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Hey everyone, Jack here from Smart With Points. Before we dive into today's episode, I should warn you that if you've been hoarding American Express Membership Rewards points dreaming of sipping champagne in Emirates First Class, you might want to sit down for this one. Actually, if you're already in Emirates First Class, stay standing. That's probably more comfortable anyway. Alright, let's talk about the latest gut punch to hit the miles and points world. American Express UK has just announced another devaluation to the Emirates Skywards transfer partnership, and honestly, this one really stings. From the first of February twenty twenty-six, the transfer rate will drop from the current four to three ratio, that's four Membership Rewards points for three Skywards miles, down to a painful two to one ratio. Two points for just one mile. That's a thirty-three percent reduction from where we are today, and get this, a whopping fifty percent devaluation from the original one to one rate we enjoyed until August twenty twenty-four. Let me put this into perspective with some real numbers, because that's when it really hits home. Say you wanted to book Emirates Business Class from London to Dubai, which typically costs around eighty-seven thousand Skywards miles one-way. Under the original one to one rate, before August twenty twenty-four, you'd need eighty-seven thousand Membership Rewards points. Under the current four to three rate, you need one hundred and sixteen thousand points. But from February twenty twenty-six, with the new two to one rate, you'll need one hundred and seventy-four thousand points. That's literally double what you'd have needed less than two years ago. And here's the kicker. When you factor in the eye-watering fuel surcharges Emirates loads onto award tickets, often over four hundred pounds each way from the UK, the value proposition becomes seriously questionable. This isn't happening in isolation either. Emirates has been systematically making their programme less attractive throughout twenty twenty-four and twenty twenty-five. Let me walk you through the timeline of pain. In August twenty twenty-four, Amex UK moved from one to one to four to three. Then in May twenty twenty-five, Emirates restricted First Class awards to Skywards elite members only, meaning no more First Class bookings for Blue members. In September twenty twenty-five, US Amex moved from one to one to five to four. October twenty twenty-five saw Chase US remove Emirates as a transfer partner entirely. In January twenty twenty-six, Capital One US is moving to four to three. And now in February twenty twenty-six, UK Amex is dropping to two to one. Speaking to industry executives, the rationale seems to be about maintaining exclusivity. Emirates wants their premium cabins filled with genuine frequent flyers and those who engage directly with Skywards, rather than points collectors who transfer in miles for a one-off redemption and never fly Emirates again. From a commercial standpoint, I understand it. From a points enthusiast's perspective, it's frustrating to watch. So the big question everyone's asking is, should you transfer before February? Here's my honest take. Only if you have a specific redemption in mind. Remember that Emirates Skywards miles expire after just three years, with no easy way to extend them through account activity like Avios. Transferring speculatively could leave you watching your miles disappear if you don't book something concrete. If you do have a trip planned and can find award availability, which is increasingly rare in premium cabins, then yes, transferring at the current four to three rate makes sense. You'll get thirty-three percent more miles for your points than you would after February. But here's the thing. Emirates isn't the only option for your Membership Rewards points, and frankly, it's becoming one of the weaker ones. Membership Rewards still transfers at one to one to several valuable programmes. If you're holding an Amex Gold or Platinum card, these are where I'd focus. First up, Avios. That includes British Airways, Qatar Airways, Iberia, Aer Lingus, and Vueling. Still one to one. This remains the most versatile option for UK travellers, with access to multiple carriers and decent award pricing to most destinations. Plus, Avios don't expire as long as you have some account activity every thirty-six months. Then there's Virgin Atlantic Flying Club. Still one to one. Excellent for transatlantic travel, Delta partnerships, and they've been steadily improving their award availability. Cathay Pacific Asia Miles is another one. Still one to one. One of the best programmes for premium cabin awards to Asia and Australasia. And don't overlook Etihad Guest. Still one to one. Often overlooked, but they can have reasonable redemption rates and partner with plenty of airlines. If you're specifically trying to reach Dubai or the Middle East, consider that British Airways and Qatar Airways both fly to Dubai and you can redeem Avios at much lower surcharges than Emirates charges. Alongside this devaluation news, Amex has quietly introduced a new way to use your Membership Rewards points: statement credits. The rate is one thousand points equals four pounds fifty. That values each point at just zero point four five pence, which is pretty poor compared to transferring to airline partners where you can typically achieve zero point eight to one point five pence per point with good redemptions. The minimum redemption is two hundred points against eligible transactions. I'd only recommend using this option for small leftover balances or if you genuinely have no travel plans. For most people, airline and hotel transfers will deliver significantly better value. Here are my thoughts on all this. This devaluation reinforces something I've believed for a while. Emirates Skywards is becoming a programme best suited for those who fly Emirates frequently on paid tickets, not points collectors looking to transfer in. With the First Class restriction for non-elite members, punishing fuel surcharges, difficult award availability, and now transfer rates that require double the points they did two years ago, the Emirates dream is increasingly expensive to chase. I'd suggest most UK Amex cardholders are better served focusing on Avios or Virgin Points for their long-haul aspirations. Both programmes offer better availability, more reasonable surcharges, and partnerships that actually work in your favour. That's all for today's episode. Thanks so much for listening to Smart With Points. If you found this helpful, please subscribe to the podcast on all major platforms or head over to our website at smartwithpoints.co.uk to stay up to date with all the latest miles and points news. And now, a quick word about Award Travel Finder. Looking for the best award flights? Use AwardTravelFinder.com to search availability across Qatar Airways, British Airways, Cathay Pacific and more. Try it for free with our link in the shownotes.