{"id":216442,"date":"2025-07-02T14:00:55","date_gmt":"2025-07-02T14:00:55","guid":{"rendered":"https:\/\/awardwallet.com\/blog\/?p=216442\/"},"modified":"2026-04-08T14:18:33","modified_gmt":"2026-04-08T14:18:33","slug":"emirates-transfer-devaluation","status":"publish","type":"post","link":"https:\/\/awardwallet.com\/news\/amex-membership-rewards\/emirates-transfer-devaluation\/","title":{"rendered":"Amex to Devalue Membership Rewards Transfers to Emirates Skywards on September 16"},"content":{"rendered":"

The changes below have taken effect, and this post is no longer being updated. Here is our archive of major updates<\/a> from card issuers and loyalty programs.<\/em><\/p>\n

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\u2019s lead and devalue transfers to Emirates on September 16, 2025<\/strong>.<\/p>\n

Here's what to know about this new development.<\/p>\n

Amex to Emirates Skywards Transfers to Devalue on September 16<\/span><\/h2>\n

If Emirates Skywards<\/a> is one of your favorite Amex transfer partners<\/a>, you may want to transfer points sooner rather than later. Effective September 16, 2025<\/strong>, 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.<\/p>\n

You'll find mentions of the upcoming devaluation in your Amex account on the transfer partners page.<\/p>\n

\"American
Credit: American Express<\/em><\/enter><\/figure>\n

If there\u2019s any silver lining, it\u2019s that the devaluation doesn\u2019t take effect immediately. Still, changes like this are disappointing because they make your Amex points worth less.<\/p>\n

Part of what makes Membership Rewards<\/a> 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 \u2014 especially if these are redemptions you make regularly.<\/p>\n

What's going on with Emirates Skywards?<\/span><\/h3>\n

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<\/a>, multiple transfer pauses<\/a>, and the restriction of first class seats to Skywards elite members<\/a>. All these moves in quick succession naturally raise a lot of questions.<\/p>\n

Are we entitled to an explanation? No, but it doesn\u2019t hurt to ask.<\/p>\n

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\u2019t provided anything of substance, stating only that \u201cEmirates Skywards is upgrading its systems\u201d and that \u201cUntil 30 June 2025, you may experience temporary disruptions to Skywards partner-related activities.\u201d<\/p>\n

A devaluation is a bit more than a disruption, so we\u2019ve reached out to Emirates again for comment and will update this story if we receive a response.<\/p>\n

\"Emirates
Credit: David Syphers\/Unsplash<\/em><\/enter><\/figure>\n

Is this a sign of more devaluations to come?<\/span><\/h3>\n

By now, bank transfer ratio devaluations to Emirates Skywards aren\u2019t unprecedented. Citi made the first move, and now Amex plans to follow. So, what does this mean for the rest of Emirates\u2019 transfer partners?<\/p>\n

For now, it\u2019s business as usual. But we wouldn\u2019t be surprised if other partners announce devaluations soon as well.<\/p>\n

That said, both Citi and Amex gave plenty of notice. If you have other points you plan to transfer to Emirates, you\u2019ll 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.<\/p>\n

Final Thoughts<\/span><\/h2>\n

On September 16, 2025<\/strong>, 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\u2019ll soon need to redeem 20% more Amex points for Emirates awards, which is a pretty disappointing development.<\/p>\n

If you don\u2019t transfer your Amex points to Emirates, this news won\u2019t impact you much. Still, we\u2019re hopeful that devaluations like this won\u2019t become the norm for other Amex transfer partners.<\/p>\n

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