Stop Letting Your Miles Go to Waste: Convert Airline Miles into Cash Now

Frequent flyer miles are valuable currency, but only if you use them. Miles that sit unused in your account risk expiring, losing value or becoming completely worthless if an airline shutters their program. Don't let your hard-earned miles go to waste - read on to learn smart ways to convert your airline miles into cash now.

One of the best options is booking award flights using your miles. Most airlines let you cash in miles for seats on their flights. Do your research to find the highest-value award tickets. Using miles for international business class seats often gives you the best per-mile value. Aim for 4-10 cents per mile in value when redeeming for flights.

You can also transfer miles between loyalty program partners. Major airlines are members of one of the three big alliances - Star Alliance, SkyTeam or One World. Transferring miles between alliance partners can help you access better award availability and increased value. American Express Membership Rewards points transfer 1:1 to airline partners for example.

Another simple way to cash in miles is through buyback programs. Websites like Points.com allow you to exchange your miles for cash or gift cards. The payout rate is usually lower than the redemption value - perhaps 1-3 cents per mile. But it's an easy way to clear out soon-to-expire miles.

Consider donating miles to charity programs as well. Many airlines have programs that let you donate miles to non-profit organizations. You get a tax deduction for the donated miles. Popular airline charity partners include Make-A-Wish Foundation, Wounded Warrior Project and ASPCA.

Look for ways to use miles for purchases with monetary value. Some airline shopping portals allow you to redeem miles for gift cards, merchandise, hotel stays, car rentals and more. Choose high-value items you can easily resell on the secondary market.

Maximize your miles by taking advantage of promos like 100% bonus offers. Sign up for frequent flyer dining programs or shopping portals to rack up extra miles. Consider getting a miles-earning credit card.

The key is to not sit on your airline miles. With a bit of research and planning, you can easily convert them into cash value. Redeem them for high-value award flights, transfer them to partners, donate them or sell them outright. But take action now before your hard-earned airline miles disappear into the void.