Emirates Skywards is making a major change to its loyalty program, and it’s bad news for travelers who rely on miles for premium cabin awards. Beginning May 20, Emirates is likely to significantly increase the number of Skywards miles required for many first and business class redemptions. The impending devaluation appears to impact some of the carrier’s most aspirational awards, including long-haul premium cabin flights on the airline’s flagship Airbus A380 routes.

While Emirates hasn’t formally published a full new award chart, it’s plausible to expect mileage increases of 15% to 30% or more on select redemptions. Emirates Skywards used to be a premier transfer partner of every major transferable points currency, including American Express Membership Rewards®, Chase Ultimate Rewards, Capital One Miles, Citi ThankYou Rewards, and Bilt Rewards. That broad accessibility made Emirates a popular premium airline program to book with transferable points, especially for travelers targeting first class experiences with onboard showers and premium lounges. But in recent times, they removed Chase as a transfer partner and are only a 1:1 transfer partner of a few programs now making it more difficult and more expensive to book award seats.

Concerned traveler using a laptop at home while reading disappointing news about an airline loyalty program change or devaluation announcement

Our Take

This move was probably inevitable. Emirates has increasingly positioned itself as a luxury airline first and a loyalty program second, and we’ve seen similar trends across international carriers as demand for premium cabin travel continues to surge. The reality is that transferable points ecosystems have made Emirates awards more accessible than ever, which puts pressure on award availability and pricing. From a business perspective, Emirates is clearly trying to reduce outsized redemption value on its most expensive seats.

For points and miles travelers, the key takeaway is simple: if Emirates first or business class is on your shortlist, it likely makes sense to book sooner rather than later. Flexible points currencies still provide strong value because of their transfer optionality, but this is another reminder that airline miles are a depreciating asset. Our strategy remains the same: earn transferable points, avoid hoarding airline-specific currencies long term, and redeem for high-value travel experiences while award pricing is still favorable.