Sell Your Frequent Flyer Miles for Cold, Hard Cash
Over the years, I've managed to accrue quite a bit of frequent flyer miles with a hodgepodge of airlines. While I've certainly gotten better with choosing the same airline as much as possible to maximize my rewards potential, I still had a sea of miles floating out there that I most likely wouldn't use again. Considering how much I had paid for those flights that accumulated the miles, it's easy to see that just letting them evaporate wasn't an option I was ready to settle with. As I began to research what I could possibly do with my frequent flyer miles, I stumbled upon a bunch of websites that allow you to sell your frequent flyer miles--for cash!
How to Sell Your Frequent Flyer Miles for Cash
It's not illegal to sell your miles, except in the state of Utah. But how do you get around the airlines' terms and conditions that clearly state if you transfer the miles, you will be terminated from their program? Easy--enlist the help of a mileage broker! This middleman will help you sell your miles and avoid any ramifications from the airlines by distributing your awards certificates directly to the people who end up buying the miles you're selling.
The Fine Print
The first step in selling your frequent flyer miles is to create an account with the mileage broker of your choice. There are many options for you to choose from such as Awardtraveler.com, CashYourMiles.com, and SellMilesNow.com. Once you've registered for the broker's program, you'll need to check the exact terms of their business (you should already know this from your initial research anyway!). Some brokers require an interested buyer for the miles before they'll accept your sale of them, and other brokers will take your miles as part of their miles bank.
Another key point of decision is whether or not the broker requires a minimum number of miles for each transaction--some will only do business with you if you have 100K or more miles to cash in. Although if I had that many miles, I'd be taking a free flight!
You'll also need to follow the steps they require and fill out all forms carefully so you don't end up voiding the transaction and losing all of your miles. Take it slow and ensure you understand all of the terms and conditions before you put your miles up for sale!
How Much Can You Make?
If you're interested in selling your frequent flyer miles, you can earn anywhere from 1 to 1.8 cents or more per mile you sell. In order to maximize your money-making options, look for incentives that package hotel points and other travel awards--the amounts you can earn can be quite substantial! You can choose from receiving a cashier's check or a direct deposit into your bank account--nothing but cash coming your way!
Good Luck, Penny Hoarders!