We FTers are very rational. If the value was right, I would bail. But 0.5p per point, which I think it is, is not it. At 1p I might, except for the fact that an IDC tranfer adds 60 per cent to the value of my points. So let's say 1.5p.

A few years ago, Priority Club had a half price sale on their hotel gift cards (Visa gift cards but only valid in hotels, albeit any hotel, not just a PC one). Most of the PC board jumped on it because the value proposition was so clear compared to a PC hotel redemption. As did I.