According to an Economist article there has been over 14 trillion outstanding frequent flier miles! The Economist appraisal of these miles suggests that they are "now worth over $700 billion, more than all the dollar notes and coins at large." This amount is so extraordinary it can be compared to the gross domestic product of Indonesia! If just 20% of these miles expire it would mean a total of $140 billion USD in losses!
Most airline passengers with frequent flyer accounts are unaware that there are several websites designed specifically to address this problem. AwardWallet.com, a free frequent flyer mile management website tracks members reward balances and when program miles are about to expire, notification emails are delivered.
AwardWallet currently tracks over 350 loyalty programs including hotels, airlines, credit cards, cashback services, daily deal websites (Groupon & Living Social) e-polls, car rentals, retail and other rewards programs.
So the next time you're deciding which reward to cash in on, you'll know exactly what is in your award wallet.