The End of an Era: Why July 2025 Marks another Turning Point in Amex Redemption Strategy
July 2025 just shattered two of Amex’s most valuable redemption plays. Emirates transfers are devaluing by 20%, and the secret Hawaiian → Alaska points bridge is gone for good. If you’re relying on MR for premium cabins or cheap domestic flights, it’s time to pivot—fast.
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July 2025 marks a fundamental shift in Amex’s Membership Rewards landscape with the loss of two key transfer paths—Emirates Skywards devalued from a 1:1 to a 5:4 ratio (a 20% increase in MR cost), and the complete shutdown of the Amex → Hawaiian → Alaska transfer route. This twin hit cripples access to both high-end international redemptions and low-cost domestic sweet spots. Emirates business-class awards that once cost 87,000 MR now require 109,000 MR, while sub-700-mile domestic Alaska redemptions for 4,500 miles are no longer accessible via MR at all. These were among the most leveraged MR redemption opportunities, and their loss immediately reduces the program’s versatility.
Before July 1, 2025, MR users could funnel points to Alaska via HawaiianMiles, gaining access to 45K one-way business class to Europe, 4.5K domestic redemptions, and unique one-way stopovers. That loop is now closed indefinitely, with Alaska reaffirming its focus on Bank of America and Bilt Rewards instead of Amex. Those who didn’t complete transfers by June 29 lose access entirely—no backdoor, no grace period. While Amex is offering flight credits as a weak consolation, there is no 1:1 alternative pathway to Alaska within the MR ecosystem.
On September 16, 2025, Amex will officially cut Emirates transfers to 5:4, following Citi’s earlier devaluation and reflecting a broader pattern of loyalty compression across programs. This affects not only Emirates’ Fifth Freedom routes (like JFK–Milan or JFK–Athens), but also aspirational 250K+ multi-segment redemptions that relied heavily on Emirates availability. With already high surcharges (often $500–800 roundtrip) and rising point requirements, Emirates redemptions now carry lower ROI across the board, especially without a bonus to offset the loss.
MR users must now diversify aggressively: use Asia Miles (85K–95K for transpacific biz), Aeroplan (up to 110K with stopovers), or Avios (34K–50K off-peak Iberia biz) to rebuild strategic depth. Alternatives like Bilt Rewards (still 1:1 to Alaska) and Alaska-branded credit cards now become essential tools for Alaska loyalists. Overall, Amex remains viable, but its flexibility halo is cracked. High-value redemptions still exist—but with shrinking windows and more friction, real strategy now requires precision timing, diversified pipelines, and quarterly audit discipline.
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Over the past five days, we’ve spotlighted the crown jewels of the Membership Rewards (MR) ecosystem—real redemptions, real value, and real strategy. From the everyday wins of 20K domestic hops to the 500K unicorn ticket around the world, the Amex series was built to help you extract maximum value. But just as we wrapped the fifth post, the landscape shifted beneath our feet.
July 2025 isn’t just a new quarter—it’s a hard stop for two of the most valuable MR redemption vectors: Emirates and Alaska via HawaiianMiles. These aren’t soft nerfs. These are high-voltage wires being cut. And if you’re still playing the game as if it’s March or May 2025, you’re behind.
This moment demands a new lens—and a new playbook.
The Two Moves That Redefined MR in July 2025
Emirates Devaluation: The Dream Route Just Got Pricier
Amex announced that as of September 16, 2025, Membership Rewards points will no longer transfer to Emirates Skywards at a 1:1 ratio. Instead, they’ll shift to a 5:4 ratio, a 20% devaluation. For aspirational travelers chasing business and first class—especially on Emirates’ Fifth Freedom routes (like JFK–Milan or JFK–Athens)—this is a brutal change.
Why it stings:
- Emirates awards already carry heavy taxes and surcharges.
- Redemption rates haven’t dropped; your points just buy less.
- Emirates was a rare combination of luxury and availability in MR’s catalog. No longer.
Highlight
You still have until September 15 to transfer MR to Emirates at 1:1.
Lowlight
After that, your required MR jumps by 20%, and no bonus is softening the blow.
Hawaiian → Alaska Transfer Path Closed for Good
The second hit landed with less fanfare but arguably more impact for the practical traveler. As of June 30, 2025, Amex officially ended transfers to Hawaiian Airlines. That shuts down the unofficial—but widely used—Amex → Hawaiian → Alaska transfer path.
This indirect route had quietly enabled MR users to access Alaska Mileage Plan, which remains one of the most lucrative frequent flyer programs around, especially for U.S. domestic flights and Oneworld partner redemptions.
Why it matters:
- Alaska awards include 4,500-mile economy flights, one-way stopovers, and sub-50K business-class redemptions on partners like Finnair and JAL.
- MR had no direct route to Alaska, and this Hawaiian detour was the backdoor.
- With Bilt Rewards and Bank of America now the strategic partners for Alaska, Amex users are fully locked out.
Highlight
Transfers done before June-30-2025 will still show up in Alaska accounts.
Lowlight
After July-1-2025, there is no remaining legal route from MR to Alaska.
What This Means for the Redemption Series
Let’s connect the dots back to our last five redemption posts:
20K Post: Domestic Sweet Spots
Many of those sweet spots—such as short-haul flights under 700 miles for 4,500 Alaska miles—were only accessible through the MR → Hawaiian → Alaska bridge. Now? Gone.
