Capital One will reduce the value of its transfers to the Emirates Skywards program in January.
The decision follows similar transfer devaluations for Emirates Skywards’ American Express Membership Rewards and Citi Appreciation Rewards programs earlier this year.
Here’s what you need to know and how to get the news ahead of time.
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Capital One devalues Emirates Skywards transfers
From 13 January 2026, Capital One miles will transfer to Emirates Skywards at a ratio of 2:1.5, meaning 1,000 Capital One miles will be converted into 750 Skywards miles. This represents a 25% depreciation compared to the current transfer ratio of 1:1. The news was first reported by AwardWallet.
This change continues an unfortunate trend that has emerged in the transferable points space over the past year. In July, the Citi Appreciation Rewards program dropped its ratio when transferring points to Skywards from 1:1 to 1,000:800, while in September, American Express Membership Rewards moved to 5:4, losing another 20% in value. These are still slightly looser than the new 2:1.5 (or, in other words, 4:3) ratio that Capital One is launching next month. Emirates also recently dropped Chase Ultimate Rewards as a transfer partner.
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Travelers who regularly top up their Skywards accounts with Flexible Rewards have seen the list of 1:1 options reduced significantly. This latest change will see Bilt Rewards becoming Emirates’ only transfer partner on a 1:1 basis.
While Emirates still offers some attractive premium cabin awards, this transfer transfer will increase the effective “cost” of these flights for Capital One Miles members.
Skywards award rates have not changed as part of this update, so transferring before the new rates come into effect can give you better purchasing power and could mean the difference between being able to book a premium award and not being able to.
You may wish to consider booking Emirates Awards through the Qantas Frequent Flyer program as Qantas still maintains a 1:1 transfer partnership with Capital One. Please note that Skywards first class awards are only available to elite members and at the time of publication, the Qantas Frequent Flyer program does not show Emirates first class awards from the US
bottom line
Capital One will reduce the transfer value of the Emirates Skywards program from a 1:1 transfer ratio to a 2:1.5 transfer ratio from 13 January 2026.
If you plan to redeem on Emirates (especially for business or first class), it’s worth confirming your award space and transferring it before January 13th to retain the current 1:1 value. Remember, credit card transfers cannot be reversed.
After the change, your Capital One miles will not be eligible for Skywards rewards.
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