up to ~48 months (birth-month based) → 36 months (fixed from earn date)
Effective for Skywards Miles earned on or after June 1, 2027, miles will expire at the end of the month three years after the flight or partner activity date. This replaces the prior policy under which miles expired at the end of the member’s birth month after three years, giving a window of up to roughly 47–48 months depending on birth date. Existing miles already in accounts are unaffected. The change applies program-wide and therefore impacts US members who transfer points from Capital One, Bilt, and other partners. Emirates states the update creates a consistent expiry period for all members.
What to do: Miles earned before June 1, 2027 keep the longer birth-month window; plan transfers and redemptions accordingly for later earnings.
major2026-10-01Chase · Ultimate Rewards → World of Hyatt (excluding Sapphire Reserve cards)ElevatedChase cuts Hyatt transfers to 4:3 1:1 → 4:3
Announced June 10, 2026 alongside the Sapphire Preferred refresh, Chase is cutting the Ultimate Rewards transfer ratio to World of Hyatt from 1:1 to 4:3. The new ratio applied immediately to Sapphire Preferred accounts opened on or after June 15, 2026; existing Sapphire Preferred, Ink Business Preferred and other eligible Ultimate Rewards cardholders keep 1:1 until October 1, 2026. Sapphire Reserve and Sapphire Reserve for Business are not affected and continue to transfer at 1:1. Hyatt has long been the highest-value transfer partner for Chase points, making this the most significant Ultimate Rewards devaluation in years.
What to do: Existing non-Reserve cardholders: transfer any points intended for Hyatt before October 1, 2026. Reserve cardholders can combine points into the Reserve account to keep 1:1.
minor2026-09-20Citi · ThankYou Rewards (ThankYou Mastercard)High Riskbenefit removed Effective September 20, 2026, holders of the Citi ThankYou Mastercard can no longer transfer ThankYou Points to JetBlue TrueBlue. The prior ratio for this card was 1:0.7. Citi confirmed the change applies only to the ThankYou Mastercard; other no-annual-fee ThankYou cards retain access at their existing rates. Transfers completed before the cutoff are unaffected.
What to do: Transfer any needed points before September 20 if you hold only the ThankYou Mastercard.
minor2026-08-11U.S. Bank · Altitude Rewards (Altitude Reserve card)Stableimprovement no transfer partners → 5 partners (1:1 to Flying Blue, Qantas, Ethiopian, LifeMiles; 2:1 to Accor)
Around August 11, 2026 (date approximate), U.S. Bank switched on its first-ever points transfer program for Altitude Reserve cardholders without an announcement, roughly eight months after the December 2025 launch it had promised. Points transfer 1:1 to Air France-KLM Flying Blue, Qantas Frequent Flyer and Ethiopian Airlines ShebaMiles, and 2:1 to ALL Accor Live Limitless; Flying Blue and Qantas disappeared from the transfer page on August 12 and were restored on August 17 and August 27 respectively. On August 29, 2026, Avianca LifeMiles was added as a fifth partner at 1:1. The Altitude Reserve has been closed to new applicants since November 2024, and some holders of legacy FlexPerks Travel Rewards cards also report the option; no U.S. Bank card currently open to applications can transfer. Transfers run through a U.S. Bank-branded Points.com page reached from the Rewards Center.
What to do: Altitude Reserve holders with a balance: a 1:1 airline transfer beats the 1-cent Real-Time Rewards floor, but move points only with a specific award in hand.
American Express ended the ability to transfer Membership Rewards points to Etihad Guest. The last day for transfers was June 29, 2026; the partnership ended June 30. The previous ratio had been 1:1. Other U.S. transferable currencies (Citi, Capital One, Bilt) continue to offer Etihad transfers at 1:1.
What to do: Use remaining Etihad miles already transferred; for new awards rely on Citi, Capital One, or Bilt.
First spotted on cardholder statements by Travel with Grant — Wells Fargo is ending the ability to move points between household members' accounts.
What to do: Two-player households with Autograph cards: consolidate points before the cutoff.
minor2026-05-01Bilt · Bilt Rewards (Rent Day transfer bonuses)Stablebenefit removed bonus on unlimited points transferred → bonus on first 100,000 points transferred
Beginning with the May 1, 2026 Rent Day promotion to the Avios programs, Bilt imposed a cap limiting its monthly transfer bonuses to the first 100,000 points transferred; points moved beyond that amount transfer at the standard ratio with no bonus. Frequent Miler initially hoped the cap was a one-off, but it reappeared on the June 2026 Rent Day (TAP Air Portugal), and View from the Wing confirmed the structure. Bilt's Rent Day bonuses had been the largest in the industry, with Platinum members previously able to apply bonuses of up to 125% to unlimited amounts — one documented pre-cap transfer turned 285,000 points into 641,250 partner miles. The cap chiefly affects members who accumulate large balances through rent, card spend, or the Rakuten partnership and save them for a single large bonus transfer.
