The Value of a Frequent Flyer Mile Revisited. I've never actually computed but I do remember taking a trip to Hawaii and deciding that the number of miles they wanted versus the dollar cost amount was way out of whack so we paid for the tickets outright...

Depending on the award they're redeemed for, frequent flyer miles can be worth less than a penny, or 10 cents or more. As a broad average, figure they're worth 1.2 cents each.