Sorry to bring this up again, but would someone please just tell me which it is:

1) $7500 per program per year (meaning if airline x goes under, then you get a new $7500 each year to use on airline x)

2) $7500 per program, period (meaning if airline x goes under, then you get $7500 to spend and no more than that, whether you spend it in one year or spread over several years)

Thanks.