I can’t say I’m terribly surprised by this development…
In recent times, we’ve seen both Amex Membership Rewards and Citi ThankYou announce that they’re devaluing their transfer ratio to Emirates Skywards. So while it was previously 1:1, with these changes, the transfer ratio is moving to 5:4.
Why were those transfer ratios devalued? When you move your transferable points to an airline or hotel currency, money is obviously changing hands. The reimbursement rate varies between partners, as there’s not one set rate across programs. The idea, of course, is that the various partners balance out, and the cost for these transfers remains acceptable for the credit card company.
So it sure seems to me like what has happened is that Emirates is demanding more money from partners for its points, and transfer ratios are being updated to reflect those increasing costs.
But why would Chase cut ties with Emirates altogether, rather than just devaluing the transfer ratio? I suspect that’s a decision on Chase’s end, and reflects that Chase specifically wants all transfers to be at a 1:1 ratio. It’s the only major transferable points currency where all transfers are 1:1, so I assume Chase values that consistency (and being able to market 1:1 points transfers) over keeping Emirates at a devalued rate.
There’s no denying that Emirates is taking an axe to the value it offers with miles. We’ve seen the airline restrict first class awards to Skywards elite members, increase surcharges on some US-originating awards, and then make these devaluations for points transfers.
I think it’s important to understand that Emirates doesn’t take the same approach to loyalty programs as in the United States, where airlines essentially operate as loss leaders for their loyalty programs.
Instead, Skywards is viewed as being more part of the commercial organization, and is intended to drive loyalty, first and foremost. So the reality is that Emirates doesn’t really care as much about the value of these points transfers as other airlines do. Now, personally I think there’s a better approach to take, but hey, each airline can run its program how it wants.
Bottom line
As of October 16, 2025, the Chase Ultimate Rewards program will be removing Emirates Skywards as a transfer partner. This follows Amex Membership Rewards and Citi ThankYou recently announcing that they’re devaluing the transfer ratios to Emirates, from 1:1, to 5:4.
A great solo travel tip spotted this week on One Mile at a Time.
