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Now is the time to use your airline miles.
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But five years ago, before the pandemic, airline miles might have been more valuable than they are now: According to research from IdeaWorksCompany, the price of frequent flyer miles has increased 28% over the past five years.
As frequent flyer prices rise and travelers find that the value of points is steadily declining, how can you, as a traveler, use your airline points wisely?
Depreciation of points
One possible reason for the rise in mileage prices is that points lose value over time.
“Airlines have been devaluing points for years, [that practice is expected] “It will continue,” The New York Times said in its article.
The pandemic hit many people's banks and hindered most people's ability to travel, and the decline in travel has left consumers around the world holding on to their airline miles for extended periods of time.
Now in 2024, travel is on the rise and many people are looking to redeem the points they have sitting in their accounts. Because of this, travelers may find that their points aren't earning them as many free miles as they hoped.
Learn more: How much do Baby Boomers save on average?
How to make the most of your miles
If you feel like you're not making the most of your miles, there are other ways to use them to ensure you get where you want to go.
“If you have flexibility in your travel dates, destination or other trip details, compare cash prices to award ticket prices to determine if you can modify your plans to maximize the cash value per mile,” Experian said in the post.
Being flexible about when and where you book your flights can help you put your points to good use, and it might be better to use them now rather than letting them pile up.
“Flyer-loan programs tend to lose value over time, so it's best to avoid accumulating rewards regardless of inflation,” Experian said in the article.
Using your frequent flyer points as quickly as possible will help prevent them from losing value.
More from GOBankingRates
This article originally appeared on GOBankingRates.com: How much travel can you get with airline miles now compared to five years ago?
