For the past 18 years the Freddie Awards have honored the best among the airline and hotel loyalty programs, and I couldn't be more thrilled than to have Rolfe, Steve and Bob, men who were quite active in the start of these programs, share their experiences and insights with the audience.

Hotel rates are going up, and hotels haven't yet adjusted redemption rates.

Instead of probably redeeming an award next time going to L.A. or New York or Dallas, you'll probably start thinking of international destinations, like going to Australia.

Instead of collecting trading cards and other memorabilia some have grown up and now air miles is the adults' collectable.

If you're feeling a little guilty at the end of the year and you got some extra miles, ... I highly encourage you to contact your local frequent flyer program and give.

If US Airways survives, as that date gets closer, you can pay your $40 and put the miles back in your US Airways account, ... If they don't make it, you've got something you can use that far out. It might be better than having nothing at all.

The Internet has brought a rise back in the business again.

The world of expired miles is starting to change for a lot of frequent flyers out there. If you're traditionally worried about miles expiring... you're probably going to welcome this news.

The best use of your miles is international upgrades. Miles used in business class may have a value to 10 to 11 to 12 cents per mile versus one penny per mile when using them domestically.

This change if you will ... this may be one of the top two or three memorable moments in reward redemption history over the last 25 years.