In a change that absolutely nobody will like, especially those that hate math, American Express has changed the transfer ratio that will be effective September 16, 2025.
Instead of transferring at 1:1, Emirates will join the ranks of just two other transfer partners that don’t transfer evenly, however in both of those cases (Hilton at 1:2 and Aeromexico at 1:1.6, the ratio is in our favor.
In this case, following a month of being unable to transfer to Emirates, the transfer ratio will be to the detriment of cardholders looking to redeem on Emirates using the Skywards program.
To be clear, award surcharges make Emirates generally unattractive for First/Business Class redemptions, but that excludes fifth freedoms flights like JFK-MXP and EWR-ATH which have reasonable fees.
Many people also transfer at the Emirates check-in counter to upgrade form Business to First using points.
It’s pretty clear to me (although I am speculating) that Amex was in negotiations with Emirates to keep the cost per mile at a rate in line with their other programs “give or take a bit” – since they are all meant to average out to a blended rate that works for the Membership Rewards program.
And my guess is that Emirates wouldn’t budge and so Amex had no choice but to go to this ratio, where you get 80% of your Amex points transferred as Skywards miles, to keep costs in line.
Note that starting July 27th, Citi will also transfer 5:5 (or 1:0.8) to Emirates, reinforcing my belief that this is driven by Emirates raising the rate they charge banks per mile..
As of now Bilt and Capital One remain 1:1 transfer partners with Emirates meaning that Capital One would be my choice if I needed to transfer (saving Bilt for Alaska or Hyatt or JAL).
Let’s see if that holds, though.
Thoughts?
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