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Editor’s note: This is a recurring post, regularly updated with the latest promotions.

Loyalty programs are a huge moneymaker for airlines and hotel companies — in large part because they have so many revenue streams. One of these revenue streams is selling airline miles and hotel points at a discount or with a bonus.

Selling points or miles gives the seller an immediate cash injection, as travelers are essentially prepaying for future travel at a potential discount.

This guide walks you through some of the best current sales on airline miles and hotel points, including some that may be targeted. But first, let’s discuss when it makes sense to buy points and miles.

Should I buy points and miles now?

There are a couple of things to consider before taking advantage of these sales.

The first is that buying points and miles only makes sense for certain travelers. It’s generally a much better deal to earn points and miles for “free” through welcome bonuses on top travel rewards credit cards.

However, buying points and miles during good promotions can make sense for those who have tapped out their credit card options and can get high value from their points and miles. That said, we only recommend buying points or miles when you have an immediate plan to use them. Otherwise, you’re left open to unexpected devaluations.

With that out of the way, here are the promotions for buying points and miles that are currently available.

Related: How I saved thousands of dollars on travel by buying 310,000 points

Promotions for buying airline miles

American AAdvantage

• Current promotion: Up to a 35% discount.
• Purchase rate: As low as 2.4 cents per mile.
• TPG valuation: 1.77 cents per mile.
• Ending date: TBD.
• Link to buy miles.

American Airlines AAdvantage is offering up to a 35% discount on miles. You’ll get the highest discount when you buy 150,000 miles, dropping the price to 2.4 cents per mile. This is significantly higher than TPG’s valuation of American miles but could still be a good deal for specific high-end awards.

Verdict: It can be a decent deal if you expect to redeem your miles for expensive, premium-cabin travel.

Air France-KLM Flying Blue

• Current promotion: Up to a 120% bonus.
• Purchase rate: As low as 1.39 cents per mile.
• TPG valuation: 1.2 cents per mile.
• Ending date: Dec. 21.
• Link to buy miles.

Flying Blue, the loyalty program for Air France and KLM, is selling its miles with a 120% bonus. Specifically, you’ll unlock the 120% bonus when you purchase at least 24,000 miles. You could purchase the 55,000 miles needed for a transatlantic business-class flight for at little as $793 with this promotion, but remember, Flying Blue charges around $250 one-way in taxes and fees on continental European business-class flights.

Verdict: Could be a good deal for transatlantic business class or other Flying Blue sweet spots.

Southwest Rapid Rewards

• Current promotion: Up to a 45% discount.
• Purchase rate: As low as 1.65 cents per point.
• TPG valuation: 1.5 cents per point.
• Ending date: Dec. 22.
• Link to buy points.

Southwest Rapid Rewards is selling its points with up to a 45% discount. The highest discount kicks in when you buy at least 3,000 points, bringing the purchase rate to 1.65 cents. While that’s close to TPG’s valuation, Southwest ties its award rates to paid rates, so getting more than 1.5 cents per point isn’t easy.

Verdict: Pass unless you’re topping off your account. Consider taking advantage of one of the boosted Southwest credit card offers instead.

United MileagePlus

• Current promotion: Either a 40% discount or a 100% bonus.
• Purchase rate: As low as 1.89 cents per mile.
• TPG valuation: 1.21 cents per mile.
• Ending date: Dec. 22.
• Link to buy miles.

United is offering a targeted sale when buying MileagePlus miles. In our tests, accounts are targeted for a 40% discount or a 100% bonus when you purchase at least 40,000 miles. The discount and bonus are smaller when you buy fewer miles. While there are rarities when you can redeem MileagePlus miles at 5 cents apiece, United is selling its miles at a significantly higher cost than TPG’s valuation.

Verdict: It might be worthwhile for a specific high-end redemption.

Alaska Airlines Mileage Plan

• Current promotion: Up to a 50% bonus.
• Purchase rate: As low as 1.97 cents per mile.
• TPG valuation: 1.8 cents per mile.
• Ending date: Dec. 23.
• Link to buy miles.

Alaska Airlines is offering up to a 50% bonus on miles purchases by Dec. 23. You’ll get the highest bonus when you purchase at least 30,000 miles, which drops the cost to 1.97 cents per mile after taxes. This isn’t the best deal we’ve seen on Alaska miles, but it could be worthwhile if you need to top up your account or have another immediate redemption in mind. Just note that Alaska has hinted at program changes that could devalue partner bookings.

Verdict: This can be a good way to purchase partner award tickets at a discount, but do the math first.

Avianca LifeMiles

• Current promotion: Up to a 150% bonus.
• Purchase rate: As low as 1.32 cents per mile.
• TPG valuation: 1.7 cents per mile.
• Ending date: Dec. 27.
• Link to buy miles.

Avianca LifeMiles is currently selling its miles with a 150% bonus. You’ll get the highest bonus when you purchase at least 51,000 LifeMiles.

