Too much loss there to be of real value, I think. Although if you give cash/check gifts you could consider switching those to Bank of America Visa gift cards, which would allow you to funnel those amounts through a mileage card. The fee is still hefty, though, at $5.95 or $7.95 per card purchased. It pays for personalization, etc. It's no good for simple mile accumulation because it would cost too much to get the cash back out (that fee plus $1.50 per withdrawal, with a $100/day limit). But if you were giving a gift anyway, maybe it's worth a look.

http://www.bankofamerica.com/giftcard/