Alaska Airlines Mystery Sale: Buy Miles at 100% Bonus Through May 2, When It Makes Sense
April 3, 2026 · 5 min read
Three sales in four months. Alaska Airlines is not being subtle about what it wants from your wallet.
The airline just launched its third mystery bonus buy miles promotion of 2026, running through May 2. The bonus? Up to 100%, identical to what we saw earlier this year. The signal here is not the bonus percentage. It is the frequency. Alaska is pushing purchased miles harder than any US carrier right now, and that tells us something about both inventory pressure and what might be coming next.
The Math
Alaska’s base rate for purchased miles sits at $27.50 per 1,000 miles, or 2.75 cents per mile. Nobody should ever pay that. With the 100% bonus applied to the maximum purchase of 60,000 miles, the numbers shift dramatically.
You pay $1,650 for 60,000 base miles. The 100% bonus delivers another 60,000. That is 120,000 miles for $1,650, landing you at 1.375 cents per mile.
That number matters because Alaska Mileage Plan miles, used correctly, routinely deliver 3 to 12 cents per mile in redemption value. The gap between purchase cost and redemption value is where the profit lives.
We covered the mechanics in detail during the previous 100% bonus sale. The pricing structure has not changed. What has changed is how often Alaska keeps returning to this well.
Where 1.375 cpp Miles Print Money
Alaska’s partner award chart still holds some of the best premium cabin sweet spots in the game. Here is what 120,000 purchased miles at $1,650 can get you.
| Route | Class | Miles Required | Cash Price (approx.) | Redemption Value | Your Cost at 1.375 cpp |
|---|---|---|---|---|---|
| US to Dubai (Emirates) | First | 100,000 | $9,000+ | 9.0+ cpp | $1,375 |
| US to Tokyo (JAL) | First | 70,000 | $7,500+ | 10.7+ cpp | $962 |
| US to Hong Kong (Cathay) | First | 70,000 | $8,000+ | 11.4+ cpp | $962 |
| US to Sydney (Qantas) | Business | 55,000 | $4,500+ | 8.2+ cpp | $756 |
| US to Europe (Icelandair) | Saga Business | 30,000 | $2,200+ | 7.3+ cpp | $412 |
Emirates First Class for $1,375 out of pocket. JAL First for under a thousand dollars. These are not theoretical; these are bookable partner awards if you have date flexibility and search persistence.
The Frequency Signal
Here is what concerns me. Alaska ran a 100% bonus in early 2026 at effectively 1.25 cents per mile for certain tiers. That was the best pricing we had seen. Now they are back at 1.375 cpp, slightly higher, but still aggressive.
Three 100% bonus sales in four months is not normal cadence. For context, in all of 2024, Alaska ran roughly four to five buy miles promotions total. We are already at three before May.
Two possible explanations. First, Alaska is generating cash by monetizing miles ahead of integration milestones with Hawaiian Airlines. Miles sold hit the balance sheet as deferred revenue; that is real money today. Second, and this is the one that should make you cautious, aggressive sale frequency sometimes precedes a devaluation. More miles in circulation means more liability. The easiest way to manage that liability is to raise award prices.
We have already flagged concerns about where Alaska’s award chart might be heading. If partner award rates go up, the sweet spots in that table above evaporate.
When to Buy, When to Skip
Buy if: You have a specific redemption in mind within the next 6 months. Emirates First availability exists for your dates. You can book JAL or Cathay First through Alaska’s system. You need a specific number of miles to top off an account for an award you have already found.
Skip if: You are speculating. Buying 120,000 miles “just in case” at $1,650 is a real financial commitment. If Alaska devalues partner awards by even 20%, your 100,000 mile Emirates redemption becomes 120,000 miles, and your cpp math crumbles. Also skip if you have flexible transfer currency sitting in Amex Membership Rewards or Chase Ultimate Rewards. Those transfer at 1:1 to Alaska, meaning your effective cost through credit card sign up bonuses is often 1.0 cpp or less.
Speaking of transfer partners, if you are sitting on Amex points, check whether there is a current transfer bonus before spending cash on purchased miles. A 20% or 30% transfer bonus to a oneworld partner could beat buying outright.
How This Compares to Other Programs
| Program | Current Buy Rate (with best bonus) | Typical Redemption Value | Spread |
|---|---|---|---|
| Alaska Mileage Plan | 1.375 cpp | 3.0 to 12.0 cpp | Excellent |
| United MileagePlus | 1.83 cpp (at 85% bonus) | 1.2 to 3.5 cpp | Mediocre |
| Delta SkyMiles | 1.77 cpp (at 100% bonus) | 1.0 to 2.0 cpp | Poor |
| American AAdvantage | 1.67 cpp (at 60% bonus) | 1.4 to 4.0 cpp | Moderate |
Alaska wins this comparison by a wide margin. The buy rate is the lowest, and the redemption ceiling is the highest thanks to partner awards on Emirates, JAL, Cathay, and Qantas. Delta at 1.77 cpp with SkyMiles worth barely a penny on most redemptions? That is a wealth destruction event.
Bottom Line
Buy if you have a booking target. The 1.375 cpp rate at 100% bonus is strong, and Alaska’s partner award chart remains one of the best in North America. Emirates First for $1,375. JAL First for $962. Those numbers speak for themselves.
But do not stockpile. Three sales in four months is a pattern, not a coincidence. Alaska is flooding the market with cheap miles, and history tells us devaluations follow excess supply. Lock in the redemption first, then buy the miles to cover it. That order matters. Sale runs through May 2.