Bad News! Amex Will Reduce Emirates Transfer Ratio to 5:4

Amex Will Reduce Emirates Transfer Ratio to 5:4

American Express has revealed an upcoming change for points transfers to the Emirates Skywards Miles program, and it’s bad news. The transfer ratio will go from 1:1 down to 1:0.8.

Back in April we saw Citi announce a similar move. Then transfers to Emirates were suspended, so we thought this might happen. Now when you go to the American Express Membership Rewards transfer page, you will see the following message:

Effective September 16, 2025, the ratio for transferring Membership Rewards® points to Emirates Skywards® Miles will be changed from: “1 Membership Rewards point = 1 Skywards mile” to “5 Membership Rewards points = 4 Skywards miles”.

The transfer ratio from other program like Bilt Rewards, Brex Rewards, Capital One Miles and Chase Ultimate Rewards remains at 1:1 for now.