Miles & More, the Lufthansa / Swiss / Austrian etc scheme, has launched a new option to help you use up any small amounts of Miles & More miles you may have.
(Remember, as I wrote in my article on expiry dates at the weekend, Miles & More miles expire after three years and there is nothing you can do to stop it unless you have their credit card or have status.)
Predictably, the exchange rate is terrible.
For iTunes, the rate is:
3,800 miles = £10
5,700 miles = £15
9,500 miles = £25
19,000 miles = £50
The levels are slightly different for Spotify and Zalando but the ‘exchange rate’ remains the same – just 0.26p per mile. That is roughly 30% of what you would get if you redeemed for a long-haul business class flight.
This is the same rate you get if you choose to redeem your Miles & More miles for Heathrow Airport shopping vouchers. The iTunes route requires a smaller number of miles (3,800 vs 7,500 for Heathrow vouchers) and is less ‘fiddly’ as you get emailed your code instead of having to receive a paper Heathrow shopping voucher and then trying to avoid losing it.
You can also redeem small amounts of Miles & More miles for Best Western or Radisson hotel gift cards. The headline rate is marginally better but, as the cards are denominated in Euros, they will be fiddly to use unless spent in a Eurozone country.