I used to think that miles would always be worth at least a penny. But even that’s not a guarantee. Like most things in US aviation, Delta is at the forefront — including with devaluations.
It’s useful to think of miles as a currency. They’re a proprietary currency with no currency board or independent central bank. And there’s a huge incentive to devalue, to monetize the debt.
Last week I was telling a past award booking client they’d do better using their American Express points to buy flights to Europe they wanted to gift their friends than transfer those points to Delta and redeem an award.