You’ve been saving up those airline miles for a long time and you are ready to make all your effort and discipline pay off.  Can you be sure you are getting a worthwhile deal when you cash those hard-won miles in?

In general, there are two kinds of miles collectors: those who want to cash in their miles in a practical way, using them to help pay for standard domestic flights, and those who want to use their miles to help fund a dream vacation to far-flung places.

The key for both, but especially for those planning their dream escape, is flexibility.  How can you earn the most miles without restricting yourself to the prices and schedule of a single airline.

Airline alliances make it easier to earn frequent flier miles every time that you fly without having to rely on a single carrier.  There are three major alliances, One World, Sky Team, and the Star Alliance.  Member airlines of each alliance allow customers to earn frequent flier miles by flying on other airlines that are also alliance members.  Almost always (though not 100% of the time), it is possible to earn the same amount of miles by flying on an allied airline as you would on the airline whose loyalty program you belong to.

It is best to sign up for the frequent flier program with the airline that you will use for your dream vacation.  Which one should you choose? See the regional breakdown below.  If your chosen airline has a no-fee, miles earning credit card, sign up for it.  If there is a fee, you’ll have to decide if the benefits outweigh the yearly fee.  If there is no card, or if the annual fees are unreasonably high, opt for an American Express or Discover card that earns at least one mile per dollar spent.  If you plan to fly internationally, American Express cards are the safest option, as their miles are accepted by major international carriers.

The most common mistake miles-savers make is neglecting to keep track of their frequent flier account.  Some fliers forget to input their number while booking or checking in, and others never check their statements to make sure that miles have been properly added to their account (mistakes are quite common).

Which airline should you choose to use its frequent flier miles?  With 26 members, the Star Alliance is, by far, the most far-reaching alliance.  Airlines operating under the Star umbrella include United, US Airways and Continental.  Major industry players like Singapore Airlines, Lufthansa, South African Airways and Air New Zealand are also part of the alliance, and give it a truly global reach.

That said, some of the largest airlines with the farthest reach are not part of the Star Alliance.  In the end, your airline of choice depends on your destination.

Europe

There are plenty of choices for trans-Atlantic flights.  European low-cost-carriers (such as Ryanair and Easyjet), which are even cheaper than their American peers, make it possible to fly between European cities easily.  That means that it is not necessary to choose the national carrier of the country that you plan to visit.  Air France and KLM are part of the Sky Team Alliance with Delta, the largest domestic carrier in the US.  That means would-be Europe visitors can earn miles on domestic flights and apply them to their Air France or KLM tickets.  Both Paris and Amsterdam (respective hubs of the two aforementioned carriers) are great entry points into Europe.  Connecting flights on low-cost-carriers are cheap and easy to come by.

An alternative is Virgin Atlantic, which is currently not part of an alliance, but offers cheap flights to Europe (and beyond) and has a generous credit card that offers 1.5 miles per dollar spent, rather than the typical $1 per mile offered by other cards.

Africa

Virgin Atlantic also code shares with other airlines, making it possible to reach more remote destinations in Africa and the Middle East for reasonably low prices.  It is a viable option, though Star Alliance airlines like South African Airlines and EgyptAir offer reasonably priced flights to the two most popular destinations on the continent.

Asia and Australia

Qantas Airlines, Australia’s national carrier, is part of the Oneworld Alliance, and is the best (sometimes the only) choice for people headed Down Under.  As in Europe, low-cost-carriers are a part of the air travel landscape in East Asia.  This means that traveling to entry points like Hong Kong or Singapore (on Cathay Pacific – Oneworld and Singapore Airlines – Star Alliance) will be the most expensive part of the trip.  To make your miles go the farthest, use them on the trans-Pacific part of your journey, then rely on code-sharing flights or LCCs like AirAsia to get to your final destination.

Americas

Major gateways to the Caribbean and South America are Houston Intercontinental Airport and Miami International.  These are major hubs for Continental Airlines and American Airlines, respectively.  If you combine these airlines’ domestic frequent flier programs with their miles earning credit cards, they are the best bang for your buck if you want to travel anywhere in the Americas outside of the US.

via Jannisri

Airport lounges are seemingly out of reach for economy class flyers.  These road warriors usually opt for the least worn out chair at their connecting flight’s gate or perhaps a table at the nearest food court.  Without a corporate expense account or trust fund, they think, there is little hope of sitting in a plush chair in a quiet lounge surfing the internet and munching on complimentary snacks.

