A rumored devaluation has now been confirmed — and unfortunately, it’s a blow for anyone who values Emirates Skywards as a transfer partner.
A few weeks ago, eagle-eyed travelers noticed a soft change on Emirates’ website that showed a different transfer ratio from Citi’s ThankYou® Points. At the time, it was chalked up to an error and said it would be corrected. Well… turns out it wasn’t an error after all. I got the notification from Citi today via e-mail.
What’s Changing?
Effective July 27, 2025, the transfer ratio from ThankYou® Points to Emirates Skywards will be downgraded from:
Current Ratio:
1,000 ThankYou® Points = 1,000 Emirates Skywards Miles
New Ratio (Starting 7/27/25):
1,000 ThankYou® Points = 800 Emirates Skywards Miles
That’s a 20% devaluation, meaning your ThankYou® Points will carry significantly less weight when transferred to Emirates.
Why It Matters
Emirates is a popular transfer partner for its premium cabin redemptions — especially First and Business Class on routes like New York to Dubai, or Bangkok to Sydney. A 1:1 transfer ratio has always been one of the better ways to book these aspirational flights using Citi’s points ecosystem.
Once the new ratio kicks in, you’ll need 25% more ThankYou® Points to book the same Emirates award. That’s a steep increase — especially on redemptions that already require a large balance of miles.
What To Do Now
If you’ve been planning an Emirates redemption, transfer your points before July 27 to lock in the 1:1 ratio. You don’t need to book your flight right away — just moving the points over will preserve the value.
Keep in mind: transfers to Emirates are typically instant from ThankYou® accounts, so there’s no long delay or risk of award availability disappearing while you wait.
Final Thoughts
It’s never fun when a rumor like this ends up being true. But it’s also a reminder to use your points while they’re still at full value — especially with airline and hotel programs constantly shifting the goalposts.
If Emirates is on your radar, now’s the time to act before this transfer devaluation goes live.
