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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.
In July, Citi ThankYou devalued transfers to Emirates to a 1:0.8 ratio. In September, American Express Membership Rewards devalued transfers to Emirates to the same 1:0.8 ratio. Then, Chase Ultimate Rewards dropped Emirates as a transfer partner entirely in October. Each of these devaluations came just months after issuers temporarily paused transfers to the airline.
Fortunately, you can still transfer Capital One Miles to Emirates at a 1:1 ratio until the devaluation takes place on January 13, 2026. Here's what you need to know about this development.
Capital One To Devalue Transfers To Emirates
Currently, Capital One Miles transfer to Emirates Skywards at a 1:1 transfer ratio. However, that's set to change on January 13, 2026. Starting on that date, Capital One miles will transfer to Emirates Skywards at a reduced 2:1.5 ratio.
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.
Emirates won't be the only Capital One transfer partner 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.
Once these changes go into effect, Bilt Rewards 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.
Here's an auto-updating list of all current Emirates transfer partners:
Bottom Line
Beginning January 13, 2026, 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.
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.
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