5 or 10 years ago, it was totally worth it, especially if you traveled a good deal on business and raked in the miles. As RC Vikings alluded to, things are much worse now. It's harder to use the miles, and more and more airlines charge premiums for more and more flights. Whereas 8 years ago it was relatively easy to get a flight for 25,000 miles, now, unless you have good status with the airline, it is very difficult.
They can still be a good deal, but not for the casual user (since they will almost always charge annual fees). You need to work on making it worthwhile.
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