American Express Slashes Emirates Skywards Transfer Rate
- Sam
- 19 hours ago
- 2 min read
American Express has announced a significant devaluation to its Membership Rewards transfer partnership with Emirates Skywards. From 1 February 2026, the transfer ratio will change from 4:3 to 2:1 – representing a depressing devaluation for Amex cardholders looking to convert their points to Emirates Skyward miles.
What are Emirates Skywards?
Emirates Skywards is the frequent flyer programme of Dubai-based Emirates, one of the world's largest airlines. The programme has long been attractive to British flyers thanks to Emirates' extensive UK network serving not just London, but also Manchester, Birmingham, Glasgow and Newcastle. For many, the real draw has been the opportunity to redeem miles for Emirates' world-renowned First Class experience, complete with private suites, onboard showers, and access to their famous A380 bar.
What has the conversion rate changed to?
The transfer ratio will change from 4 Membership Rewards points = 3 Skywards Miles (1.33 points per mile), to 2 Membership Rewards points = 1 Skywards Mile (2 points per mile) from 1st February 2026 onwards.
To illustrate the impact: a one-way Business Class flight from the UK to Dubai costs 87,000 Skywards Miles, requiring 115,710 Membership Rewards points today, but 174,000 Membership Rewards points after the change.
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It gets even more painful for long-haul redemptions. A one-way Business Class ticket to Asia costing 120,000 Skywards Miles currently needs 159,600 Amex points, but will jump to 240,000 Membership Rewards points from February!
My Take
This is a disappointing change that makes an already poor transfer ratio significantly worse. Emirates has been one of Amex's least generous transfer partners for years – whilst British Airways, Virgin Atlantic, and most other airlines transfer at 1:1, Emirates has always required more points per mile. Now it's becoming truly difficult to justify unless you're specifically enamoured to Emirates' gold and fake wood effect.
Consider that a one-way to Asia will soon cost you 240,000 Membership Rewards points, which is roughly the same needed to fly return to Singapore in Business on British Airways.
If UK Amex holders are offered a transfer bonus to Skywards, then that may soften that final blow. But, if you've been sitting on Amex points with an Emirates redemption in mind, transfer your Membership Rewards points before 31st January 2026 to lock in the current rate.
Sam
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