Capital One will scale back the worth of its transfers to the Emirates Skywards program in January.
This determination follows comparable switch devaluations from the American Categorical Membership Rewards and Citi ThankYou Rewards packages for Emirates Skywards earlier this 12 months.
Here is what it’s essential to know and the best way to get forward of this information.
Associated: Simply sufficient bling: A evaluation of Emirates’ new premium financial system on the A380 from Dubai to London
Capital One devalues Emirates Skywards transfers
Beginning Jan. 13, 2026, Capital One miles will switch to Emirates Skywards at a 2:1.5 ratio, that means 1,000 Capital One miles will probably be transformed to 750 Skywards miles. That is a 25% devaluation versus the present 1:1 switch ratio. This information was first reported by AwardWallet.
This modification continues an unlucky development that has unfolded throughout the transferable-points panorama over the previous 12 months. In July, the Citi ThankYou Rewards program dropped from a 1:1 ratio to a 1,000:800 ratio when factors are transferred to Skywards — and in September, the Amex Membership Rewards program switched to a 5:4 switch ratio, one other 20% lack of worth. These are nonetheless barely extra beneficiant than the brand new 2:1.5 (or, put one other approach, 4:3) ratio that Capital One will introduce subsequent month. Emirates just lately additionally dropped Chase Final Rewards as a switch accomplice.
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Vacationers who routinely high up their Skywards accounts with versatile rewards have watched the checklist of 1:1 choices shrink significantly. This newest change will depart Bilt Rewards as the one Emirates switch accomplice with a 1:1 ratio.
Whereas Emirates nonetheless presents some engaging premium-cabin awards, this switch shift will improve the efficient “price” of these flights for Capital One miles members.
Skywards award charges haven’t modified as a part of this replace, so transferring earlier than the brand new ratio kicks in provides you much better buying energy — and will imply the distinction between having the ability to e book a premium award and falling brief.
It’s possible you’ll want to contemplate reserving Emirates awards by way of Qantas Frequent Flyer, since Qantas stays a 1:1 switch accomplice with Capital One. Observe that Skywards limits first-class awards to elite members, and, on the time of publication, Qantas Frequent Flyer is not displaying Emirates first‑class awards from the U.S.
Backside line
Capital One will scale back the switch worth to the Emirates Skywards program from a 1:1 ratio to a 2:1.5 switch ratio, efficient Jan. 13, 2026.
In case you’re planning an Emirates redemption (particularly in enterprise or first-class), it is price confirming award house and transferring earlier than Jan. 13 to protect the present 1:1 worth. Do not forget that no bank card transfers may be reversed.
After the change, your Capital One miles will not stretch as far for Skywards awards.
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