Act now: Capital One will devalue transfers to Emirates Skywards next month
Capital One will reduce the value of its transfers to the Emirates Skywards program in January.
This decision follows similar transfer devaluations from the American Express Membership Rewards and Citi ThankYou Rewards programs for Emirates Skywards earlier this year.
Here's what you need to know and how to get ahead of this news.
Related: Just enough bling: A review of Emirates' new premium economy on the A380 from Dubai to London
Capital One devalues Emirates Skywards transfers
Starting Jan. 13, 2026, Capital One miles will transfer to Emirates Skywards at a 2:1.5 ratio, meaning 1,000 Capital One miles will be converted to 750 Skywards miles. That's a 25% devaluation versus the current 1:1 transfer ratio. This news was first reported by AwardWallet.
This change continues an unfortunate trend that has unfolded across the transferable-points landscape over the past year. In July, the Citi ThankYou Rewards program dropped from a 1:1 ratio to a 1,000:800 ratio when points are transferred to Skywards — and in September, the Amex Membership Rewards program switched to a 5:4 transfer ratio, another 20% loss of value. These are still slightly more generous than the new 2:1.5 (or, put another way, 4:3) ratio that Capital One will introduce next month. Emirates recently also dropped Chase Ultimate Rewards as a transfer partner.
Travelers who routinely top up their Skywards accounts with flexible rewards have watched the list of 1:1 options shrink considerably. This latest change will leave Bilt Rewards as the only Emirates transfer partner with a 1:1 ratio.
While Emirates still offers some attractive premium-cabin awards, this transfer shift will increase the effective "cost" of those flights for Capital One miles members.
Skywards award rates have not changed as part of this update, so transferring before the new ratio kicks in gives you far better purchasing power — and could mean the difference between being able to book a premium award and falling short.
You may wish to consider booking Emirates awards through Qantas Frequent Flyer, since Qantas remains a 1:1 transfer partner with Capital One. Note that Skywards limits first-class awards to elite members, and, at the time of publication, Qantas Frequent Flyer isn't showing Emirates first‑class awards from the U.S.
Bottom line
Capital One will reduce the transfer value to the Emirates Skywards program from a 1:1 ratio to a 2:1.5 transfer ratio, effective Jan. 13, 2026.
If you're planning an Emirates redemption (especially in business or first class), it's worth confirming award space and transferring before Jan. 13 to preserve the current 1:1 value. Remember that no credit card transfers can be reversed.
After the change, your Capital One miles won't stretch as far for Skywards awards.
Related reading:
- Credit card transfer partners: Guide to transferring points and miles to airlines and hotels
- Emirates Skywards and Marriott Bonvoy expand partnership
- The best ways to book Emirates first-class award tickets with points and miles
- Emirates adds new offerings to first class as award tickets face new restrictions