By Bryce Casson, Founder · Cardocrat · Updated June 2026
The short answer: Emirates Skywards has one of the more brutal devaluation records, headlined by a July 2023 change that nearly doubled business and first class award costs without notice and raised taxes and fees by up to 800 percent. Amex also cut its transfer ratio to Skywards twice, from 1 to 1 down to 2 to 1, making the miles much harder to gather.
The brutal 2023 devaluation
In July 2023, Emirates Skywards drastically increased the miles and the cash fees on business and first class redemptions with no warning. The miles required nearly doubled on some routes, and taxes and fees rose by as much as 800 percent. A one-way first class award between North America and Europe went from 85,000 to 170,000 miles, a 100 percent increase, on top of the higher surcharges. See Emirates First guide.
More hikes, and a mixed 2026
In January 2024, Emirates raised partner business class awards by up to 25 percent. In 2026 the picture was mixed: a March partner-chart revamp actually lowered many award prices, some by up to 76 percent, while a May change raised first, premium economy, and some business awards by about 15 percent, leaving economy saver untouched and adding a one-way business saver tier. See the surcharge trap.
The transfer-ratio devaluation
Skywards was also devalued from the earning side. American Express Membership Rewards transferred to Skywards at 1 to 1 until August 2024, then dropped to 4 to 3, and again to 2 to 1 as of February 2026, so it now takes twice as many Amex points to reach the same Skywards balance. Between the award hikes, the surcharges, and the ratio cuts, Skywards has become a much weaker value. See best transfer value and the devaluation overview.
Frequently asked questions
How much did Emirates Skywards devalue in 2023?
A lot. In July 2023, business and first class award miles nearly doubled on some routes with no notice, and taxes and fees rose by up to 800 percent. North America to Europe first class went from 85,000 to 170,000 miles.
Did the Amex to Emirates transfer ratio get worse?
Yes, twice. It was 1 to 1 until August 2024, fell to 4 to 3, then to 2 to 1 as of February 2026, so it now takes twice as many Membership Rewards points to reach the same Skywards balance.
Are Emirates awards cheaper after 2026?
Partly. A March 2026 partner-chart revamp lowered many award prices, some up to 76 percent, but a May 2026 change raised first, premium economy, and some business awards by about 15 percent. Economy saver was left untouched.
Are Emirates Skywards miles worth collecting?
Less than they once were, after the 2023 hikes, heavy surcharges, and the Amex transfer-ratio cut to 2 to 1. Earn them only with a specific premium redemption in mind, and total the miles plus the large fees.
Bryce Casson, Founder of Cardocrat. Every card is ranked by what it actually returns, with all points valued at a flat 1 cent and offers verified against issuer sources. About the author.
