Amex to Cathay Pacific Asia Miles Transfer Devaluation from March 1, 2026

American Express Membership Rewards® cardholders are once again facing a significant reduction in point value.
Starting March 1, 2026, American Express will officially change its transfer ratio to
Cathay Pacific Asia Miles from 1:1 to 5:4.

This means cardholders will need 25% more Amex Membership Rewards points to receive the same
number of Asia Miles — a clear and permanent devaluation.

What Is Changing in the Amex to Asia Miles Transfer?

Until February 28, 2026, Amex Membership Rewards points transfer to Cathay Pacific Asia Miles at a 1:1 ratio:

• 10,000 Amex MR points = 10,000 Asia Miles

From March 1, 2026, the new transfer ratio will be:

• 10,000 Amex MR points = 8,000 Asia Miles

That’s a loss of 2,000 miles per transfer, reducing the real-world value of your points overnight.

Why Cathay Pacific Asia Miles Devaluation Matters

Asia Miles has long been one of the most popular Amex transfer partners for premium travel redemptions,
including business and first-class flights on Cathay Pacific and Oneworld airlines.

With this new ratio:

• Premium cabin awards will require more Amex points
• Long-haul redemptions become less attractive
• The overall return on Amex Membership Rewards decreases

This devaluation fits a broader trend where airline loyalty programs quietly reduce point value over time.

What This Means for Amex Membership Rewards Holders

If you are holding Amex points without an immediate redemption plan, you are exposed to future devaluations.
Once a transfer ratio changes, lost value cannot be recovered.

For many cardholders, this makes selling Amex Membership Rewards points a smarter alternative to holding them
indefinitely.

Should You Sell Amex Points Before March 2026?

If your points are not earmarked for a confirmed booking, selling them now allows you to lock in value
before further devaluations take effect.

With airline programs continuing to adjust award pricing and transfer ratios, unused points almost always
lose value over time.

Final Thoughts

The Cathay Pacific Asia Miles transfer ratio change is a clear reminder that loyalty points are not a stable asset.
If protecting value matters more than speculative future redemptions, selling Amex Membership Rewards points
may be the safest option.