Yes, there's risk in holding a large stash of points. But moving those points from a bank to an airline multiplies those risks many times over. Banks are very well regulated, and can't easily help themselves to a customer's points account. Airlines can discontinue their loyalty program, or drastically devalue, or even go out of business -- with your miles evaporating in the process. If you want an option for your MR that's safer than the bank, I suggest you cash them out by getting a Plat card that allows this.