American is running two simultaneous promotions at the moment on the purchase of AAdvantage miles, which together lower the cost of purchased miles to below two cents each.
The first offer is for up to a 30% bonus on the purchase of AAdvantage miles. The bonus is tiered in such a way that you’re only getting a 30% bonus if you purchase at least 60,000 AAdvantage miles. The tiered bonus looks as follows:
This bonus is available through February 28, 2014, and in and of itself is a pretty standard bonus on the purchase of AAdvantage miles.
The second bonus is what makes this promotion better than normal. For four days only (through 11PM CT on Thursday, February 6, 2014), American is offering a further 10% discount on the purchase of AAdvantage miles. That means if you max out this promotion you would receive a total of 78,000 AAdvantage miles for $1,542.69, which is 1.98 cents per mile.
Anyway, this is about as good of a deal as you’ll see on the purchase of AAdvantage miles. It’s normal to see promotions whereby they’re selling them for 2.1-2.2 cents each, but under two cents per mile is somewhat rare.
This still isn’t an offer I’d speculatively take advantage of, though. With a specific use in mind it could definitely make sense to take advantage of this promotion, like if you can snag Cathay Pacific or Qantas first class award seats. Do keep in mind that American allows five day holds on AAdvantage award tickets, so you can always hold the award tickets, then purchase the miles, and then complete the purchase.
Do keep in mind that accounts have to be least 14 days old to take advantage of this promotion, and points purchases are processed by points.com, meaning they don’t qualify as airfare spend for the purposes of your credit card.
PS: Am I going crazy or did American raise their cap on the purchase of AAdvantage miles? I could have sworn it used to be 60,000, but the terms now state that you can purchase no more than 80,000 miles per calendar year.