Miles & Points: The Best Of Times, The Worst Of Times

I’ve been obsessed with miles & points for around 20 years. I can’t help but take a moment to reflect on just how much this hobby has changed over that time.

I’ve gotta be perfectly honest, this hobby isn’t as fun as it used to be, and in some ways, getting amazing value is harder than before. But it’s not all bad news, and that negative perspective largely overlooks the ways in which this hobby has become much more lucrative than in the past. So let’s talk about that in a bit more detail — what has actually changed, both for better and for worse?

The miles & points hobby has gone mainstream

I got obsessed with miles & points in 2004-2005. Or put differently, I got obsessed with miles & points back when Delta SkyMiles could be redeemed for Air France first class and Singapore Airlines first class (yes, really… ugh, I miss the 747 #megatop!).

I don’t want to say that miles & points were some hobby that no one had ever heard of, but they were definitely a lot more niche than they are today. Yes, frequent flyer programs had existed for decades, and many people were members of them.

But miles & points and maximizing credit cards wasn’t a part of our society in the same way that it is today. I mean, just look at the revenue that US airlines are now generating through loyalty programs, and I think that will largely show you how mainstream things have gone.

What has contributed to these changes?

• The way we share information has changed — it used to be that miles & points and premium airline topics were discussed on internet bulletin boards, while now there’s endless short-form content on TikTok, Instagram, etc., making this available to a much larger audience
• What we value as a society has changed — younger generations place a heavy emphasis on travel and experiences, and are more willing to splurge on peak experiences
• The credit card landscape has become a lot more lucrative for consumers, making it easy for the average person to rack up valuable rewards, get airport lounge access, etc.
• Premium airline products have become a lot more flashy, which also increases their appeal; whether it’s an onboard shower or double bed, those features certainly make a lot more people interested
• Airlines have honestly just become much smarter businesses, and they’re better at monetizing their loyalty programs and other products, so opportunities that present outsized value often get shut down

Miles & points aren’t nearly as fun as they used to be…

Perhaps the clearest example of how much less fun miles & pints have become is a look at my post with 10 amazing award redemptions from back in the day. If you haven’t been around the miles & points world for long, I don’t think you understand just got good the deals were 15 years ago.

For example, Aeroplan would allow US to Asia first class awards via Europe with two stopovers enroute for 120,000 miles roundtrip. Of course that’s an amazing price, but what was even better was the amount of award availability.

Lufthansa first class awards? They were super available, whether booking in advance or close to departure. And we’re not just talking one or two seats, but often six or seven seats. Even SWISS first class (which is now restricted to Senator level Miles & More members) could be booked with partner miles, and was super available.

There was just unlimited potential in terms of how far points could get you. Of course that’s quite a contrast to how things are nowadays, where even finding Lufthansa first class award availability within days of departure is incredibly challenging.

The hotel industry was equally attractive, particularly with Hyatt Gold Passport’s Faster Free Nights promotion.

Then there was the world of mileage running, back when the concept of revenue based status qualification or mileage earning was basically unheard of. American Executive Platinum status for $3,000, while earning hundreds of thousands of miles, plus eight systemwide upgrades? Super easy!

But of course loyalty programs have gotten smarter. There are fewer opportunities to get outsized value, and there’s a lot less gamification. Loyalty programs have also changed their approach to how they open up award availability, including to partner frequent flyer programs.

When I talk to a newcomer about miles & points, it can honestly be kind of hard to get them interested. Recently, a non-miles & points friend mentioned how he wanted to take his wife to the Maldives, and asked if there’s any “deal” with points

I thought, “well, Hilton Honors often sells points for 0.5 cents each, and you can book the Waldorf Astoria Maldives for 150,000 points, so it’s like paying $750 per night, all-in, and that’s before the fifth night free.” He texted me later that night (I’m impressed he was so interested), and saw that not a single night in the next year had points availability at that price. Yeah, that’s not ideal, eh?

…but it’s not all bad news for miles & points

The miles & points hobby definitely isn’t as fun as it used to be, for those of us who get a thrill out of the chase. That being said, in many ways I’d say it’s more lucrative than ever before.

You know what we didn’t have in 2010? Well, all these amazing credit cards with massive welcome bonuses, bonus categories that can earn you 3-5x points per dollar spent, etc. Us savvy folks were using the Starwood Preferred Guest Amex for most of our spending, which had a modest welcome bonus, and earned one Starpoint per dollar spent (which could then be turned into one mile, with a 25% bonus for every 20,000 points transfered). That was as good as it got. And transferable points currencies? Well, they weren’t nearly a robust or flexible as they are now.

Speaking of premium cabin travel, one of the reasons that miles & points were so important back in the day is because airlines just had absolutely outrageous pricing for their premium cabins. Nowadays airlines will sell you upgrades to first class for tens of dollars. So yes, status may be harder and less fun to earn, but don’t even bother, because there’s not that much value to actually having it.

Oh, and the caliber of airline products and airline lounges we see nowadays? It’s on a completely different level than we saw when I started. Back in the day, it was exciting when an airline had angled seats in business class. Nowadays, many of us will barely settle for a product unless it has a door and dine on demand.