I can’t say I’m terribly surprised by this development…
In this post:
Chase to Emirates points transfers ending soon
The Chase Ultimate Rewards program currently has 14 airline and hotel transfer partners, and Emirates Skywards has been among those for years. Unfortunately that will soon be changing. As of October 16, 2025, Emirates Skywards will be cut as a Chase Ultimate Rewards transfer partner.
At that point, Chase will be the only major transferable points currency not to partner with Emirates.
What’s driving the end of this partnership?
What’s going on here, and why are Chase and Emirates suddenly cutting ties? This is kind of what I expected to happen, so let me explain.
In recent times, we’ve seen both Amex Membership Rewards and Citi ThankYou announce that they’re devaluing their transfer ratio to Emirates Skywards. So while it was previously 1:1, with these changes, the transfer ratio is moving to 5:4.
Why were those transfer ratios devalued? When you move your transferable points to an airline or hotel currency, money is obviously changing hands. The reimbursement rate varies between partners, as there’s not one set rate across programs. The idea, of course, is that the various partners balance out, and the cost for these transfers remains acceptable for the credit card company.
So it sure seems to me like what has happened is that Emirates is demanding more money from partners for its points, and transfer ratios are being updated to reflect those increasing costs.
But why would Chase cut ties with Emirates altogether, rather than just devaluing the transfer ratio? I suspect that’s a decision on Chase’s end, and reflects that Chase specifically wants all transfers to be at a 1:1 ratio. It’s the only major transferable points currency where all transfers are 1:1, so I assume Chase values that consistency (and being able to market 1:1 points transfers) over keeping Emirates at a devalued rate.
There’s no denying that Emirates is taking an axe to the value it offers with miles. We’ve seen the airline restrict first class awards to Skywards elite members, increase surcharges on some US-originating awards, and then make these devaluations for points transfers.
I think it’s important to understand that Emirates doesn’t take the same approach to loyalty programs as in the United States, where airlines essentially operate as loss leaders for their loyalty programs.
Instead, Skywards is viewed as being more part of the commercial organization, and is intended to drive loyalty, first and foremost. So the reality is that Emirates doesn’t really care as much about the value of these points transfers as other airlines do. Now, personally I think there’s a better approach to take, but hey, each airline can run its program how it wants.
Bottom line
As of October 16, 2025, the Chase Ultimate Rewards program will be removing Emirates Skywards as a transfer partner. This follows Amex Membership Rewards and Citi ThankYou recently announcing that they’re devaluing the transfer ratios to Emirates, from 1:1, to 5:4.
Presumably Emirates wants more money for its rewards currency, and Chase values the ability to maintain 1:1 transfers, which is what’s driving this.
What do you make of this Chase Ultimate Rewards development?
Shouldn’t the title be “to end”? My guess is you wrote “ends” to make it easier to recycle the article when transfers actually end.
Any idea how Bilt is continuing to maintain 1:1 when the big three appear to have been unable to?
They’re willing to pay up for whatever Emirates is asking……for now (same thing with Alaska). It probably helps that since they don’t have sign up bonuses it’s not like people are transferring to Emirates in large quantities.
or perhaps their contract doesn't expire until later.
This sucks. All devaluations and closed doors suck. Anyone who says "well, Skywards F redemptions were restricted to Skywards elite and came with huge surcharges"... Ok, so it didn't fit for your use case. Others could still find huge value in it.
People in this hobby are so obsessed with absolute value. I will still pay $1100 per pax in surcharges for a once-in-a-life redemption for someone I love. It doesn't always have to be about AvGeeks maximizing their CPM.
Kudos to Chase for recognizing that miles and points are a kind of high art — and that simplicity and intelligibility are keycomponent of elegance and prestige. Very Steve Jobs. Contrast with AMEX charging excise fees for Delta transfers, etc. Very MS DOS.
I've never transferred credit card miles to Emirates - not w/ the surcharges. I DO regret not using Alaska miles in the past for Emirates premium cabins when that was available.
Just glad I was able to redeem ~3 yrs ago, just before they went Rambo on restricting and devaluing their FF program.
I think Chase is handling this the right way. Allowing each partner to have a different conversion ratio (other than 1:1) is a recipe for each partner wanting to negotiate. By Chase saying NO to Emirates, their other partners are more likely to stay in line. If Chase is OK to lose Emirates, I'm sure they will be OK to lose a lesser partner. The partners will figure that out quickly. Everyone wants to negotiate until they realize they can't.
very funny for an airline that gained such a massive halo effect from points people/influencers showing off their first class products to now turn around and say "actually we dont like you guys using points" lmao.
Obviously short term they will be fine but wonder how this effects their brand without the constant social media free advertising they have been getting
“We’ve seen the airline restrict first class awards to Skywards elite members…”
And Emirates first class awards are nearly impossible to find even months and months out for elite members.
At least for this elite member.
No! I will no longer be able to waste my miles on the world’s worst business class!
I mean, business class on the A380 isn’t the worst…