A quick illustration of why it’s foolhardy to hoard miles and points. Hilton just announced a major devaluation to points redemptions that you can read about here. The fact of the matter is, the points and miles that you earn are only as valuable as the companies that are giving them to you make them – and they can change that value at any time if they think they’re not making money.
Thus, the best strategy is to earn and burn points. I’m not saying don’t keep high mileage balances – just don’t hoard points. Otherwise you might end up sitting on a pile of points that are worth a lot less than you thought they were. Devaluations happen all the time, so don’t get too miserly with your points. Earn them and then get out there and have some fun!