The milheiro — the spot price of 1,000 miles in BRL — has shifted. In May/26, buying miles directly from Smiles costs nearly twice as much as transferring them via Livelo with a bonus. Most Brazilians (and foreigners using local programs in Brazil) redeem miles at the wrong moment, on the wrong route, in the wrong program — and think they got a deal. This guide gives you the honest formula: if the cost of a mile exceeds 70% of the cash fare, you're paying to use your own stored money.
13 min read
Most Brazilians with a credit card think they're "getting a free ticket" when they redeem miles. They aren't. They're spending money accumulated as points — real money that came from card spending, a transfer bonus, or a direct purchase. The right question is never "do I have miles for this trip?". It's "are the miles I have worth more than the cash I'd pay?".
In May 2026, with Brazil's Selic rate still high and the local programs (Smiles, Tudo Azul, Latam Pass) revising tables upward, the math has shifted. Routes that cost 15,000 miles two years ago now demand 25,000-30,000. Taxes have doubled on some legs. And the direct-purchase milheiro has risen faster than the cash fare itself.
This guide is a practical formula, three programs compared honestly, and real examples of São Paulo–Recife in July. By the end, you decide by looking at a single calculation, not a gut feeling.
The 30-second formula
Take the ticket you want to buy. Look at two prices: cash and miles+taxes. Calculate:
Real cost of the miles ticket = (miles required ÷ 1000) × program's milheiro + taxes in R$
Compare with the cash price. Use the table:
| Miles cost vs. cash | Decision |
|---|---|
| Less than 70% of cash | Redeem. Good use. |
| Between 70% and 90% | Depends. Preserve cash if you'll need it in the next 60 days. |
| Above 90% | Pay cash. You're gaining nothing. |
| Above 100% | You're losing. Don't redeem. |
The milheiro is what you'd spend to buy 1,000 miles in that program today. Without it, you're comparing apples and oranges.
Real May/26 milheiro — baseline reference
Values fluctuate weekly, but the May/26 range looks like this:
| Program | Direct-purchase milheiro | Milheiro via bonus transfer (100%) | Note |
|---|---|---|---|
| Tudo Azul | R$ 30-35 (~$6-7) | R$ 13-15 (~$2.60-3) | Frequent "Milhas&Money" promos |
| Smiles (GOL) | R$ 30-40 (~$6-8) | R$ 14-16 (~$2.80-3.20) | Monthly Smiles Club lowers the effective milheiro |
| Latam Pass | R$ 35-45 (~$7-9) | R$ 20-24 (~$4-4.80) | More expensive, smaller transfer bonus |
Read: buying miles directly from Smiles at R$ 35 per thousand is expensive. Transferring from Livelo with a 100% bonus (accumulated naturally via card spending) puts the effective milheiro at R$ 14-16. Over 2x difference on the same mile. The program won't warn you about this.
About the author
Curadoria Voyspark
2 years in the Voyspark editorial team
Time editorial da Voyspark — escritores, repórteres, fotógrafos e fixers em Lisboa, Tóquio, Nova York, Cidade do México e Marrakech. Coletivo. Sem voz corporativa. Cada peça com checagem cruzada por um editor regional e um chef ou curador local.
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