You’ve got to hand it to Delta for coming up with the most innovative ways to sell distressed Business Class inventory, while also charging more for standard inventory. But, now the airline has even outdone itself with a new yield-management approach that tells you this: Restrictions on award tickets are the next frontier, so you better diversify your portfolio. If this trend takes hold (and FCF thinks it has a good chance to, on Delta anyway), you’ll end up in a bad marriage if you’re loyal to just one airline, as you may have heard me say before.

NEW SKYMYSTERYMILES PRICING

In April Delta ran a week-long mileage-award-discount promotion on some routes to Europe, discounting tickets up to 20,000 miles, while also slipping in new restrictions for free award travel. The lower rates came with all the shackles of normal fares: a 50-day advance-purchase, a seven-day minimum-stay requirement, ticketing deadlines, travel windows, and black-out dates.

Is Delta reinventing how mileage award travel will be booked?

If so, who are the winners and who are the losers?

WINNERS

The flexible traveler. Those who can book in advance, stay longer, flexible on destination, and travel most any time.

LOSERS

Lots of us. Because the best way to use miles instead of paying cash, is when you can’t meet the restrictions imposed on low-priced premium tickets. That’s why travelers often opt for award tickets.

WHAT’S NEXT?

FCF believes that this new way of selling award seats is a harbinger. At some point, all saver and low-cost awards will come with travel restrictions. Standard awards will become the new everyday cost, which is another reason to diversify your mileage portfolio by going with a credit card that has multiple airline partners.

It’s time to re-evaluate the value of Delta loyalty (again!). Fly the airline if you must, but forget about collecting SkyMiles via credit cards, given the unknown value they will have the next time you use them. Think of SkyMiles as MysteryMiles.