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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.
Effective February 1, 2026, Membership Rewards for UK-based cardmembers will transfer to Emirates SkyMiles at a reduced 2:1 ratio. Here's what you need to know,
American Express UK To Devalue Transfers to Emirates
It's hard to root for Emirates. In July, Citi devalued transfers to Emirates to a 1:0.8 ratio. In September, Amex U.S. followed suit, dropping the ratio to 1:0.8. In October, Chase removed Emirates as a transfer partner, and earlier this month, Capital One announced it will lower the transfer ratio to a 4:3 ratio.
It seems that no one is safe from these devaluations. Amex UK just updated its transfer partners page with the following message:
“Effective 1 February 2026, the ratio for transferring Membership Rewards points to Emirates Skywards will change to 2 Membership Rewards points = 1 Skywards mile.”
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.
How will this impact you? According to the Emirates Miles Calculator, an Emirates award from London (LHR) to Dubai (DXB) costs:
- Economy (Saver): 35,000 Skywards miles round-trip
- Business class (Saver): 108,000 Skywards miles round-trip
- Emirates First Class (Flex Plus): 204,000 Skywards miles round-trip
At the current transfer ratio, you'd need to transfer 47,000 Amex Membership Rewards points for economy. That will increase to 70,000 Amex points when the transfer rate decreases to 2:1.
For a business class return, you currently need to transfer 144k Amex points to book a Saver award. That will increase to 216k Amex points after this devaluation takes effect.
Final Thoughts
Beginning February 1, 2026, Amex UK will devalue its 4:3 transfer ratio to Emirates to a 2:1 ratio. In other words, you'll need far more Membership Rewards points to book an award on an Emirates flight than you did before. Luckily, UK members still have access to a variety of transfer partners at a 1:1 ratio, including Delta SkyMiles, British Airways Club, and Virgin Atlantic Flying Club.
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