Amex US devalued its Emirates Skywards transfer ratio from 1:1 to 5:4 on September 16, 2025. Each 1,000 MR now buys 800 Emirates Skywards miles instead of 1,000.
This was the first of a sequence of Emirates-related US deval moves that continued with Cathay (Mar 2026) and Cap One Emirates (Jan 2026). Pattern is clear at this point: 1:1 transferable-to-Emirates ratios are getting tighter across the board.
What still works
- Bilt → Emirates: still 1:1, the only remaining US 1:1 path.
- Citi TY → Emirates: 5:4, unchanged.
- Capital One Miles → Emirates: 4:3 since January 2026.
What to do
- For Emirates First Class or premium cabin redemptions, source from Bilt first if you hold it (1:1 ratio).
- Amex MR at 5:4 is still functional. It's not deprecated, just less efficient than before.
- The Cap One 4:3 ratio is now the worst available. Avoid that route if you have alternatives.