The airline also will cut its flight schedule by 15 percent from its pre-terrorist attack levels, including a 50 percent drop in its Delta Express operation that primarily serves the Florida vacation market.

CNN: Recovery: More layoffs in the air

Frequent travelers should stick to legacy carriers, because their programs offer more opportunities to earn points through credit cards, such as American Airlines' AAdavantage Citi Mastercard or Delta's Gold Delta SkyMiles American Express.

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The Knicks can thank a wealthy fan base willing to pay exorbitant ticket prices as well as corporate partners like American Express and Delta AirLines that buy sponsorships and luxury suites.

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In a bit of good news for those who hunt for frequent flier miles, American Express is giving away 100, 000 miles Delta SkyMiles a week to card holders in the Midwest, the Detroit News reports.

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