Heads up, Capital One miles enthusiasts! If you've been hoarding those points for a sweet Emirates flight, listen up! Capital One is following the trend and devaluing their transfer rate to Emirates Skywards. Starting January 13, 2026, at 12:00 AM ET, your 1,000 Capital One miles will only get you 750 Emirates Skywards miles, instead of the current 1,000.

Why should you care? Well, if Emirates is your go-to airline for luxurious travel, this means your Capital One miles won't stretch as far. That dream first-class flight just got a little bit pricier in terms of points. The good news is that Capital One is giving us plenty of notice! You have until early 2026 to transfer your miles at the current, more favorable rate.

This move isn't totally unexpected. Other programs like Chase, American Express, BILT and Citi have already made similar changes to their Emirates transfer rates, some even temporarily eliminating the option altogether. If you have a specific Emirates redemption in mind, now's the time to crunch the numbers and see if transferring your Capital One miles before the change makes sense. Don't let your hard-earned miles lose value!