Capital One Devalues Emirates Transfers

Back in April,we learned that Citi would be devaluing their transfers to Emirates from 1:1 to 1000:800 starting on July 27th, 2025. American Express followed suit and devaled their transfers on September 16th, 2025.

Then Chase completed dropped Emirates as a transfer partner on October 15th.

And now, in the most unsurprising move ever, Capital One just announced they would also be devaluing transfers to Emirates.

Capital One Transfers to Emirates

Starting on January 13th, 2026, Capital One Miles transferred to Emirates will go from 1:1 to 4:3 representing a 25% decrease in value. Meaning if you transfer 1,000 Capital One Miles you will only receive 750 Emirates Skywards Miles.

Emirates definitely has a halo effect from their amazing first class product but they’ve also recently stopped allowing non-elite members to book first class awards. Emirates business class if perfectly fine but nothing incredible. They also pass along massive taxes and fees on top of the huge numbers of miles to book seats. We’re talking over 151,000 miles for business class from the US to Dubai plus about $1300 for a one way flight.

Current Transfer Ratios to Emirates

Once these changes go into effect we’ll see the following transfer ratios from each major credit card from best to worst.

Bilt: 1:1 or 1,000 Bilt points = 1,000 Emirates Skywards Miles

American Express: 5:4 or 1,000 American Express Points = 8000 Emirates Skywards Miles

Citi: 5:4 or 1,000 Citi ThankYou Points = 800 Emirates Skywards Miles

Capital One: 4:3 or 1,000 Capital One Miles = 750 Emirates Skywards Miles

Chase: No longer partners

Emirates First Class

Will Bilt Follow Suit?

I would actually be surprised if Bilt devalues their transfer ratio to Emirates. Bilt points are relatively difficult to earn a ton of compared to the other major credit card providers. For one, Bilt has never had a major sign up bonus like every other card issuer does. People just aren’t using their Bilt cards like Bilt and Wells Fargo predicted when the card first launched which has led to them splitting with Wells and going with Cardless starting early 2026. All this means that I doubt many people are actually transferring any significant amount of Bilt points to Emirates. I would think Bilt will keep their 1:1 ratio so that they can say they are the only card out there that still has this. I could be wrong, but that is just my guess.

What is Causing this Change?

Whenever points are transferred between credit cards and their airline or hotel partners, money changes hands. When you transfer points to an airline like Emirates, the bank is essentially paying the airline to buy those miles. Each airline charges the banks different rates but it all probably averages out in the end.

Emirates was already probably one of the more expensive programs to transfer miles to as I don’t remember the last time we’ve seen a transfer bonus to Emirates yet most every other program has had one in recent memory. That tells me Emirates is likely charging more already. With this devaluation I would bet Emirates is starting to charge the banks even more.

Wrapping Up

Capital One is devaluing their transfer ratio to Emirates. Starting on January 15th, 2026 the transfer ratio will go from 1:1 to 4:3. That means that for every 1,000 Capital One Miles you transfer you will only receive 750 Emirates Skywards Miles.