I booked a number of reward flights today for a trip to Australia in Jan 2021. I figured that the gamble was that the trip wouldn’t be feasible AND BA/MH/QF weren’t at all flexible with rebooking.
In such a case, we’d lose about £330 between 2 of us. It’d cost us more to wait and reward seats dry up or have to book cash and pay a lot more.
If IAG go bust, then its likely most of the travel industry will have been completely decimated but then we’d still have CC protection to leverage.
We’re booking as if we expect the trip to be cancelled, so booking as many pay on the day hotels where the rates are reasonable and waiting for greater certainty on the rest.