The hotel group’s loyalty program, Preferred Guest, has just launched its own buy-miles program. You can purchase 20,000 points annually. The miles aren’t cheap—up to five cents each. But under certain circumstances and with certain carriers, the program can be worthwhile. Here’s how to play it.

Bring Down the Cost-Per-Mile

There are two ways to do it: Buy miles before year-end and receive a 25% bonus, which brings the cost to four cents per mile. And use the Amex Starwood card, which I’ve recommended for years, to make the purchase, and get a 10% discount—lowering the cost per point to 3.6 cents.

With Starwood giving a 5,000-mile bonus when you redeem 20,000 at a time, this lowers the actual cost down to 2.9 cents.

Use the Miles on 30+ Airlines including Singapore and British Airways: The Starwood program is a rare means of flying Singapore Airlines for less than full price. Plus Singapore allows membersof its frequent flyer program to buy up to 30% of the miles needed for an award at time of ticketing.

Consider Other Buy-Miles Programs

Domestic carriers sell miles for 2.5 to 3 cents each, and Amex Membership Rewards points can be purchased at 2.5 cents per mile (500,000 annual limit) and are redeemable with 11 partners.

Remember: Most airlines allow you to redeem your miles for someone else’s travel. That means that after you’ve bought Starwood’s maximum 20,000 miles, you can still buy 20,000 more for a friend or relative—who can then redeem the miles for your travel.

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