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The worst use is MagsforMiles (magazine subscriptions). When I travelled once a year I would get the mailer that I could get a magazine subscription for so many points and wasted many points that way. This was back in the day when I belonged to Delta's reward program but had very few points.
Currently, I have used them for flights as well as to upgrade a coach fare (work will not pay for first class but I can upgrade after the purchase) to first class. You really need to go to a travel forum to get advice on getting the best deal.
If you do not have the travel need, most programs will let you donate them to charity.
Use the miles only for flights or for upgrades. Don't use them for hotels, rental cars, merchandise, magazine subscriptions, etc.
Mostly close-in domestic awards when the cash prices get a bit high and there's "lowest fare" award availability.
Premium seats for international flights are often a better value, though.
@Anonymous wrote:
Are they transferable?
No, Delta miles are not transferable.
I travel domestically and redeem miles when I can get 2 cents a piece for them for airfare. If I can't get that I will buy the plane ticket and save my miles for later. I would say I am able to redeem points on roughly half my flights.
I have no 'need' to get the maximum value out of my points. If I see a gift card that I want or if I feel like getting some random thing from their Skymiles catalog then I'll get it because it's free money either way. I recently used my remaining United miles for magazines because I didn't have enough to get anything interesting and didn't feel like losing them, now I have a bunch of random reading material.