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Ever since Citi announced the devaluation of transfers to the Emirates Skywards program, and several other transfer partners temporarily paused transfers to Emirates, we had a strong hunch this wasn't the end of the story. And it is not. American Express will follow Citi’s lead and devalue transfers to Emirates on September 16, 2025.
Here's what to know about this new development.
Amex to Emirates Skywards Transfers to Devalue on September 16
If Emirates Skywards is one of your favorite Amex transfer partners, you may want to transfer points sooner rather than later. Effective September 16, 2025, the transfer ratio will drop from 1:1 to 1:0.8, which spells a 20% reduction in the value of your Membership Rewards points when used for Emirates redemptions.
You'll find mentions of the upcoming devaluation in your Amex account on the transfer partners page.
If there’s any silver lining, it’s that the devaluation doesn’t take effect immediately. Still, changes like this are disappointing because they make your Amex points worth less.
Part of what makes Membership Rewards points so valuable is the ability to book premium cabins, such as Emirates business class and even first class before the latter were restricted to Skywards elite members earlier this year. Having to redeem more points for the same product, with no real justification, is frustrating — especially if these are redemptions you make regularly.
What's going on with Emirates Skywards?
This Amex devaluation is just the latest in a series of changes at Emirates Skywards. It comes on the heels of the Citi devaluation announcement, multiple transfer pauses, and the restriction of first class seats to Skywards elite members. All these moves in quick succession naturally raise a lot of questions.
Are we entitled to an explanation? No, but it doesn’t hurt to ask.
AwardWallet has been in contact with Emirates spokespeople several times recently to better understand the real reasons behind the Citi devaluation and other transfer pauses. So far, Emirates hasn’t provided anything of substance, stating only that “Emirates Skywards is upgrading its systems” and that “Until 30 June 2025, you may experience temporary disruptions to Skywards partner-related activities.”
A devaluation is a bit more than a disruption, so we’ve reached out to Emirates again for comment and will update this story if we receive a response.
Is this a sign of more devaluations to come?
By now, bank transfer ratio devaluations to Emirates Skywards aren’t unprecedented. Citi made the first move, and now Amex plans to follow. So, what does this mean for the rest of Emirates’ transfer partners?
For now, it’s business as usual. But we wouldn’t be surprised if other partners announce devaluations soon as well.
That said, both Citi and Amex gave plenty of notice. If you have other points you plan to transfer to Emirates, you’ll most likely get advance notice and a bit of runway to make your final transfers at the 1:1 ratio before any changes take effect.
Final Thoughts
On September 16, 2025, American Express Membership Rewards will replace its 1:1 transfer ratio to Emirates Skywards with a devalued 1:0.8 ratio. In other words, you’ll soon need to redeem 20% more Amex points for Emirates awards, which is a pretty disappointing development.
If you don’t transfer your Amex points to Emirates, this news won’t impact you much. Still, we’re hopeful that devaluations like this won’t become the norm for other Amex transfer partners.
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