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This week our members share their top tips for getting the most value from their frequent flyer points. The value of a point fluctuates considerably, so knowing their worth can be important. A typical frequent flyer point could be worth as little as 0.4 cents, or as much as 7 cents or more, depending on how it is spent.
Like any currency, the value of a point varies depending on the frequent flyer program it is earned in. Some members consider Virgin Velocity points to be more valuable than Qantas points because most Velocity reward flights cost fewer points and lower taxes.
Their worth also depends on how the points are used. Calculating the value of your points is a good way to determine how best to spend them. Many members compare the number of points required for a particular redemption to the regular cash price. In doing so, they can determine how much cash is saved by using points and can therefore place a dollar value on their points. Some members use a simpler 1:1 – one cent per point – valuation.
As a general rule, points are usually worth about 1 cent per point when used for economy flights. However, flight upgrades and reward seats in business or first class often yield a much higher value of around 5 cents per point. Redeeming points for products at the Qantas or Velocity online stores, or converting your points to gift vouchers is regarded by many as the worst value way to spend your points.
Share your tips HERE.
