The Capital One mileage program has just revealed a devaluation to the transfer ratio for one of its partners. This shouldn’t come as a surprise, given similar moves with other points currencies.
As of January 13, 2026, the Capital One program will be devaluing the transfer ratio for Emirates Skywards. With this change, points will start transferring at a 4:3 ratio (or 1,000:750 ratio, if you prefer).
In the case of Amex and Citi, the transfer ratio was devalued to 5:4, so the 4:3 transfer ratio is the worst of the lot (well, I guess other than Chase, which doesn’t have the option at all, and presumably Chase was committed to maintaining a 1:1 ratio with all partners).
A great solo travel tip spotted this week on One Mile at a Time.
