American Express Membership Rewards is changing how members can transfer points to Emirates Skywards. Starting September 16, the transfer ratio will drop from 1:1 to 5:4. This means if you transfer 100,000 Amex points, you’ll only get 80,000 Emirates miles instead of 100,000. This represents a 20% loss in value when transferring to Emirates.

This change follows a similar move by Citi ThankYou Rewards, which is changing its Emirates transfer ratio from 1:1 to 5:4 on July 27. Amex members still have about two months to use the current 1:1 ratio. For example, Emirates charges 87,000 miles for business class flights from New York to Milan or Athens. With the current ratio, you need 87,000 Amex points, but after September 16, you’ll need 109,000 points for the same flight.

An Amex member checking Emirates Skywards transfer ratio changes

Our Take

Our opinion is that travelers should consider transferring Amex points to Emirates now if they have specific travel plans in mind. The current 1:1 ratio is much better than what’s coming. If you’re planning any Emirates flights in the future, it makes sense to move your points before the September deadline.

We also recommend looking at other programs that still offer 1:1 transfers to Emirates, like Bilt Rewards, Capital One Miles, and Chase Ultimate Rewards. With these options available, it might be best to save your Amex points for other transfer partners where you can get better value.