{"id":237966,"date":"2025-12-02T22:00:54","date_gmt":"2025-12-02T22:00:54","guid":{"rendered":"https:\/\/awardwallet.com\/blog\/?p=237966\/"},"modified":"2026-04-08T14:29:17","modified_gmt":"2026-04-08T14:29:17","slug":"emirates-transfer-rate-devaluation","status":"publish","type":"post","link":"https:\/\/awardwallet.com\/news\/capital-one-rewards\/emirates-transfer-rate-devaluation\/","title":{"rendered":"Capital One to Devalue Transfers to Emirates Skywards \u2014 Here’s the Timeline and New Ratio"},"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The changes below have taken effect, and this post is no longer being updated.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

Capital One is the latest in a string of issuers to devalue point transfers to Emirates Skywards — making it even more challenging to find good value award redemptions with the Dubai-based airline.<\/p>\n

In July, Citi ThankYou devalued transfers to Emirates<\/a> to a 1:0.8 ratio. In September, American Express Membership Rewards devalued transfers to Emirates<\/a> to the same 1:0.8 ratio. Then, Chase Ultimate Rewards dropped Emirates as a transfer partner<\/a> entirely in October. Each of these devaluations came just months after issuers temporarily paused transfers<\/a> to the airline.<\/p>\n

Fortunately, you can still transfer Capital One Miles to Emirates at a 1:1 ratio until the devaluation takes place on January 13, 2026<\/strong>. Here's what you need to know about this development.<\/p>\n

Capital One To Devalue Transfers To Emirates<\/span><\/h2>\n

Currently, Capital One Miles<\/a> transfer to Emirates Skywards at a 1:1 transfer ratio. However, that's set to change on January 13, 2026<\/strong>. Starting on that date, Capital One miles\u00a0will transfer to Emirates Skywards<\/a> at a reduced 2:1.5 ratio.<\/p>\n

Luckily, we are getting a bit of advanced notice — giving you some time to transfer your miles at the current 1:1 ratio before the changes take effect. However, after January 13, you'll receive a 25% reduction in the value of your Capital One Miles on point transfers to Emirates.<\/p>\n

\"Capital
Credit: Capital One<\/em><\/enter><\/figure>\n

Emirates won't be the only Capital One transfer partner<\/a> at this 2:1.5 transfer ratio. Capital One Miles also transfer to EVA Air and Japan Airlines Mileage Bank at a 1,000-to-750 ratio. JetBlue offers an even lower ratio, where 1,000 Capital One Miles converts to 600 TrueBlue Points.<\/p>\n

Once these changes go into effect, Bilt Rewards<\/a> will be the only transferrable point currency that transfers to Emirates at a 1:1 ratio. Only time will tell how long that will last. If this year is any indication, Bilt will announce a devaluation in the next few months.<\/p>\n

Here's an auto-updating list of all current Emirates transfer partners:<\/p>\n

From<\/div>
To<\/div>
Transfer Ratio<\/div>
Min.Transfer<\/div>
Average Time<\/div><\/div>
Amex (Membership Rewards)<\/a>
Germany<\/div><\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
2:1<\/div>
1,000<\/div>
Unknown<\/div><\/div><\/div>
Amex (Membership Rewards)<\/a>
United States<\/div><\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
1,000:800
Amex-Emirates transfer rate dropped to 5:4 on September 16, 2025<\/a>.<\/div><\/div>
-<\/div>
Immediate<\/div><\/div><\/div>
Amex (Membership Rewards)<\/a>
United Kingdom<\/div><\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
2:1
Transfer ratio devalued effective February 1, 2026<\/a>.<\/div><\/div>
1,000<\/div>
Unknown<\/div><\/div><\/div>
Capital One<\/a>
United States<\/div><\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
100:75
Transfer ratio devalued effective January 13, 2026<\/a>.<\/div><\/div>
1,000<\/div>
Immediate<\/div><\/div><\/div>
Chase (Ultimate Rewards)<\/a><\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
Emirates dropped as a Chase transfer partner on October 16, 2025<\/a>.<\/div><\/div>
-<\/div>
Immediate<\/div><\/div><\/div>
Citibank (ThankYou Rewards)<\/a>
United States<\/div><\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
1,000:800<\/div>
-<\/div>
Unknown<\/div><\/div><\/div>
Marriott (Bonvoy)<\/a><\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
3:1<\/div>
3,000<\/div>
3 days<\/div><\/div><\/div>
Accor Group (ALL - Accor Live Limitless)<\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
4,000:2,000<\/div>
-<\/div>
Unknown<\/div><\/div><\/div>
Bilt Rewards<\/a><\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
1,000:1,000<\/div>
2,000<\/div>
Unknown<\/div><\/div><\/div>
Brex Cash<\/a><\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
3:2<\/div>
500<\/div>
Unknown<\/div><\/div><\/div>
Heathrow Airport (My Heathrow)<\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
Seemingly removed on January 25, 2025 (formerly 250:250 transfer ratio)<\/div><\/div>
-<\/div>
Unknown<\/div><\/div><\/div>
HSBC Rewards
United States<\/div><\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
1,000:1,000<\/div>
-<\/div>
Unknown<\/div><\/div><\/div>
Hyatt (World of Hyatt)<\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
1,250:500
Bonus for transferring 50,000+ points<\/div><\/div>
5,000<\/div>
Unknown<\/div><\/div><\/div>
IHG Hotels & Resorts (One Rewards)<\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
10,000:2,000<\/div>
-<\/div>
Unknown<\/div><\/div><\/div>
Jumeirah (Jumeirah One)<\/div>\u2794<\/span><\/div><\/div>
\u2794<\/span>
Emirates (Skywards & Business Rewards)<\/div><\/div><\/div>
2:1<\/div>
-<\/div>
Unknown<\/div><\/div><\/div><\/div>\n

Bottom Line<\/span><\/h2>\n

Beginning January 13, 2026<\/strong>, Capital One Miles will devalue its 1:1 transfer ratio to Emirates Skywards into a 2:1.5 ratio. Essentially, you'll need to redeem 33% more Capital One Miles to book the exact same Emirates award seat.<\/p>\n

This news doesn't come as a surprise, given the devaluations from Citi and American Express earlier this year. But it's still disappointing. Once the Emirates devaluation goes into effect, you will be able to transfer Capital One Miles to just 14 airlines at a 1:1 ratio.<\/p>\n

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