The AMEX Membership Rewards Program has announced a change in the transfer ratio for one of its partners, following a similar decision from Citi. Honestly, it’s a bit concerning, mainly because it sets a tricky precedent.
Amex to Emirates transfers now at a 5:4 ratio
The AMEX Membership Rewards Program includes about 20 airline and hotel partners, and for the most part, transfers to these airlines are at a 1:1 ratio, with JetBlue TrueBlue being the exception. Now, we see another program shifting away from the standard ratio.
Starting September 16, 2025, the transfer rate for Emirates will change. Points will transfer at a rate of 5:4, which is 1,000 points equating to 800 for Emirates.
AMEX is the second major points program to alter the Emirates Skyward transfer ratio. Citi had already reduced its transfer rate on July 27, 2025.
Currently, neither Capital One nor Chase Ultimate Rewards has announced any adjustments, but it’s worth wondering if Chase will follow suit. After all, all their partners have maintained the 1:1 transfer rate.
What’s behind this points devaluation?
Whenever points are transferred to airline or hotel currency, there’s clearly money changing hands. The rates are not uniform across the board; they vary by partner. Ideally, there’s supposed to be a balance between the partners and what credit card companies find acceptable for these transfers.
It’s quite intriguing to see Emirates’ Skyward transfer being adjusted like this.
- It’s not shocking, really, given that Emirates Skywards is a key partner; it seems they’re perhaps not keen on encouraging too many transfers due to limited benefits for users.
- Emirates seems focused on maximizing profits from partnerships, and it looks like consumers are feeling some of that squeeze.
This appears to align with a broader trend in the industry. They are likely trying to extract more value from award seat redemptions. Not only is Emirates seeking to monetize premium cabin awards, but they’ve also started to impose higher additional charges on many awards. Plus, it’s worth noting that they’ve recently limited first-class awards to only those with Skywards Elite status.
Conclusion
As of September 16, 2025, the AMEX Membership Rewards Program will be decreasing the Emirates Skyward transfer ratio to a 5:4 rate. This mirrors a similar change from Citi. Capital One and Chase Ultimate Rewards transfers remain at a 1:1 ratio for now, but that could change, so stay tuned.
What are your thoughts on this latest AMEX Membership Rewards development?
