Another points transfer ratio has devalued by 20%, what’s next?

Over the years, flexible points currencies have been my favorite type of points currencies. I’ve accumulated and redeemed tens of millions of them over many years and they’ve helped me get access to a wide range of transfer partners glboally. Card issuers have, over the years, entered into an arms race, to compete with each other in the transferable points game, adding new airlines and hotel partners. Amex and Chase dominated the space for years. Then the likes of Citi, Capital One and Bilt also jumped in. But what happens when issuers start devaluing the very ratios that made their points ‘great’ in the first place? One more points transfer ratio is now about to bite the dust.

Also Read: Should you transfer points during a points transfer bonus?

Yet Another Airline Reducing Their Points Transfer Ratio

As per DDG, American Express’ Membership Rewards points transfer ratio with Cathay Pacific is about to drop by 20%. Here’s what’s going on.

Effective March 1, 2026, the ratio for transferring Membership Rewards points to Cathay Pacific Asia Miles will be changed from: “1 Membership Rewards point = 1 Asia Mile” to “5 Membership Rewards points = 4 Asia Miles”.

From March 1, 2026, you will only earn 800 Cathay Pacific Asia Miles when you convert 1,000 American Express Membership Rewards points. Cathay Pacific doesn’t publish an official award chart any more. Hwoever, you can refer to this chart compiled by the Australian Frequent Flyer.

First Emirates, then Cathay Pacific

Emirates set the trend earlier this summer. Firstly, they imposed these restritions First Class bookings. Secondly, we saw Amex drop their transfer ratio with Emirates from 1:1 to 5:4. Chase, on the other hand, completely got rid of Emirates as transfer partner altogether. It perhaps had to do with the fact that Chase only wanted to keep transfer partners that would help them market their cards as products offering 1:1 points transfer options only.

The Pundit’s Mantra

These moves clearly show the push and pull of partnerships between the card issuers and loyalty programs. Increasingly, we’re seeing a trend where loyalty programs are wanting to focus more on people who earn and redeem directly within their program as compared to people who transfer points over from a credit card partner.

These devaluations also come during a time when we’re seeing airlines increasingly block premium cabin award spaces with partners, in addition to Chase also planning to do away with fixed redemption values in the coming years. I’m not saying it’s all doom and gloom, but recent data definitely doesn’t indicate a positive trend.

What do you think about these recent devaluations of points transfer ratios? Do you still think transferable points currency still have a strong value proposition, or do you think that the value is slowly getting eroded? Tell us in the comments section.

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