Amex announced a few months ago they’re slashing the transfer rate to Cathay Pacific’s Asia Miles program from the current 1:1 down to 5:4 (1,250 Amex points for 1,000 Asia Miles). The change finally takes effect March 1, 2026 — meaning you only have a few days left to transfer at the current ratio.
This is the latest in a string of transfer partner devaluations that started hitting hard in 2025. And honestly, it was probably inevitable. Cathay’s been one of the most generous sweet spots in the Amex ecosystem, especially for premium cabin travel to Asia.
The program isn’t perfect — award space can be tight during peak travel periods, and the sweet spots aren’t as generous as they used to be. But for travelers focused on Asia routes, it’s been one of the more reliable transfer options. If you’re looking for premium redemption strategies, our guide on booking JAL First Class using Cathay Pacific miles shows some of the program’s hidden gems.
What This Actually Costs You
Let’s be real about the math here. Under the new 5:4 ratio, you’ll need 25% more Amex points for the same redemption. That business class flight to Hong Kong that currently costs 88,000 Miles? You’ll need 110,000 Amex points come March.
The 22,000 extra points might not sound catastrophic, but less points is less points. And if you’re booking for a family of four, let’s say, that’s a significant chunk of miles just on the way there.
Transfer Now Or Wait?
Here’s my take: only transfer if you have a specific redemption planned within the next 12-18 months. Asia Miles expire after 18 months of account inactivity, and speculative transfers rarely work out as planned.
If you’ve got travel to Asia booked or seriously planned for 2025-2026 and are familiar with Cathay’s award chart, go ahead and move those points before February 28th. The 25% savings is real money when you’re talking about business or first class redemptions.
But if you’re just worried about missing out, don’t transfer speculatively. Amex points are more flexible sitting in your account, and you might find better uses for them as other programs evolve.
If you have points with other programs like Bilt, RoveMiles, Capital One, or Citi, those still transfer 1:1 to Cathay.
Bottom Line
This devaluation sucks, but it’s not surprising. Transfer partners have been tightening the screws across the board, and Cathay was probably overdue for a rate cut.
If you have concrete Asia travel plans and the points to spare, transfer before February 28th and lock in the 1:1 rate. Otherwise, keep your Amex points flexible and look for redemption opportunities elsewhere. The 5:4 ratio doesn’t kill Cathay as a transfer partner, but it definitely makes the math less compelling.
The real lesson here is transfer partner rates aren’t guaranteed forever, and the golden age of generous ratios is clearly winding down.
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