some frequent-flier basics (part five: what are your miles worth?)
In the greater frequent flier community there's much debate about what a mile is worth but generally speaking they're worth something around 2¢ depending on which airline they're from. When you're pricing out a potential flight you can quickly tell how much your redemption is worth by dividing the number of dollars it would cost to buy the ticket by the miles needed (this is another great reason to look for the flight on Kayak.com before starting an award search). Let's say your flight was pricing out at $400 and you look on United.com and find a Saver redemption for 12,500 miles each way (for a total of 25,000). Now just do the math: $400 ÷ 25,000 = $0.016 So 1.6¢ per mile is a decent redemption rate because you're generally in the ballpark of 2¢. Many frequent fliers aim for 6¢ per mile or more, but the only way you'll ever see a redemption rate that high is if you're booking international business or first class. Domestic...