What to do: Large balances can still move in full at 1:1 — but plan bonus-maximizing transfers in 100,000-point monthly tranches.
moderate2026-04-19Citi · ThankYou Rewards → Choice PrivilegesHigh Risktransfer ratio cut 1:2 → 1:1.5
The famous 1:2 Choice ratio — long one of the best hotel plays in the ThankYou program — reduced to 1:1.5.
What to do: Still above 1:1, but the math on Choice sweet spots is weaker — re-check before transferring.
moderate2026-04-19Citi · ThankYou Rewards → Preferred Hotels (I Prefer)High Risktransfer ratio cut Preferred Hotels transfers reduced to 1:2
moderate2026-01-13Capital One · Capital One Miles → Emirates SkywardsStabletransfer ratio cut 1:1 → 1,000:750
Effective January 13, 2026 at 12:00 a.m. ET, the transfer ratio from Capital One Miles to Emirates Skywards dropped from 1:1 to 1,000 Capital One miles = 750 Skywards miles (a 25% reduction). Capital One posted the change on its transfer partners page in advance. This followed similar cuts by Citi and Amex and the complete removal of Emirates by Chase.
What to do: Bilt remains the last major U.S. transferable currency still offering 1:1 transfers to Emirates.
Announced reduction to the Asia Miles transfer ratio, effective 2026.
Part of a 2025 trend of worsening transfer ratios across major issuers.
moderate2025-10-16Chase · Ultimate Rewards → Emirates SkywardsElevatedbenefit removed Effective 12:00 a.m. ET on October 16, 2025, Chase Ultimate Rewards ended points transfers to Emirates Skywards, removing the partner entirely rather than cutting the ratio. The change was disclosed via a notice quietly added to Chase's transfer page in mid-August 2025, giving members roughly two months' notice. It followed Citi and American Express reducing their Emirates transfer ratios from 1:1 to 5:4 earlier in 2025; Chase reportedly preferred dropping the partner to offering a below-1:1 ratio. The removal left Capital One and Bilt as the remaining major US transfer routes to Emirates at the time.
What to do: Chase members wanting Emirates awards must now route points through other currencies such as Bilt.
moderate2025-07-27Citi · ThankYou Rewards → Emirates SkywardsHigh RiskTransfer ratio cut 1:1 → 1:0.8
Effective July 27, 2025, Citi ThankYou Points transfers to Emirates Skywards dropped from 1:1 to 1:0.8, a 20% reduction. The change first appeared as a quietly altered ratio on Emirates' website, which Citi initially called an error before confirming it by email to cardholders in late April 2025. Citi confirmed the cut applied to the Strata Premier, Prestige, and AT&T Access More cards. Citi was the first US transferable currency to devalue Emirates, starting a chain in which American Express cut its ratio to 5:4 in September 2025, Chase removed Emirates as a partner in October 2025, and Capital One cut to 4:3 in January 2026.
What to do: Emirates transfers from every major US currency are now devalued or removed; only transfer to Skywards with a specific booking in mind.
minor2025-07-27Citi · ThankYou Rewards (no-annual-fee cards)High Risktransfer ratio cut 1:0.8 (JetBlue, Wyndham); 1:1.5 (Choice) → 1:0.7; 1:1.4
Effective July 27, 2025, Citi reduced the transfer ratios available to holders of no-annual-fee ThankYou cards (Double Cash, Custom Cash, Rewards+, the AT&T cards, and others) who do not also hold a premium ThankYou card. JetBlue TrueBlue and Wyndham Rewards transfers dropped from 1:0.8 to 1:0.7, and Choice Privileges transfers dropped from 1:1.5 to 1:1.4. On the same date, Citi expanded these cards' transfer access to most of its partner list, but at reduced ratios rather than the full ratios available on the Strata Premier, Strata Elite, and legacy Prestige. The change was announced in late April 2025, alongside the separate Emirates Skywards ratio cut that took effect the same day.
What to do: Pair any no-annual-fee ThankYou card with a Strata Premier or Strata Elite to unlock full transfer ratios.
American Express ended Membership Rewards transfers to HawaiianMiles, with June 30, 2025 as the last day to transfer. Because HawaiianMiles could be moved onward to Alaska Airlines Mileage Plan at 1:1 following Alaska's acquisition of Hawaiian, this had been the only way to convert Membership Rewards points into Alaska miles. American Express posted the notice on its points transfer page in advance. After the cutoff, no transferable-currency path from Membership Rewards to Alaska's program remained.
What to do: Membership Rewards holders wanting Alaska awards must now earn Alaska miles directly or via its co-branded cards.
On August 18, 2018, Starpoints converted to Marriott points at a 1:3 ratio and the programs fully integrated. SPG members lost or saw reduced value in several benefits, including guaranteed late checkout (moved to subject-to-availability and shortened), cash-and-points pricing on many properties, and the ease of the prior SPG transfer bonus structure. Award pricing at many former SPG properties rose relative to the converted point balance, and elite matching and certain status benefits were diluted for some members.
What to do: Merger conversions often preserve nominal point balances while quietly reducing redemption and elite value; treat conversion ratios as a starting point only.
