Composite = Value 75×.35 + Stability 80×.25 + Liquidity 8×.20 + Consistency 33×.10 + Drag 59×.10 = 57.0.
Audit trail. Median computed from 49 priced corridors across 3 distinct chart cells (a chart cell = one points price × cabin). Pricing basis: chart. Value source: v5.3 route database — premium long-haul 7.0¢ on 31 routes (weight 70%) · everyday (economy + short-haul) 2.4¢ on 18 routes (weight 30%). Surcharge drag: 6.2%. Coverage is Thin — rating capped at AA and flagged Under Review: a median built on ≤2 chart cells is one observation, not a distribution.
ICN First at 80K one-way, and family mileage pooling that no US program matches
No US bank currency transfers in — earn direct or via co-brand card only; funding velocity is the binding constraint
none
First to Seoul releases ~2 seats per cabin with unusual reliability — rare honesty in international First
Funding friction; family-pooling rules require documentation
| Index | Rating | Score | Median (net) |
|---|---|---|---|
| Master | BBB | 57.0 | 5.62¢ |
| Domestic USA | not researched | — | — |
| International | BBB | 57.0 | 5.62¢ |