Turning Frequent Flyer Miles into Cash
METAXAS: You may have money lying around and not even know it. That is, money from frequent flyer miles. A new company is getting set to let you trade in your unredeemed miles for cybercash. Bill Tucker explains.</s>BILL TUCKER, CNN CORRESPONDENT (voice-over): Traveling by air has its rewards. If you do it enough, the airlines begin to treat you like royalty. But for those who aren't air warriors, those frequent flyer miles frequently just sit there. Not any more. Enter MilePoint.com.</s>MARK LACEK, PRESIDENT AND CEO, MILEPOINT.COM: What we are doing is allowing frequent flyers to literally turn their miles into money, and use that -- those miles for the partial purchase of goods and services at participating Mile Point merchants.</s>TUCKER: Under the plan, each mile converts into 2 cents of Mile Point money. That, in turn, can be used to get a discount of up to 25 percent on purchases. These airlines are booked with Mile Point right now, America West, Continental, Delta, Northwest, TWA, and US Airways. Even frequent guests at Hilton Hotels can redeem points. Right now, Amazon.com and SkyMall will take your Mile Point money. SkyMall has over 100 retailers, such as The Sharper Image and Hammacher Schlemmer.</s>MARTIN DEUTSCH, EDITOR AT LARGE, "TRAVEL AGENT" MAGAZINE: I think it's a win-win situation. I think it gives the consumer, of which there are 45 million with mileage points or mileage accruals, a chance to convert and use their orphaned miles. You know, miles may be too low to get an airline ticket or two, and they can use these miles into -- convert them into gift certificates and then get discounts, in effect.</s>TUCKER: The site rolls out next month. In about a year, MilePoint.com plans to make deals with local merchants so you could shop in your own neighborhood, right in time for the holidays. That's YOUR MONEY. I'm Bill Tucker, CNN Financial News, New York.</s>METAXAS: And that's YOUR MONEY for this week. Once again, don't forget to send us your personal finance questions and comments via e-mail at yourmoney@cnn.com, or write us at YOUR MONEY Viewer Mail, Five Penn Plaza, New York, New York 10001. Your question could be featured on an upcoming program and be answered by an expert. Thanks for joining us. I'm John Metaxas. Goodbye from New York.