I'm also thinking of the 2-for-1 bonus grab (AA+US), but the key questions is how long one would have to wait for programs to merge, providing the nice fat combined balance. Past airline mergers have shown that the overall timeline can span 2-3+ years, with loyalty program merger coming at about the 2 year mark (+/-, or course, & YMMV). ~ Any thoughts from serious pt-grabbing players on further downsides to this exploit?