Amex devalued its Cathay transfer ratio from 1:1 to 5:4 on March 1, 2026. Each 1,000 MR now buys 800 Cathay points instead of 1,000.
The math
For a typical Cathay redemption (the 50,000-point band 4 partner business class to Asia is a long-running sweet spot), the issuer cost moves like this:
- Pre-deval: 50,000 MR → 50,000 Cathay points
- Post-deval: 62,500 MR → 50,000 Cathay points
The sticker price in Cathay points doesn't change. The issuer-side cost to fund that sticker price goes up 25%.
Why this happened
Amex regularly tightens transfer ratios on partners where it sees imbalanced redemption flow. The 1:1 ratio combined with Cathay's relatively generous partner chart was a heavily-used pipeline. The 5:4 ratio brings the effective value closer to Amex's average partner economics.
What still works
- Citi ThankYou Points → Cathay: still 1:1, unchanged. Citi is now the most efficient US route into Cathay points.
- Capital One Miles → Cathay: still 1:1, unchanged. Cap One is the second most efficient.
- Bilt Rewards → Cathay: still 1:1, unchanged.
If you have Citi, Capital One, or Bilt balances in addition to Amex MR, those are now the preferred routes for Cathay redemptions.
What to do
- Don't transfer MR speculatively to Cathay. If you don't have a booking in hand, 1,000 MR sitting in Amex is worth more than 800 Cathay points sitting in your Cathay account.
- If you have a Cathay booking, source the points from Citi, Cap One, or Bilt if possible, since those still convert 1:1.
- Re-check the cents-per-point math on any Cathay redemption you'd been planning from Amex MR. The 25% issuer-side increase erodes the value proposition.