The business of frequent flier miles is not new. It is one of those businesses which are done by the companies from past so many years and it is very profitable to them. As there is more risk associated with this business, only a limited number of people does it. Number of new provisions and policies are passed by the states which affect the business. In the beginning, these programs made sense to both airlines and customers. Airlines had extra seats that needed to be filled, and frequent fliers were rewarded for their loyalty to the airlines. But, as these programs expanded over the years, airlines realized just how much money they could make off of them. Airlines began selling miles to companies, including your credit card company and started making millions from these deals. Soon, the airlines just couldn't get enough of these programs. Recently, frequent flier mile holders have begun to worry about airlines with all their financial trouble and mergers. They are af...