I got into a discussion with a friend regarding whether it is a good deal to use up 40,000 miles for the Admirals Club membership.

My question is not whether Admirals Club membership itself is worthwhile. Rather, I'm wondering whether it's better to pay the $400 (I'm Gold only) or use the 40,000 miles.

It seems that the miles are pretty easy to come by, and $400 is cash out the pocket (unless you have a business account).

My friend argues the case based on the travel value of the 40k miles, which can give you a ticket on a moment's notice and ability to change without penalty.

What do y'all think?