Membership Rewards To Emirates Transfer Rate

Very quietly American Express has warned members that the Membership Rewards to Emirates transfer rate will be devalued in the not too distant future. The nice part is that we get a few more months to take advantage of the current 1 to 1 transfer rate. The bad news is that we will soon see a 20% loss in value for our transfers.

Here is what you will see in your Membership Rewards dashboard:

Effective September 16, 2025, the ratio for transferring Membership Rewards® points to Emirates Skywards® Miles will be changed from: “1 Membership Rewards point = 1 Skywards mile” to “5 Membership Rewards points = 4 Skywards miles”.

If you learned nothing from the Membership Rewards to Hawaiian transfer partnership it should be to put in any final transfers by at least 9/15/25. Don't read this and think they will be changing the rate at the end of day on the 16th.

This is all a part of a tumultuous month for Emirates. First, Citi announced a lowered transfer rate from ThankYou points (takes effect July 27th), and then Emirates disappeared from all transfer partners for a short period. When they came back it seemed like everything might remain normal, but it appears that Amex (or Emirates) had other plans. Will the other Emirates transfer partners follow suit? My guess is that it is likely, but we have only heard from Amex as of now. Chase, Capital One and Bilt still offer 1 to 1 transfers at the time of writing.