I have a somewhat different view than that posted by many in this thread. Since airline tickets are quite inexpensive now, and since mileage redemption levels are likely (in my opinion) to stay constant, ticket price inflation means that frequent flyer points will be more valuable later than they are now. So I am tending to buy tickets now and save points for later. I know there is a risk that they will diminish in value. There is a greater chance, in my opinion, that they will increase.