The collected wisdom is that mile and points lose value quickly and that you should never hoard them. But, what if you have been able to leverage corporate spend and have a great hoard, and the corporate spend is fading as vendors discount other forms of payment. Your wife is used to always flying Business Class or First, and you both like to travel, mostly to Europe. You could never imagine paying for premium air tickets. You want to keep traveling on your points for another 10-15 years. Biggest hoards are in Amex Membership Rewards (55%) and Starwood (20%), with splatterings in Chase UR, United, Delta, AA, Lufthansa, HHonors and Aeroplan. Is that right place to leave them? Should I be moving some from Amex or SPG to airline programs? Thanks for your thoughts!