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.
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?
