heaving, isolated pitching and combined leading-edge kinematics. We find that there is a profound impact of oscillating stiffness on the thrust, with a lesser impact on propulsive efficiency. Thrust improvements of up to 35 % relative to a constant-stiffness plate are observed. For large enough frequencies and amplitudes of the stiffness oscillation, instabilities emerge. The unstable regions may confer enhanced propulsive performance; this hypothesis must be verified via experiments or nonlinear simulations.