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American Express has introduced a new perk for holders of its co-branded Delta credit cards. They're calling it Fly Now, Earn Later, where you can borrow miles against what you'd earn on future purchases. Think of this as an interest-free mileage loan.
How It Works
Based on your card spending patterns you will be allocated a maximum amount of miles you can borrow, similar to the way credit card companies assign a credit card limit to new applicants. Once you determine your needs, you can borrow miles up to your mile limit; it can take up to 72 hours for the miles to post to your account. You now have six months to “pay off” your miles by spending on your credit card. After the six-month period if you still have an outstanding balance of borrowed miles, then you will be charged 2.5 cents per remaining mile.
Now don't get all excited, because you're not likely going to be able to borrow 100,000 miles — in this offer below we only had the option for 6,500 miles; meh.
Who is Eligible
Eligibility appears to be open to holders of all Delta co-brand cards (we've not seen any exclusions):
Also, applicants must meet the following requirements:
- Your account must be in good standing to access Fly Now, Earn Later
- The maximum number of miles you can borrow is determined by various factors including your card activity
- You can only have One Fly Now, Earn Later outstanding balance at any time
- The start date is defined as the date that the borrowed miles post to your Delta SkyMiles account
- The end date is defined as the last day of the sixth billing cycle after the start date
- Outstanding miles after sixth months will be charged at 2.5 cents per mile
- Allow up to 72 hours for borrowed miles to post to your Delta account
- Borrowed miles cannot be transferred or returned, and are subject to the Delta SkyMiles terms and conditions
Is this earth-shattering? No. However, if you need a bump to get to an award threshold, those final few miles posted quickly to your account could save you a ton!
Source: Doctor of Credit
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