A cryptocurrency for frequent flyers: Earning FlyCoin with Ravn Alaska
Bitcoin, Ethereum, Dogecoin and Cardano are just some of the major cryptocurrencies on the market. Now, there's yet another cryptocurrency on the scene, FlyCoin, that aims to replace the traditional frequent flyer program.
Ravn Alaska, which is owned by the same parent company as the highly anticipated Northern Pacific Airways, is now rewarding its travelers with FlyCoin digital tokens (denoted as FLY) for the flights they take.
Ravn Alaska has a 75-year history; it started operations in 1948 as Economy Helicopters. The airline operates a fleet of about a dozen De Havilland Canada Dash 8-100 and Dash 8-300 turboprops to a variety of destinations in Alaska.
Unfortunately, Ravn Alaska had to file for Chapter 11 bankruptcy in 2020 as a consequence of the pandemic but has since resumed operations. Since then, the airline has undergone several changes, including the launch of FlyCoin.
What is flycoin?
Flycoin is a cryptocurrency that awards you with a blockchain currency for your air travel. Within 24 hours of arrival of your flight, your frequent flyer Ravn Alaska account will be credited with FlyCoin.
According to the FlyCoin website, "Unlike the loyalty programs of today, where rewards are increasingly harder to redeem and constantly devalued, rewards earned through FlyCoin actually appreciate over time, offering members an opportunity to make a low-risk investment in the future of money. Our goal is to provide a program that untethers you from the constraints of today’s loyalty programs and is actually loyal to you, the customer, instead of airlines or credit card companies."
Of course, who wouldn't want to profit on their airline miles?
Right now, you can redeem FlyCoin toward Ravn Alaska flights at a rate of 2 cents per FlyCoin. Plus, you'll never earn less than $10 worth of FlyCoin per flight.
Later this year, FlyCoin — which is developed by a third party — will launch wallets. This means, in theory, you will soon be able to send FlyCoin to other travelers or convert them to cash or other cryptocurrencies, assuming there's a market to do so.
This also means that FlyCoin could be adopted by other airlines and entities in the future. Right now, the only confirmed airlines are Ravn Alaska and upcoming Northern Pacific Airways, which, again, are owned by the same company.
Related: Is earning bitcoin the credit card reward of the future? These cards think so
Is it better to credit Ravn flights to Alaska Mileage Plan?
This is where you can really begin to see the value of FlyCoin. On flights with Ravn Alaska, you can credit your awards to either FlyCoin or Alaska Mileage Plan.
On all intra-Alaska trips, you earn 7 cents' worth of FlyCoin per mile flown. For example, a flight from Anchorage to Dutch Harbor that clocks in at 789 miles one-way would earn 2,761 FLY. Since a FLY token is worth 2 cents toward Ravn Alaska flights, 2,671 FLY are worth $55.23
On this same flight, you could earn 789 Mileage Plan miles, worth $14.20 per our latest valuations.
In this case, you get nearly four times the value with FlyCoin. It's also always nice getting "cash" value toward your flights. This way, there are no award charts to worry about or the need to find award space — just apply the FlyCoin to the flight you'd like to book.
Related: You can now redeem points for crypto — but you may not want to
What's next for FlyCoin?
Later this year, Northern Pacific Airways will be joining FlyCoin.
The airline will operate a fleet of Boeing 757-200s between the United States and Asia using Ted Stevens Anchorage International Airport (ANC) as a transit stop. Given its long-haul network, it probably will not be matching Ravn Alaska's seven times earning rates, but even at an earning rate of 1 cent (0.5 FLY) per mile flown, there's a lot to be excited about.
For example, here's what you might expect to earn on a flight from Fort Lauderdale to Seoul, South Korea:
- Fort Lauderdale-Hollywood International Airport (FLL) to Anchorage (ANC): 3,992 miles (1,996 FLY, worth $39.92).
- Anchorage (ANC) to Incheon Airport (ICN): 3,799 miles (1,900 FLY, worth $38).
Related: New US airline Northern Pacific Airways unveils its first Boeing 757 — and big ambitions
Bottom line
Since incorporating FlyCoin in June 2021, Ravn Alaska has issued FlyCoin to some 200,000 frequent traveler accounts. Flycoin hasn't provided a clear indication of how its value might increase or decrease with the market, and we're still awaiting wallets so FlyCoin can be exchanged with others.
However, it's still great to see a creative, contemporary take on rewarding travelers with potentially impressive returns.
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Rewards
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro offer
Annual Fee
Recommended Credit
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
Rewards Rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro Offer
You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.