Big news for those of you hoarding Capital One miles hoping to snag a fancy Emirates flight! It looks like Capital One is the latest to devalue their transfer rate to Emirates Skywards. Basically, you're going to need more Capital One miles to get the same number of Emirates miles starting soon. This follows similar moves from Citi and Amex, and Chase completely dropping Emirates as a transfer partner. Ouch! Why does this matter? Emirates is a popular airline, known for its luxurious First and Business Class products. Many award travelers rely on transferring points from credit card programs like Capital One to book those aspirational flights. A devaluation means your Capital One miles just lost some of their value when it comes to booking Emirates flights. So, your dream of sipping champagne in the Emirates First Class suites just got a little bit harder to achieve. The good news is that you still have a window to transfer your miles at the current, more favorable rate. So, if you've got a specific Emirates redemption in mind, now's the time to crunch the numbers and make that transfer before the devaluation hits. Don't delay, act now!