The Amex Membership Rewards program has just revealed a devaluation to the transfer ratio for one of its partners. This follows a similar move from Citi ThankYou, and I sure don’t love the precedent that this sets.
In this post:
Amex to Emirates transfers devalued to 5:4 ratio
The Amex Membership Rewards program has roughly 20 airline and hotel transfer partners, and currently, transfers to nearly all airline partners (except JetBlue TrueBlue) are at a 1:1 ratio. Now we’re going to see a second program get a transfer ratio other than 1:1.
As of September 16, 2025, the Amex Membership Rewards program will be devaluing the transfer ratio for Emirates Skywards. With this change, points will start transferring at a 5:4 ratio (or 1,000:800 ratio, if you prefer).
Amex Membership Rewards is the second major transferable points currency to change the transfer ratio for Emirates Skywards. Citi ThankYou is devaluing its transfer ratio as of July 27, 2025.
As of now, Capital One and Chase Ultimate Rewards haven’t announced any changes, though don’t be surprised if they’re next. I’m curious if Chase does the same, as it’s the only transferable points currency where all partners are at a 1:1 ratio.
What’s driving this points devaluation?
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’s interesting to see Emirates Skywards transfers devalued in this way:
- I’m not surprised if Emirates Skywards is one of the higher cost transfer partners for the major points currencies, since we almost never see transfer bonuses for the program, suggesting that they don’t want to incentivize transfers
- It sure seems to me like Emirates is giving its partners an ultimatum, and wants more money, and that’s partly being passed on to consumers
I imagine this fits into Emirates’ overall strategy, at the moment, of better trying to monetize awards seats. Not only does Emirates have steep award costs in premium cabins, but there are also high surcharges on many awards. Keep in mind that Emirates Skywards also recently started restricting first class awards, limiting it to those with Skywards elite status.
Bottom line
As of September 16, 2025, the Amex Membership Rewards program will be devaluing its Emirates Skywards transfer ratio, and points will start transferring at a 5:4 ratio. This follows a similar announcement from Citi ThankYou. As of now, Capital One and Chase Ultimate Rewards transfers are still at a 1:1 ratio, though don’t be surprised if that changes as well.
What do you make of this Amex Membership Rewards development?
Well, the strategy may be simple, to move people over to their Barclays card. With it you get the ability to book F and no need to transfer. I recently got one which also came with a year of status, for what it's worth. The reality is that I like booking F awards in EK and figured these changes would keep coming in such a manner that more seats will be available as a result. So far that seems to be the case, although might have more to do with the ME stuff going on.
I flew ek first a couple of times before covid. It is nice but not sure if it is worth the cost given what we can get alternatively. I may fly the new first class at some point but I am still not sure. It is just too much hassle for the hype. I do give credit to ek for creating such a hype and now making it difficult or more expensive, they certainly make...
I flew ek first a couple of times before covid. It is nice but not sure if it is worth the cost given what we can get alternatively. I may fly the new first class at some point but I am still not sure. It is just too much hassle for the hype. I do give credit to ek for creating such a hype and now making it difficult or more expensive, they certainly make more money now. But I am certain there will be people who are point rich like bloggers or people who never experienced the ek first class and unload most of their cc sub for one ek first class. It is all relative. For me now I want to fly JL new first or want ANA quickly change the 787 seats
points and miles are slowly becoming a thing of the past, in 10 years all this will be long gone
I'm inclined to agree. Transfer partners used to be the outsized value of transferrable currencies. It's a slow slide, but they're all heading in the same direction of minimal value.
Related, got my Fidelity 2% Visa. Unlike "loyalty programs", brokerage investments never let you down, over the long run.
I wouldn't be surprised if all banks follow.
At some point, the partnership with Emirates isn't worth it. Better to drop the program than to devalue it. It's a terrible program anyway.
I used to frequently transfer Amex to points to EK a while back, but since EK increased the pricing and steeply increased the taxes/fees, I can't see how EK redemptions can be attractive to anyone... Overpaying for tacky, dated product (if you're lucky) or being stuck in a middle seat in a 2-3-2 J configuration (if you're unlucky)...
Is there still such demand that they need to make this even less attractive...?
The fall of this program from where it used to be in 2019 is truly staggering. Like other programs have devalued sure but this is wild to see
@Harold, note. In 2019 I redeemed 178,500 miles for HKG-DXB-ORD in F. Fees were only $125 because back then YQ was not allowed out of HKG. That has changed. Earlier this year I redeemed 178,500 ORD-DXB-HKG plus $1,200 surcharge. (Can't say how much $ difference from 2019 but I think its similar.) Maybe J or Y redemptions have changed but F has not. Of course partner redemptions are different, AS pre 2019, AC has gotten...
@Harold, note. In 2019 I redeemed 178,500 miles for HKG-DXB-ORD in F. Fees were only $125 because back then YQ was not allowed out of HKG. That has changed. Earlier this year I redeemed 178,500 ORD-DXB-HKG plus $1,200 surcharge. (Can't say how much $ difference from 2019 but I think its similar.) Maybe J or Y redemptions have changed but F has not. Of course partner redemptions are different, AS pre 2019, AC has gotten insane, JL too. Now the status for F and these exchange rates are a deal breaker. Maybe a loophole will be QF although their pricing is ridiculous too. My points is F has stayed the same in the EK program, too expensive in 2019 but propably normal for F half way around the world these days.