Just a few weeks back, I wrote about how Emirates is restricting mileage redemptions for First Class cabins on their own flights, while using the Emirates Skywards program. Starting May 12, Emirates restricted the ability to redeem classic rewards with the Emirates Skywards program for flights in First Class on Emirates metal, unless you have Silver, Gold or Platinum elite status with the airline. Now, American Express is set to devalue their points transfer ratio.
Emirates Points Transfer Ratio Set to Drop
If you have a card that earns Membership Rewards points, then you should be seeing the same notice that I’m seeing.
Effective September 16, 2025, the ratio for transferring Membership Rewards points to Emirate Skywards Miles will be changed from 1 Membership Rewards point = 1 Skywards Mile to 5 Membership Rewards points = 4 Skywards Miles
In essence, you will no longer enjoy the standard 1:1 ratio. Instead, you’ll have a ratio of 1:0.8 going forward. That’s a drop of 20%.
The Pundit’s Mantra
Overall, this is a major loss if you’re someone who frequently transfers Amex Membership Rewards points to Emirates Skywards to book flights. Also, bear in mind that you can no longer book First Class cabins on Emirates Skywards using your miles, unless you have Silver, Gold or Platinum status with the airline. However, you can still book award space by using partner miles, with Qantas being one of the most popular programs.
In my case, I haven’t used the Emirates Skywards program much as I’ve never found the earn and burn rates to be that lucrative. I’ve used my Qantas points though to book Emirates in the past, in addition to booking Emirates flights with Alaska MileagePlan miles while the partnership was still alive.
This is a big devaluation for those who frequently transferred miles from Amex to Emirates. On the other hand, if you’re earning Skywards miles by simply flying or through a co-branded Emirates credit card, then you’re unaffected by this change.
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