How Much Are Your Max Miles from Heymax.ai Really Worth?
Max Miles from Heymax.ai has become a go-to reward currency in the travel community. But what are they worth? This guide breaks down the process of valuing Max Miles, equipping you with the knowledge to make smart choices and maximize your rewards.
HEYMAX
TravelHackingGuru
8/9/20247 min read
Have you ever wondered how much your Max Miles are really worth?
Determining the exact value of a point or mile can be tricky. While it varies based on individual travel goals and rewards programs, we'll break down the factors influencing their worth to help you maximize your rewards.
Understanding Max Miles
Before diving into valuation, it's essential to grasp the basics of Heymax.ai miles.
What is Max Miles? They are reward points earned in addition to your credit card rewards by shopping or purchasing vouchers at Heymax.ai partner merchants.
How do they work? Miles can be redeemed for vouchers and flights or transferred to airline and hotel loyalty programs.
Key Features: The Max Miles have no expiration date, and the conversion ratio is 1:1 to more than 24 travel partners, including Airlines and Hotels.
We will calculate the value of these miles based on how they were earned and where you can use them.
Not a Heymax.ai user yet? Sign up and get up to 1,000 Max Miles as a welcome bonus.
How to Earn Max Miles
The value of points and miles can fluctuate based on how they were acquired. There are 3 different ways to earn Max Miles.
Shop with Heymax.ai: You can earn Max Miles by shopping at partner merchants, such as booking a JR pass on Pelago via Heymax.ai.
Buy Vouchers: You can earn instant Max Miles by purchasing vouchers on Heymax.ai that can be used on merchants like Amazon, Grab, Klook, etc.
Apply for a Credit Card: Yes! You can earn Max Miles as a Signup Bonus when applying for Credit cards via Heymax.ai.
Why is valuing miles and points so tricky?
Unlike traditional currencies, miles and points lack a fixed, objective value. This is because:
Redemption options vary widely: Different uses yield different values.
Cashing out isn't ideal: Selling miles often gives a poor return.
Personal travel goals matter: What's valuable to one person might not be to another.
Loyalty programs hold the cards: They can change the rules anytime.
The most common term used when valuing miles is CPM(cents per mile)
Valuing Max Miles
Max Miles offers various redemption options, from vouchers to Airline FFP transfers. To get the most out of your miles, it's essential to understand the comparative value of different redemption options.
Let's analyze the value of Max Miles across various categories, calculate an average "takeaway" rate, and examine the potential range of cents per mile (CPM) values you can achieve.
Vouchers
One of the most straightforward ways to use Max Miles is by redeeming them for vouchers or gift cards. These vouchers can be used for shopping, dining, hotel stays, and more.
You can buy gift cards for partners like Amazon, Grab, Lazada, etc, at a fixed rate for various denominations.
$10 voucher: 1,000 miles
$50 voucher: 5,000 miles
$100 voucher: 10,000 miles
Traditionally value of a mile when redeeming for $10 voucher = $10 * 100 / 1000 miles = 1
But, Heymax.ai has started introducing long-term discounted voucher redemption offers, some of which are:
Amazon gift card redemption at a 20% discount, you can redeem a $10 voucher for 800 miles instead of the old rate of 1000 Max miles, bringing CPM to 1.25
Swensen vouchers can be redeemed at a discount of 13%, and a $10 voucher can be purchased for 870 miles instead of 1000 Max miles, bringing CPM to 1.14
CPM for vouchers to go up to: 1.2 cents per mile
Fly Anywhere
This is one of Heymax.ai's latest offerings. It allows you to redeem your Max Miles for any commercial flight booking. You can redeem miles at a standard rate of 1.8 CPM.
Actual CPM is not 1.8 in this case, as we haven't factored in all the "Heymax.ai + Credit Cards + Airline" miles that we will earn on these transactions.
Let's use Trip.com via Heymax.ai to book the flights below to earn 2mpd via Heymax.ai, using travel credit cards for at least 4mpd
Scenario: Booking a return Economy Class flight from Singapore to Narita on Air Japan, ANA's low-cost carrier, will cost you as low as $480; yes, they have some fantastic prices available even during peak periods like Autumn.
Cost of Cash booking: SGD $480
Max Miles earned: 480*2=960
Credit Card miles earned: 480*4=1920
Max Miles required for redemption: 480/0.018 = 26,666
Miles required if redeeming Singapore Airlines Krisflyer miles = 54,000 (Saver Redemption)
We have earned almost 3000 miles from this transaction, so the actual CPM will be higher. For approximation 480*100/(26,666-2,880) = 2
Effective CPM for Fly Anywhere: 2 cents per mile
Miles Transfer to Airline FFP
Max Miles can be transferred to over 24 Airline and Hotels Rewards Programs, including excellent transfer partners like Air Canada, Aeroplan, and American Airlines.
