Alaska Airlines 100% Buy Miles Bonus: When 1.25 Cents Per Mile Makes Sense

A business class seat from Seattle to Tokyo on JAL costs $4,200 today. Or $750 in purchased Alaska miles. That is not a typo.

Alaska Airlines just launched a 100% buy miles bonus running through May 2, 2026. At the base rate of $25 per 1,000 miles, the bonus cuts your effective cost to 1.25 cents per mile. For a program where partner business class redemptions routinely return 4 to 6 cents per mile in value, the arbitrage is real.

But not every route prints money. Let’s do the math.

The Mechanics

Alaska sells miles at $25 per 1,000. With the 100% bonus, you pay $25 and receive 2,000 miles. Effective cost: 1.25 cents each. The annual purchase cap sits at 150,000 miles (before bonus), meaning you can acquire up to 300,000 miles for $3,750. Taxes and fees on the purchase itself are included in that $25 per thousand figure.

This is the same 100% bonus Alaska ran in November 2025 and again in February 2026. Three times in six months tells you something: they want cash now. Given the Mileage Plan devaluation we tracked for 2026, buying at 1.25 cpp before any further chart adjustments is the smart hedge.

Route by Route: Where the Value Lives

I priced out eight common Alaska partner redemptions against today’s cash fares. All values are one-way.

| Route | Partner | Miles Required | Cost to Buy (1.25 cpp) | Cash Fare (Biz) | Value Per Mile | Verdict ||, -|—|, -|—|, -|—|, -|| SEA to NRT | JAL | 60,000 | $750 | $4,200 | 7.0 cpp | Strong buy || LAX to HKG | Cathay Pacific | 50,000 | $625 | $3,400 | 6.8 cpp | Strong buy || SFO to SIN (via HKG) | Cathay Pacific | 70,000 | $875 | $4,800 | 6.9 cpp | Strong buy || SEA to ICN | Korean Air | 60,000 | $750 | $3,100 | 5.2 cpp | Buy || LAX to NAN | Fiji Airways | 55,000 | $688 | $2,600 | 4.7 cpp | Buy || SEA to LHR | Finnair | 70,000 | $875 | $2,900 | 4.1 cpp | Marginal || LAX to JFK | Alaska First | 30,000 | $375 | $750 | 2.5 cpp | Break even || SEA to LAX | Alaska Economy | 10,000 | $125 | $140 | 1.4 cpp | Skip |

The pattern is clear. Asia in business class from the West Coast is where this promotion pays for itself three to five times over. Domestic economy? You are literally paying more in miles than the ticket costs at certain times. Do not buy miles for domestic economy redemptions.

How This Stacks Against Other Programs

Alaska’s 1.25 cpp acquisition cost is competitive, but the real edge is redemption value. Compare:

| Program | Current Buy Bonus | Effective Cost (cpp) | Typical Biz Redemption Value (cpp) | Spread ||, -|—|, -|—|, -|| Alaska Mileage Plan | 100% | 1.25 | 4.0 to 7.0 | +2.75 to +5.75 || United MileagePlus | 85% | 1.49 | 2.0 to 4.0 | +0.51 to +2.51 || Delta SkyMiles | 75% | 1.43 | 1.2 to 2.5 | -0.23 to +1.07 || American AAdvantage | 60% | 1.72 | 2.5 to 4.5 | +0.78 to +2.78 |

Alaska offers the best buy-to-redeem spread in the industry right now. Delta barely clears breakeven on most routes even with the bonus. American is decent for Oneworld partners but the acquisition cost is 38% higher.

If you missed the Amex Membership Rewards transfer bonus in March, buying Alaska miles directly is now your best on-ramp to cheap Asia business class.

Who Should Buy and How Much

Buy the maximum 150,000 (300,000 after bonus) if: You have a specific Cathay, JAL, or Korean Air business class trip planned for late 2026 or 2027. At $3,750 for 300,000 miles, that is five one-way Cathay Pacific business class tickets to Hong Kong. Five. The math is absurd.

Buy 50,000 to 100,000 (100,000 to 200,000 after bonus) if: You’re speculating on a future trip but have reasonable confidence you’ll use the miles within 24 months. Alaska miles don’t expire with account activity, so the risk is devaluation, not expiration.

Buy zero if: You only fly domestic economy on Alaska metal. The redemption value on short haul economy is 1.2 to 1.8 cpp. You are paying 1.25 cpp. The margin is nonexistent or negative after opportunity cost.

The Availability Question

Cheap miles mean nothing without partner award availability. Here is what I’m seeing:

JAL business to Tokyo: Solid availability from SEA and LAX for September through November 2026. Two seats showing on most flights. Book quickly; Alaska’s JAL inventory has been tightening since the spring schedule dropped.

Cathay Pacific business to Hong Kong: Sporadic but findable. Midweek departures from LAX and SFO in October and November 2026 show one to two seats. Weekend availability is nearly gone.

Korean Air business to Seoul: Best availability of the three. Multiple dates in Q3 and Q4 2026 from SEA and LAX with two plus seats.

Search on Alaska’s website directly. Phone agents can also see partner inventory that sometimes doesn’t surface online.

One Warning

Alaska has devalued partner charts twice in the last 18 months. The 60,000 mile JAL business class award used to be 50,000. If you buy a large block and they push another devaluation before you redeem, your effective cost per mile stays 1.25 cpp but your cost per ticket goes up. This is the risk you carry as a miles speculator.

My read: another devaluation is unlikely before Q1 2027. They just adjusted in early 2026. But I would not sit on 300,000 purchased miles for two years without a plan.

Bottom Line

This is the best buy miles offer in the market right now. Period. At 1.25 cents per mile with partner business class redemptions returning 4 to 7 cents, the spread is extraordinary. The play is West Coast to Asia on JAL, Cathay, or Korean Air. Domestic economy is a trap. Buy with a specific trip in mind, search availability before you purchase, and redeem within 12 months to minimize devaluation risk. If you can use 50,000 or more miles on a confirmed Asia business class routing, pull the trigger before May 2.