{"id":240215,"date":"2025-12-18T19:00:17","date_gmt":"2025-12-18T19:00:17","guid":{"rendered":"https:\/\/awardwallet.com\/blog\/?p=240215\/"},"modified":"2026-04-08T14:30:14","modified_gmt":"2026-04-08T14:30:14","slug":"emirates-uk-transfer-ratio-devaluation","status":"publish","type":"post","link":"https:\/\/awardwallet.com\/news\/amex-membership-rewards\/emirates-uk-transfer-ratio-devaluation\/","title":{"rendered":"Emirates Transfer Ratio Devaluations Jump the Pond \u2014 Here\u2019s When and the 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The changes below have taken effect, and this post is no longer being updated.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

It's becoming increasingly difficult to book high-value redemption with Emirates. Each of the major transferable point currencies in the U.S. has devalued transfers to the Dubai-based airline throughout this year. And now, our friends across the Atlantic are experiencing the same thing.<\/p>\n

Effective February 1, 2026<\/strong>, Membership Rewards for UK-based cardmembers will transfer to Emirates SkyMiles<\/a> at a reduced 2:1 ratio. Here's what you need to know,<\/p>\n

American Express UK To Devalue Transfers to Emirates<\/span><\/h2>\n

It's hard to root for Emirates. In July, Citi devalued transfers to Emirates to a 1:0.8 ratio<\/a>. In September, Amex U.S. followed suit<\/a>, dropping the ratio to 1:0.8. In October, Chase removed Emirates as a transfer partner<\/a>, and earlier this month, Capital One announced it will lower the transfer ratio to a 4:3 ratio<\/a>.<\/p>\n

It seems that no one is safe from these devaluations. Amex UK just updated its transfer partners page<\/a> with the following message:<\/p>\n

“Effective 1 February 2026, the ratio for transferring Membership Rewards points to Emirates Skywards will change to 2 Membership Rewards points = 1 Skywards mile.”<\/em><\/p><\/blockquote>\n

UK-based Amex cardmembers can still transfer Membership Rewards at a 4:3 ratio until this change takes effect. However, come February 1, you'll receive a massive reduction in the value of your points if you make a transfer to Emirates.<\/p>\n

\"Amex
Credit: Amex UK<\/em><\/enter><\/figure>\n

How will this impact you? According to the Emirates Miles Calculator, an Emirates award from London (LHR) to Dubai (DXB) costs:<\/p>\n