{"id":238603,"date":"2025-12-08T16:00:22","date_gmt":"2025-12-08T16:00:22","guid":{"rendered":"https:\/\/awardwallet.com\/blog\/?p=238603\/"},"modified":"2026-04-08T14:29:32","modified_gmt":"2026-04-08T14:29:32","slug":"cathay-pacific-transfer-devaluation","status":"publish","type":"post","link":"https:\/\/awardwallet.com\/news\/amex-membership-rewards\/cathay-pacific-transfer-devaluation\/","title":{"rendered":"Amex to Devalue Transfers to Cathay Pacific Asia Miles in Early 2026 \u2014 Here\u2019s the Timeline"},"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The changes below have taken effect, and this post is no longer being updated.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

In a year fraught with negative program changes and devaluations<\/a>, American Express has added another before the calendar rolls over. Amex Membership Rewards<\/a> is one of a handful of programs that offer transfers to Cathay Pacific's loyalty program — known as Asia Miles<\/a> — at a 1:1 ratio. That rate will be changing, but luckily not for a few months.<\/p>\n

Effective March 1, 2026<\/strong>, the transfer rate will change to 5:4, dropping the rate by 20%. Let's take a look at what this change means and how you can take advantage before it takes place.<\/p>\n

Amex to Reduce Cathay Pacific Asia Miles Transfer Ratio<\/span><\/h2>\n

On the bright side, Amex and Cathay Pacific are giving us some time to digest this news and adjust before the change. But beginning in March, those with valuable Membership Rewards will see that value slashed. Recent communication from American Express to Card Members states:<\/p>\n

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Effective March 1, 2026 , the ratio for transferring Membership Rewards points to Cathay Pacific Asia Miles TM <\/em>will be changed from: \u201c1 Membership Rewards point = 1 Asia Mile\u201d to \u201c5 Membership Rewards points = 4 Asia Miles\u201d.<\/em><\/p>\n<\/blockquote>\n

What remains to be seen (but wouldn't be a surprise) is if other programs that offer transfers to Asia Miles drop their transfer ratios as well. If the saga with Emirates Skywards transfers this year (see Citi<\/a>, Chase<\/a>, and Capital One<\/a> changes) serves as any indicator, there's a decent chance other programs could follow Amex's lead.<\/p>\n

\"Cathay
Cathay Business class. Credit: J.T. Genter\/AwardWallet<\/em><\/enter><\/figure>\n

Best Ways to Redeem Asia Miles Now<\/span><\/h2>\n

Although there have been negative changes to Cathay's loyalty program<\/a> this year, there are still good uses to consider when deciding to transfer Amex Membership Rewards to the program.<\/p>\n

After all, if you transfer points now and book, these awards will require fewer Amex points than they otherwise will come March 1, 2026<\/strong>.<\/p>\n

British Airways business class with lower taxes<\/span><\/h3>\n

British Airways flights can be booked with many of its Oneworld partner programs, such as American AAdvantage<\/a> and Alaska Airlines Atmos Rewards<\/a>. Cathay Pacific is another option and while the award prices may be higher, the usually high taxes and fees are significantly lower through Cathay.<\/p>\n

For example, this business class British Airways flight from Boston (BOS) to London (LHR) costs 63,000 miles and roughly $235 when booked through Cathay Pacific.<\/p>\n

\"British
British Airways flight booked through Cathay Pacific. Screenshot of Cathay Pacific<\/em><\/enter><\/figure>\n

Here is the same flight when booked through other Oneworld partners:<\/p>\n