American Express Singapore is set to significantly reduce the value of its Membership Rewards points, cutting airline transfer rates by as much as 50 percent beginning 23 February 2026, a move that will affect both future earnings and points already accumulated by cardholders.
The devaluation applies across all eight airline partners in the Singapore Membership Rewards program, including major carriers such as Singapore Airlines and Cathay Pacific. For consumers who rely on points transfers to fund premium cabin travel through hubs like Singapore Changi Airport, the change represents a substantial shift in the economics of using American Express cards.
A Reset of Airline Transfer Economics
From late February 2026, cardholders will need to redeem significantly more Membership Rewards points to receive the same number of airline miles. The revised ratios apply to all Membership Rewards–earning cards in Singapore and are not limited to new points earned after the change.
Because the adjustment targets transfer ratios rather than earn rates, it effectively reduces the value of points already sitting in cardholders’ accounts. Members who delay converting their balances beyond the deadline will see an immediate reduction in mileage returns without any change in spending behavior.
For Platinum Charge and Centurion cardholders, most airline partners will require 25 percent more points per mile. Transfers to Emirates Skywards will be hit harder, with a 50 percent increase in points required.
New Ratios Across All Airline Partners
Under the new structure, most airline partners for premium cardholders will shift from 400 Membership Rewards points for 250 miles to 500 points for the same 250 miles. Emirates Skywards will move from 400 points to 600 points for 250 miles.
Holders of other Membership Rewards cards will also see higher costs. For most airlines, transfer ratios will increase from 450 points to 550 points per 250 miles, representing roughly a 22 percent devaluation. Emirates transfers for these cards will rise by about 44 percent.
The overall effect is an approximate 20 percent reduction in effective earn rates for popular programs such as KrisFlyer, Asia Miles, and Qantas Frequent Flyer.
How Spending Power Changes in Practice
For Platinum Charge cardholders, the impact is measurable across everyday spending categories. General spending earn rates will fall from about 0.78 miles per dollar to roughly 0.63 miles. Spending with Singapore Airlines and Scoot drops from 1.95 to 1.56 miles per dollar, while high-earning 10Xcelerator merchants decline from 7.81 to 6.25 miles per dollar.
American Express KrisFlyer co-branded cards are excluded from the changes, as they earn KrisFlyer miles directly rather than through Membership Rewards transfers.
Emirates Skywards Takes the Heaviest Blow
Emirates Skywards stands out as the most severely affected partner. The upcoming 50 percent increase comes on top of an existing suspension of Membership Rewards transfers to Emirates, which has been in place since 29 May 2025.
As a result, many Singapore-based cardholders may never be able to access the current transfer ratio before the higher rate takes effect. Despite the airline’s relatively high surcharges, American Express remains the only transfer partner for Emirates miles in Singapore, leaving customers with limited alternatives.
Welcome Bonuses and Existing Balances Lose Value
The devaluation will also reduce the value of welcome bonuses, which often post weeks or months after card approval. A Platinum Charge welcome bonus of 98,250 Membership Rewards points will fall from roughly 61,400 airline miles to about 49,100 miles under the new ratios. Referral bonuses of 140,000 points would lose approximately 17,500 miles in value.
American Express terms do not allow for expedited posting of bonus points, making the losses unavoidable for bonuses credited after the February 2026 cutoff.
Part of a Broader Global Pattern
The Singapore changes mirror similar moves by American Express in other markets. Australia, the United Kingdom, the United States, Germany, and Hong Kong have all seen airline transfer devaluations ranging from low double digits to as high as 50 percent over the past year, suggesting a coordinated effort to reduce the global cost of the Membership Rewards program.
Limited Mitigation Through Foreign Currency Spending
To soften the blow, American Express will roll out a temporary foreign currency spending promotion for Platinum Card members. From 23 February 2026 to 22 February 2027, eligible cardholders can earn up to 7 Membership Rewards points per S$1.60 spent overseas, capped at S$15,000 and requiring enrollment. After the new ratios, this equates to about 2.18 miles per dollar—competitive, though not market-leading.
The Bottom Line
American Express Singapore’s upcoming changes will increase the cost of converting Membership Rewards points to airline miles by 22 to 25 percent for most partners, with Emirates Skywards facing cuts of up to 50 percent. The move reduces earn rates, weakens welcome bonuses, and devalues existing points balances, marking a clear shift in the long-term value proposition of the program for Singapore-based cardholders.
