Delta decided 200,000 bonus miles sounds impressive. They're right. It does sound impressive. Sounds like a number someone could use.
Here's what 200,000 miles gets you: a domestic round-trip during peak season if you book eleven months early and don't mind connecting through Detroit twice. Or one international business class seat on a route Delta doesn't actually fly anymore. The math works out to roughly $2,400 in theoretical value assuming you redeem perfectly, never pay fees, and die before the miles expire.
The credit card companies know this. Delta knows this. The only person who doesn't know this is Greg from Scottsdale who just applied for three cards because he thinks he's gaming the system. Greg will spend $47,000 on these cards over two years to hit the spending requirements. He'll earn his miles. Then he'll search for award availability to Tokyo and find out Delta wants 340,000 miles plus $680 in fees for a middle seat in economy on a Tuesday in February.
The "multiple flight certificates" option translates to companion passes with blackout dates covering every day you'd actually want to fly. Thanksgiving? Blacked out. Christmas? Blacked out. That random Tuesday in March when flights cost $89? Still blacked out because f*ck you, that's why.
Delta's previous offers were described as less valuable. Compared to what? The miles have always been worth nothing. The certificates have always been unusable. They just increased the number attached to the nothing.
Greg's already filling out the application though. He's picturing himself in first class sipping champagne. Delta's picturing him in 34B drinking a $12 Miller Lite he bought with his new card that charges 28% APR.
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