Originally Posted by Raffles
Not necessarily. If you redeem on a OW partner, or even redeem for one of the cr*ppy gifts currently being trialled, BA has to hand over real money to someone - so there is definitely a real liability.
Presumably BA have a good deal on this though? BA might had over real money when we fly QF, buit QF do the same to BA and I suspect it's all done on a contra basis.
For the delightful gifts BA must be getting one hell of a good price.