Heads up, Capital One cardholders! If you're planning to use your Capital One miles for Emirates flights, listen up. Starting January 13, 2026, the transfer rate from Capital One to Emirates Skywards will be reduced. Instead of a 1:1 transfer (1,000 Capital One miles getting you 1,000 Skywards miles), it'll become 1,000:750. This means you'll need more Capital One miles to get the same number of Emirates miles.

Why does this matter? Well, if you frequently redeem Emirates flights using Capital One points, your points are effectively losing value. It'll take more points to book the same flight. It's definitely worth considering if you have a stockpile of Capital One points earmarked for Emirates.

This move isn't entirely surprising, as other credit card rewards programs like Chase, American Express, Citi and BILT have either cut ties with Emirates or reduced transfer rates recently. The good news is that Capital One is giving us a decent heads-up. You have until January 13, 2026, to transfer at the current, more favorable rate, so plan accordingly if you have Emirates award travel in mind!