This sale drops the price to as low as 1.32 cents per mile, which is lower than TPG’s 1.7 cents-per-mile valuation and can be an excellent way to book Star Alliance tickets at a discount. For example, if you buy miles at the lowest 1.32-cent purchase price, a one-way business-class flight costs 63,000 LifeMiles, bringing the cost to effectively $831.60 before factoring in award ticket taxes and fees. Better yet, LifeMiles doesn’t pass along fuel surcharges when you book tickets operated by Austrian, Lufthansa and other airlines that typically add high surcharges to award tickets.

Verdict: Great way to purchase Star Alliance award flights at a discount.

Air Canada Aeroplan

• Current promotion: Up to a 20% discount.
• Purchase rate: As low as 2.05 cents per point.
• TPG valuation: 1.5 cents per point.
• Ending date: Dec. 31.
• Link to buy points.

Air Canada is offering a 20% discount on points purchased by Dec. 31. You must purchase 100,000 points to receive the full discount, with smaller purchases earning a smaller discount. This drops the price to 2.05 cents per point, which is still higher than TPG’s valuation of 1.5 cents. Air Canada will charge your card in Canadian dollars, so pay with a credit card that does not add foreign transaction fees.

Verdict: Potentially a good deal before Emirates award rates increase.

Promotions for buying hotel points

Marriott Bonvoy

• Current promotion: 25% discount.
• Purchase rate: 0.94 cents per point.
• TPG valuation: 0.84 cents per point.
• Ending date: Dec. 20.
• Link to buy points.

You can buy Marriott Bonvoy points with a 25% discount through Dec. 20. The discount kicks in when you purchase at least 2,000 points and drops your per-point price to 0.94 cents. This is above our valuation of 0.84 cents per point but could save you money on select high-end stays.

Verdict: It could be worth checking out for booking expensive stays at a discount.

IHG One Rewards

• Current promotion: 100% bonus.
• Purchase rate: As low as 0.5 cents per point.
• TPG valuation: 0.5 cents per point.
• Ending date: Dec. 29.
• Link to buy points.

IHG One Rewards is offering a 100% bonus to targeted members through Dec. 29. You’ll need to buy at least 5,000 points to receive the bonus. IHG offers a better price to members buying points when they purchase at least 26,000 points. When you buy at least 26,000 points, the purchase rate falls to just 0.5 cents apiece. This is the same purchase price that IHG One Rewards sold its points for in October.

Verdict: Worth comparing cash and award prices on your next IHG reservation.

Hilton Honors

• Current promotion: Up to a 100% bonus.
• Purchase rate: As low as 0.5 cents per point.
• TPG valuation: 0.6 cents per point.
• Ending date: Dec. 31.
• Link to buy points.

Hilton Honors is giving its members up to a 100% bonus when they purchase more than 5,000 Hilton Honors points by Dec. 31. This brings the purchase rate below our valuation of Hilton Honors points. For 120,000 points (purchasable for $600), you can spend a night in a king lagoon-view suite at the Conrad Bora Bora Nui, a room that usually sells for $1,456.99 per night.

Verdict: It is worth comparing cash and award prices on your next Hilton stay.

World of Hyatt

• Current promotion: 25% discount.
• Purchase rate: 1.8 cents per point.
• TPG valuation: 1.7 cents per point.
• Ending date: Jan. 19.
• Link to buy points.

World of Hyatt is a favorite of the TPG team for having the most valuable hotel points. When you buy at least 3,000 points through Jan. 19, you’ll unlock a 25% discount. Earlier this year, we saw a more intriguing promotion for Hyatt that allowed members to buy points for just 1.68 cents apiece. Still, this promotion could be worthwhile, particularly since Hyatt waives resort fees when redeeming points.

Verdict: Even with the high purchase rate, it could be worthwhile, especially if you want to dodge resort fees.

Which credit card should you use to buy miles?

Most of these promotions are processed through Points.com rather than directly by the hotel or airline. Unfortunately, that means you won’t usually get bonus rewards with a travel category bonus card.

Instead, go for a card that offers a solid return on non-bonus spending. Remember that you may face foreign transaction fees on some cards when buying points or miles from a program located abroad. As such, you may want to use one of the following cards:

• Capital One Venture Rewards Credit Card: 2 Capital One miles per dollar spent and no foreign transaction fees.
• Capital One Venture X Rewards Credit Card: 2 Capital One miles per dollar spent and no foreign transaction fees.

If you’re working toward a credit card spending requirement, using that card may be the way to go. For additional suggestions, check out our guide to the best cards for everyday spending.

The main exception to this rule is American Airlines. The airline reportedly codes mileage purchases as airfare, so you may want to use a credit card that earns bonus miles on airfare for the highest returns when buying AAdvantage miles.

Related: The best credit cards for buying points and miles

Additional reporting by Kyle Olsen, Benji Stawski and Katie Genter.