New 25% Transfer Bonus From Capital One to Emirates Skywards

Updated: April 30, 2025, 11:03am CDT

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Capital One Transfer Bonus To Emirates
Final Thoughts

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Here’s something we don’t see often: a Capital One miles transfer bonus to Emirates Skywards. As first reported over at Doctor of Credit, Capital One is running an unadvertised promotion where you’ll get a 25% bonus on transfers to Emirates.

Here’s everything you need to know.

Capital One Transfer Bonus To Emirates

Capital One miles is offering a 25% transfer bonus when you transfer miles to Emirates Skywards, as reported by Doctor of Credit. Transfers are currently at a 1:1.25 ratio instead of the usual 1:1 ratio between Capital One and Emirates.

This would mean that if you transferred, for example, 100,000 Capital One miles, you would receive 125,000 Emirates Skywards miles in return. This could cover a one-way flight from New York (JFK) to Milan (MXP) in Emirates’ first class or a round-trip flight from London (LHR) to Dubai (DXB) in business class with a Saver fare.

It’s unclear how long this transfer bonus will last or if it’s an error on Capital One’s website. Still, if you have a redemption you’ve been eyeing — particularly in Emirates business or first class — we strongly recommend transferring your miles to the program.

Emirates Airbus A350 business class seat 8K 1 — An Emirates business class seat. Image Credit: Daniel Ross

While most users don’t see the transfer bonus in their own accounts — and instead are simply seeing the bonus after submitting a miles transfer — this is still surprising news amid a rough few days for Emirates fans.

The airline shocked the points and miles world this week when it was confirmed that transfers from American Express Membership Rewards and Chase Ultimate Rewards to Emirates Skywards would be unavailable between May 29, 2025, and June 30, 2025.

Amex’s website reads, “Beginning May 28th, the ability to transfer Membership Rewards points to Emirates Skywards Miles will be temporarily unavailable.” Chase’s website reads that transfers would be “tentatively” unavailable between May 29 and June 30 via the Emirates website or over the phone.

Even worse, Citi ThankYou Points have been devalued altogether. Emirates has devalued the transfer ratio from Citi from 1:1 to 1:0.8 starting July 27, 2025, representing a 20% decrease.

Bottom Line:

The moves from Emirates have fueled speculations that a larger devaluation is on the horizon. Given the decrease in Citi’s transfer rate and the unavailability of transfers from Amex and Chase in June, it is not inconceivable that Emirates may devalue its rewards program.

Final Thoughts

Capital One is reportedly running a 25% transfer bonus to Emirates. While this would, in theory, be good news, it may indicate a sign of more to come. Emirates has already devalued Citi ThankYou Points, and Amex and Chase may be next. We’ll keep an eye on this news to see how long the bonus sticks around and what else is coming from the Dubai-based airline.