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Capital One<\/a> will reduce the value of its transfers to the Emirates Skywards program<\/a> in January.<\/p>\n This decision follows similar transfer devaluations from the American Express Membership Rewards and Citi ThankYou Rewards programs for Emirates Skywards earlier this year.<\/p>\n Here’s what you need to know and how to get ahead of this news.<\/p>\n Related: Just enough bling: A review of Emirates’ new premium economy on the A380 from Dubai to London<\/a><\/strong><\/p>\n Starting Jan. 13, 2026, Capital One miles will transfer to Emirates Skywards at a 2:1.5 ratio, meaning 1,000 Capital One miles will be converted to 750 Skywards miles. That’s a 25% devaluation versus the current 1:1 transfer ratio. This news was first reported by AwardWallet<\/a>.<\/p>\n This change continues an unfortunate trend that has unfolded across the transferable-points landscape over the past year. In July, the Citi ThankYou Rewards program<\/a> dropped from a 1:1 ratio to a 1,000:800 ratio when points are transferred to Skywards \u2014 and in September, the Amex Membership Rewards program switched<\/a> to a 5:4 transfer ratio, another 20% loss of value. These are still slightly more generous than the new 2:1.5 (or, put another way, 4:3) ratio that Capital One will introduce next month. Emirates recently also dropped Chase Ultimate Rewards as a transfer partner<\/a>.<\/p>\n Reward your inbox with the TPG Daily newsletter<\/p>\n Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG\u2019s experts<\/p>\nCapital One devalues Emirates Skywards transfers<\/h2>\n