But there are several ways to access these lounges without springing for a first-class ticket.  In fact, with credit cards, club memberships and a variety of pay-in lounges throughout the world, it is now easier than ever to spend your layover in a lounge.

Here are some ideas for getting both economy class airfares and a first-class layover experience.

Priority Pass

Priority Pass is a service that offers access to 600 lounges worldwide for an annual membership fee.  Most major airports around the world have at least one lounge that is part of the Priority Pass network.

The company has several membership levels.  For $99 annually, members earn the right to access the lounges in the Priority Pass network for $27 per visit.  For $399, members receive free unlimited access to any of the 600 clubs.  There is also a $249 level where members get 10 free visits per year and additional visits at the $27 per entry rate.  Though $399 is a bit pricey, frequent flyers can take advantage of the access regularly and the membership fee is still less than the cost of most first-class upgrades.  The value of the lower membership levels is debatable, especially since the number of public pay-in lounges (see below) is growing.

MJTR, Flickr

Credit Cards

Premium credit cards can also offer lounge access.  The most famous of these (because of its aggressive advertising campaign) is the American Express Platinum card.  The annual fee of $450 is steep, but it qualifies card-holders for a variety of perks, one of which is entry to clubs operated by American Airlines, Delta and Continental.  The catch: you have to fly one of these airlines in order to enter their lounge.  However, if you usually fly one of these carriers and also plan to use the card to earn airline miles and take advantage of AmEx’s outstanding customer service, this is a reasonable option.

The Visa Black card has similar miles-earning potential and perks.  The $499 annual fee includes a Priority Pass membership.  However, after the first two visits, the admission fee is $27, making it less potent than Platinum when it comes to lounge access.

Plaza Premium Lounge

Pay-in Lounges

For casual travelers who don’t think the above-mentioned options are reasonable, the proliferation of public pay-in lounges is a welcome trend .  Sure, they might not carry the elitist vibe of airline clubs, but they offer many of the same amenities, and, in some cases, more luxury than traditional clubs.  The idea is already successful in East and South Asia, where Plaza Premium lounges can be found in most major airports.  Prices start at about $25 for a two hour stay complete with wi-fi, snacks, a comfortable and quiet atmosphere, and, the kicker, access to private showers.  Plaza Premium also has locations in Toronto and Vancouver, but none in the US as of this writing.

US-based pay-in options include The Lounge at JFK ($40 entry fee, unless you are a Priority Pass member) and Relax Lounge at LAX ($10 for a one hour stay and $25 for three hours.

Capsule Hotels

A company called Yotel recently opened locations in England and the Netherlands.  Their novel approach to airport hospitality is half-inspired by Japanese capsule hotels and a half by first class airline cabins.  The small Yotel rooms include a bed, television and shower and plenty of modern chic.  Rooms can be booked by the hour or for the entire night.  Though no locations are open in the US, Yotel is currently in talks with several airports and industry insiders claim that it will fill a valid niche in between airport hotels and lounges and arguably will offer better value than both.

Annual Airline Club Membership

Airline club membership is quite expensive (Delta from $400, American from $400, for flyers with little or no frequent flyer status).  These legacy airlines also offer one time entry into their clubs for a $50 fee.  If you normally rely on one airline, the annual pass can be a good deal, because you can use airline miles to purchase yearly membership and flyers who gain higher levels of frequent flyer status often receive significant discounts on these yearly passes.  In addition, renewal fees are usually less expensive than the fee for the initial year of membership.

Spas

Space, quiet and the opportunity for some serious relaxation are reasons you would try to gain entry to an airport lounge.  However, lounges are not the only airport venues that offer a chance to relax.  Xpress Spa is a chain of full service spas located in airports around the US.  What could be more relaxing than a massage or facial in the quiet, designer surroundings of a spa?  Locations are in many major airports in the US, including JFK, SFO, Atlanta Hartsfield Jackson, Boston Logan, and Orlando International.  A brief, seated massage is in the same price range as a stay in an airport lounge.

Of course, if all else fails, there is always the option of finding a restaurant with booths on your concourse, ordering an appetizer and zoning out with your iPod.