Fly to Hawaii via Iceland (Air) for just $200, first class for $300

(DEAL EXPIRED - IcelandAir stopped redemptions on Alaska Airlines on August 29)
(bonus expires September 28)

Travel blogs have been abuzz lately over the following deal for cheap tickets to Hawaii on Alaska Airlines by redeeming miles earned from the Iceland Air Saga Club.  Here is how you do it:

1. Sign up for a Saga Club frequent traveler account.  I recommend you do this ASAP, because it take some time to get one established.  I waited 4 days for mine, and another is taking over 1 week.
2. Buy Saga Club miles -- currently 50,000 miles costs 77,000 Iceland Krona and comes with a 10,000 mile bonus.  That works out to ~$320 per 30,000 miles.
3. (optional) Transfer miles to someone else, and for a limited time, earn a 20% bonus on your miles.
4. Redeem 30,000 miles for a first class round-trip ticket and 20,000 miles for a coach ticket on Alaska Airlines.

Caveats include:

• These are award seats!  Check Alaska airlines for "saver" award capacity before you buy miles.
• There is no guarantee that Saga Club won't change its award chart
• There is no guarantee that Alaska Airlines won't restrict capacity, preventing you from booking that first class flight.