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Yikes: Citi ThankYou Rewards devalues Emirates Skywards point transfers

April 24, 2025
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3 min read
Emirates Airbus A380 SFO San Francisco
Yikes: Citi ThankYou Rewards devalues Emirates Skywards point transfers
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Editor's Note

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In a surprising announcement sent to Citi ThankYou Rewards members, the credit card program has announced a devaluation of one of its 20 airline and hotel transfer partners, Emirates Skywards.

Currently, Citi Strata Premier® Card (see rates and fees) cardholders can transfer their ThankYou Rewards points to Skywards at a 1:1 rate. However, beginning on July 27, the transfer rate will devalue by 20%, which means for every 1,000 ThankYou Rewards points you transfer to Emirates, you'll get a value of 800 miles.

While devaluations are never a positive, could this move spark a larger trend of other credit card programs following suit?

Related: Citi transfer partners: Maximize your ThankYou points with these loyalty programs


Citi devalues Emirates Skywards point transfers

As we mentioned above, if you hold a Citi rewards card, transferring your points to Emirates will no longer yield you a 1:1 transfer rate. Instead, for every 1,000 ThankYou Rewards points you transfer, you'll receive just 800 Skywards miles — now a 5:4 transfer ratio.

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Though Emirates has undergone a string of devaluations in the past few years and has added high surcharges to business and first-class award flights, there are still some sweet spots to find. Specifically, Emirates flies two fifth-freedom routes to Europe from the U.S.: from New York City's John F. Kennedy International Airport (JFK) to Milan Malpensa Airport (MXP) and Newark Liberty International Airport (EWR) to Athens International Airport (ATH) in Greece.

duomo
People passing through Piazza del Duomo in the morning. FRANCESCO VANINETTI PHOTO/GETTY IMAGES

You can book an economy flight from JFK to MXP for just 17,500 miles plus $54 in taxes and fees or from EWR to ATH for 30,000 miles plus $54 in taxes and fees. These are great deals for European travel, with low fuel surcharges compared to other transatlantic award flights.

Therefore, with Citi's latest devaluation of its partnership with Emirates, instead of transferring 18,000 ThankYou points to book an award flight from JFK to MXP, you'd need to transfer 22,000 points.

Luckily, Emirates is also a transfer partner of American Express Membership Rewards, Bilt Rewards, Capital One miles and Chase Ultimate Rewards; these credit card partner programs all still transfer to Emirates Skywards at a 1:1 rate.

So, if you wanted to book three round-trip economy flights from New York to Italy, you could do that just with one card's welcome bonus — saving you thousands of dollars.

Will credit card companies follow Citi's lead?

While a program losing value is never a good thing, what's more concerning is whether other credit card companies and airline and hotel partners will follow suit. Utilizing the flexibility of travel reward cards instead of solely putting your eggs in one basket with one airline or hotel cobranded card has been key to getting outsize value for your points and miles.

As credit card fees continue to rise, card partnerships with airlines and hotels end and program devaluations become more frequent, could the devaluation of transfer rates between partners be the next trend? Guess we will have to wait and see.

Featured image by ZACH GRIFF/THE POINTS GUY
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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Why We Chose It

There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)

Pros

  • 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
  • 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
  • Packed with credits foodies will enjoy
  • Solid welcome bonus

Cons

  • Not as useful for those living outside the U.S.
  • Some may have trouble using Uber and other dining credits
  • You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
  • Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
  • Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
  • Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
  • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
  • $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
  • $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
  • $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
  • Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
  • No Foreign Transaction Fees.
  • Annual Fee is $325.
  • Terms Apply.