Composite = Value 48×.35 + Stability 63×.25 + Liquidity 9×.20 + Consistency 33×.10 + Drag 0×.10 = 37.8.
Audit trail. Median computed from 105 priced corridors across 3 distinct chart cells (a chart cell = one points price × cabin). Pricing basis: dynamic. Value source: v5.3 route database — premium long-haul 5.9¢ on 72 routes (weight 70%) · everyday (economy + short-haul) 1.2¢ on 33 routes (weight 30%). Surcharge drag: 25.4%. Coverage is Thin — rating capped at AA and flagged Under Review: a median built on ≤2 chart cells is one observation, not a distribution.
First-class access to FRA/MUC long-haul that no transfer currency can touch — a specialist's tool, not a portfolio holding
No US bank currency transfers in — earn direct or via co-brand card only; funding velocity is the binding constraint
none
Lufthansa First is only bookable by partners inside 14 days — M&M members book it far out; that monopoly access is the entire case
25.4% surcharge drag, the worst in the index.
| Index | Rating | Score | Median (net) |
|---|---|---|---|
| Master | B | 37.8 | 4.47¢ |
| Domestic USA | not researched | — | — |
| International | B | 37.8 | 4.47¢ |