Cathay Pacific is one of many travelers' go-to Amex transfer partners, a prime spot to send Membership Rewards points to book Cathay business class or even score a deal when booking partner airlines like British Airways. But those transfers are poised to take a big hit in the new year.
American Express slipped the following warning into recent statements: “Effective March 1, 2026, the ratio for transferring Membership Rewards points to Cathay Pacific Asia Miles will be changed from: ‘1 Membership Rewards point = 1 Asia Mile' to ‘5 Membership Rewards points = 4 Asia Miles.'” This troubling news was first spotted on Reddit by u/BuyerCompetitive6425.
That means come next March, Cathay Pacific will no longer be a 1:1 Amex transfer partner – dropping instead to a far worse 1,000:800 ratio in the coming months. So while transferring 50,000 points from cards like the *amex gold* or *amex platinum* currently gets you 50,000 Asia Miles, that same transfer will soon net you just 40,000 miles with Cathay Pacific.
That change will add a layer of confusion when sending Amex points to Cathay Pacific. You can also transfer points (or miles) from other programs like Bilt, Capital One, Citi, and newcomer, Rove – all at a 1:1 ratio … at least for now. As of publication, none of those other programs has disclosed a looming decrease. Representatives from those companies did not respond to a request for comment on whether changes are afoot, aside from Bilt.
“We currently have no plans, ideations, thoughts, future thoughts … to change any of our 1:1 transfer ratios. Emirates and Cathay will remain at 1:1,” Bilt responded.
But history indicates it may only be a matter of time until this emerging trend spreads to other banks … and perhaps other airline programs, too
What started with Citi dropping its ThankYou point transfer ratio to Emirates earlier this year quickly spread to American Express and eventually Capital One, too. Chase dropped Emirates as a transfer partner altogether this fall.
Will those banks and others do the same, decreasing the transfer ratios when sending points to Cathay Pacific? And with two major international airlines now making negative changes, will other carriers do the same?
We don't know yet. But it's a troubling trend.
What it Means for Cathay Redemptions
This is just the latest devaluation from American Express in recent months. Back in September, Amex reduced transfers to Emirates Skywards to an identical 5:4 ratio, joining JetBlue as the only other airline partner with a sub-1-to-1 transfer ratio.
But neither of those airlines packs quite as much of a punch as Cathay Pacific's mileage program. And this brewing move will force cardholders to transfer even more of their hard-earned points for a redemption.
Take this business class flight from Los Angeles (LAX) to Cathay's hub in Hong Kong (HKG), for example. If you were transferring from Amex to Cathay Pacific today, it would cost you just 88,000 points and $106 in taxes and fees for the 15-plus hour ride to Hong Kong.
After this new transfer ratio takes effect in March, that same seat will set you back 110,000 Amex points – 22,000 more – making it a far less valuable redemption.
The same goes for one of the best ways to book British Airways business class awards to London-Heathrow (LHR). When using Asia Miles, these awards cost just 63,000 miles each way … and most importantly, just $223 in taxes and fees – a fraction of what other partners like American, Alaska, and even British Airways itself charge. Transferring points from Amex, you'd currently need just 63,000 to book this lie-flat seat across the pond.
But come March 1, this sweet spot will take a hit for travelers with Amex points: You'll need to transfer 79,000 Membership Rewards to book. Ouch.
It's unfortunately common to see airline and hotel programs move the goalposts by raising prices when it comes time to redeem for an award ticket or free hotel night. However, this new pattern of banks reducing the value of points on the front end is a troubling one.
We've bemoaned the unmistakeable rise of “pointsflation” in the past. Now, it seems there's a twist in that story.
Bottom Line
American Express is slashing the value of transfers to Cathay Pacific Asia Miles, starting March 1, 2026, from a 1:1 ratio to a significantly less favorable 5:4 ratio.
This change will make award redemptions like Cathay Pacific and British Airways business class, substantially more expensive when using Amex points to book. While it’s another clear devaluation from Amex, travelers can still transfer points to Asia Miles at a 1:1 rate from other programs, like Bilt, Capital One, Citi, and Rove … at least for now.