Airline miles can differ significantly in value across various programs. Remember that major airlines have many partners, meaning the value of these miles isn't just about redeeming them for flights with that airline. You can also use them for travel with partner airlines, which adds to their overall value.
As Heymax.ai can transfer to these airline partners at a 1:1 ratio, the value of your miles will largely depend on your redemption. Usually, airline miles are valued anywhere between 1.1 and 1.7 cents per mile.
If you want to book a return ticket from Singapore to Tokyo, There are many ways to redeem a flight on this route. We will take an example of flying JAL across different classes and redeeming using American Airlines miles.
Scenario 1: Economy, SIN-NRT, Japan Airlines
Cash Price: SGD $947
Miles redemption via Max Miles transfer to AA miles: 40,000 (20k miles one way) + $121 in taxes
Cents per mile: 2 CPM ((947-121)*100/40,000)
Scenario 2: Premium Economy, SIN-NRT, Japan Airlines
Cash Price: SGD $2,100
Miles redemption via Max Miles transfer to AA miles: 50,000 (25k miles one way) + $99 in taxes
Cents per mile: 4 CPM ((2100-99)*100/50,000)
Scenario 3: Business, SIN-NRT, Japan Airlines
Cash Price: SGD $3,200
Miles redemption via Max Miles transfer to AA miles: 60,000 (30k miles one way) + $99 in taxes.
Cents per mile: 5.1 CPM ((3200-99)*100/60,000)
There are more complex ways to value a mile when comparing CPM across a large dataset of different routes and classes, partner redemption, etc. Keep a baseline of 2 CPM when redeeming miles; anything above that is the cherry on top of the cake.
Points Transfer to Hotels Rewards Program
You can transfer Max Miles to hotel programs, such as Hyatt, Shangri-La, Marriott Bonvoy, etc. The transfer ratio of 1:1 is the same across all the programs.
Similar to airline miles, the value of max hotel miles can vary greatly depending on the location and points you redeem.
Suppose you plan a Japan trip and explore redemption options via Max Miles. We will use transfer to Hyatt as an example.
Scenario 1: Standard room at Hyatt Place Kyoto during Peak season
Cash price: Yen 60,000 (SGD $546)
Hyatt points required: 8000 or 9500 points per night
Cents per mile: 5.74 CPM (546*100/9500)¥5)9,
Scenario 1: Standard room at Hyatt Place Kyoto during Non-Peak season
Cash price: Yen 22,000 (SGD $200)
Hyatt points required: 6500 points per night
Cents per mile: 3.07 CPM (200*100/6500)
This value can be significantly higher than other hotel programs, as Hyatt provides the best redemption options, especially when traveling to Japan. A baseline for hotel points should be at least 1.5 CPM when redeeming Max Miles.
Determining a "Takeaway" Rate
A "takeaway" rate provides a general estimate of Max mile value.
Average Voucher Value: Based on historical data and current offers.
Typical Fly Anywhere Reward Value: Considering average flight costs and mile requirements.
Transfer Partner Value: Analyzing the average value of transferred miles across programs.
When it comes to redeeming miles, not all travelers are the same. The value you get from your miles, measured in cents per mile (CPM), can vary significantly depending on your travel habits. Understanding your travel profile can help you maximize the value of your miles. Here’s a breakdown of three distinct travel profiles and their potential takeaway rates:
Occasional Explorer: 2.45 CPM
If you travel just 1-2 times a year, you’re likely an Occasional Explorer. For you, miles are typically redeemed for economy or premium economy flights. While the value per mile may not be as high as for more frequent travelers, careful planning can yield a respectable 2.45 CPM, making those rare getaways even more enjoyable.
Seasoned Voyager: 3.15 CPM
Seasoned Voyagers, who travel 4-5 times a year, have more opportunities to strategically use their miles. Mixing redemptions across the economy, premium economy, and business class can achieve an average takeaway rate of 3.15 CPM. This balance provides comfort and value, ensuring that each mile goes further.
Frequent Jetsetter: 5.25 CPM
For the Frequent Jetsetter, who’s often on the move with 8 or more trips a year, miles are more than just a currency—they’re a way to elevate the travel experience. By focusing on the premium economy, business, and first-class redemptions, Frequent Jetsetters can achieve a high 5.25 CPM, maximizing the luxury and value of their miles.
Conclusion
Max Miles provide many opportunities to enjoy rewards that suit your lifestyle, from flights to vouchers and beyond. However, the key to truly maximizing their value is understanding the cents per mile (cpm) you can achieve across different redemption options.
Maximizing your Max Miles hinges on understanding your travel habits, choosing the right redemption options, and understanding the Frequent Flyer Programs and ecosystem.
Aligning your redemptions with your travel profile can make your miles work harder. Whether aiming to save on economy travel or indulge in luxury experiences, optimizing your miles ensures you get the most value, making every mile count.
Disclaimer: Please note that I am also an investor in Heymax.ai. While this guide is intended to provide an unbiased view, it's important to consider this information when evaluating the advice provided.