Do airline miles depreciate?

But for travel enthusiasts, it's not just your money that can lose value over time?it can also happen to your airline miles too. Because every rewards program is different in how the value of your miles is determined, there's no universal answer for how rewards are impacted by inflation.



In 2026, airline miles almost universally depreciate in value over time, a phenomenon known in the travel industry as "mileage inflation." This happens because airlines periodically update their "Award Charts" or switch to "Dynamic Pricing," increasing the number of miles required to "buy" a specific flight. For example, a flight that cost 60,000 miles five years ago might cost 80,000 miles today. Furthermore, some airlines have "expiration" policies where miles vanish if there is no account activity for 12 to 24 months, though many major U.S. carriers (like Delta, United, and Southwest) have now moved to "non-expiring" miles. However, even if they don't expire, their purchasing power diminishes as airlines add more seats to planes and make "Saver" award availability harder to find. The best advice for 2026 is to follow the "Earn and Burn" strategy: collect miles with a specific trip in mind and spend them as soon as you have enough, as they are a currency that pays zero interest and is guaranteed to be worth less in the future than it is today.

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That's because those points are a liability for loyalty programs, especially as travel costs increase and travelers try to get their money's worth from their rewards. Devaluing points helps airlines and hotels manage their costs by reducing the amount of travel they have to pay out in exchange for these points.

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Airline miles are oftentimes the most valuable award travel currency. While many travel rewards are worth around 1 cent each, airline miles can be worth up to 6 cents each for first-class flights. Despite the potentially high valuations, miles are not always worth earning.

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For example, points and miles within Best Western Rewards, Delta SkyMiles, Hawaiian Airlines HawaiianMiles, JetBlue TrueBlue, Southwest Rapid Rewards, United MileagePlus and Virgin Atlantic Flying Club don't expire. That being said, it's important not to hold onto your points for too long.

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While there are plenty of benefits to frequent flyer programs, there are also drawbacks that need to be considered before signing up:
  • Limited Redemption Options. Many programs have limited redemption options, which can limit the usefulness of the miles or points collected. ...
  • High Annual Fees. ...
  • Points Expiry.


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50,000 American miles are worth about $850. How much are 80,000 American miles worth? 80,000 American miles are worth about $1,360.

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The biggest ancillary gains from airlines come from their loyalty programs. Frequent flyer programs, whether counted as points or miles, generate multiple income streams. Airlines earn revenue when credit card companies buy points or miles to issue branded cardholders.

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For each flight you take, you'll receive a certain number of miles; the exact number of miles depends on your airline's policy. Most airlines base the number of miles awarded on either the distance flown or the amount paid for the ticket.

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Sign up for an AIR MILES credit card If you're looking for the fastest ways to earn Miles, an AIR MILES credit card is the way to go. There's no faster way to get to your next reward than this. In fact, AIR MILES credit card holders are rewarded up to 7.8 times faster than those without one of these coveted cards.

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Most airlines allow travelers to redeem their miles for flights, seat upgrades, or other travel-related perks, but they don't convert them directly to cash. Some airlines also permit the transfer of miles to other reward programs, such hotel loyalty programs, which may include the option of cash redemption.

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We sampled flight awards available with U.S. carriers and found that consumers need between about 8,000 and 57,000 miles to get a free one-way coach flight. Free flights in business or first class start at around 25,000 miles and climb to well over 150,000 miles one-way.

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Can I get my miles back if I change or cancel my award flight? When canceling a flight that was purchased using miles, most airlines do not charge a cancellation fee. It is generally free to get your miles reinstated and even the taxes and fees you paid will usually be refunded.

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We estimate that more than 30 trillion frequent-flier miles are currently sitting unspent in accounts. That was enough to let almost every airline passenger in the world redeem miles for a free one-way flight in 2017—if miles could be redeemed for trips without restrictions.

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