Travel for free by maximizing your frequent flyer miles and hotel points: AYCE (All You Can Earn): Miles and Points Binging.
AYCE (All You Can Earn): Miles and Points Binging
Part 3: Points vs Miles
Part 4: Mad Max: Ways to Maximize Miles and Points
Part 5: The Best Credit Card
Five things to keep in mind before you start an AYCE (All You Can Earn): miles and points binging blitz:
1) Stay away from the light
a) Know your upfront costs
Don’t get sucked into the lure of large enrollment miles and/or points. There is an actual cost to those miles and points.
Before applying for a new credit card be sure you know the impact the application will have on your credit score. I’m repeating myself here but your credit is your most valuable possession. This can’t be stressed enough.
b) Review your credit report
Get a copy of your credit report before you start your applications. It will give you a good idea if you’re a good credit risk.
2) Have a goal
Take time to plan and decide what you want from your miles and points and where you want to travel. Then determine which credit card will be the vehicle to get you there.
If you want to fly to an international destination other than Guadalajara, Mexico City, Cancun, Morelia or Zacatecas, then it doesn’t make sense to apply for a Southwest credit card.
Check what airline flies to where you want to go and focus on earning miles on that airline. But remember that you don’t have to focus exclusively on one airline, you can focus on several airlines within
More of a backpacker and prefer staying in hostels to save money? Skip the hotel branded credit card in favor of an airline-branded credit card.
It doesn’t make sense to waste a credit card pull on a credit card that won’t help you achieve your goal.
3) Hold your horses
Patience is a virtue. Bide your time and wait before you apply for any credit cards if you’re planning on purchasing a home, refinancing, buying a car, or seeking a loan for other purposes.
Each credit card pull will temporarily lower your credit score.
4) Split the team
If you’re married, a partner, or significant other, you can double your miles and points earning potential.
But be smart and strategic with your applications by spreading them out. Instead of both of you applying for the same card, alternate your applications.
Alternating your credit card applications will allow you to:
a) Avoid yearly fees
If you get card A with the annual fee waived the first year in year 1, then in year 2 your spouse gets the same card while you cancel yours.
Resulting in two signup bonuses for your household and $0 in annual fees for two years.
b) Spread out the minimum spend requirement
If card A requires a $2,500 spend in the first three months to earn the bonus miles/points, if you both get card A at the same time, then you have to spend $5,000 in three months.
Waiting until those first three months are over before the second person applies, means you’re spending $5,000 over six months vs $5,000 over three months.
5) Money for nothin’
Generally the larger bonus credit cards tend to have minimum spend requirements. However, there are quite a few credit cards, both airline and hotel branded, that have no minimum spend requirements. Focus on credit cards with no minimum spend to really maximize your AYCE (All You Can Earn): miles and points binging.
A complete list of airline and hotel branded credit cards that have no minimum spend requirements can be found in this post.
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Monday 5th of November 2012
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