Having a lot of airline miles can be great, especially if you’re planning to fly in the near future. But, how can you turn airline miles into cash easily? If you need money, or you can’t get a business loan because of bad credit, then explore trading your miles in for some serious cash!
With the uncertainty of the current global situation, you might find it more useful to turn those miles into cash. Planning for trips is harder now, and maybe your miles are close to their expiration date. Don’t let them go to waste! If you’re wondering how to convert your miles into cash read below for our expert advice!
Sign up for a credit card where you can transfer points into cash
You can sign up for an airline credit card and turn the miles into cash you can spend with your credit card.
Etihad Airways, for example, has a program where your unused airline miles can be turned into cash you can use to purchase anything you want.
The idea is quite simple: you start off with a $0 balance on their app or Etihad visa credit card. Then, when you earn miles, you can either save them to redeem for flights and travel or transfer the number of miles you want to the credit card.
Each mile has a specific monetary value. Therefore, you can load your own card with as much money as you need. This allows you to use miles when needed yet still save them towards flights or hotels if you want.
Sell points and miles for cash through a mileage broker
The best way to turn airline miles into cash is to sell them through a mileage broker like The Points King.
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When you simply have too many air miles reward points and you don’t use them to book flights and hotels, there is no real purpose in saving them until they expire. Instead, it’s easier to turn them into cash by selling them.
A mileage broker offers competitive rates for Amex and other reward points and then offers you cash in turn via PayPal. Selling your points in bulk is the way to get the best value for them and also get a consistent amount of cash.
Before you start selling, compare the selling rate of the miles. Usually, you can get more than 1 cent per mile, so if you have lots of accumulated points, you can make a substantial amount of cash. Examine the broker’s exact quote and then compare how much money you gain with the value of the points if you were to book flights, hotels, or purchase merchandise.
Sell miles for cash and stop waiting for the right time to redeem. You can get cash quickly right when you need it.
5 Bonus Tips on How to Trade Your Hard Earned Airlines Miles into Instant Cash
- Use a miles-to-cash conversion tool: There are several online tools available that can help you convert your airline miles into cash. These tools can help you compare the value of your miles across different airlines and rewards programs, and can also help you find the best ways to redeem your miles for cash. Some popular miles-to-cash conversion tools include AwardWallet, Points.com, and YouTravel.
- Redeem your miles for gift cards: Many airlines offer gift cards as a redemption option for their miles. These gift cards can be used at a variety of retailers, such as grocery stores, department stores, and restaurant chains. By redeeming your miles for gift cards, you can effectively convert your miles into cash that you can use to buy the things you need.
- Use your miles to book travel: If you have flexible travel plans, you can use your miles to book flights, hotels, or other travel arrangements. By booking travel using your miles, you can effectively convert your miles into cash that you can use to pay for your trip.
- Sell your miles to a third party: There are several websites that allow you to sell your airline miles to third parties. These websites can connect you with people who are willing to pay cash for your miles. Keep in mind that selling your miles to a third party may not be the best option, as it can be risky and may not be legal in all cases.
- Use a cashback credit card: If you have a cashback credit card, you can earn cash back on your purchases and then use that cash to pay for your travel expenses. This can be a good option if you don’t have enough miles to cover your travel expenses. Some popular cashback credit cards include the Citi Double Cash card, the Chase Freedom card, and the Discover it card.