Reaping rewards from unused loyalty programs
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It's free to join, but there's a fee for each exchange unless you upgrade to the flat-fee version. The big drawback is that you lose a lot of value when you trade. For instance, 5,000 U.S. Airways miles can be exchanged for 500 American Airlines miles. Unless you are desperate for time and can't be bothered to look, there are better deals for this same exchange out there.

On the other hand, if you have only a few miles or points in any one program, Points.com will let you gather them up like spare change under the couch cushion and convert them to a small gift certificate. In a case like this, something may be better than nothing.

Creative non-travel rewards
Then there are people who have a lot of travel miles but don't really want to use them. Staying home is the luxury to which they aspire. If that's your dilemma, here are some suggestions.

Some companies provide unique opportunities for their good customers. For instance, Continental Airlines came up with a novel way to reward frequent fliers and unload its closets. The airline auctions promotional items -- an evening in a Yankees luxury suite, tickets to the Grammys, a walk-on role in a Chicago play -- for miles on its Internet site.

The items are perks the company got by sponsoring events and organizations. Continental used to give them to big-spending customers, but auctions get them into the hands of people who actually want them. The winner of the Grammy tickets (and a pre-show party) paid 310,000 miles to take his daughters, says Kevin McKenna, managing director of electronic marketing for Continental.

Make a charitable donation
MileDonor.com allows you to pick either an airline or a charity and then links you to the procedure for making a donation. Charities happy to take your excess miles include the American Heart Association, CARE, the Arthritis Foundation, Junior Achievement, UNICEF and the United Way. Gifts of miles are generally not tax deductible because, in the eyes of the Internal Revenue Service, they have no monetary value.

Give them to friends or family
Occasionally, airlines set a limited period in which they allow you to transfer miles to someone else's account. Airlines periodically allow point holders to transfer miles to accounts of other members who also are enrolled in the airlines' programs.

Continental, for instance, lets its OnePass members transfer (within a time period established by the company) any amount of miles to the account of another OnePass member. The transfer costs $5 for each 500 miles, but if you're trying to help a friend who needs to make a trip, this is a good way to top off your pal's account.

Finding out when these grace periods take place is the trickiest part. Official Airline Guide Frequent Flyer Magazine offers a free e-mail newsletter that does a good job of keeping up with loyalty programs. Enroll or, if you don't want to add to your e-mail box clutter, just read the issues online.

Sell your points
There is a brisk gray market in loyalty program points and miles. While selling them is illegal only in Utah, most loyalty programs don't allow it and do their best to put the kibosh on such transactions. When someone is caught selling points, the programs publicize it widely and confiscate the seller's membership and accumulated points.

The rules do, however, allow use of the points to buy tickets for traveling family members and that's how the transfers are accomplished.

The exchanges are pretty clandestine.

Amy Crippen, the wife of a Minneapolis businessman who travels widely, has sold her husband's accumulated miles on a couple of occasions. She contacts a Web-based broker with the number of miles available. The broker finds a customer and calls back with names and dates. Amy buys the tickets for the traveler -- a "family member, should the airline ask" -- and overnights them to the broker. The broker overnights the check to Crippen, including any expenses.

While this involves lying about the relationship of the traveler, Crippen doesn't feel guilty. "We earn these miles by buying these tickets," she says. "So why can't we do with them as we wish?"

Jennie L. Phipps is a contributing editor based in Michigan.