A lot of people end up with a small amount of Lufthansa Miles & More miles – usually because they take the odd Star Alliance flight and Lufthansa seems the most convenient (for a Brit) place to deposit it.
Only then do you realise that short haul redemptions are a waste of time and you will never earn enough for a long-haul!
Back in August I wrote this post on how you could cash out 7,500 miles for a £20 Heathrow shopping voucher. (Until 31st December the vouchers are also valid at the other BAA airports – Glasgow, Aberdeen, Southampton, Stansted.)
There is now another short-term option. You can redeem 8,250 miles for a Euro 25 Radisson hotels gift card. See here for details. You can also use them at Park Inn and Country Inn properties. The cards are only valid in Europe, though – see the link above for a list of participating countries.
It is not any better a deal than the Heathrow voucher, but if you live in the regions it might be more useful.