Another devaluation: Emirates raises the cost of US-to-Europe 5th-freedom awards
Last month, Emirates increased award rates by around 20% on most of its flights to and from its Dubai hub. Now, just weeks later, Emirates has increased award prices by about 20% on its fifth-freedom flights from John F. Kennedy International Airport (JFK) to Milan Malpensa Airport (MXP) and from Newark Liberty International Airport (EWR) to Athens International Airport (ATH), as first reported by Thrifty Traveler.
Let's take a closer look at the most recent changes on these New York City fifth-freedom flights.
Emirates devalues US-to-Europe award tickets
First, economy-class awards haven't changed for now. You can still expect to spend 45,000 miles for a round-trip saver award or 38,750 miles for a one-way Economy Flex Plus award.
The biggest changes are in regard to business- and first-class award tickets:
- Saver business-class awards now cost 108,000 miles round-trip, up from 90,000 miles.
- One-way Business Flex Plus awards have increased to 87,000 miles one-way, up from 72,500 miles.
- First-class awards now cost 102,000 miles one-way, up from 85,000 miles.
As mentioned, Business Flex Plus awards will price at 87,000 miles one-way. You'll only be able to unlock the 54,000-mile award rate when searching for a round-trip itinerary (and, of course, only if there's saver award space).
Conversely, there's no discount for booking a first-class award as a round-trip journey. Expect to spend 102,000 miles each way when there's first-class award space.
Taxes and fees, which cost the same in both business and first class, run about $100 on awards to Europe and $150 on awards back to the U.S. So, if you book a round-trip flight, expect to spend $250 per person in taxes and fees.
On the bright side, these redemptions are still good on paper. If you book a round-trip saver ticket from Newark to Milan in business class, you're effectively flying to Europe for 54,000 miles one-way. On saver dates, cash round-trip prices generally run around $3,000. That gives you roughly 2.7 cents per Emirates Skywards mile in value — still more than double TPG's valuation of Skywards miles.
Bear in mind too that Emirates miles are among the easiest to earn thanks to partnerships with many credit card issuers in the U.S. You can currently transfer points from all the major transferable rewards programs to Skywards miles at a 1:1 ratio:
- American Express Membership Rewards.
- Bilt Rewards.
- Capital One miles.
- Chase Ultimate Rewards.
- Citi ThankYou Rewards.
You may be tempted to check award rates with Air Canada Aeroplan when booking Emirates, as Aeroplan and Emirates recently expanded their partnership. However, Aeroplan will soon introduce a special award chart for Emirates flights which prices awards variably, so always compare your booking options. At the time of writing, you can't book Emirates first-class awards with Aeroplan, though that should be coming later this year.
Related: A tale of 2 cabins: A review of Emirates first class and economy
Bottom line
Emirates Skywards devalued its award tickets from the U.S. to Europe. This is the latest in Emirates' series of devaluations, with us seeing the following changes since the beginning of last year:
- Feb. 2: Emirates Skywards devalues again by raising one-way business-class award prices.
- Feb. 28: Emirates significantly increases fuel surcharges on Skywards award redemptions.
- March 14: Emirates increases fuel surcharges on award tickets ... again.
- June 21: Emirates raised its fuel surcharges again — will other airlines follow suit?
- Dec. 23: Holiday devaluation: Emirates Skywards increases award prices with no notice.
In addition, Emirates ended its partnership with JetBlue last September. This was a loss for U.S.-based Skywards members, since JetBlue Mint redemptions were one of the program's best redemptions.
Take this as a reminder to redeem your miles. Hoarding them leaves them open to devaluations like this, and points and miles rarely increase in value over time.
TPG featured card
at American Express's secure site
Terms & restrictions apply. See rates & fees.
| 3X | Earn 3X Miles on Delta purchases. |
| 1X | Earn 1X Miles on all other eligible purchases. |
Pros
- Delta SkyClub access when flying Delta
- Annual companion ticket for travel on Delta (upon renewal)
- Ability to earn MQDs through spending
- Various statement credits for eligible purchases
Cons
- Steep annual fee of $650
- Other Delta cobranded cards offer superior earning categories
- Earn 100,000 Bonus Miles after you spend $6,000 or more in purchases with your new Card within the first 6 months of Card Membership and an additional 25,000 bonus miles after you make an additional $3,000 in purchases on the Card within your first 6 months, starting from the date that your account is opened. Offer Ends 04/01/2026.
- Delta SkyMiles® Reserve American Express Card Members receive 15 Visits per Medallion® Year to the Delta Sky Club® when flying Delta and can unlock an unlimited number of Visits after spending $75,000 in purchases on your Card in a calendar year. Plus, you’ll receive four One-Time Guest Passes each Medallion Year so you can share the experience with family and friends when traveling Delta together.
- Enjoy complimentary access to The Centurion® Lounge in the U.S. and select international locations (as set forth on the Centurion Lounge Website), Sidecar by The Centurion® Lounge in the U.S. (see the Centurion Lounge Website for more information on Sidecar by The Centurion® Lounge availability), and Escape Lounges when flying on a Delta flight booked with the Delta SkyMiles® Reserve American Express Card. § To access Sidecar by The Centurion® Lounge, Card Members must arrive within 90 minutes of their departing flight (including layovers). To access The Centurion® Lounge, Card Members must arrive within 3 hours of their departing flight. Effective July 8, 2026, during a layover, Card Members must arrive within 5 hours of the connecting flight.
- Receive $2,500 Medallion® Qualification Dollars with MQD Headstart each Medallion Qualification Year and earn $1 MQD for each $10 in purchases on your Delta SkyMiles® Reserve American Express Card with MQD Boost to get closer to Status next Medallion Year.
- Enjoy a Companion Certificate on a Delta First, Delta Comfort, or Delta Main round-trip flight to select destinations each year after renewal of your Card. The Companion Certificate requires payment of government-imposed taxes and fees of between $22 and $250 (for itineraries with up to four flight segments). Baggage charges and other restrictions apply. Delta Basic experiences are not eligible for this benefit.
- $240 Resy Credit: When you use your Delta SkyMiles® Reserve American Express Card for eligible purchases with U.S. Resy restaurants, you can earn up to $20 each month in statement credits. Enrollment required.
- $120 Rideshare Credit: Earn up to $10 back in statement credits each month after you use your Delta SkyMiles® Reserve American Express Card to pay for U.S. rideshare purchases with select providers. Enrollment required.
- Delta SkyMiles® Reserve American Express Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
- With your Delta SkyMiles® Reserve American Express Card, receive upgrade priority over others with the same Medallion tier, product and fare experience purchased, and Million Miler milestone when you fly with Delta.
- Earn 3X Miles on Delta purchases and earn 1X Miles on all other eligible purchases.
- No Foreign Transaction Fees. Enjoy international travel without additional fees on purchases made abroad.
- $650 Annual Fee.
- Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
- Terms Apply.
- See Rates & Fees