You use credit cards. You travel. If you have a credit score over 700, are organized, and make your payments on time, you can maximize your travel rewards by doing some legwork and following the tips my colleague, Joe Waters, shared in our most episode of the Wealthy Behavior podcast.
- Not all points are created equally. Figure out what type of points are most important to you based on the vacations you like in order to maximize your travel rewards.
- Some programs create dedicated points, like a Delta card offering Delta miles when you use it. All of the major credit card companies also have transferable points programs where you earn points and then have the flexibility to transfer them to the different travel partners. There are different transfer rates and specials, so you have to do your research before choosing a card.
- Sign-up offers give you the most points in the shortest amount of time. This website lets you compare offers.
- Some favorite cards: Chase Saphire Preferred, Chase Saphire Reserve, Chase Freedom Unlimited, Amex Platinum, Chase Business
Be sure to listen to the whole episode as Joe also discusses how opening credit cards impacts your credit score, why maximizing your travel rewards this way may not impact your credit too much, the benefit of having 1099 income, how to keep track of this all, additional research sites he likes, and how cash-back programs work.
Available through the link in title.