We used to think of miles as worth 2 cents apiece. That was a simplistic calculation, 25,000 miles paid for a $500 domestic ticket more or less. The truth is miles with several airlines used to be worth far more than 2 cents apiece. They’d sell you miles for 3.5 cents, and credit card signup bonuses were commonly 5000 miles (if anything at all).
Airlines have so devalued their miles that most aren’t worth anywhere close to 2 cents anymore, although the specific value of each currency varies. As a result, in order to get the same juice in consumer behavior as because, it’s necessary to…