I just got this e-mail today from someone I'll call The Points Person:
LAST CHANCE FOR 100K SKYMILES
While most of us aren't flying at the moment, Delta SkyMiles never expire, so there's never a bad time to stock up. And, right now, the carrier is offering an opportunity to earn up to 100,000 miles with certain cards — a bonus worth $1,200, based on...
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While I think Delta is probably the healthiest US airline and in best position to weather this storm, I think it's irresponsible to pimp airline credit cards and suggest buying SkyPesos in the current situation. While historically airline miles have gone through airline bankruptcies unscathed, given the class warfare going on by the DC politicians I can see this sacred cow being slaughtered.
Remember that in an airline bankruptcy, passengers with paid future tickets are considered to be
unsecured creditors, the lowest level on the totem pole to get repaid...if they ever get repaid. In the most recent airline bankruptcy case I worked on, we did indeed have to send letters to certain (pre-bankruptcy) ticket holders that they were in-fact screwed. That's for paid tickets. Miles would be even further downhill.
Likewise, I'd imagine we'll see better credit card bonuses down the road. It may be 5 years from now. Even with the impending economic downturn I don't see banks/issuers rolling back the anti-gaming rules they've put in place over the past few years. Given that, I'd wait for the real welcome bonuses to come out.