Impact: MR’s ability to power ultra-low-mileage domestic flights is severely diminished.
50K Post: Caribbean Biz and Off-Peak Europe
Alaska partners like AA and Iberia made these redemptions viable via Alaska miles. Those routes were accessible at 50K with one-way stopovers. Now, without Alaska, those smart 50K redemptions require new partners or more points.
Impact: MR still has Avios and Flying Blue—but the flexibility just took a hit.
75K Post: Premium Transatlantic
The JFK–Milan Emirates biz-class ticket at 87K Skywards was almost a poster child for MR redemptions. At 1:1, you were looking at 87K MR. After September 16, it’ll take 109K.
Impact: That 75K sweet spot is now 90K+ and under pressure. MR’s appeal for luxury flyers narrows.
250K/500K Post: RTW and Exotic Biz/First Redemptions
We profiled complex itineraries with multiple stopovers leveraging Emirates and Alaska to piece together global tickets. That play is now either more expensive (Emirates) or non-functional (Alaska).
Impact: These dream trips aren’t gone—but the price just surged. You’ll now need to piece together alternatives using Asia Miles, Aeroplan, or Avios programs.
The Bigger Picture: What This Signals About MR Strategy
1. The Flexibility Halo Is Tarnishing
Amex Membership Rewards have long been the go-to for those wanting “liquid loyalty currency.” The assumption was: if a transfer partner is weak now, pivot later. That assumption only works if the partners remain strong and available.
With Emirates being devalued and Alaska becoming inaccessible, MR has lost both range and depth. The program still has a dozen partners—but the ones powering its strongest redemptions are weakening or disappearing.
2. Concentration Risk Is Real
If your entire redemption outlook is based on Emirates premium cabins or Alaska Mileage Plan, you’ve just been double-punched. It’s no longer enough to know one program well—you need a matrix of fallback options.
3. Timing Trumps All
We saw Citi pull the Emirates 1:1 ratio in July. Now Amex follows. Do you really think Chase and Capital One won’t follow?
Banks are moving fast to reduce their liability. High-end redemptions bleed profits. Expect other cuts—especially silent transfer pauses or unannounced surcharges.
Where to Go From Here: Tactical Pivot Plan
| Action | Deadline | Why It Matters |
|---|---|---|
| Transfer MR → Emirates Skywards | Sept 15 | Last chance at 1:1 |
| Transfer MR → Hawaiian (then Alaska) | June 29 (retroactive audit) | Confirm miles landed in Alaska before cutoff |
| Open Bilt Rewards | Now | New viable path to Alaska at 1:1 |
| Apply for Alaska Airlines Credit Card | ASAP | Direct earn + loyalty status perks |
| Diversify MR redemptions to other 1:1s | Ongoing | Restore resilience |
| Watch for new devaluation alerts | Weekly | Get ahead of the next exit |
Strong Alternatives That Still Work
If Emirates and Alaska are fading, what’s still viable?
Asia Miles (Cathay Pacific)
- Still 1:1 with MR.
- Access to Oneworld partners.
- Long-haul biz class remains reasonable (e.g., JFK–HKG for ~85K).
British Airways / Iberia / Aer Lingus Avios
- Efficient for short-haul Europe.
- Iberia Biz from East Coast to Madrid for ~34K off-peak.
- Transfer between Avios accounts adds flexibility.
Singapore KrisFlyer
- Best for flying Singapore metal.
- Good for West Coast to Tokyo (~107K RT in biz).
Air Canada Aeroplan
- Flexible routing with stopovers.
- Includes airlines like SWISS, ANA, and Etihad.
- Still generous on partner redemptions compared to U.S. carriers.
Anticipating What Comes Next
The pattern is clear: the banks are tightening. Here's what to expect:
More Ratio Cuts
Bilt has held steady, but it’s young. Chase and Capital One are overdue to follow Amex and Citi on Emirates. Watch the 1:1s—some may not survive 2025.
More Unofficial Exit Paths Closed
That Hawaiian → Alaska detour? Expect others to vanish too. For example, Aeromexico → Delta via Flying Blue could quietly dry up.
More Promotions (as Distraction)
Amex will almost certainly offer 20–30% transfer bonuses to second-tier partners this fall. Take advantage, but don’t mistake them for value retention.
Final Take: Strategy Over Sentiment
July 4, 2025 marks a turning point not just in redemption math, but in mindset. If you’ve relied on MR to be a universal currency, this month should shake you out of complacency.
Redemption strategy in 2025 and beyond means:
- Moving fast when value exists.
- Diversifying earn and burn plans.
- Watching for shifts not just in availability—but in economics.
- Questioning every partner’s long-term viability.
Final Thoughts: This Isn’t the End—It’s a Reboot
Yes, Emirates devaluation hurts. Yes, losing Alaska access via Hawaiian closes off practical domestic routes. But this doesn’t mean MR is dead. It means it's evolving.
Our job now is to evolve faster:
- Use what remains.
- Build new bridges.
- Exit strategies when necessary.
- And most importantly—never assume today’s redemption play will exist tomorrow.
The end of an era doesn’t mean the end of opportunity. But the next era belongs only to those willing to move.
Redemption, after all, is a verb.
Use this knowledge. Rebuild your playbook. And fly better.
July 2025 Amex Redemption Series:
Ohad Sternberg
Ohad Sternberg
Ohad Sternberg
Ohad Sternberg
Ohad Sternberg
