Q. I recall that American Airlines used to offer a prepaid pass product for first class travel. Does that still exist?

A. You’re referring to a product called American AAirpass, and yes, it is still available -- but it's not just for first class. Purchasers plunk down a fixed amount for a specific number of air miles, and as you fly, miles are deducted from your account for the term of the contract. Based on the last numbers we saw (American doesn’t give out cost information on its web site), miles cost around 47 cents each (for Y travel; miles are deducted at a higher rate for premium cabins), so a typical 25,000-mile pass would cost close to $12,000. For details on how it works, go to http://aairpass.com and click on “How it works” and “Questions” in the left-hand menu.

Discussions we’ve seen on message boards indicate that you shouldn’t purchase an AAirpass strictly to get the best deal on premium and/or coach travel (although AA promotes the cost-saving aspect of the AAirpass vs. published full fares on its web site), but rather for the convenience of using it for last-minute trips and for the perks that come with it – e.g., a complementary Admirals Club membership, PriorityAAccess privileges (dedicated check-in and security screening lines), free in-flight drinks, food and headset, and companion travel benefits (you can take one person with you on AAirpass travel, at the same mileage deduction rate). You’ll earn elite-qualifying AAdvantage miles, but the pass can’t be used on code-share or alliance partner carriers.

The pass is sold in individual and corporate versions (AAirpass mileage credit can be shared among employees), and some message board posters indicated that companies can negotiate AAirpass pricing with American. AA’s web site said the “minimum commitment” for an AAirpass is $10,000 per traveler per year. For purchase information, contact AAirpass Customer Service at (800) 433-6355 or aairpass@aa.com.

According to a commentary about the AAirpass from the newsletter FirstClassFlyer.com, “Such cards work best when published business and first class fares are high, such as those on routes to Asia and South America. They’re also good for short-notice trips, which is why they’re well suited for business travelers. But in fact, almost any discounted business class fare beats the travel card.” As for the mileage deduction rate, one message board poster who researched AAirpass said that “there are a LOT of additional stipulations that alter the base price depending on factors such as: segment length, class of service, and lead time for booking.”

And as one corporate AAirpass holder commented on the Flyertalk message boards: “Pricewise it's a good deal for J & F tickets but not for coach (I think in full Y it may sometimes work out, but certainly never competitive with discounted fares). It's extra useful if you make a lot of last minute arrangements. It's really nice to just walk into an airport and get a ticket on the spot without worrying about being ripped off.”