This is always entertaining to read FTer's opinions on pontificating what their view is. I always use what is the cash price at the time of the redemption, period. That is your Cent Per Point/Mile redemption value. If you don't have the cash or miles you don't get to enjoy that seat/room etc. Thus the point/mile is what the cash outlay is at time of redemption. Now for the 20 sharks in the water who will surely jump on this once again like blood chum in the water, waiting to give their obtuse view and justification. Enjoy.