Amex Cutting Emirates Skywards Transfer Rate – What You Need to Know
There will be an Amex to Emirates Skywards transfer devaluation starting September 16, 2025. This major change is coming for travelers who transfer Amex Membership Rewards points to Emirates Skywards. The transfer ratio will be devalued from the current 1:1 to a 5:4 ratio, meaning for every 1,000 Amex points you transfer, you’ll now receive only 800 Emirates Skywards miles — a 20% reduction in value.
📉 What This Means for You: Popular Redemptions Just Got Pricier
This devaluation affects one of the more prestigious international transfer opportunities in the Amex Membership Rewards program. Emirates Skywards miles are known for offering decent value on routes like Dubai and, notably, their U.S. fifth freedom flight between New York (JFK) and Milan (MXP).
Let’s look at a real-world example:
🛫 Emirates Business Class — JFK to Milan (one-way)
Current cost: 87,000 Skywards miles
Amex points needed before Sept 16: 87,000
Amex points needed after Sept 16: 108,750
Points difference: 21,750 more Amex points
That’s a significant increase for the exact same seat—and applies to all Emirates Skywards bookings when transferring from Amex.
🔁 Citi and Amex: Both Devalued in 2025
This move by Amex follows Citi’s earlier devaluation of ThankYou Points to Emirates, which will take effect July 27, 2025. Citi’s new transfer rate is also 1,000 points to 800 miles, matching what Amex is now implementing.
These reductions come after a temporary pause in transfers from Amex, Chase, and Bilt to Emirates in May 2025 while the Skywards program made backend updates. Those transfers have since resumed, but not without lasting changes to value. Leaving one to wonder whether this is it, or are more changes are coming?
📌 Why Is Emirates Devaluing Transfers?
This appears to be part of a broader shift by Emirates Skywards to tighten award availability and reduce redemption value from partners. The airline has also taken steps like limiting first class redemptions to elite Skywards members, signaling a more conservative approach to mileage liabilities.
For travelers using transferable points, this means fewer high-value sweet spots unless you act quickly.
✅ What You Should Do Now
If you’ve been eyeing an Emirates redemption using Amex points—particularly routes like the JFK–MXP fifth freedom flight or long-haul business class routes to Dubai—there’s still time to transfer before the devaluation.
Action Steps:
Transfer Amex points before Sept 16 to preserve the 1:1 rate.
Compare programs — Chase Ultimate Rewards, Capital One, and Bilt still transfer to Emirates at 1:1 (as of July 2025).
Book high-value routes now like JFK–Milan, JFK–Athens, or premium cabins to the Middle East or Asia.
💳 Don’t Have Chase or Capital One Points?
🎯 Now’s the time to diversify. If you rely only on Amex Membership Rewards, you’re more exposed to devaluations like this one.
Consider applying for a card that earns points transferable to Emirates at full value (1:1):
🔹 Chase Sapphire Reserve® – earns Ultimate Rewards points with strong travel protections
🔹 Capital One Venture X – easy-to-use miles, 1:1 transfers to Emirates and 15+ other partners
These cards currently offer generous welcome bonuses that could help cover your next Emirates business class flight—without ever paying cash.
✈️ Final Thoughts On Amex to Emirates Skywards Transfer Devaluation
The Amex to Emirates Skywards transfer devaluation is another example of why it pays to stay ahead of loyalty program changes. If Emirates awards are on your radar, consider locking in transfers soon to get the most from your Membership Rewards points.
For award travelers, especially those targeting Emirates’ best sweet spots, this is your window to act.
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