The Points Plus Cash Flight Trap
How points plus cash works, and why it is a trap
Points plus cash lets you cover part of a flight with points and pay the rest in cash, and airlines market it as the best of both worlds. The problem is the exchange rate baked into the cash portion. When you slide the bar from all cash to part points, the airline decides how much each point is worth, and that rate is usually poor, frequently below one cent per point and sometimes far below. You are spending points that could be worth two cents or more on a good award at a rate the airline sets in its own favor. See what points are worth.
Run the math in ten seconds
The check is simple. Note the all-cash price, then note the points plus cash price. Subtract the reduced cash from the full cash to see how many dollars your points saved, and divide by the number of points used. If 10,000 points knocks 80 dollars off the fare, your points are worth 0.8 cents each, below the roughly one-cent floor and far below what transferable points fetch on a premium award. If the per-point value comes out under about one cent, pay full cash and keep the points for something better.
When it can make sense
There are narrow cases where points plus cash is reasonable: when you are short of the points for a full award and just want the trip booked, when the implied value happens to clear one cent and you have points to burn, or when a co-pay unlocks a seat that is otherwise cash-only. But those are exceptions. As a default, treat the points plus cash slider as a convenience the airline prices for itself, not a deal, and compare it against both full cash and a full award or transfer before committing. See the cash and points hotel version of this same trap and worst redemptions.
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