Emirates’ frequent flyer program has taken another hit. American Express Member Rewards Members see notifications to UAE Myers on the transfer page about changes in transfer ratios…it is not better.
Emirates’ transfer ratio will drop from 1:1 to 5:4 from September 16. This means that every 5 AMEX points you want to transfer, you will only get 4 UAE miles. This represents a 20% loss of value in the transfer.
The news follows a similar devaluation of Citi’s thanks for the UAE transfer from 1:1 to 1,000:800. The change is set to take effect on July 27.
For AMEX, you still have 2 1/2 months to take advantage of the current 1:1 transfer rate, so now is a good time to consider whether it is suitable for any Emirates reward flights for your travel plan.
Emirates, for example, costs the fifth route from New York to Milan and Athens in Greece, and costs 87,000 miles in business class. With the current transfer rate, you can turn 87,000 AMEX points into Emirates miles to book one of these recliners across the Atlantic Ocean – but as of September 16, you need 109,000 Amex points. This is not a good deal.
Amex Member Rewards currently has 19 other transfer partners after establishing a connection with the Hawaiian Mir on June 30. Most are transferred at a 1:1 ratio; exceptions are Aeromexico Rewards (1:1.6), JetBlue TrueBlue (250:200), and Hilton Honors (1:2).
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If you have valuable redemption, especially if you can take advantage of the transfer bonus, it still makes sense to transfer the AMEX point to Emirates. However, Emirates is also the transfer partner of Bilt Rewards, Capital One Miles and Chase Ultimate Rewards, all of which are transferred at a preferable 1:1 ratio. If you have any of these currencies, it’s better to transfer them to your Sky account and save some points or miles.
For example, Chase SapphireReserve® (See Rates and Fees) Currently offering a welcome bonus of 100,000 points, plus a $500 promotional credit after spending $5,000 in the first three months after the opening of an account. This offer is enough to earn UAE business-class tickets from New York to Milan or Athens, with points available.
Bottom line
Amex is not the first issuer to depreciate Emirates transfers this year, and may also follow up with other transferable currencies. All UAE credit card transfer partners have recently suspended their ability to transfer rewards to the sky, sparking speculation about the impending depreciation. The transfer resumed on June 20, and soon, AMEX quietly informed members of the transfer ratio changes.
Will other issuers continue this trend? Only time will prove it.
Currently, some great deals can still be found in the Skywards program. Consider transferring your AMEX points by September 16, when the new 5:4 transfer ratio is in effect.
