Originally Posted by
flarmip
They're not really free though, given the opportunity cost - you could transfer points to an alternative airline/hotel scheme or even get cash in many cases. There's also the opportunity cost to spending the Avios.
So I always calculate the best value redemption option based on a nominal value of 1p/Avios.
What’s the opportunity cost of my monthly spend?
Yes they could be used for more advantageous offers but the earning rate is still zero.
Especially when the goal is to fly in business or First class.