It works for me, but it depends on how you value the miles you get, which, in turn, depends on how you use them. You give up 1/4 of 4.66%, or 1.165% for the I bonds, and only 1/4 of 2.66%, or 0.665% for the EE bonds. I think most everyone would find the recyclying of the EE bonds worthwhile. And most everyone who flies internationally and/or business or first class would find recyclying of the I bonds worthwhile. This is especially true for those of us who probably won't keep all of our bonds for the full term anyway. I will keep a few for emergency money, but for most there are better tax free (and even taxable) investements.

For the method of computing the value of your miles, see the Value of Miles page on my web site below.

------------------
Free Frequent Flyer Miles