American Express Membership Rewards devalues Emirates Skywards point transfers

The Emirates Skywards frequent flyer program has taken another hit. American Express Membership Rewards members are seeing a notice on their transfer pages about a change in the transfer ratio to Emirates miles ... and it is not for the better.

Effective Sept. 16, the Emirates Skywards transfer ratio will drop from 1:1 to 5:4. This means that for every 5 Amex points you transfer, you'll get only 4 Emirates miles. That represents a 20% loss of value in the transfer.

This news comes on the heels of Citi ThankYou Rewards' similar devaluation of Emirates transfers, from 1:1 to 1,000:800. That change is set to take effect July 27.

For Amex, you still have 2 1/2 months to take advantage of the current 1:1 transfer ratio, so now is a great time to consider if any Emirates award flights could fit into your travel plans.

For instance, Emirates prices its fifth-freedom routes from New York to Milan and Athens, Greece, at 87,000 miles each way in business class. With the current transfer ratio, you can turn 87,000 Amex points into Emirates miles to book one of these lie-flat seats across the Atlantic — but as of Sept. 16, you'll need 109,000 Amex points. That's not nearly as good a deal.

Amex Membership Rewards currently has 19 other transfer partners after cutting ties with HawaiianMiles on June 30. Most transfer at a 1:1 ratio; the exceptions are Aeromexico Rewards (1:1.6), JetBlue TrueBlue (250:200) and Hilton Honors (1:2).

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It could still make sense to transfer Amex points to Emirates if you have a valuable redemption in mind, especially if you can take advantage of a transfer bonus. However, Emirates is also a transfer partner of Bilt Rewards, Capital One miles and Chase Ultimate Rewards, all of which transfer at a more desirable 1:1 ratio. If you have any of these currencies, you're better off transferring them to your Skywards account and saving yourself some points or miles.

For example, the Chase Sapphire Reserve® (see rates and fees) is currently offering 125,000 bonus points after spending $6,000 on purchases within the first three months from account opening. This offer would be enough to get you an Emirates business-class ticket from New York to Milan or Athens, with points to spare.

Bottom line

Amex isn't the first issuer to devalue Emirates transfers this year, and it's possible other transferable currencies will follow. All of Emirates' credit card transfer partners recently suspended the ability to transfer rewards to Skywards, sparking speculation about an imminent devaluation. Transfers resumed June 20, shortly before Amex quietly notified members of the transfer ratio change.

Will other issuers continue the trend? Only time will tell.

For now, there are still some great deals to be found in the Skywards program. Consider transferring your Amex points before Sept. 16, when the new 5:4 transfer ratio takes effect.