Amex 'Fly Now, Earn Later' Allows Delta Co-Branded Cardholders to Borrow Miles

Update: Some offers mentioned below are no longer available. View the current offers here: Platinum Delta SkyMiles® Credit Card from American Express, Gold Delta SkyMiles® Credit Card from American Express

Delta and American Express are teaming up to offer select cardholders of co-branded Delta cards a new, useful perk. The new program, called "Fly Now, Earn Later," allows Amex co-branded Delta SkyMiles cardholders to borrow miles and then pay them back over the course of six months by putting spend on the card.

TPG reader Steve B. sent in information that Amex had targeted him for this offer on his Platinum Delta SkyMiles Card from American Express. The idea is that Amex will limit the number of miles you can borrow based on your spending patterns. If you choose to borrow ahead, you'll then have to earn them back as a form of repayment by putting spend on your respective card.

This is a nice perk for co-branded Delta Amex cards, as it'll put a redemption closer within reach. However, if you fail to make that payment back within the six-month timeframe, Amex will charge you at an unfavorable rate of 2.5 cents per mile. Considering that TPG values Delta SkyMiles at 1.2 cents apiece in his most recent valuations, you're going to want to make sure you make your "repayment" in spend within those six months.

It appears that this is a targeted offer. If you have an Amex co-branded Delta card, log in to your Amex account, click on the Benefits section of the card as seen in the image above and see if you're targeted for the Fly Now, Earn Later offer. Presumably all Delta co-branded Amex cards are eligible for this offer, such as the Platinum Delta SkyMiles® Credit Card from American Express, the Gold Delta SkyMiles® Credit Card from American Express and the Delta Reserve® Card from American Express.