Lufthansa’s Miles & More programme has just added Tesco to its roster of gift card partners. This allows you to cash out your Miles & More miles for a shopping voucher.
It is, however, a truly terrible deal.
As per this page, you need 3,700 Miles & More miles to get a £10 Tesco gift card. Given that you should be targeting 1p per mile, this is 70% worse.
It only makes sense if you have some Miles & More miles heading towards expiry due to Lufthana’s draconian policies. The only way to stop your miles expiring after three years is to be a M&M credit card holder, which is no longer possible for new applicants in the UK.
A slightly better deal is converting your Miles & More miles into Heathrow Rewards points. You can also use them as part-payment for a hotel room via the Lufthansa hotel portal.