American Express Singapore to Devalue Membership Rewards Airline Transfers from 23 February 2026

Bad news is brewing for American Express cardholders in Singapore. In an eDM sent out to card members, American Express has announced significant changes to the Membership Rewards (MR) programme. Effective 23 February 2026, the redemption rates for transferring Membership Rewards points to airline partners will be devalued. This change affects all cards that earn Membership Rewards points, including the popular American Express Platinum Credit Card and The Platinum Card but the conversion rates referenced in this article are for The Platinum Card only.

Photo Credit: Singapore Airlines

Airline Transfer Devaluation: What is Changing?

Currently, American Express Platinum Members enjoy a transfer rate of 400 Membership Rewards points to 250 airline miles (an effective ratio of 1.6 MR points to 1 mile). From 23 February 2026, this rate will increase to 500 Membership Rewards points for 250 miles for most partners, and even higher for Emirates.

Here is the breakdown of the new transfer rates:

Airline Partner	The Platinum Card®		All other Membership Rewards Cards
	Current rate	New rate effective from 23 Feb 2026 onwards	Current rate	New rate effective from 23 Feb 2026 onwards
British Airways Cathay Pacific EVA Air Malaysia Airlines Qantas Airways Singapore Airlines Thai Airways	400 MR = 250 miles (1.6 MR : 1 Mile)	500 MR = 250 miles (2.0 MR : 1 Mile)	450 MR = 250 miles (1.8 MR : 1 Mile)	550 MR = 250 miles (2.2 MR : 1 Mile)
Emirates	400 MR = 250 miles (1.6 MR : 1 Mile)	600 MR = 250 miles (2.4 MR : 1 Mile)	450 MR = 250 miles (1.8 MR : 1 Mile)	650 MR = 250 miles (2.6 MR : 1 Mile)

For the vast majority of Singapore-based travellers transferring to Singapore Airlines KrisFlyer or Cathay Pacific Asia Miles, this represents a 25% devaluation. You will now need 2.0 MR points to secure 1 mile, up from 1.6 MR points. If you are a fan of Emirates Skywards, the news is worse. The cost to transfer points to Emirates is increasing by 50%, moving to a ratio of 2.4 MR points per mile.

Photo Credit: Emirates

The Silver Lining: Bonus Points on Foreign Currency Spend

To soften the blow, American Express is introducing an enhanced earn rate on foreign currency spend, specifically for basic members of The Platinum Card. From 23 February 2026 to 22 February 2027, The Platinum Card members can earn up to 7 Membership Rewards points for every S$1.60 spent on non-SGD foreign currency. Do note that this bonus rate applies to the first S$15,000 equivalent in foreign currency spend - enrolment is required and will open on 23 February 2026.

While 7 MR points per S$1.60 sounds impressive, we must view this through the lens of the new transfer rates. Without needing you to do the math 7 MR points per S$1.60 is equivalent to 2.18 miles per dollar for most airline transfer partners (or 1.82 miles per dollar if you are transferring to Emirates Skywards). While 2.18 mpd on foreign currency is decent for a general spending card, it does not necessarily break new ground compared to other specialised miles cards in the market, especially considering the S$15,000 cap.

If you have been hoarding Membership Rewards points for a future redemption, the time to act is now. By transferring your points out before the cut-off date, you lock in the current 1.6:1 ratio. Waiting until after 23 February 2026 will effectively wipe out at least 25% of your points' value in terms of airline miles. With travel demand remaining high, converting your points to flexible programmes like KrisFlyer or Asia Miles now ensures you get the maximum value for the spending you have already done.