FlexEQMs accrue in a milage account, similar to RDMs. They do not expire (at least not presently)

They are used in a similar manner as redeeming miles.

Say you have accrued 8,000 Flex EQMs (from an initial credit card sign up bonus of 2k, then spending $45k on your PPMC credit card).

Now fast forward to December 12, 2010 and you notice that you have only flown 44,102 EQMs. You're 6,000 EQMs short of gold. But you're not worried because you can simply call up CO and ask them to transfer 6,000 of your 8,000 FlexEQMs into your EQM total....voila... Gold elite.

The remaining 2,000 FlexEQMs stay in your Flex account until you need them. And you can continue to earn more through spending.

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ps --- Dear CO- If you are listening I would love to see some Flex EQM earning promos