After accumulating frequent flier miles, hotel loyalty points or credit card points for a while you have finally accumulated over 100,000 miles or points and are finally ready to use them on a vacation. What is the best way to get maximum value from your miles or points?

Here are a few examples of how you could use those 100,000 miles or points:

Four Round Trip Economy Class tickets on United Airlines from New York to Los Angeles using United Mileage Plus Saver Awards (average cost in cash is $1334)

Two Round Trip Business Class tickets on United Airlines from New York to Los Angeles using United Mileage Plus Saver Awards (average cost in cash is $4949)

One Upper (First) Class ticket on Virgin Atlantic from New York to London using Virgin Flying Miles or American Express Rewards Points transferred to Virgin Atlantic (average cost in cash is $4167)

Five nights at the St. Regis in Rome in a Superior King room using Starwood Points (average cost in cash is $3402)

One Apple IPad 64GB with WiFi using American Express Rewards Points (average cost in cash is $829)

Which would you choose?

(Average cash cost is based on purchasing flights or hotel rooms on the same routes or dates that awards were available. Fares and rates could be higher or lower depending on dates, sales or capacity.)