“There’s the traditional activity — the one with jets — which involves pricing seats for as much as possible, collecting a bag fee, and selling some food and drinks while keeping a close eye on costs. The other business is the sale of miles—mostly to the big banks, but also to companies that range from car rental firms to hotels to magazine peddlers. The latter has expanded so much that it accounts for more than half of all profits for some airlines.” (And unlike the miles, those profits have no blackout dates…) From Bloomberg: Airlines Make More Money Selling Miles Than Seats.