Frequent flyer miles are a valuable currency in today’s travel landscape. But what if you do not plan on traveling soon? Instead of letting your miles sit in your account, you can convert them into cash. Here’s a step-by-step guide on how to sell your frequent flyer miles for money.
Step 1: Determine the Value of Your Miles
The first step is to figure out how much your miles are worth. Each airline has a different valuation for its miles, and this can fluctuate depending on demand, the season, and the type of ticket you are booking. For example, American Airlines’ AAdvantage miles might be worth anywhere from 1 to 2 cents per mile, while Delta SkyMiles could vary. Research the current value of your miles on websites like The Points Guy or NerdWallet, which regularly publish updated valuations.
Step 2: Check Your Airline’s Policies
Before you sell your miles, make sure to review your airline’s policy. Some airlines have strict rules prohibiting the selling or transferring of miles, and violating these rules could result in losing your account and accumulated miles. However, there are legitimate services that allow you to sell your miles through intermediaries or work with authorized partners.
Step 3: Choose a Reputable Miles Broker
If you are looking to sell your miles, the easiest way is to go through a miles broker. These are companies that specialize in buying miles from individuals and Sell United MileagePlus miles reselling them to travelers who need extra miles for upgrades or free flights. Popular brokers include CashForMiles, MilesBuyer, and SellMyMiles. Do your due diligence by reading reviews, checking the broker’s reputation, and comparing offers from different brokers to get the best deal. Most legitimate brokers will give you an upfront quote for your miles.
Step 4: Complete the Sale Process
Once you have chosen a broker and agreed on a price, the next step is to transfer your miles. This often involves logging into your airline’s frequent flyer account and initiating a transfer to the buyer. Some brokers may ask for your account information to complete the process on your behalf. After the miles have been transferred, you should receive your payment, typically via PayPal or bank transfer.
Step 5: Consider Tax Implications
Selling miles could have tax implications, depending on your jurisdiction. In some countries, the IRS or local tax authorities might consider the sale of frequent flyer miles as taxable income. It is a good idea to consult with a tax professional if you are selling a large quantity of miles.