Sold! To the United Continental Frequent Flyer

You want to go check out some serious water polo at the Olympic Games this summer in London but don’t feel like ponying up a boatload of cash to make it happen? Well, you just might have the opportunity.

United Continental Holdings has announced that it will let its loyalty-program members use their points to bid on events and experiences, such as tickets to attend the London 2012 Games, entry to concerts, and other hot tickets, according to the Chicago Tribune.

The new auction site, Mileage Plus Headliners, sets minimum bids for experiences, with a ski trip to California’s Mammoth Mountain that includes a private guide starts at 27,000 miles while four tickets to see the Chicago Orchestra starts at just 5,000 miles. Other experiences to bid on include “an opportunity to train like a pilot in United's flight simulator in Denver” and the possibility of being one of the first travelers on the Boeing Dreamliner when United gets delivery of that plane.

Credit card brands are old hands at rewards-for-experiences, while last year American Express expanded its rewards program to encompass digital and social experiences.

The idea stems from Continental Airlines’ OnePass Auction that existed before the two airlines merged. "As we welcome OnePass members to MileagePlus this year, we do so with new opportunities for our loyal customers to earn and redeem miles and to engage with our program in more ways than ever before," said Jeff Foland, president of Mileage Plus Holdings, said in a statement.