Seems like a separate thing than the main thread. With ongoing events, what are the odds that all the reward accounts are either inflated to nothing or just cancelled?
Personally I have about $7k of Chase UR. $1.5k Southwest RR, $4k in Hilton Pesos. Chase I could get 2/3 value in USD. Southwest and Hilton, not sure any way to cash out except maybe 10% value or something.
Banks will get tons of bailouts, but do we have reason to believe that they’ll keep rewards programs? Hotels and airlines, doesn’t need any description here with the issues.
Also rewards related – Seems like it’s time to downgrade my Hilton Aspire credit card, AF hit a month ago. Seems it would be much more difficult to use the airline credit, hotel credit, and night this year. Other credit cards we should all downgrade because they’re now worthless?
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Yes and also cash out all of your accounts.
UR points should be safe, but airline miles and hotel points are not, because they could be (and many times have been) devalued at any time without notice. This is as true today as it was 5 years ago.
I don’t think banks are in trouble. It’s prolly gonna take a mass spike in unemployment followed by loan defaults to upset the system, but that’s unlikely at this point. Airlines are already in trouble but will be bailed out. Don’t know about hotels (haven’t stayed at any in a long time and never bothered with their rewards).
You should be cashing out all the time.
I understand miles are usually saved until needed (and require large quantities) or waiting for best value - but the longer you hold on to them the possibility of account closure or devaluation is possible.
I kind of wonder the opposite. Are they going to offer rewards bonuses and extra deals just to get butts in seats? With half full planes and hotels, it’s costing them nearly nothing to offer free rewards trips, in an attempt to kickstart that travel bug again.
That’s what I’m hoping for. Had 4 weeks of travel cancelled so as soon as it seems safe to travel again, I’ll be hunting for deals. I’m hoping competition for business when it restarts will keep reward redemption levels stable at least in the beginning. Not like I can cash out miles right now anyway.
I wouldn’t cash out for 10% value if thats actually all you can get. Ought to be some way to get more value then that though… ?
Thinking about this yesterday
1.3 million UR
1.8 million amex
What to do.
SiS always said these points are naturally fragile and people shouldn’t stockpile them.
Yes, for sure.
I need a new cashback card with no limits
The banks aren’t going to fail. I’m not worried about the us3 airlines, but I am worried about avianca, Turkish, Cathay, etc.
Airlines will be bailed, but dunno about their rewards pesos. Same with hilton.
Seems like a convenient out for Chase if they wanted to inflate their point costs, “due to ____”. Chase has had a constant value for many years.
Btw, right now is an excellent time to make speculative award bookings for later in the year. It’s wide open like in 2008, even on many unicorn award routes, and little to no penalty if you have to cancel.
You’re exceedingly optimistic.
True. But there’s little downside since you’ll get a free cancel/change/redeposit.
You’re not optimistic enough. Don’t get depressed, it’s not good for you and can make you sick
Too late XD ahahahaha. Pretty sure I’m depressed now. And I am sick as well, so…
I’d be thinking more about gift cards, especially from second tier/regional/local businesses. If they cant weather this, you dont want to be sitting on any of their gift cards.