Frequent flyer miles - we all rack them up on flights but rarely Cash them in for free vacations and upgrades. By one estimate, travelers collectively have accumulated nearly 20 trillion unused airline miles. Meanwhile the millions of miles in your frequent flier account are withering away, often expiring within a couple years. But did you know you can exchange those idle travel miles for cold hard cash?
In
recent years, a cottage industry has emerged to help consumers extract value
from their stockpiled air miles. Specialty websites like Points.com and Mileage
Plan offer cash or gift cards in exchange for unused airline reward miles. The
payout isn’t huge - usually 1-2 cents per mile when converting to cash. But
that spare change can ad d up, especially if you have piles of forgotten miles
scattered across various airline loyalty programs.
So
how can you profit from those carryover frequent flier miles? Consolidating is
key. Move all your airline miles into one rewards program to maximize their
payoff potential. Sign up for airline shopping portals where you earn extra
miles for online purchases. Consider getting a specialty travel credit card,
which typically offers a hefty sign-up points bonus. Once you’ve built a
healthy mileage balance, pick one of the mileage broker services that appeal
based on perks, minimums and transfer times.
Strategies to Boost Your Miles Balance
· Consolidate miles into one airline program· Sign up for shopping portals to earn more
· Get a travel credit card with a big bonus
The
major downside is that typical cash conversion rates are fairly small, so
having tens of thousands of miles built up is key to making it worthwhile. Also
double check airline policies first - some impose limitations, fees or bans
when exchanging miles for cash-like rewards instead of air travel.
Still,
while five hundred miles may only garner five dollars, many travelers have so
many excess, orphaned miles that they could redeem a nice bit of money. A
hundred thousand miles, even at one cent each, is a cool $1000 you didn’t have
before. And unusually generous promotions sometimes offer higher value, like
five cents per mile. The forgotten miles from that decades-old airline credit
card could fund a new TV or couch. Talk about turning old airline miles into
money makers!
With
a few simple steps, your unused frequent flyer balances can be transformed from
mileage dead weight into cash flow. Turn those memories of cramped coach seats
and bland snacks into a reward that really takes off. Sell united airline miles and earn great profit.
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