We might be cooked.

Okay, maybe not totally cooked, but the credit card points game is definitely trending in the wrong direction lately.

A few negative updates have rolled out over the last couple weeks, and if you’re not paying attention, they could cost you points.

Here’s what’s going on:

New Referral Restrictions (Really Sneaky Ones)

Starting October 7, 2025, a certain bank (you know the one… the one I can’t mention) is making it harder to earn referral points for their business credit cards.

Here’s the catch: If you refer someone who already has any business credit card from that bank, you won’t get the referral bonus.

And the worst part? It’s buried in the fine print.

You can see for your self here​

Most people won’t notice and will assume they’re getting those juicy 20,000 referral points… only to be disappointed when they don’t show up.

This is especially annoying for those of you trying to refer player two or friends who currently have business cards from the same bank.

Amex → Emirates Transfer Ratio Gets Worse

If you ever transfer American Express points to Emirates Skywards, heads up: Starting September 16, the transfer ratio is getting worse.

• Now: 1,000 Amex points = 1,000 Emirates miles
• On Sept 16: 1,000 Amex points = 800 Emirates miles

That’s a 20% devaluation.

Personally, I don’t transfer to Emirates much.

The U.S. to Dubai routes are usually expensive in both points and taxes/fees.

But if you’ve had your eye on those fifth freedom routes—like JFK to Milan or EWR to Athens—this will be your last chance to lock in the 1:1 ratio.

So if you’re planning one of those redemptions, move your points before Sept 16.

That $795 Card (You Know the One)

​The new $795 card was recently relaunched, and many people are being denied.

The application rules?

Vague at best.

No 48-month language.

No lifetime language.

It’s all up to the issuer’s discretion. Which also means they want people who will be profitable for them.

I’ve seen mixed data points online.

Some people with great profiles are getting denied. Others are getting approved.

So its a situation of just apply and you'll find out.

Me? I applied and got denied 🤦🏻‍♂️

Here’s what I’d recommend:

• If you want to try applying, you should see a pop-up saying whether you qualify for the bonus before they do a hard pull on your credit and submit your application.
• If you get denied, you can always upgrade an existing card to the new one—but you won’t get the welcome bonus that way.

I’ll drop my referral link below in case you want to give it a shot and see what happens.

➡️ Credit Card Link​

I did get approved for the business version of the card though!

So yeah, not the most positive newsletter.

Between referral restrictions, transfer ratio drops, and vauge approval rules… it’s a little rough out there in the credit card points streets right now.

Hopefully, next time I’ll have some good news to share.

But as always, I’ll keep you updated so you can keep winning the points game—even when the rules keep changing.

​

Safe travels,

Max
@maxmilespoints

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P.S. If any of these updates mess with your current strategy, feel free to reply and I’ll try to help however I can.

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