If you've ever wondered why airlines love their frequent flyer mile programs, now you know: they are a quick way of raising cash now for future flying. And right now, a number of airlines are having sales on points to raise needed cash.
Air Canada, for instance, is selling Aeroplan miles for a penny apiece, British Air is selling Avios with 50 to 75% bonuses, American is offering specials and others are in the offing. Airlines sell the points to banks and stores as well, but at the moment that market is not doing well.
A fairly large percentage of the miles people save up are never used, which leaves the airline with free cash; even those that are used don't cost the airlines much because many of the seats they fill would otherwise have flown empty.
The question, of course, is should you buy miles, even at lower prices? Most loyalty experts recommend buying only if you need to top up your account for a specific trip, especially with so much uncertainty about when travel will resume—but at some of the lower-end prices, this might be an exception.
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